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Moi University to put up Eldoret's tallest building

The Moi University Pension Scheme is erecting a 26-floor commercial building in Eldoret which will be the tallest in the North Rift region.

The landmark building is being put up near the Eldoret Hospital along the Nairobi road. It will dwarf the landmark 14-storey KVDA Plaza hence re-shaping the town's skyline.

 The Sh2.4 billion twin-tower will be known as the Moi University Pension Scheme Complex.

"It will be one stop complex for all kinds of businesses and offices," said an official of the pension scheme.

Chairman of the project, Prof Cheptuk Rutich says it will be completed in two years time.

"It will have ample space for all kinds of businesses and offices," he said.

The scheme plans to sell out the entire building to the public once its completed.

Its expected to have 17 regular floors from the seventh to the 23rd floors. It will have a restaurant, health Club and swimming pool on the 24th floor.

Planners have also included adequate water supply, sewerage and back power for the building.

The latest development is a pointer to the thriving real estate market in the North Rift with various projects splattered all over Eldoret town, as savvy investors chase lucrative returns in commercial and residential properties.

The town's hospitality sector has also seen a boost with recent opening of The Horizon, Star Bucks Hotel and the Kenya Red Cross-owned Boma Inn, which have raised competition in the regional hotels industry in the region.

Universities and colleges have also emerged as key property investors in Eldoret.

 “There are a lot of prospects (in the town) and many investors are moving in especially in the hotel sector and residential housing,” said Joseph Tirei, a property dealer in Eldoret.

Tirei estimates that demand for decent housing units may be running into hundreds of thousands as Eldoret's  population approaches a million.

“We are happy at the pace of development in this region and we are laying ground to attract more investors in real estate and other sectors,” said Uasin Gishu Governor Jackson Mandago.

The Governor is finaliSing a Strategic Plan, which will outline the growth plan for the county and Eldoret municipality in particular. The town is the fifth largest in the country and North Rift's economic hub.

New roads including a Sh 2 Billion Southern by-pass are also being development to help decongest the town and attract more investors.

“Experts are consulting all stakeholders on how they want the plan to look like and once we finish, it will guide development in all areas and we expect to see Eldoret and other parts of the county expand rapidly within the next few years,” said Mandago.

Despite the favourable outlook for the region's real estate sector, the Kenya National Chamber of Commerce and Industry's Eldoret chapter says the town lacks adequate trunk infrastructure to support development.

“We need good roads to serve the investors and we hope the county government will invest more cash in rehabilitating roads,” said Charles Mose, the chapter's chairman.

The chapter wants Eldoret Water and Sanitation Company to increase water supply to the town which now faces a shortage of 15,000 cubic meters daily.

"Water is a key factor to development and the county government must ensure supply is increased as soon as possible," said Mose.

The county government has budgeted for Sh1 billion towards road rehabilitation across Uasin Gishu.

“With good roads we will definitely achieve quick growth,” Mandago said.

Mose said the county government should increase incentives, such as tightening security, to attract new investors.

 

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