The Sunday Mail
In line with its stated aim to transpire its assets in the property portfolio, the National Social Security Authority (NSSA) will this week begin refurbishment of the St Tropez apartments in Eastlea, Harare.
St Tropez is strategically positioned along Avenue Samora Machel, next to a major golf course at Eastlea.
It is also close to a site for the development of a five-star international hotel and shopping mall. The rehabilitation of St Tropez will be led by Platinum Investment Managers (Pvt) Limited, who will act as project managers.
NSSA chief executive Mr Arthur Manase told the Sunday Mail that the focus was on turning Saint-Tropez into a viable investment asset.
“We want to revamp St Tropez, restore it to its former glory and as an investment bringing money into the NSSA fund. In this way, it will benefit our retirees and our beneficiaries.
“We have hired experienced investment managers, and their role is to assemble a team that will rebuild, renovate and revamp this entire area to ensure it is top of the line and a viable investment for the NSSA,” said he declared.
Mr Manase added that St Tropez is just the first of several other unused assets which will be refurbished this year.
“The NSSA will participate in these activities to reorganize its idle assets. This year, we want to ensure that unused assets are revived in favor of the growth of our fund. We want our retirees to benefit from these investments.
St Tropez apartments comprise 38 two-bedroom apartments and 22 one-bedroom apartments conveniently located less than 5 km from the central business district.
This project signifies the NSSA’s determination to improve the welfare of Zimbabweans while engaging in prudent investments to grow its fund for the benefit of pensioners.
Just last month, the NSSA launched a guest house in one of its renovated properties in Borrowdale.
Platinum Investment Managers Managing Director Mr. Prosper Mapika said: “What we expect to see in the next nine months is a much changed St Tropez. “But beyond the aesthetics, it should be a high-performance, cost-effective asset for NSSA members.
“So optimizing project costs against expected returns is going to be our priority as investment managers.”
The renovation of apartments should improve access to decent and affordable housing. This project reinforces NSSA’s commitment to achieving Vision 2030 through the delivery of housing units as mandated under National Development Strategy 1.