KCB builds Simba Villas... KCB Staff Pension Fund in KShs. 773million Housing project

By KCB Corporate Affairs,      Monday, February 20, 2006  

Kenya Commercial Bank’s Staff Pension Fund has unveiled an ambitious KShs 773 million housing project in Nairobi’s Embakasi area.

The Simba Villas, as the housing project is named, will be put up at a 10 acre piece of land in Embakasi near the GSU Training School. KCB Chairman, Susan Mudhune said the Simba Villas will comprise 192 flats, 60 maisonettes, a shopping complex and four two bed roomed flats on top of the shops.

The groundbreaking ceremony for the villas was officiated by Housing Minister Soita Shitanda. The projected period for the completion of the Simba Villas is 24 months. The minister hailed KCB for the project saying it will go a long way in meeting the needs of housing currently being experienced by Nairobi residents. “The development of Simba Villas comes at a time when the availability of decent and affordable housing is a serious concern for most Kenyans, especially in the steadily growing urban areas” Shitanda said. He challenged other organisations to emulate KCB and invest in housing projects, which he termed as a profitable venture.

The KCB Staff Pension Fund is one of the largest funds in the country and is valued at about KShs 8.5 billion. The Fund has a membership of 3,454 incorporating serving employees and retirees. The 23-year-old Fund has invested in a number of prime properties in Kenya including the prestigious Lonrho House and the Nanak House in Nairobi’s Westlands area.

There are also a number of residential properties in Lavington, Kilimani, Runda and Kileleshwa. The Project Architect, Lee Karuri said the KCB Staff Pension Fund Simba Villas will be completed on time and budget. Mudhune said the idea of the KCB Staff Pension Fund Simba Villas was inspired by the overwhelming desire of residents of Nairobi to own affordable but decent housing units.

The Minister said the government will continue to review laws and policies that govern housing. He asked professionals in the construction industry to adhere to professionalism in order to avoid the collapse of buildings as recently witnessed in Nairobi’s Nyamakima area.

Hon. Shitanda also stated that the government was considering introducing a number of tax waivers to developers and buyers in order to encourage the construction of more houses and purchase of the same by members of the public.

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