Hass Petroleum Group is making entry into real estate business with a planned construction of a 67-floor building in Nairobi’s Upper Hill.
The oil marketing firm has entered into a $195 million (Sh20 billion) deal with China State Construction Engineering Corporation for the construction of what is touted as Africa’s tallest building.
Hass towers will be a mixed-use development and will consist of a five-star Hilton hotel as one of the main features, modern offices, and a luxury retail and entertainment complex.
The tower will stand over 300 metres high, taller than the current record holder, the Carlton Centre in South Africa which has 50 floors and is 223 metres tall.
Construction is set to kick off in April with completion slated for 2020.
“Hass Group awarding the contract to CSCEC demonstrates a stronger growing economic partnership between the Chinese Government and the Kenyan Government,” said Hass Petroleum Group chairman Mr Abdinassir Hassan.
“It has not been an easy road. CSCEC went through a rigorous tender system which they won over ten international companies including European, Turkish as well as other Chinese competitors. This project will give CSCEC a majestic entry point into Africa,” he said.
CSEC is currently ranked the largest construction company in the world with an integrated construction and real estate conglomerate covering housing construction, international contracting, real estate development and investment, infrastructure construction and investment, prospecting and design.
“This will be the tallest building in Africa and become a landmark in Kenya. It is sure to drive regional development, promote economic growth, and attract more investment and tourism into Kenya. China State Construction understands the importance of this grand project and is honoured to be chosen as the main contractor,” noted Li Mingguang, Vice President of CSCEC Overseas Operations.
The petroleum group is undertaking the project jointly with real estate developers Jabavu Village Limited and White Lotus Projects.
Hass Petroleum is ranked Kenya’s eleventh oil marketer with a market share of 1.7 percent.
The firm also has significant oil logistics business for countries in the east African region.