If he forgot anything in his house during his reign as the substantive Safaricom CEO, Michael Joseph would take only five minutes to drive to his house from Safaricom headquarters.
Along Church Road, Joseph resided in one of the two penthouses in the recently launched Cysuites owned by Cytonn Investments Ltd.
A part from Joseph’s penthouse which was on the Southern wing, Cysuites’ second penthouse is on the Northern wing, both overlooking the pool, an all-day dining restaurant (The Hive) and a bar that features a fine selection of wines alongside a wide range of spirits and signature cocktails.
Cytonn says that an investor can earn up to Ksh300,000 per month if fully booked for the serviced apartment, where resident/guest enjoys amenities such as a Jacuzzi, smart 4K TV with satellite channels, a fully equipped kitchen and premium bedding for all the bedrooms.
The penthouse has an area of 165 square metres which hosts two bedrooms (master bedroom ensuite), living room, dinning area, kitchen and a drying area. Per night, the house can accommodate four guests and up to two children under 12 years.
Kahawa Tungu team managed to visit the apartment, during the launch of the Cysuites apartments, after a face lift of the complex, which now boasts of 32 two-bedroom apartments, 6-one bedroom apartments and the aforementioned penthouses. Two-bedroom can accommodate four guests a night while a one-bedroom can accommodate two guests.
A living room of one of the apartments. [PHOTO/ FRANCIS MULI]All amenities are duplicated in other apartments, apart from the Jacuzzi which is exclusive to the penthouses and the two-bedroom apartments.
In case any resident including Joeph wanted to have a meeting with top management officials away from the office, the facility has two boardrooms that could host up to 15 and 10 people at a go.
With the newly refurbished rooms, a night at the facility would cost $115 for a bed and breakfast, which Cytonn describes as an introductory offer. The price of the penthouse is yet to be revealed.
Speaking during the launch of the facility over the weekend, Cytonn Chief Executive Officer Edwin Dande gave a brief introduction of CySuites, stating that serviced Apartment Hotels offer attractive yields compared to residential apartments, the reason Cytonn decided to venture into Serviced Apartment Hotels.
“Our foray into Serviced Apartment Hotels is backed by thorough market research. Demand for serviced apartments continues to grow, evidenced by occupancy rates of up to 88 percent, according to our latest research data. Serviced apartments command very strong rental yields of about 12 percent, compared residential yields which stand at 4.9 percent. If you add another 8 percent of capital appreciation, we are targeting a total return of 20 percent per annum. We saw this as an opportunity and decided to capitalize on it,” he said.
Cysuites will be Cytonn’s Hospitality flagship product, targeting both business and leisure travelers.