M a r k e t N e w s

Kenya: Construction of Sh5.5 Billion Situ Village Project Begins

Posted on : Friday, 19th August 2016

The construction of a Sh5.5 billion exclusive gated community offering a live, work and play environment has started in Karen, Nairobi.

 
Two weeks ago, Cytonn, a leading real estate developer, broke ground at the construction site of Situ Village in Ololua Forest.
 
This is one of the firm's over Sh73 billion real estate projects in the pipeline.
 
Sitting on a 29-acre piece of land bordering the Ololua Forest, Situ Village is composed of four bedroom villas each on half an acre piece of land. The development boasts a convenience store, a resident and members-only clubhouse, a jogging track, a hiking trail and a helipad.
 
The construction will be undertaken in three phases within two and a half years.
 
Once complete, the development, featuring two architectural designs, namely Mediterranean and Andalusian, will offer a live, work and play environment.
 
"Situ Village's superior location makes it the ultimate home of luxury and serenity that offers the tranquillity 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 Cytonn Real Estate Project Manager Martin Gitonga.
 
The development is in close proximity to various retail stores and 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.
 
Cytonn hopes to tap into investors looking to buy into the venture.
 
"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. We estimate the potential returns for an investment in this development to be in excess of 20 per cent per annum
 
in total returns, including capital appreciation plus rental income in the next few years," said Cytonn's Chief Investment Officer Elizabeth Nkukuu at the ground breaking ceremony.
 
She added: "On the development, we want to ensure that the quality and the living experience is great for anyone looking for a home."
 
Situ Village development is financed by Finland-based NASDAQ OMX listed Taaleritehdas.

Source : allafrica.com
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