An artist’s impression of what the Moi University Pension Scheme building will look like once complete. PHOTO | FILE
The ever increasing demand for office and residential space in
the Uasin Gishu County capital of Eldoret has pushed property developers
into overdrive mode, with Governor Jackson Mandago’s County
Government’s spatial development plans also in full throttle.
Through
its Spatial Planning and Development Control Programme, the county
administration has developed land use standards and regulations and also
secured funding for an Integrated Strategic Urban Development Plan that
seeks to tackle Eldoret’s real estate demand.
“My
government has formulated the County Housing Corporation and the
Housing Policy to guide the housing sector,” Governor Mandago said in
his State of the County address before the Uasin Gishu County Assembly
recently.
“In order to fast-track
land surveys and improve on resource mapping and maintenance of property
boundaries, we have purchased modern equipment with GPS (Real Time
Kinematic model) and a plotter at a cost of Sh5.7 million,” the governor
announced.
“We have now developed
regulations and zoning plans and are opening up residential and other
areas for the development of commercial properties,” Mr Robert
Ng’isirei, the Uasin Gishu executive for lands and physical planning,
added in an interview early last month.
STRIDING INTO THE FUTURE
Cashing
in on Eldoret’s insatiable demand, the Moi University Pension Scheme is
constructing a 27-storey, twin-tower office block that will be ready
for occupation in January next year, and which is expected to completely
transform Eldoret’s hitherto conservative skyline.
The
Sh1.8 billion building will have over 400 parking slots, including
three basement parking levels to accommodate 200 vehicles and two podium
parking levels, each taking up 78 vehicles.
This will considerably decongest Eldoret town, which is currently hard-pressed for public parking space.
According
to a project brief made available to us by site engineer and project
manager Malaba Keya, the managing director of Malaba Kenya and Partners,
the office tower will have three shopping floors, with 17 levels
reserved exclusively for offices.
A restaurant, health club and swimming pool will occupy the 24th floor, while a penthouse is planned for the 25th floor.
“The
Moi University pension project was conceived by the board of trustees
with the sole aim of securing and growing the members fund for comfort
during retirement,” Mr Keya said in an interview on Tuesday last week.
“The architect then designed a building whose tower plan is like two speed boats, or a person striding into the future.
“The
building will have the most modern Internet capability in Kenya, an
advanced building management system and controlled access for maximum
security.
“It really is the future of
the current members of our pension scheme, who in a few years will
enjoy earnings as pensioners,” the project manager said.
Moi
University Pension Scheme manager Charles Nyamieno says office space at
the new building, which will be the tallest in the North Rift, will go
on sale from a minimum 9,000 square feet from October this year.
MODERN INTELLIGENCE
“The
building will have modern, organised office space with modern ICT
structures and will also be energy- and environment-friendly, using
solar energy and harvesting rain water,” Mr Nyamieno explains. “It’s a
modern intelligent structure that will stand the test of time.”
Financially-speaking,
the Moi University Pension Scheme chief notes that by selling the
office space rather than letting it, the pension scheme stands to make a
profit of not less than 27 per cent of their Sh1.8 billion investment,
which translates to a minimum of about Sh500 million.
“We
are looking to realise a minimum return of 27 per cent but we think
we’ll get 35 per cent going by the interest shown, and through
feasibility studies carried out by Knight Frank and Ipsos which formed
the basis of our investment,” Mr Nyamieno adds.
The Moi University Pension Scheme official is happy that everything is on course for the project’s completion.
“We
are on course as the main structure should be ready by end of July and
then we start the finishing and expect the building to be ready by
December, 2015, and officially opened in January, 2016,” he says.
Moi University Pension Scheme building in Eldoret town, under construction on April 28, 2015. PHOTO | JARED NYATAYA
Key players in North Rift’s tallest building
- Construction at the Moi University Pension Scheme building in Eldoret town started on September 2, 2013 and the 124-week project is on schedule for completion and occupation on January 16, 2016.
- Malaba Kenya and Partners are the project managers and structural engineers, Kenchuan Architects Limited the project architects, and Bunei, Maungu and Associates the project’s quantity surveyors.
- Electrical and mechanical engineering is being carried out by Donn Consultants while Simuplan are the physical planning experts and Epco Builders Limited the main contractor.
- Other companies involved in the building’s development include Volcanic Plumbing, Marryat and Scott, Climate Engineering Works, Hyperteck Electrical Services Limited Joworld Agencies and Superserve Technologies.
- Some of the salient features of the building are ground and elevated water reservoirs, solar energy for lighting common areas, water heating and an elaborate CCTV surveillance system.
- The building is designed like a shoe facing east, a concept Moi University Pension Scheme manager Mr Charles Nyamieno explains symbolises “walking into the future where the sun rises from”.
__________________
Controlled developments a strong point for Mandago’s new Eldoret
TWO
YEARS AGO, Uasin Gishu Governor Jackson Mandago suspended the
sub-division of land in the county. This was in order to allow the
drawing up of a masterplan that would guide the county’s real estate and
property development.
The move was
principally aimed at placing checks and balances against the alienation
of agricultural land for purposes of real estate development, a
temptation largely motivated by increasingly attractive land prices.
The governor does not regret the move as it now forms an integral pillar in Eldoret’s real estate development.
“Unlike
in the past when people would put up flats, bungalows and other
developments without a plan, there is now controlled development of real
estate development,” Mr Mandago said in an interview on Tuesday last
week.
“We are now engaging the
National Housing Corporation and the National Social Security Fund to
develop flats in some of our estates.”
Controlled
change of user, easing pressure on Eldoret’s central business district
and expansion of land for residential use, are some of Mr Mandago’s
biggest challenges as Eldoret is bursting at the seams with business
potential.
“We have now developed
regulations and zoning plans and are opening up residential areas and
other areas for the development of commercial properties,” Mr Robert
Ng’isirei, the Uasin Gishu executive for lands and physical planning,
says.
“We are also working with some government departments to give us land for the planning of an industrial park.”
Mr
Ng’isirei admits that pressure is high on Eldoret’s central business
district but remains confident that with the plans they have developed,
it will be managed.
“We are talking
to the people who own old buildings within the central business district
to develop them, but the problem remains traffic and parking areas,” he
fears.
The North Rift region is home
to millionaire athletes who rake in tidy sums from global marathons and
track competitions, a factor that has had a significant influence on
the spiralling property prices.
A cursory glance at prices on the Eldoret property market indicate a fast-growing economy.
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