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AfricaMoney | November 7, 2016

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Chinese firm to build tallest trade tower in Kenya

Chinese firm to build tallest trade tower in Kenya

Jiangxi International will be constructing the tallest trade building in Kenya, reports African Review. The building will be known as the National Social Security Fund’s (NSSF) Trade Centre.  Kenyan Cementers had also bid for the project, but the Chinese firm won the project.

According to a report on African newspaper Business Daily, the Kenyan firm had earlier won the tender to build the 39-storey building following a US$68mn bid, which was later disqualified by the Public Procurement Administrative Review Board.

This led to the NSSF inviting new bids for the Hazina-owned trade centre in January this year.Kenyan Labour Cabinet secretary Kazungu Kambi said, “This project has previously been dogged by a number of false starts due to legal hurdles, which have now been overcome.”

The skyscraper will be an extension of the building Nakumatt Lifestyle, which currently has eight floors, four basement levels, a ground floor, two mezzanines and one podium.

The high-rise, which will be completed in 18 months, will feature a vegetated roof terrace, a ventilated atrium, helipad and city’s viewing gallery. It will also constitute a high-end hotel that will be expected to increase competition in the hospitality industry.

The project, amongst others, will attract US$1.15mn in lease collection income after completion, while it will also sell off some floor space, which will see it retain its real estate investment below the regulatory maximum of 30 per cent.

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Source: African Review


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