The National Social Security Fund (NSSF) has announced plans to invest Sh30 billion in a large-scale mixed-use development in Nairobi’s central business district, combining office space with high-end residential apartments as part of efforts to revive city-centre living.
The proposed project will feature two towers rising 35 and 60 storeys, making the taller structure Nairobi’s highest building. In addition to offices and luxury apartments, the development will include conference facilities, retail space and a hotel. The project signals NSSF’s return to major real estate investments and aligns with a broader global trend favouring mixed-use, work-and-live city centres, particularly among young professionals seeking shorter commutes.
NSSF managing trustee and chief executive David Koross said the inclusion of residential units is aimed at reversing the steady migration of businesses from the CBD to other commercial hubs. The fund is seeking to revitalise the city centre by encouraging people to live closer to their workplaces, a model common in major global cities.
The development will be built on NSSF’s 3.85-acre parcel along Kenyatta Avenue, valued at about Sh4 billion, one of the largest undeveloped plots in the CBD. NSSF plans to fully finance the project over four years, drawing from its growing contributions, which are projected to hit Sh100 billion this year following recent increases in monthly worker contributions.
While Nairobi’s CBD has traditionally been dominated by offices and government facilities, other commercial nodes such as Westlands and Upper Hill have successfully blended residential and office developments, attracting corporates keen on employee convenience. Limited availability of large land parcels in the CBD has previously constrained similar projects.
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Urban planners increasingly favour hybrid developments that integrate housing, workspaces and leisure facilities, in line with the “15-minute city” concept that reduces travel times and carbon emissions. The rise of serviced apartments and short-stay platforms such as Airbnb has further boosted demand for city-centre residential developments, catering to tourists, conference delegates and transit travellers.
The Kenyatta Avenue plot has long attracted interest from powerful investors. In the late 2000s, Indian billionaire Mukesh Ambani explored a Sh1.3 billion acquisition to develop a hotel but later abandoned the deal due to discrepancies in the land size. The property has since featured in multiple investment proposals involving local and international firms, including hospitality chains and foreign conglomerates.
By proceeding with the project, NSSF is expected to bring closure to decades of competing claims and proposals over the land, while reasserting its presence in large-scale property development. The fund has diversified its investments in recent years, allowing room for new real estate projects without breaching regulatory limits on property exposure.
As of June 2025, NSSF’s property holdings stood at Sh35.45 billion, accounting for 6.35 percent of its total assets of Sh558.05 billion, down from 18 percent five years earlier. Bonds and listed equities currently make up the bulk of the fund’s investment portfolio, with real estate ranking a distant third.
