Sunday, May 26, 2024

Stima Sacco set to construct Sh. 885 million residential building at Ngara

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Stima Investment Cooperative Society (Stima Sacco) has embarked on a new groundbreaking project. The company is set to construct a residential building in Nairobi’s Ngara area, worth Sh. 884.76 million.

The Sacco plans to construct a 21-story residential tower that will showcase 449 units; of which 235 will be one-bedroom apartments and 214 studio apartments.

It expects to set aside the ground floor for commercial businesses such as shops and cafeterias. The first floor of the building will ensure the building’s occupants get ample parking space.

A report submitted to the National Environmental Management Authority (NEMA) highlighted the pros and cons of carrying on with the project. The positive attributes overshadowed the negative.

“As per the analysis of the aspects of both positive and negative environmental impacts of the project’s development, the experts found no significant negative impacts that could pose adverse effects to the extent that the proposed project should not be implemented,” wrote the Environmental & Social Impact Assessment (ESIA) report.

Furthermore, the study mentioned that the project enjoys immense backing from the local community who are highly knowledgeable of the oncoming developments.

Several meetings have been conducted with the neighbouring residents. They include public meetings & individual meetings with the project’s key stakeholders from Stima Sacco.

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The study will address potential direct & indirect, significant & insignificant adverse environmental and social impacts that may arise from the construction of the residential property.

ESIA will also ensure that there is full compliance with the legal and institutional requirements outlined in the Environmental Management and Coordination Act (EMCA) of 1999, which was amended in 2015 and the Environmental (Impact Assessment and Audit) Regulations of 2003, which was amended in 2019.

“There is a high expectation of employment for the youths and improvement in the household incomes, infrastructure and general delivery of social services,” read the report in part.

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  1. Stima investment is not Stima sacco, it’s like saying Stima sacco and Kenya power are the same thing because of the electricity aspect of the names.

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