Mombasa-based Kenya Ports Authority (KPA) Pension Scheme is investing Sh1.7 billion to put up an 11-floor residential property in Nairobi’s South C, accommodating 198 families.
Regulatory filings for permission to execute the project on a three-acre plot show the high-end three-bedroomed apartments with an adjacent detached servant quarter each will be hosted in three blocks.
The scheme said parking spaces will also be provided on site for 396 vehicles with the new property’s rooftops reserved for solar appliances. This will enhance availability of clean energy for use in the homes.
“This is an in-depth coverage of the foreseen impacts and mitigation measures on the proposed Kenya Ports Authority Pension Scheme Bandari Apartments Phase II located at South C off Mombasa Road along South Park Road which also serves Eka Hotel and Nextgen Mall,” it said.
The gated property development will consist of three blocks with each block hosting 66 units. Each unit will have a fully fitted master bedroom and two standard bedrooms and will be connected to a full time backup generator.
The report noted that new jobs will be created during construction and upon completion thereby helping Kenya realise its economic aspirations.
Investment in real estate by the Sh1.2 trillion pension schemes currently stands at 19.7 percent against Retirement Benefit Authority’s regulations that allow a 30 percent exposure.
The scheme joins several others investing in the area amid low returns from segments such as equity.
“The project’s benefits outweigh the impacts and that the project will make a positive contribution to the local area and country at large, therefore it is recommended that it be approved and issued with a licence by Nema,” says the study.