Chinese firm Avic says has paid Sh1.8bn tax on Nairobi complex
Chinese real estate firm Avic says it has paid Sh1.8 billion in taxes for its ongoing Sh40 billion 47-floor mixed-use complex in Nairobi’s Westlands.
Country managing director Wang Long said that foreign direct investment from Avic’s internal sources had generated new revenue for Nairobi County and the national government with Nairobi’s stature as an investment hub enjoying new recognition for housing Avic Africa headquarters.
“The Kenyan economy is Sh10 billion richer as we bought construction materials, hired professionals and skilled workers for the project’s implementation. Upon completion, more quality jobs will be generated within the furnished office block, four-floor mall as well as the five-star JW Mariott Hotel. We have four towers rising 32 floors that will host high-end furnished apartments as well as a sky-high private members’ club for Africa and the world’s richest people,” he said.
Mr Long spoke when he took the media on a guided tour of a section of the project dubbed the Global Trade Centre. Triad Architects partner Julius Kibwage hailed the project as East Africa’s most expensive, adding that it gave local professionals an opportunity to work with their international colleagues.
Patrick Muiruri, an engineer overseeing the project, said it was on course for completion by September 2020. Mr Long said 2,000 Kenyan workers were on site, adding that students have an opportunity to undertake a three-month paid internship at the project.
The project has faced various hurdles which have seen its implementation delayed as investors fought off accusations of tax evasion and an attempt by the Nairobi Count government to stop construction.