Thursday, February 24, 2005

NSSF Garage Sale

The National Social Security Fund (NSSF) is seeking to dispose of some prime properties. While this will raise some cash for the fund, it will also improve the firm’s compliance with the Retirement Benefit Authority (RBA) Act, which limits the amount of cash the NSSF, and other pension bodies can invest in land and real estate. If you have some millions lying idle you can write to The Managing Trustee of the NSSF, P. O. Box 30599 Nairobi.

Some of the gems include: 5 acres between GPO and the Grand Regency Hotel (now a parking lot), .9 acre on State House road, 1.3 acres on state house road with an old executive house & pool, 50 acres near Karen shopping centre, 2.5 acres on Hospital Rd (Upper Hill), 2 acres on Bishops Rd (opp. Fairview Hotel), 20 acres on Langata Road, 10 acres on the Mombasa-Malindi Rd (near Giriama Hotel), Three 21 acre plots in Kikambala (Mtwapa) with beach front and 1,300 acres behind Mlolongo (Athi River area)


Anonymous said...

It is all very welcome for Nssf to sell these properties but at what price ? Take the 20 acre langata land for example, I hear they purchased it for about 20 million kenya shillings per acre at a time when the going rate in the area was about one million an acre ! Now the rate in the area is about 2.5 million, but Nssf still insists on 20 m per acre. Who are they fooling?

Anonymous said...

The same old simphoning tactics are being used here.NSSF should sell their properties as per the market rates.The reason why they are asking for crazy prizes is to cover their evils after they have embezoled funds pertaing to retirees.Its high time that the Prime minister should be invited to address the rot at NSSF.


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