The Kenya Pipeline Company Limited Retirement Benefits Scheme (KPCRBS) comprises of two Schemes. Defined Benefits (DB) Scheme, ‘old scheme’ and Defined Contributions (DC) Scheme, ‘new scheme’. The main purpose of the Schemes is to provide cash benefit and pensions for permanent and pensionable employees of the Kenya Pipeline Company upon retirement or withdrawal from employment as well as a relief for the dependents of the deceased employees.
The Kenpipe Gardens Housing Development is a project of KPCRBS. Kenpipe Gardens in Kitengela accounts for 13 percent of its investment portfolio. It comprises of 101 housing units and represents the Defined Contribution (DC) Scheme’s foray into the property market. The target market comprises of upper middle income families, families looking for a retirement or second home, and investors looking to buy and rent. The units are being sold at market rates on a first-come-first-served basis subject to terms and conditions as well as supply and demand forces. The project is complete with some units purchased and occupied. Kenpipe Gardens is open for sale to the general public including Scheme members. We welcome interested parties to visit the site and see for themselves the type of product we are selling, and hopefully buy one or more of the units.
The Scheme owns more land and depending on the success of the housing project, the public can look forward to seeing more of such projects from KPCRBS. The decision to invest in property such as Kenpipe Gardens is to cushion the Scheme from the volatility in the local investment environment as the opportunities in the property market will safeguard assets from erosion. The guidelines permit schemes to invest up to 30 percent of their funds in property. KPCRBS has only scratched the surface with Kenpipe Gardens.
KEY FEATURES OF KENPIPE GARDENS PROJECT
Kenpipe Gardens, Kitengela, sits on a 10-acre plot and comprises 101 maisonettes on approximately 270 square metres of land each. Of these, 54 are four-bedroom maisonettes and the remaining 47 are 3-bedroom maisonettes. The competitively priced houses are selling at the introductory price of Ksh. 10 million for the 3-bedroom, and Ksh. 11 million for the 4-bedroom maisonettes. The houses are fully detached whose main features include:
- Separate lounge and dining room
- Fitted kitchen with pantry
- En-suite master bedroom
- Visitors’ cloakroom; and
- Detached staff quarters.
The shared amenities include cabro-paved estate roads, solar water heating, borehole and water treatment plant, main and service gates, and a children’s playground.
Selling Agents: Tysons, Crystal Valuers, Proland Realtors Limited