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Tuesday, July 23, 2024

Kenyan pension firm breaks ground on mega mall in Kitengela

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Zamara, a Kenyan pension firm has started the construction of a Sh400 million mall in the outskirts of the capital Nairobi.

The mega mall will sit at the firm’s 30-acre plot in Kitengela where it has put up 211 housing units worth Sh2.7 billion.

Lucy Kambuni who is Zamara Board of Trustees chairperson says that a Tenant Purchase Scheme for all their members working in 187 companies is set to be launched.

Ms Kambuni said that the plan aims to build houses which members can pay comfortably while occupying them.

“We want to do away with situation where retirees grapple with abject poverty after 30 to 40 years of hard work,” she said.

Read Also:Super rich Kenyans, visitors targeted in Sh5b Kilifi beach resort

Speaking during the ground breaking ceremony over the weekend, the firm’s executive director Mr James Olubayi hinted that they will be embarking on more real estate ventures on the land properties that they already own.

He called construction of the mall “a first step towards boosting income for the fund that currently manages Sh23 billion belonging to 33,000 workers.”

Kenyan pension firms are increasingly investing in real estate which is largely considered lucrative. The Safaricom Staff Pension Scheme for instance, is finalizing a mixed use development in Athi River aiming to reap huge returns.

Kenya is experiencing a growing demand for mixed-use development that combine retail, commercial and residential uses while embracing the live, work and play concept.

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