Mhasibu sacco set to put up Sh500m complex in Nairobi
Sacco-owned Mhasibu Properties is putting up a multi-storey commercial building in the Kilimani area of Nairobi in a project estimated to cost as much as Sh500 million.
The commercial complex dubbed Mhasibu Towers is owned by the development arm of Mhasibu Sacco, a society whose core patrons are accountants.
The building to be located along Kirichwa Road will consist of two wings, a 12-storey and nine-storey tower. It is scheduled for completion in 2016.
The exact cost of the project that further cements the return of saccos to commercial office business is not known but its promoters estimate it at between Sh450 and Sh500 million.
“We are now in the process of tendering for contractors. Construction should begin within the next four to five months. The project should take two years,” Mhasibu Properties chairman Oliver Adera told the Business Daily.