Pension fund set to start work on Victoria complex
16.12.2009
The Seychelles Pension Fund yesterday gave details of its new shops and offices complex to be built on the ex-Unity House site at Palm Street, Victoria.
A press release from the fund said the project, part of its investment programme, will have three adjacent buildings covering 8,580 square metres and stretching from 5th June Avenue to the area where the Probation Offices stood.
The project was made feasible by a 99-year lease agreement with the government, signed in March 2007, which also covers the area next to Caravelle House.
Estimated to cost around R166 million, the complex will provide much-needed office accommodation, trade outlets and easy access to business and commercial services, the fund said.
This will help to develop Victoria, bringing a further improvement in the country’s economy and providing, among other national benefits, business and job opportunities.
However, the main objective remains to give a good return on its investment for the benefit of the pension fund’s members.
As well as members’ contributions, the return on investment remains an important source of income to finance the various benefits payable under the Pension Fund Act 2005, since it operates as a funded pension system.
This investment is not only timely but very important, particularly when the return on property development is indeed good at around 9% to 14%, while returns from bank deposits and treasury bills are falling to 2%, the press release added.
Building work will be done in phases, which will allow the project to benefit from reduced costs as the rupee carries on appreciating. Construction of the first block will start in January-February 2010 and is expected to be completed in January 2011.
Work on the other two blocks will start only when the first building has reached an advanced stage. Vijay Construction has been awarded the contract to put up fencing to secure the area and do piling work.
The pension fund is mainly targeting shops and offices for the development and has been inviting businesses and investors to express their interest by filling in forms available at its offices on Mahe and Praslin.
To date, various government departments and private sector enterprises have shown a keen interest in renting office space.
The fund is inviting any other interested people to contact property management officers Marlene Khan or Noelline Prosper on telephone 29 46 50 extension 692.