Safaricom scheme sets up Sh3.4bn houses plan

What you need to know:

  • “I am pleased that Safaricom, through its staff pensions scheme, has seen it fit to partner with us yet again to bring a development that, true to its word, will transform lives.”
  • Initiators of the project seek to capitalise on the real estate market in the county, which has been experiencing a construction boom.
  • Machakos Governor Alfred Mutua said such projects would have economic benefit for the area.

The Safaricom Staff Pension Scheme has launched a Sh3.4 billion real estate investment project in Machakos County.

Crystal Rivers is a mixed use development and the first such venture undertaken by the pension scheme.

The real estate site is located on 25.5 acres and comprises 270 three and four bedroom residential units, a commercial centre housing shops, a hospital, restaurants, conference facilities, cinema and casino, and rehabilitated riparian land.

Machakos Governor Alfred Mutua said such projects would have economic benefit for the area.

“Thanks to Crystal Rivers, we foresee an increase in commercial activities that promise to create more employment opportunities, improve the economy and open up the area to more investment, as investors seek to take advantage of the county’s proximity to Nairobi city and JKIA,” he said.

“I am pleased that Safaricom, through its staff pensions scheme, has seen it fit to partner with us yet again to bring a development that, true to its word, will transform lives.”

SEEK TO CAPITALISE

Initiators of the project seek to capitalise on the real estate market in the county, which has been experiencing a construction boom.

“The investment also aims to diversify our pension scheme’s investments and give our members good returns, while at the same time giving the public a chance to own some great real estate,” Safaricom chief executive Bob Collymore said.

While residential units will be available for sale to the public, the scheme will retain ownership of the commercial centre.

The scheme has more than 4,900 members, who apart from investing in Crystal Rivers, are also undertaking another real estate venture in Mandharini, an award-winning luxury development in Kilifi County.

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