Pensioners and JKUAT Unveils Ambitious Housing Scheme
Pensioners and employees of Jomo Kenyatta University of Agriculture and Technology will soon be smiling all the way to the bank after the launch of a Ksh 2.1 billion housing scheme on Friday.
The JKUAT staff Retirement benefit scheme (JKUATSRBS) will launch the one Padmore Place Building at George Padmore road, Kilimani in Nairobi County at a function to be presided over by Cabinet Secretary for National Treasury Mr.Henry Rotich.
Dr.Hindzano Ngonyo, the Chief Corporate Communications officer of the University says the new state of the art building that has changed the skyline of the Kilimani area is part of an initiative that will diversify JKUATSRBS investment portfolio. This strategic investment is also poised to cushion the University Pensions Fund against volatile market.
Dr.Ngonyo says in a press invite that the project targeting AAA clients as per the Grading of the building, has a total built up area of 181,000 sq. ft. with total carpet usable office areas, exclusive of common areas, of 160,300 sq. ft. It also comprises of 4 basement levels (parking), a ground floor and 14 upper office levels with an offer of 453 parking bays.
The building offers open plan spaces that allow for efficient and flexible planning of work spaces and corporate retail services with fully fitted washrooms and kitchenettes on the ground floor and each subsequent floor. In addition, there is provision for private washrooms within executive office spaces. The building amenities include 4 high speed passenger lifts, main electricity supply and standby generator, efficient water supply, with connection to an onsite borehole and storage tank.
A trustee of the project who was re elected in the 2017 general elections Engineer Justus D’Oketch talking to KNA early today from the University said the launch will usher official use of the first phase of the project and that the second phase had also began with ample parking for motorists in the locality.
Engineer Oketch revealed that the pension scheme developed interest property ownership in 2010 and embarked on project in 2014 with an aim of generating income for staff who are permanent and pensionable.
The ambitious project he said was constructed using 900million that had been deducted from the members and 1.6 billion which was borrowed from a banking institution.
Oketch who is a lecturer at the Electrical department says the facility located on a 0.99 Hectare was completed in September 2017 and currently has 20 per cent occupancy. He said the beneficiaries are about 2,000 former and current staff from the institution of higher learning.
During construction of the project members agreed to allow their dividends to service the construction which topped up their deductions from their salaries. He said on completion, members will be paid on pro-rata basis.
He called on investors to rush and acquire business premises from the facility so that it can start benefitting the shareholders who have been contributing towards the project.
By Lydia Shiroya