, NAIROBI, Kenya, Mar 25 – Local Reinsurer Kenya Re is gearing up for the development of an ultra modern high-rise green commercial building in the second half of the year in Upper Hill targeting corporate clientele and multi-nationals.
The commercial building will sit on 1.6 acres of land and according to the firm’s CEO, Jadiah Mwarania, the green building will be fitted with smart technologies to manage consumption of water and energy, in addition to harvesting rain water.
Mwarania explained that the city centre is no longer an ideal location for most corporate businesses due to congestion of people and traffic, so they intend to develop an ultra-modern building that provides enough capacity for both people and vehicles.
He added that the building will be fitted with more efficient solar panels as part of its energy management plan to reduce high power consumption, while providing ample parking to counter the ever increasing parking space shortage.
The building is expected to impact positively on the rental income as the company earned Sh575 million from its investment properties as indicated in last year’s financial results ending 2012.
It will also increase Kenya Re’s total lettable area of 568,292.08 square feet in their four commercial buildings in Reinsurance Plaza, Kenya Re Towers and Anniversary Towers in Nairobi and Reinsurance Plaza in Kisumu.
“The city centre is no longer an ideal location for most corporate businesses due to congestion of people and traffic. We therefore intend to develop an ultra-modern building that provides enough capacity for both people and vehicles,” Mwarania said.
At the same time, he said the new development will have high speed broadband connection through a primary and redundancy link for Internet access.
“The Internet has become a critical tool for business in this technologically advanced environment,” he emphasised.
In 2011, the firm’s investment income grew by 40 percent to Sh979 million on the back of strong earnings from its property segment.
Mwarania confirmed that a feasibility study for the project is to commence in the coming months, explaining that tenders for design and construction of the building will be advertised and awarded to the winning contractor soon after.