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Cytonn awards Chinese firm Sh14b construction tender

REAL ESTATE
By James Wanzala | April 16th 2018
Cytonn Investment CEO Edwin Dande

NAIROBI, KENYA: Over 2000 direct and indirect jobs are to be created in a multibillion construction work in Nairobi’s Ridgeways.

Cytonn Real Estate on Monday said it has awarded construction tender for the development of The Ridge to China Railway Jianchang Engineering Company Ltd.

This was after a competitive bidding process. The Ridge, a mixed-use development will be on a 10-acre piece of land in Ridgeways, Nairobi County and it is currently valued at Sh14 billion.

Currently, the real estate firm has over Sh82 billion in its real estate projects portfolio.

The commencement of construction of The Ridge, which broke ground last year, will see over 1000 jobs created directly and other another 1200 indirectly.

Elizabeth N. Nkukuu, the Chief Investments Officer, Cytonn Investments, speaking during the award ceremony said: "Getting the right partners to work with is crucial in ensuring we deliver the lifestyle and convenience we are offering our clients who bought into The Ridge, this is why the procurement process was rigorous” She further noted that China Railway Jianchang Engineering Company not only met the technical expertise but the competency required as well."

The Ridge is a comprehensive and luxurious mixed use development located in Ridgeways, Nairobi approximately 10 Km from Nairobi Central Business District, 300m from the junction of Kiambu Road and the Northern Bypass, 5 minutes’ drive from the Two Rivers Mall.

The development will consist of one to three-bedroom residential apartments and penthouses with a DSQ, a retail/commercial centre, and serviced apartments.

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The development will deliver comfort and convenience with high quality living standards that will appeal to both the discerning home owners and investors who are either seeking a luxurious lifestyle or to earn attractive yields.

The Ridge is part of Cytonn Real Estate’s strategy of responding to the growing demand for residential units to house the ever growing middle-class seeking high quality and secure neighbourhoods.

Some of the other projects by Cytonn Real Estate include; Amara Ridge a gated community development in Karen, The Alma in Ruaka, Taraji Height along Limuru Road, Situ Village in Karen and Cytonn Towers in Kilimani.

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