Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Laptrust cuts 16 floors off Ugatuzi Tower project amid office space glut
Laptrust plans to complete the project within 24 months after licensing and commencement of construction, almost five years after retired President Uhuru Kenyatta led the groundbreaking ceremony in December 2020.
The Local Authorities Pensions Trust (Laptrust) has scaled down its planned Nairobi office tower by 16 floors to 34 levels at a cost of Sh3.05 billion, citing reduced demand for office space and increased construction costs.
The pension scheme had planned to construct a 50-storey Ugatuzi Tower for about Sh5 billion, but legal action by some of its members delayed the start of the project for years, leading to the revised plan.
