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November 21, 2018

Kimisitu Sacco plans Sh200 million block

APROVALS: City Hall cleared building plans worth Sh242 billion in 2015.
APROVALS: City Hall cleared building plans worth Sh242 billion in 2015.

KIMISITU Sacco, formed in March 1985 by a group of Staff from International Center for Research in Agroforestry, plans to build a new office block in Nairobi’s upmarket Kilimani area.

The proposed development will cost an estimated Sh200 million.

It will be a five-storey building along Woodlands Road and is slated to house the headquarters of the Kimisitu Sacco. The environmental conservation firm's offices are in bungalow.

The ground-breaking is planned for early next year, according to chief executive Peter Kariuki.

The planned development is part of the Sacco’s expansion plans, which include the roll out of front office services activity in the next two years.

“Our membership is growing so we need to expand our offices also. We also want to provide ample parking for our customers,” said Kariuki in an interview with the Star on Monday.

The development will see the Sacco expand its operational space at the headquarters Sh40 million headquarter offices bought in 2010.

The project’s basic designs are ready, Kariuki said, with the construction expected to be complete by 2019.

“We are working closely with our members to see the best way to expand the Sacco’s operations as we grow together,” he said.

The society was formed mainly to help its members put their disposable income to productive use by affording them an opportunity for accumulating their savings for development.

Its current membership is at 7,000 with majority (80 per cent) from Non-Governmental Organisations.

Relatively high property returns has seen most institutional investors pump their cash into real estate in Nairobi. In 2015, for example, the county government approved building plans valued at Sh242.13 billion, 6.18 per cent more than in 2014.

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