CPF Financial Services chief executive Hosea Kili. file photo | nmg
County workers pension fund (Laptrust) is set to complete
building a new mall and 252 residential units in a Sh3 billion mixed
housing development in Nairobi’s Lang’ata area later this year.
The
residential units are set to be completed by mid year and the mall in
the course of the year, though no specific date was given.
Laptrust’s
property manager, CPF Financial Services, said it had appointed Naivas
as the anchor tenant for their 120,000 square feet Freedom Mall while 50
adjacent shops will be leased to individuals.
CPF
chief executive Hosea Kili said the construction of the houses, which
stand on five acres, was ongoing and they will be open for occupation
mid this year creating a new revenue stream for the 21,300-member
retirement fund.
This will deepen CPF’s real-estate portfolio valued at more than Sh8 billion or a third of the fund.
“Buyers
of the two-, three- and four-bedroom housing units will enjoy a 10-year
service fee holiday during which CPF will manage and maintain the
property,” said Mr Kili.
He
said talks were on for possible partners in the planned development of a
highrise building on a prime plot in Nairobi and a
residential-cum-commercial investment on its 23-acre property in Thika.
According
to the scheme’s December 31, 2015, valuations; the quarter-acre plot
next to its headquarters in Nairobi was valued at Sh840 million while
the 23-acre Thika property was put at Sh308 million.
“We
invited investors to consider partnering with us on the development
where our equity amounts to the value of the land,” said Mr Kili.
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