Photo : LAPF Millenium Tower.
Saturday, 02 March 2013 23:42
Dar es Salaam. The Local Authorities Pension Fund (LAPF) has expressed commitment to invest in the real estate sector to generate profit for paying pensioners impressive benefits during retirement.
This was said on Friday by LAPF principal estate officer, Mr
Godwin Matovelo, when he briefed journalists on the renovated
Millennium Towers Hotel and the Millennium Towers Project - Phase
Two, which cost Sh58 billion.
He said the fund had decided to invest in storey buildings given
that Dar es Salaam, Kijitonyama in particular, has a high demand
for office space.
According to Mr Matovelo, the Millennium Towers Project - Phase One
generates $133,000 (Sh212.8 million), which is equivalent to Sh2.6
billion annually.
“We found that the area is in high demand for office space, that’s why
we have been investing in construction of these buildings. Our aim
is to make sure that we generate profit so that we can give our
pensioners more benefits,” he said.
He added that, the new 30-storey building, which is just beside
Millennium Hotel, is mainly meant for offices. However, the LAPF
official said, there would be space for a restaurant, casino,
nightclub and parking area for more than 160 vehicles.
“Our buildings have been installed with fire detectors...These
help to reduce the risk of fire,” said Mr Matovelo.
LAPF principal projects engineer, Mr Grayson Bambaza, said
construction of the new building would be completed in June this
year.
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