Retirement funds manager Zamara intends to build a twin tower property with a total 46 floors in Nairobi's Westlands area.
The east wing of the tower will have 30 floors while the other will have 16.
In an interview, Zamara's Umbrella Solutions Head Angela Okinda said plans had been completed with construction scheduled to start mid this year. The new property will see the first three floors reserved for commercial and retail use while the remaining upper floors will accommodate offices.
"(The project is in) Westlands where the intention is to build commercial and retail real estate with two towers -- one of 16 floors and another of 30 -- with three floors of retail space. This will kick off in the second half of 2018," said Ms Okinda.
Zamara executive director James Olubayi said the move was aimed at utilising part of their 128 acres of land in Nairobi, and Kisaju and Kipeto in Kajiado county, for the benefit of their member retirement schemes which bring together 33,000 members.
"Our first strategy was to build a residential estate of 211 housing units worth Sh2.7 billion and a mall worth Sh400 million at our 30 acre property in Kitengela.
"Now we plan to purchase a commercial building with tenants so as to boost earnings for our members," said Mr Olubayi.
Earlier, Zamara said that its new tenant purchase product is aimed at luring members to save more, thereby enabling them to access a "soft" mortgage facility where they will have houses constructed for them to move in and continue paying the mortgage as they save for their old age.
At the same time, an investor has announced plans to put up 254 housing units targeting wealthy Kenyans.
The National Environment Management Authority said it had received an application from United Africa Construction Limited which indicated that it had finalised plans to put up one-, two- and three-bedroom apartments on its property located along Kodi Road-2, off Mombasa Road at The Eka Hotel and Gen Park.
The investor said the three tower property, which will have 15 floors each, will also house a swimming pool, have adequate parking for tenants, as well as a gym and elevators.