Commercial Projects
Sheria Sacco to Build Sh2bn Twin Tower in Upper Hill
The Sacco expects to begin work by December 31.
Sheria Savings and Credit Cooperative Society (Sacco) is seeking regulatory approval to build a twin tower in Upper Hill, Nairobi, as it seeks to boost returns for its members.
The Sacco, whose members are mainly pooled from the Judiciary, expects to obtain approvals from the Sacco Regulatory Authority to allow work to begin next month.
The project that will be located at Matumbato Close in Upper Hill is estimated to cost Sh2 billion. It will involve the construction of commercial residences, shopping centres, and offices on a one-acre parcel of land where Sheria Sacco offices are located.
The Sacco chairman Justice Patrick Kiage said the society was sitting on prime property and there was a need to convert the land into an income-generating asset.
“There is a need to modernise the Sacco’s offices which come under this project,” he said.
RELATED: Wealthy Builders Shrug Off Nairobi Office Glut Fears
In the past two decades, Upper Hill has cemented its position as Kenya’s most expensive zone, with an acre of land going for more than Sh530 million.
This has been the case due to the high demand for offices among local companies and multinationals seeking space outside the city centre.
High profile exits
However, the influx of institutions has congested the area, making it undesirable for people who value offices with an ambient environment.
Little expansion of roads has also led to traffic congestion.
These factors have compelled high-profile organisations to depart from Upper Hill, with Westlands, Gigiri, Lavington, and Karen being the biggest beneficiaries of the exits.
Some of the notable exits include that of Coca-Cola, European Union Delegation for Kenya and PricewaterhouseCoopers, which relocated to Delta Corner on Waiyaki Way in 2014.
Four years later, in November 2018, Coca-Cola said it was moving its regional offices from Upper Hill to Lavington, a “more open and less formal” environment to afford its staff creativity and innovation.
This came shortly after the European Union Delegation for Kenya signed a long-term lease for the transfer of its headquarters from Upper Hill to Dunhill Towers on Waiyaki Way.
World’s Oldest Project Set for 2026 Finish After 144 Years
La Sagrada Família in Barcelona has been under construction since 1882.
Work Underway on $2.1bn Tennessee Titans New Stadium
The New Nissan Stadium is well on schedule to open by 2027.
Work Begins on Sh2.5 Billion Tatu City Oxygen Plant
The plant will raise daily production of medical oxygen to 20 tonnes.
China on Brink of Sh180bn Highway Deal with Kenya
Talks are underway for China to fund a new highway and rail extension.
Work Begins on Sh11.6bn Geothermal Plant in Nakuru
The Chinese-funded Orpower 22 power plant will take 17 months to complete.
Mukuru Affordable Housing Handover Set for December
Bedsitters will rent for Sh3,200 per month on a 30-year rent-to-own plan.