Seychelles to get first multi-storey car park


26-November-2012

The SPF’s board of trustees chairperson Sitna Cesar announced this on Friday, when President James Michel inaugurated the new R210 million Unity House, another SPF investment.

Ms Cesar addressing guests at Friday’s opening of the new Unity House“Unity House is just phase 1 of this project, the second phase – which will start in April 2013 – will be the construction of a multi-storey car park of 50 parking slots on each floor; that is ground plus two floors and office space of 3,420 sqm on the third and fourth floors,” she said.

Ms Cesar said the construction will take place on the plot of land adjacent to the new complex and will be “the first multi-storey car park in Seychelles which will eventually address the parking needs of Unity House and the vicinity”.

She said the new building which was opened on Friday is the culmination of immense effort that the fund has put into its investment programme that it has embarked on since 2006 “as it identified that investment in property development continued to yield the highest return of up to 14%”.

“Since the setting up of the SPF in 2006, the fund has focused extremely on investment in property development. Within the six years of its existence it has 12 buildings located on Mahe, Praslin and La Digue which are all operational with very high occupancy rates. Unity House is its 13th project and there will be more projects to follow.”

She said many developing countries will continue to experience a significant increase in their elderly population; but their old-age pension systems often remain poorly-adapted to the coming needs of their societies.

“The SPF has seen a remarkable increase in the number of beneficiaries from 362 in 2006 to 2,166 in 2012 and the fact that more pensioners are living longer with average life expectancy of 73 years; hence, as the fund’s mission stipulates; To enable Seychellois to save for a secure retirement and its vision is; To become a pension fund which will ensure that Seychellois workers enjoy a secure retirement in basic comfort.

“It is therefore, imperative that the fund is financially stable to achieve its main objective.
Ms Cesar said the new building is fully occupied and regretted it is insufficient to meet demand with a long waiting list of tenants.

“The fund regrets not being able to entertain more applications in view that the number of applications far exceeds the space available,” she said.

She said among businesses catered for in the new complex are a shopping centre, restaurant, pharmacy, and optometrist, household and electric goods shops.

The new tenants told Nation they are excited to be in the modern complex, some adding they have businesses elsewhere but were keen to get space in the prime area.

“We are delighted to get space at this new outlet as it coincides with our 10th anniversary,” said manager Hermann Holts of Vision Care, the optometrist Ms Cesar mentioned in her speech. “It is very convenient for our clients, being close to the bus station,” he said.

The area adjacent to the new building where the new multi-storey parking will be built

Kannu’s supermarket managers said they were also happy that their clients will only need to cross the road to catch their bus, while Abhaye Valabhji furniture dealers said they greatly appreciate the roomy showrooms.

All tenants interviewed said the building is of very high quality and “gives those inside it the feeling of being in a modern building overseas”.

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