Safaricom scheme to open Sh4.3b mall, housing project next month

Over 100 units had been sold so far. [File, Standard]

Safaricom Pension Scheme will next month open its Sh4.3 billion Machakos Mall and a housing project after the completion of several apartments and townhouses. 

The scheme’s mixed-use development, dubbed Crystal Rivers, is located in Athi River, Machakos County. According to the Trust management, the project was conceived and developed to diversify the investment of members’ funds.

It brings together a mall on 5.7 acres with a total of 200,000 square feet of letting floor space.

The project also includes 260 apartments and 138 townhouses and is expected to contribute to easing the housing deficit in Nairobi.

The houses will cost Sh6.5 million per unit, according to the Safaricom Scheme Trust Secretary Richard Gitahi.

Mr Gitahi said the project started three years ago will provide a spacious and secure gated community complete with a shopping mall.  

“The upcoming mall will be a game-changer in the larger Nairobi metropolis. It will offer the residents of Nairobi and Machakos a superior shopping destination designed to meet the needs of all age demographics at Crystal Rivers Mall,” he said.

The Crystal Rivers is close to the new Nairobi Expressway, the SGR, and the Jomo Kenyatta International Airport.

Units sold

Mr Gitahi said over 100 units had been sold so far, with others booked by locals and Kenyans in the diaspora.

He said they were investing in real estate as a long-term source of returns that will benefit members when they finally retire from active employment.

“The property is, however, open to other interested home buyers and investors,” he said.

Mr Gitahi said that Crystal Rivers Mall and Residence has partnered with financial institutions to fund potential home buyers and investors.

“The main objective of this real estate investment was to diversify Safaricom Staff Pension Scheme’s investments so as to give its members good returns, while offering the public an opportunity to own and live in a decent and affordable community.”

The scheme has adopted a new approach to attract more prospective house buyers by allowing them a few days’ stays in the show houses.