Capital Markets

Kenya Power pension fund to build Sh2.3bn apartments

kplc

A Kenya Power technician working on a transformer. FILE PHOTO | NMG

jameskariuki-img

Summary

  • Kenya Power Pension Fund (KPPF) is set to put up a Sh2.3 billion residential property in Nairobi’s Kilimani.
  • The fund said in regulatory filings to the National Environmental Management Authority (Nema) that the property will consist of 288 two and three-bedroomed apartments on 16 floors, set on its 1.67- acre plot on Kirichwa Road.
  • The development comes hardly a year after KPPF invited a mixed-use development partner to develop its prime 3.13 acres in Nairobi’s Lavingtonat an estimated cost of Sh1.4 billion.

Kenya Power Pension Fund (KPPF) is set to put up a Sh2.3 billion residential property in Nairobi’s Kilimani.

The fund said in regulatory filings to the National Environmental Management Authority (Nema) that the property will consist of 288 two and three-bedroomed apartments on 16 floors, set on its 1.67- acre plot on Kirichwa Road.

The development comes hardly a year after KPPF invited a mixed-use development partner to develop its prime 3.13 acres in Nairobi’s Lavingtonat an estimated cost of Sh1.4 billion.

According to the environmental impact study, the Kirichwa development will comprise of four basement floors providing parking space for 450 vehicles before rising 16 floors with 96 three-bedroom apartments each with domestic servant’s quarter(DSQ) and 124 two-bedroomed apartments with a DSQ each.

Another 68 two-bedroomed apartments without servants quarters have been designed with the lower and upper ground floors reserved for a restaurant with a swimming pool and a tenants’-only gym.

KPPF has a real estate brand, Sakile Properties that owns Stima Plaza (Kenya Power’s Headquarters) and Umeme Plaza.