LAPF boasts investment programme

 

 Photo : LAPF Millenium Tower.


Saturday, 02 March 2013 23:42

By Fariji Msonsa, The Citizen Reporter

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.