Cytonn Real Estate has broken ground on its latest property development known as RiverRun Estates.
The Sh15 billion development located in Ruiru, Kiambu County, sits on 100-acres.
It will comprise over 500 residential villas and townhouses, and over 600 apartment units.
Some of the planned social amenities in the project will include a commercial centre, a school, several playgrounds, water theme park, riverfront promenade, cottages and an ultra-modern hotel with a frontage to the dam.
Speaking during the ground breaking ceremony, Kiambu County Governor Ferdinand Waititu, said that the development was a welcome investment addition to the county.
READ MORE
Quacks posing as estate agents are undermining sector's growth
How to avoid the pitfalls of common building mistakes
Unlocking real estate: Advantages of investing in Reits
Global real estate investors find sweet spot in alluring Watamu
“Kiambu County Government is committed to partnering with investors that create employment opportunities for the residents, help improve the living standards and infrastructure growth,” said Mr Waititu.
The project, located about 25 kilometres from Nairobi’s Central Business District, targets mainly first-time home owners.
It will have three-bedroom plus DSQ semi-detached units, four-bedroom townhouses and four-bedroom plus DSQ villas, each with a private garden and at least two parking slots.
Funding options
Cytonn’s Chief Investments Officer and Head of Real Estate, Elizabeth Nkukuu, said RiverRun would create about 2,200 direct and indirect jobs. She said the project would be funded through a mix of pre-payments from buyers and loans.
RiverRun is Cytonn Real Estate’s third development in Kiambu County. The other two are The Alma and Taraji Heights in Ruaka.
The development will be put up in three phases, with phase one comprising 119 units of town houses, semi-detached units and villas with a starting price of Sh13.8 million.
The main contractor for the development is China Jiangsu International.
