Plans have been announced for the development of a US$ 83M Local Authorities Pension Fund (LAPF) of Kenya mixed-use property in Nakuru. The property will feature a shopping mall, a five-star hotel, and a warehouse facility. In addition, there will also be apartments, a kindergarten, a gas station, and an amusement park.
The LAPF of Kenya mixed-use property project will be carried out in phases over an undisclosed time period. Upon completion of the project, the pension administrator’s investment assets would increase significantly. The agency is currently worth over KSh 51.6 billion.
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The city’s rapid population growth rate of 2.4% as of 2019, which in turn stimulates demand for goods, services, and housing has also had an influence on the decision. Moreover, The area’s rapid economic growth following President Uhuru Kenyatta’s upgrade of the town into a city in December 2021 is the other factor.
Furthermore, the availability of infrastructure developments was also a factor in the decision, given the fact that the mixed-use facility will be constructed along the congested Nakuru-Kisumu Highway.
Other LAPF real estate developments
Other than the proposed property, LAPF also has other Real Estate properties. These include the Maksembo affordable housing project consisting of 1,870 units in Kisumu County. The project is located near Kisumu International Airport and Moi Stadium.
