The National Social Security Authority (NSSA) will this week start the refurbishment of the St Tropez apartments in Eastlea, Harare.
Located along Samora Machel Avenue within 5km of the central business district (CBD), the St Tropez apartments comprise 38 by two-bedroomed and 22 by one-bedroomed block of flats.
The renovation of St Tropez will be done by Platinum Investment Managers (Pvt) Limited, who are the project managers.
Speaking to The Sunday Mail, NSSA chief executive, Arthur Manase, said they intend to make St Tropez a viable investment asset for the benefit of pensioners and beneficiaries. He said:
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.
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.
Platinum Investment Managers managing director, Prosper Mapika said:
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.