NSSF to build Tanzanian embassy in Nairobi ( 26 floors- $23 million)

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The National Social Security Fund (NSSF) yesterday signed an agreement with K&M Archplans Limited to provide detailed designs for the construction of a planned Chancery at Tanzania's High Commission in Nairobi. The signing was done at the Fundís headquarters in Dar es Salaam by NSSFís Director General Dr Ramadhani Dau and Mr James Kimathi of K&M Archplans Ltd.

Under the new agreement the designers are charged with providing structural details for the planned building before commencement of the tendering process. K&M Archplans Limited has offices in Nairobi and Dar es Salaam The agreement is part of the governmentís long-term effort to minimize administrative costs by constructing and owning buildings housing the countryís foreign missions. Already the government owns 17 such premises out of her 32 foreign missions worldwide.

The initial agreement that resulted in the current agreement was signed on February 28, 2008 by Dr Dau and former acting Permanent Secretary in the Ministry of Foreign Affairs and International Cooperation Ambassador Abubakar Ibrahim.

The project is estimated to cost 23.4 million US dollars. However, the actual construction cost will be known after receipt of construction bids and detailed design data.The government, whose equity in the new project includes the ownership of Plot No. 209/3678 in the up market Upper Hill area of Nairobi , will control 20 per cent of the projectís share capital while the Fund will control the remaining 80 per cent.

The new 26 storey chancery will be built close to the British High Commission and the Embassy of Japan. The construction is scheduled to kick off in September and is expected to be completed by March 2012 before formal handing over in October 2012.
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UPPER HILL | Tanzanian Embassy | 26 fl | $23million | Proposed - SkyscraperCity
 
Another white elephant in neighbouring country.
 

Yaani kajengo kama hako Tz hapa hamuna, afu wanaenda kujenga Kenya, hivi watz wana akili timamu kweli? kwa faida gani, wakenya wamejenga jengo kama hili hapa kwetu? ajabu na kweli jamani....coconut kumkichwa ya mbongo ni kama imechemshwa kwenye mafuta ya nguruwe!
 

Hao NSSF hapa Tanzania si walisema wanajenga daraja la Kigamboni! Huo mpango sijui wameuweka kabatini?
 

Sio kwetu tu, naamini hata hao majirani wao UBALOZI WA JAPAN NA UINGEREZA hawana jengo kama hilo hapo.
But it mighty be a good business for NNSF kwani wanaweza kupata wapangaji wakutosha.
 
The price seems kinda low. Will the building have elevators?
 
Wajifunze kwa wenzao wa Uganda, badala ya kufuja fedha za wanachama kwa kujenga maghorofa ya kifisadi huku wanachama wakiwa hawafaidi.



NSSF raises interest rate from 3% to 7%.


THE National Social Security Fund (NSSF) has doubled the interest rate for its members in the 2009/2010 financial year, from 3% to 7%.


"The rate of interest has gone up from 3% from the previous financial year to 7% because of the improved financial performance," the NSSF chairman, Vincent Ssekono, said in a press statement yesterday.


Ssekono attributed the improved financial stand to the improved performances in the stock market and the positive performances of the fixed income investments such as the treasury bills, bonds and fixed deposits in banks.


The new managing director, Richard Byarugaba, said the real estates also performed well, with the exception of those under question such as the Nsimbe estates.


"Our equities have done better this time. The fixed income did better on top of the improved performances of the stock market," said Byarugaba.


The Fund keeps about sh800b on fixed deposits in various commercial banks. Many of these deposits are renewed when they mature after one year.


The Fund shares improved. It owns shares in Housing Finance Bank (50%), TPS Serena Hotel (20%), The New Vision Group (19.6%), DFCU (5.91%), Stanbic Bank (2.79%), Uganda Clays (32.5%), Safaricom (2.38%) and Bank of Baroda (1.49%)


In financial year 2007/2008, the fund increased the interest rates to 14%, from 7%. This was the first time in 14 years that the Fund was declaring a double-digit interest. It was also the first time in four years that it was paying an interest above inflation.


The new interest rate announced yesterday is, however, above the annual inflation rate, which has been steadily falling since the beginning of year, currently standing at 1.7%, down from 3.2% in July.


The Fund has 450,000 members and boasts of an asset base of sh1.6 trillion, according to the June 2010 unaudited report, up from sh1.3 trillion in June 2009.


By June 2010, the board reported that contributions had increased by 12%, from sh263b in June 2009, to sh295b in June 2010. Benefits paid stand at sh66b from last year's sh41b, representing a 61% increase.


The new board says the benefit processing period has reduced from 85 days to 30 days. However, issuance of statements to contributing workers remains a challenge.


NSSF has in the past invested in real estate, shares and fixed income (bonds and treasury bills). A number of these projects, however, ran into trouble, causing heavy loses.


The latest Auditor General's report notes that the Fund lost sh50b last year. The losses arose from transactions in real estate, the stock market and private company deals.
 
Alpha said:
The price seems kinda low. Will the building have elevators?
Click to expand...

No its not , thats actually within the market range. will the building have elevators?? loooool r u serious??:lol:
 

If it makes economic sense then why not. there is a major property boon irn nairobi and in particular in upper hill area the u Upper hill. The property values there double every couple of years, so its good investment for Tanzanias money

This is upper hill, this is Nairobi's other CBD, on the other side Uhuru Park.








 
I am sorry! M Unimpressed by this as it doesn't ring the bells in my ears!this is never a priority! why not helping beds, books and desks to our dying pregnant mothers, new babies and school children who sits on the floor!?? They are the economy of the Country! Another Cock up!!! We honestly need to work on the areas of urgency rather than that! well, i might be wrong! What a waste!
 

Well the whole point of an investment is that you keep the money flowing, you build the building then use the proceeds to buy the book and the desks and stuff, and this money will not run out then or if you want to sell the building in five years you sell it at 3 times the price you used to construct....makes sense.?
 
Hii ni investment nzuri kama mapato yake yatatumika kama inavyotakiwa, na sio kuingia kwenye mifuko ya wachache.
 
Tanzanians siku zote watabaki watz tu. waache wakajenge jengo hilo kwa wakenya.
 
Natumahi jengo hili sasa limekamilika au sio???Danganyika ya Viwonder
 
Jf ya kitambo ilikua na watu wamekomaa watz enzi hizo walikua wakarimu na wenyewe busara, si kama JF ya siku hizi role model ni akina Geza na anneal. Kama hii ingekua ni habari ya 2019, kina Geza wangekua wanajisifu vile wanajenga Kwa 'cash hela zao' na ubalozi wa Kenya 'hauna uwezo wa kufanya hivyo.' wangeanzisha comparison ya picha za balozi za Tz Vs Ke
 
Sema neno kuhusu wakenya wenzako pia au nyani haoni kundu lake...

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