NSSA splurges US$2m on St Tropez property rehab

LIVINGSTONE MARUFU

The National Social Security Authority (NSSA) has spent more than US$2m  to renovate St Tropez apartments in Estlea, Harare.

St Tropez, a strategically positioned along Samora Machel Avenue,  has 60 units comprising 22 one-bedroomed and 38 two-bedroomed apartments.

Speaking to Business Times on the sidelines of a ceremony to  officially open the apartments on last week, NSSA general manager Charles Shava (pictured) said: “The [US$2m] refurbishment is a complete face-lift to this community and to our capital city, Harare.

“The flats will now be operated by a corporate tenant Urban Vision as a self-catering apartment hotel offering a bed and breakfast. Their convenient proximity to the city centre is an added advantage for the occupancy,” Shava said.

He claimed that the commissioning of the premium apartments makes it clear to the entire world that NSSA is capable of providing the people of Zimbabwe with high-quality goods and services.

The quality of the apartments, according to Shava, demonstrated that NSSA is on the right track to realizing its goal of developing into a top-tier social security provider.

The Authority, according to NSSA Chairman Emmanuel Fundira, supports government efforts to provide social protection through programs like the provision of decent housing for Zimbabweans.

“The St Tropez apartments add a new dimension to the housing projects that NSSA is involved in. Traditionally, NSSA, together with its wholly owned subsidiary, NBS, has focused on low-cost houses in line with its social security mandate.The objective of this strategy is to maximise the number of people that would benefit from the units constructed,” Fundira said.

He added: “Units, such as the St Tropez apartments, are purely an investment decision that is expected to yield good returns for the sustainability of the NSSA fund.

In the same vein, this investment is therefore a win-win as it has a social impact in terms of providing decent accommodation,” he said.

This valuable asset will now begin to bring in money for NSSA after spending many years dormant and beset by legal issues.

According to Fundira, this and other investments will help beneficiaries—including pensioners, orphans, and other disadvantaged people covered by Authority schemes—get better payouts.

NSSA has adopted a business model for leading all units en bloc with the third party.

The model simplifies the management of leases and collection of rentals through one entity instead of multiple tenants.

The apartments have guaranteed water supply through a prolific borehole that feeds into storage tanks with a combined capacity of 100,000 litres.

The flats were acquired in 1985 for the Worker’s Compensation Insurance Fund (WCIF) under the then Ministry of Labour.

They were later inherited by NSSA in 1994.

In 1999 NSSA endeavoured to sell the property on the open market but faced objections from the residents.

The case with the residents spilled to the Supreme Court which in June 2016 ruled in favour of NSSA and granted it an order to evict the tenants.

The protracted nature of the dispute saw the apartments deteriorating into a deplorable state. The water and sewer reticulation system all but collapsed during this period.

“To salvage the situation, NSSA embarked on a wholesale revamp of the apartments, resulting in the attractive units we are seeing today.

“What we are witnessing  signifies a new normal for NSSA in terms of excellent delivery in terms of its investment function, as well as other areas that fall under its mandate,” Fundira said.

He thanked the government for its immense support in assisting NSSA to carry out its responsibility in investments and the role it played in ensuring the completion of the project.