NAIROBI, Kenya, Aug 2 – Cytonn Real Estate, a leading real estate developer in the region, with over Sh73 billion in real estate projects, Monday held the groundbreaking for Situ Village, an exclusive gated community in Ololua, Karen.
Situ Village is an exclusive world-class gated community offering a live, work and play environment and a great investment for investors looking for great returns.
The development features two architectural designs namely Mediterranean and Andalusian designs and sits on a 29-acre piece of land bordering the expansive evergreen Ololua Forest.
It boasts close proximity to various retail stores, shopping malls such as The Hub, several fine dining options, the largest collection of international schools in Nairobi and easy access to outdoor entertainment such as Giraffe Manor.
“Karen, in comparison to other high-end residential areas in Nairobi, has seen the greatest increase in land prices, fivefold, over the last seven years. As Cytonn, we estimate the potential returns for an investment in this development to be in excess of 20% per annum in total returns, including capital appreciation plus rental income, in the next few years. Also on the development, we want to ensure that the quality and the living experience is great for anyone looking for a home,” said Cytonn’s Chief Investment Officer Elizabeth Nkukuu, at the groundbreaking ceremony.
The private, exclusive gated community development composes 4 bedroom villas each on half an acre piece of land.
The development boasts of a small convenience store, a resident and member’s only clubhouse, a jogging track, a hiking trail and a helipad. The construction of the development will be undertaken in three phases within two and a half years.
“Situ Village’s superior location makes it the ultimate home of luxury and serenity that offers the tranquility of country living while enjoying easy access to the city centre. As Cytonn, we seek to redefine real estate development into a lifetime experience to our clients,” said Martin Gitonga, Project Manager, Cytonn Real Estate.
Cytonn Real Estate has partnered with Landmark Holdings Limited as the main contractor on this Sh5.5 billion-development project. Landmark is popularly known for constructing developments in Nairobi such as the Safaricom Staff Pension Fund, Ministry of Energy Headquarter office, Rosslyn Springs residential homes, KenGen Pension Luxury Housing Estate, The Riverine by Alexander Forbes in Kitengela, Zamia Heights for ICDC in Mombasa, among others.
Situ Village development is financed by Finland-based NASDAQ OMX listed Taaleritehdas, who manage approx. US$ 5 billion in assets under management.