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Old September 28th, 2017, 11:59 AM   #41
brian the real story
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Yes ,they envision on starting on Q4 of 2018
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Old September 28th, 2017, 12:00 PM   #42
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Quote:
Originally Posted by ColloWa Ajabu View Post
Looking forward to the day i will have a meal at the sky bridge restaurant while checking out the Pinnacle and the entire Upperhill at a distance.
Aki ya Nani
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Old September 28th, 2017, 12:04 PM   #43
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Old September 28th, 2017, 01:40 PM   #44
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Moto moto! If only this was built next to montave,avic or prism, our skyline would have been complete. Great project all the same.Ile kitu cytonn wanavuta ata mimi nipewe.Won't be surprised if the pull off something in upperhill and westi soon.
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Old September 28th, 2017, 01:54 PM   #45
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Any mention yet on who the architects are? Hopefully someone local but I assume it will be a foreign one.
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Old September 28th, 2017, 02:16 PM   #46
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Their contractors are AVIC/CATIC,the ones who developed UAP tower as seen from their Cytonn diaspora website.
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Old September 28th, 2017, 02:37 PM   #47
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Our roads en up as disappointment, not as shown in those classy pics.
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Old September 28th, 2017, 03:17 PM   #48
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Holy smokes, where exactly is this???
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Old September 28th, 2017, 09:28 PM   #49
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Quote:
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So all this developments are targeting completion in 2022,The pinnacle targets 2019/2020,Avic targets 2020,Montave targets 2020.Many will envy Nairobi skyline five years from now...
What does Q4 mean, as in the start of its construction?
Yup!! Last Quarter of 2018.
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Old September 28th, 2017, 09:49 PM   #50
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Quote:
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Holy smokes, where exactly is this???
Im suspecting where Habesha restaurant used to be.
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Old September 28th, 2017, 10:45 PM   #51
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hmmm it just reminded me , waiting to see what britam has in planned for kileleshwa with their own version of mixed use to have same amenities as cytonn towers
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Old September 28th, 2017, 11:51 PM   #52
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Quote:
Originally Posted by royco mchuzi View Post
Moto moto! If only this was built next to montave,avic or prism, our skyline would have been complete. Great project all the same.Ile kitu cytonn wanavuta ata mimi nipewe.Won't be surprised if the pull off something in upperhill and westi soon.
Not here to ruin the big party (i actually like this grand Cyton project) but i urge and indeed implore for us to have same or even greater excitement for investment projects like car assembly plants ,petroleum exports ,textiles ,chemicals etc that increase exports,jobs and overall GDP.

Hizo exports zetu ati only $6.5bn ni kitu hafifu sana for a country that wants to show such huge modernity and progress.
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Old September 29th, 2017, 05:36 AM   #53
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Quote:
Originally Posted by Amboseli Daima View Post
Not here to ruin the big party (i actually like this grand Cyton project) but i urge and indeed implore for us to have same or even greater excitement for investment projects like car assembly plants ,petroleum exports ,textiles ,chemicals etc that increase exports,jobs and overall GDP.

Hizo exports zetu ati only $6.5bn ni kitu hafifu sana for a country that wants to show such huge modernity and progress.
I totally agree. But i feel like thing are looking up for the next 5years if we get over next month smoothly. Even before thinking about exports are more concern about local consumption. We have to eat drink wear kenyan and be proud. 90+% of our clothes and shoes are imports, local tourism is under exploited and we waste lots of fruits/vegetables during high season etc. Once we grow local consumption, increase demand, improve quality, do value addition and scale up infrastructure/production, consequently our exports will increase.

But remember projects like these are an indicator of how the economy is doing and they are not structures.
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Old September 29th, 2017, 07:10 AM   #54
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Quote:
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Im suspecting where Habesha restaurant used to be.
You are right.
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Old September 29th, 2017, 07:27 AM   #55
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I don’t want to pour cold water into the excitement. But Cytonn is a very young company that seems to be rolling out very many expensive projects. There are talks of them soon launching their IPO. Looks they want to pass a very heavily indebted company to the public investors.

Since such projects are financed through debt and am not aware of any projects they have done that is complete and if they have made any profits for themselves and their investors, I would be very cautious. It could be a house of cards that is just about to come crushing down on fire, burning all the money for their investors.

The founders took off with money from Britam. With that history and questions of integrity, am not optimistic on their projects.

But if am wrong, still be great to see such a tower as an addition to Nairobi new tall towers. But am sure more credible comanies in future will be rolling similar types of projects in future.
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Old September 29th, 2017, 07:55 AM   #56
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Tue,thats why they are sourcing for funds,they say they want to start November of 2018..so its safe to say 2019 its when it will kick off
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Old September 29th, 2017, 04:47 PM   #57
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Cytonn are doing wonders.Sleek piano, I believe these guys should be fine.Real estate is a long term investment and profits is not realized immediately.plus are they using debt or equity? We have a big housing deficit and unless we plunge into war or economic meltdown I believe they should be fine. That said , I believe Centum-Avic combo is the one to watch. Chinese investors dont hold back when it comes to real estate. Cytonn might wana pull in some chinese moguls
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Old September 29th, 2017, 04:56 PM   #58
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Just how does Cytonn fund its mega projects

Quote:
Nairobi county deputy governor Polycarp Igathe with Cytonn Investments CEO were present.

Cytonn Investment Group has continued to defy odds in the face of tough macro-economic conditions bolstered by a prolonged electioneering period this year.

‚€œThe best time to grow is when things are difficult and people are distracted,‚€Ě Cytonn Investments chief executive Edwin Dande told the Star. ‚€œThings are difficult because the economy has slowed down, there is very little access to credit given the interest rate cap and people are distracted because of the election.‚€Ě

The firm, which was established in 2014 by four ex-Britam senior executives Edwin Dande, Elizabeth Nkukuu, Patricia Wanjama, and Shiv Arora, currently has an asset base of about Sh82 billion.

‚€œWe have capital of about Sh14 billion in land and cash with 10 projects in investable real estate,‚€Ě chief investment officer Elizabeth Nkukuu said.

Finnish private equity fund and financial services group Taaleri Plc is Cytonn‚€™s biggest contributor having financed the whole of Amara Ridge with an undisclosed amount injected in the just-launched Sh20 billion mixed-use development dubbed Cytonn Towers.

‚€œWe don‚€™t go pan-African, we pick the best ones with heavy weight on Kenya and a minor stake in Rwandese development,‚€Ě Cytonn Investments Management non-executive director and Taaleri Plc‚€™s head of Africa Antti-Jussi Ahveninen said.

The investment management firm draws funds from four main sources including foreign and local institutional investors with a 40 per cent contribution, high net worth investors at 40 per cent while diaspora and while cooperatives (small scale) investors cater for 15 and five per cent of the firm‚€™s funds.

‚€œRoughly 70 per cent of the monies we get go to real estate investments, the other balances are in other opportunities such as investment in KCB and NIC Bank,‚€Ě Dande said. ‚€œWe also took a 25 per cent stake in Superior Homes.‚€Ě

Cytonn, through its cash management solutions segment has deepened its investment in the stock market, currently the fifth largest shareholder in KCB and the 10th largest shareholder in NIC.

‚€œIn February, we noticed that KCB was trading at less than one-time its book value so we took roughly Sh800 million and bought when the share price was in the mid-twenties now it is roughly around Sh42 making at least 80 per cent return in a very short period of time,‚€Ě Dande said.

Cytonn yesterday launched Cytonn Towers, a Sh20 billion mixed-use development in Nairobi‚€™s Kilimani area.

Construction of the 150 meters high, 35 floor triplex towers is expected to commence in the fourth quarter of 2018 and it will be built in phases with the structure expected to be complete by December 2022.

This adds to the firms growing portfolio with other project such as Amara Ridge which will be completed in the last quarter of this year, The Alma, Taraji Heights, Situ Village, The Ridge, River Run Estates and Newtown.
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Old September 29th, 2017, 04:57 PM   #59
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Abit of some typed problems by the reporter from the star newspaper but it gives some light as to some of the ways cytonn fund their projects
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Old September 29th, 2017, 05:58 PM   #60
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From Daily Nation

Quote:
Cytonn estimates the project will cost Sh20 billion, inclusive of Sh1.5 billion price of land.

It 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, which is set to be among the tallest buildings in the area, will also feature Kenya’s highest suspended restaurant, Nairobi’s largest ball room, and a double horizon fitness club as per the developers.

Other outstanding features in the tower will include the largest elevated infinity edge pool, an apex sky lounge and an observatory deck.
Construction is set to start 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 150-metre high building, according to the developer, will be built using local and international investors’ funds with Taaleri Plc, a private equity fund from Finland, the main investor.

Plans to construct Cytonn Towers in Kilimani come barely three months after the ground-breaking of Sh20 billion Hilton Nairobi’s upcoming five-star hotel.
A few mistakes in that article as well but...
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