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NSSF seeks to build tallest building

The National Social Security Fund (NSSF) is looking for a partner to build a 62-storey tower worth Sh20 billion on Kenyatta Avenue.

The Fund floated a tender inviting submissions for a joint venture for the property’s development.

The multi-billion tender comes barely two months after Labour Cabinet Secretary Kazungu Kambi stopped all NSSF bids citing irregularities in their award.

Tallest building

If the project moves forward, the structure will tower over Nairobi, which has the 33-floor Times Tower as the tallest building.

It will, however, be hard for local developers to meet the requirements as the successful bidder is required to have commissioned three commercial/hospitality projects of a minimum value of Sh10 billion or one of a minimum value of Sh30 billion since 2007.

The bidder must also “have a minimum turnover of Sh50 billion within the last five years”.

Earlier in the year, NSSF had indicated it would construct a hotel, convention centre and rental apartments on the piece of land it owns opposite Teleposta Towers.

The land (a block of five plots) is currently used as a parking lot.

It remains unclear what percentage of the project the Fund will hold as pension funds are only allowed to hold a maximum of 30 per cent of their total assets in real estate according to Retirement Benefits Authority regulations; a condition it has been struggling to meet.

Project cost

Sacked Managing Trustee Tom Odongo had, in an interview with the Business Daily, indicated they would be putting up between 10-30 per cent of the project cost.

Communications Manager Christoper Khisa said more details will revealed once a successful bidder is found.

The body has also floated a similar tender for a housing project in Mavoko which Mr Odongo had indicated would be worth Sh80 billion.