|Artist impression of Hazina Trade Centres|
Very Soon, Times Tower will cease being the tallest building in Kenya and East Africa. This is because the National Social Security Fund (NSSF), will this morning commission the construction of the tallest building, marking an end to the tender dispute that had stalled ground breaking for more than two years.
Hazina Trade Centre will be 39 floors, with the current tallest building Times Tower, being 38 floors. It is also expected to be taller in metres.
Hazina towers is set to be built on top of Nakumatt Lifestyle, in Nairobi’s Central Business District. “The proposed extension works will involve the construction of a 31-storey office tower block to complement the current eight floors (4 basement levels, Ground Floor, 2 Mezzanine &1 Podium),” said NSSF Thursday in a statement.
It will be ready in 2016.
Hazina towers will cost Sh6 billion to construct. This is just pocket change to NSSF. By end of 2012, it had a portfolio of Sh121.5 billion, of which 34% is invested in real estate.
NSSF is also seeking to raise funds by selling some of their prime property. View Park Towers is set to be sold for 1.8 billion, and the government seems likely to make the purchase.