BY PATRICK GITHINJI
Kenya Commercial Bank (KCB) board on Thursday officially commissioned its new headquarters estimated to cost Sh2.1 billion.
The proposed head offices, to be situated at Upperhill, will be developed by the bank’s pension schemes, and expected to ready for occupancy by January 2013.
The shift from Central Business District (CBD) to a new 21-storey building in Nairobi, Upperhill, according to the bank’s Group Chairman, Peter Muthoka, is a step in the right direction, and augurs well with the institution business stature.
"The city centre is no longer an ideal location for businesses of our stature due to security concerns, congestions and uncontrolled vehicle and human traffic," explained Muthoka.
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Muthoka said the relocation would affect the bank’s administrative units and corporate banking business.
"The space we shall vacate at KenCom House will be rented out to earn additional income."
The complex, to be constructed by China Wu Yi Constructors, will adopt an eco-friendly architecture concept that complies with the globally accepted standards of green building.
"The building will be designed to use natural light, have facilities for recycling of waste water, and incorporate mechanisms for efficient energy and water resources. It will also have a rain water harvesting system, and use of open space office plans for effective air circulation and the good health of employees," Muthoka said.
Other notable features of the new Internet enabled building include an ultra modern conference centre that can accommodate 500 people, an emergency fire elevator, 450 car parking slots, 70,000 rentable spaces, health club, a restaurant, and will be accessible for people with disabilities.
Pension Fund Chairman, Musa Ndeto, said he was optimistic about the project since earnings from real estate were higher than returns from stock market.
Sustainable returns
"Real estate business is doing well and our members need sustainable returns," Ndeto said.
He added that the rental proceeds from the new building would benefit the bank’s benefit and contribution schemes, which are cumulatively valued at Sh12.8 billion, the largest in terms of value.
The new building joins a number of residential and commercial properties that the pension schemes have invested in order to generate returns that will sustain the growing number of retirees.
