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Property-rich KenGen Staff Retirement Benefits Scheme (SRBS) is disposing of an eight-acre beachfront plot located next to Kilifi Ocean Beach Resort with a reserved price of Sh99.6 million.

Said to be suitable for development of a hospitality facility, buyers should file bids by April 24. Each bidder, said the notice, must include a Sh1,992,000 bank guarantee.

“Should the bidder fail to make the 30 per cent deposit, the contract award will be cancelled and the 10 per cent will be refunded without interest and less the bid security of Sh1,992,000,” it says.

In 2017, KenGen SRBS signed new lease agreements with KenGen and KenGen Foundation for the office space and restaurant space on KenGen Pension Plaza 2 respectively that guaranteed sustained revenue growth with more available for leasing for purpose of setting up a staff gymnasium and health facility.

While many pension schemes have been disposing off parcels of land to improve their liquidity, KenGen SRBS had last year hinted its interest in investing in the affordable housing programme space.

KenGen Profits

In February, KenGen announced first half net profit to December 2019 at Sh8.17 billion, surging 98 percent from previous year’s Sh4.12 billion, boosted by tax savings and drilling works in Ethiopia. 

“The increase is as a result of capital allowances arising from the completion of Olkaria V,” the firm’s managing director Rebecca Miano said.

KenGen received a tax credit of Sh1.85 billion from the Kenya Revenue Authority (KRA) during the six-month period. 

In the beginning of March, the firm added 165 MegaWatts to the national grid.

The firm is still constructing 83MW Olkaria I unit 6 geothermal plant.

“We have ongoing geothermal drilling and consultancy services projects in Ethiopia and Kenya. These initiatives are expected to have positive contribution to our future performance,” said Ms Miano.

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Laura C.S

Hello! My name is Laura Songok, I am a passionate writer at I have been in this industry for two years. In my copious free time, I enjoy swimming and exploring. Most seriously, my friends describe me as easy going.
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