The Sunday Mail
IN line with its stated goal of sweating its assets in the property portfolio, the National Social Security Authority (NSSA) will this week commence the refurbishment of the St Tropez apartments in Eastlea, Harare.
St Tropez is strategically positioned along Samora Machel Avenue, next to a major golf course in Eastlea.
It is also in the vicinity of a site earmarked for the development of a five-star international hotel and shopping mall. The rehabilitation of St Tropez will be spearheaded by Platinum Investment Managers (Pvt) Limited, who come in as the project managers.
NSSA chief executive, Mr Arthur Manase , told The Sunday Mail that the focus is on making St Tropez a viable investment asset.
“We want to revamp St Tropez, bring it to its former glory, and as an investment making money for the NSSA fund. In that way it will benefit our pensioners and beneficiaries.
“We have engaged experienced investment managers, and their role is to assemble a team that will reconstruct, renovate and revamp this whole estate to make sure that it is upmarket and is a viable investment for NSSA,” he said.
Mr Manase added that St Tropez is just the first of several other idle assets that will be revamped this year.
“NSSA will take part in these activities to revamp its idle assets. This year we want to make sure that idle assets are revived for the benefit of growing our fund. We want our pensioners to derive value from these investments.”
The St Tropez apartments comprise 38 by two-bedroomed and 22 by one-bedroomed block of flats conveniently located within 5km of the central business district.
This project signifies NSSA’s resolve to improve the welfare of Zimbabweans whilst engaging in prudent investments to grow its fund for the benefit of pensioners.
As recently as last month, NSSA launched a Guest House at one of its revamped properties in Borrowdale.
Said Platinum Investment Managers managing director, Mr Prosper Mapika: “What we expect to see in the nine months to come is a much changed St Tropez. ‘But beyond the aesthetics, it should be an asset that will perform and give returns to the membership of NSSA.
“So, the optimisation of cost in the project vis-à-vis the expected returns is going to be our focus as investment managers.”
The refurbishment of the flats is set to enhance access to decent and affordable housing units. This project reinforces NSSA’s commitment towards realising Vision 2030 through the delivery of housing units as prescribed under the National Development Strategy 1.