A view of the Makasembo Housing Project in Kisumu. Photo/Lapfund
By Newsflash Writer
For more than six decades, the Local Authorities Provident Fund (Lapfund) has remained one of Kenya’s oldest and most trusted retirement benefits schemes, prudently managing members’ savings to ensure secure and dignified retirements.
With assets worth KES 66.3 billion, the Fund has built a reputation for investing in projects that generate sustainable returns while preserving members’ wealth.
At the heart of this strategy is a deliberate focus on income-generating real estate. By investing in well-located residential developments with strong long-term growth potential, Lapfund continues to safeguard pensioners’ savings while creating value through consistent rental income and capital appreciation.
South B Housing: Delivering consistent returns
One of Lapfund’s longstanding success stories is its residential development in Nairobi’s South B estate. The project comprises 30 blocks with 240 housing units, providing a dependable source of rental income while steadily increasing in value over the years.
With average monthly rents of about KES 10,000 per unit, the development has become a reliable income-generating asset that supports the Fund’s long-term investment objectives.
Read more: Gov’t injects Sh603m to boost affordable housing
The property’s strategic location in one of Nairobi’s established residential neighbourhoods further strengthens its value, with apartment prices in South B typically ranging between KES 3.5 million and KES 6 million for one-bedroom units and KES 6 million to KES 10 million for two-bedroom apartments.
The South B investment reflects Lapfund’s philosophy of anchoring pension savings in tangible, high-demand assets that provide stable returns rather than speculative investments.
Makasembo Housing: Transforming urban living in Kisumu
Lapfund has extended the same investment philosophy beyond Nairobi through the landmark Makasembo Housing Project in Kisumu. Developed through a public-private partnership with the Kisumu County Government on 11.6 acres, the KES 3.5 billion project is among the Fund’s most ambitious real estate investments.
Once complete, the development will deliver 1,870 modern housing units catering to different income groups. Affordable one-bedroom units start from KES 1.8 million, while medium-cost two-bedroom and three-bedroom apartments provide options for homeowners and investors seeking quality urban housing.
The project is already transforming Kisumu’s skyline. Phase One, comprising 910 housing units, was commissioned by President William Ruto in May 2025, while subsequent phases continue to advance.
Beyond housing, Makasembo offers residents a complete living environment with boreholes for reliable water supply, solar-powered common areas, high-speed lifts, landscaped gardens, children’s playgrounds, a nursery school, daycare facilities and ground-floor retail outlets.
Building wealth through strategic investments
The South B and Makasembo developments demonstrate Lapfund’s disciplined approach to protecting members’ savings through strategic property investments. Together, these projects have enabled the Fund to:
- Generate stable rental income that supports pension obligations.
- Deliver long-term capital growth as property values appreciate.
- Secure members’ savings through tangible assets that are resilient against market volatility.
This prudent investment model continues to strengthen Lapfund’s ability to meet its retirement benefit obligations while contributing to Kenya’s urban development agenda.
Bellevue Park Residences: The next chapter
Building on the success of its previous developments, Lapfund is now unveiling Bellevue Park Residences in Nairobi’s South C, a flagship project that represents the next phase of the Fund’s property investment strategy.
The development comprises 2,356 modern apartments, with prices starting from KES 3,715,000 for studio apartments and rising to KES 16,280,000 for spacious three-bedroom units. Designed for contemporary urban living, Bellevue Park Residences offers premium amenities including biometric security, powered lifts, fully fitted Italian kitchens, a health centre, daycare and kindergarten facilities, landscaped recreational spaces and ample parking.
Read more: Kisumu to host the 4th Kenya Affordable Housing Conference
More than a residential development, Bellevue Park Residences reflects Lapfund’s enduring commitment to creating sustainable investments that protect pensioners’ futures while providing attractive opportunities for homeowners and investors alike.
As with South B and Makasembo, the project is backed by one of Kenya’s most trusted pension funds, giving buyers confidence in the quality, stability and long-term value of their investment.
Invest in a home. Invest in your future.
Book a site visit today and discover why Bellevue Park Residences is redefining modern urban living in Nairobi.
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