President opens R45m Pension Fund complex on Praslin |02 August 2008

The idea for the building came about a couple of years back when Mr Michel had talks with Praslin authorities. After much work the building has been completed, something Mr Michel says he is very proud of as Praslinois now have much more modern facilities to conduct business in.

Mr Michel also said the official opening of the building shows the island is fast becoming a jewel in Seychelles.

The President, Designated Minister Danny Faure, Minister for National Development Jaquelin Dugasse and other guests were also given a tour of the building and the services on offer.

The Pension Complex – named in a competition the SPF ran – has 20 shops, 10 offices, 12 apartments and a clinic. Chief executive Willy Confait said it would cost R70 million at today’s prices.

He said the buildings now have a 60% occupancy rate, and tenants include banks, the Housing Finance Company and other leading organisations.

“It is an important project that will undoubtedly provide the Fund with a return on its investment at the rate of 10% a year,” he said.

“Furthermore, this will result in better and more efficient services being offered to the Praslin community – tourism and banking services, video rentals, health care and a variety of shops which will soon open their doors to the residents of Grand Anse and all Praslin.”

Mr Confait said the building of a R26 million complex as the development’s second phase has already started and is due to be completed in December 2009. It will house the post office, court house, library and Praslin’s first cinema, among others.