CIC Chief executive officer Tom Gitogo. [Photo/capitalfm.]The CIC group has started the process of developing a mixed-use project that will consist of high-end residential units, education institutions and office blocks in a 200 acre piece of land on Kamiti road.
The project will be constructed on the Ksh 560 million land purchased by CIC in 2010 and will see the nonbanking financial services firm invest a Ksh 2.5 billion into the upmarket of residential units.
The firm has already submitted the application forms to the national Environmental management (NEMA) whom they have already began collecting the views from the public concerning the project.
In a letter published on Wednesday by the environmental watchdog, NEMA, they confirmed to have received the application forms of the intended development for public scrutiny which will be done in the next 30 days from CIC group.
“Nema invites members of the public to submit oral or written comments within 30 days to assist us in the decision-making process for this project,” read the notice.
Last year the firm's Chief executive officer,Tom Gitogo, noted that the firm had set aside Ksh 2.8 billion for the project obtained from mainly the internal sources.
Gitogo also added that the project will be the new income avenue for the CIC considering that it will contribute to 20 per cent of the total income they obtain.