Investment group Cytonn, founded by diaspora returnee Edwin Dande, plans to set up a triplex complex in Kilimani area in Nairobi, whose tallest tower will have 35 floors.
The structure will be constructed at the junction of Elgeyo Marakwet and Argwings Kodhek Roads and will sit on a four-acre piece of land.
Cytonn said that it estimates the project will cost Sh20 billion, inclusive of Sh1.5 billion price of land and will have 30 floors of 174,139 square feet office and commercial space for rental, 180 hotel rooms, 160 serviced apartments, three-bedroom duplex apartments and penthouse suites, three basement parking floors with a capacity for 1,500 vehicles.
“For mixed use development, Cytonn Towers seeks to meet the luxury housing demand, premier business office space, and hotel and conferencing facilities while at the same time offering target returns of 25 per cent per annum to our investors” said Cytonn’s managing partner and chief executive officer Edwin Dande during Thursday’s launch of the project.
The tower will be among the tallest structure in the area and will also house Kenya’s highest suspended restaurant, Nairobi’s largest ball room, and a double horizon fitness club as per the developers.
Other unique features in the multi-billion structure includes the largest elevated infinity edge pool, an apex sky lounge and an observatory deck.
Its construction is set to commence in November next year and end in December 2022.
“It is primarily targeted at the upper middle class, Non-Governmental Organisations and embassies looking for prime and iconic space,” said Mr Dande.
The developer said the 150-metre high tower will be built using local and international investors’ funds with Taaleri Plc, a private equity fund from Finland, the main investor.
The Plan to set up Cytonn Towers in Kilimani come barely three months after the ground-breaking of Sh20 billion Hilton Nairobi’s upcoming five-star hotel, which is set to become Africa's tallest sky scrapper.
40-year-old Edwin Dande founded Cytonn Investments , an alternative investment management and real estate company in 2014, after returning to Kenya from the US, where he worked for years.
Cytonn has offices in Nairobi and DC Metro area and currently has more than $800 million in assets under management. It primarily focused on offering alternative investment solutions to global institutional investors, individual high net-worth investors, local institutional investors and diaspora investors interested in the East-African region.