Real estate company Cytonn is set to launch a new real estate project, CySuites, targeting high end market residents at Westlands along Church Road.
The launch will happen on Saturday, November 23, from mid morning to 5.30 pm.
“Demand for serviced apartments has continued to increase evidenced by the 8.0 percent points increase in occupancy levels in 2018 to an average of 80.0 percent, from 72.0 percent in 2017, supported by benefits that come with the theme,” says the company.
Previously, Cytonn has developed and sold the Amara Ridge in Karen, which was completed and handed over in 2018, and The Alma in Ruaka, Phase 1 of which is 100 percent sold and handed over to clients.
Other projects include The Ridge, RiverRun, Taraji Heights, Applewood and Newtown.
The launch of the furnished apartments follows a buyout of the Wasini Resorts, which they acquired in September.
According to Cytonn’s head of private equity (real estate), Shiv Arora, the company is grabbing an opportunity presented by lack of a single furnished apartments’ operator especially within Nairobi’s Westlands, Kilimani and Upper Hill.
More furnished apartments are also under development at the 35-floor Cytonn Towers in Kilimani.
Cytonn Senior Brand Manager, Daniel Mainye says that serviced apartments offer an attractive investment proposition for investors; with the rental yield being a lot higher than residential apartments, while also providing capital appreciation to clients
“Cytonn’s strategy remains unique in the Kenyan market. On one hand, they raise capital for investment from their client, both through the private markets and also through their regulated affiliate, Cytonn Asset Managers. They deploy this capital to well researched and planned real estate development projects, through their development affiliate, Cytonn Real Estate,” says