11 June 2014

Kenya: ICPAK to Build Residential Houses On Thika Road

The Institute of Certified Public Accountants of Kenya will commence the second phase of the CPA Centre in December, adding hostels and apartments to its portfolio.

ICPAK said demand for residential space on Thika superhighway has increased necessitating such a project. The Sh450 million development is located within KCA University.

"We will demolish the facility that we have rented to Standard Chartered Bank in order to pave way for construction of phase two which includes hostels and apartments," said Benson Okundi, the ICPAK chairman.

"We are targeting students or anybody else who would want accommodation."

Okundi said the first phase of the project, a 12-storey office complex, will be completed in September. Its construction will have gobbled up Sh950 million.

"We started this project in order to enhance ICPAK revenues, to host practising accountants, and to supply a high demand for office space. We are expecting 100 per cent occupancy during the first three months of commissioning the office complex," he said.

Construction of CPA Centre started in May last year but cash flow issues have delayed its completion by four months as it was expected to be completed last month.

"We are implementing the project using internal funds which has affected our cash flow," Okundi said.

The residential units are meant for letting to either students or others will to take up tenancy in the building. Many people who work in Nairobi and business districts in the periphery such as Westlands, Upper Hill and Parklands are preferring to rent houses on Thika Road due to improved accessibility after the road was expanded to eight lanes.

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