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Cytonn Plans one Housing Project At A-Time

Real-estate market slowdown has seen Cytonn Investments adopt one project at-a-time strategy for its future investments.

Speaking in Nairobi when he launched its pension business, Cytonn executive director Edwin Dande said slow economic growth has hurt property sales across the real-estate market forcing it to change tack. The firm will start with the Sh4 billion Ruaka The Alma mixed-use development comprising 477 units where the first 123 units will be handed over to owners soon.

“We started in Karen, went to Kiambu and currently have 10 investor-ready mixed-use developments on our cards. Some projects were done and sold off, others are under development with the rest being prime plots secured for future developments.

“We are now concentrating on The Alma before embarking on our next project The Ridge next year and after that we will take on the next project, 18-villa development, aka Applewood Karen that sits on a 10 acres,” he said.

Mr Dande spoke when Cytonn launched its personal retirement benefits scheme product where individuals can contribute as low as Sh1,000 monthly via mobile phones.

Mr Dande said Cytonn had opted for digital platform to ease cost of managing the pension scheme as well as give Kenyans a simple and readily available online access to their savings accounts.

“The digital platform eases costs of operations for us and enables customers receive their personal accounts information instantly as well as advice on how to invest more for their retirement,” he said.

The firm also launched the Umbrella Retirement Savings Scheme targeting small and medium enterprises as well as an income drawdown fund where senior citizens can invest between Sh5 million and continue drawing a monthly stipend.

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Source: businessdailyafrica

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