Tanzania has taken a leap of faith by choosing to put up a prime office and residential building on its property in Nairobi’s UpperHill area at a time when the real estate sector in Kenya is experiencing a glut in this segment. The 22-storey twin-towers is a joint investment by Tanzania’s Ministry of Foreign Affairs and the country’s National Social Security Fund (NSSF).
In addition to hosting commercial and residential spaces, the new building will house the Tanzania High Commission in Kenya.
Tanzania projects to earn about US$13.75 million per year from real estate investments in foreign capitals. According to Tanzania Foreign Minister January Makamba who oversaw the ground-breaking ceremony that was also attended by top Kenya Government officials, the development of the Tanzania Towers is part of a broad plan to develop the country’s properties in foreign capitals with the first phase targeting Nairobi, Kigali, Kinshasa, London, New York, and Lusaka.
“The government of Tanzania owns about 101 buildings and plots around the world, most of them in prime areas in major capitals (in Lusaka alone, we own 11 buildings and plots),” Minister Makamba added.
Kenyan architectural firm K&M Archplans is behind the design. The firm, led by veteran architect Dr James Kimathi, has extensive experience in Tanzania government projects. It designed the Tanzania Parliament in Dodoma and the Tanzania Ports Authority Headquarters in Dar es Salaam among others.
