1 week Ago By Times News
By Benadetta Chiwanda Mia: Old Mutual Investment Group on Thursday officially commenced construction of a K43 billion cresta lifestyle hotel and conference centre in Blantyre. Public Service Pension Trust Fund (PSPTF) Board Chairperson James Daire Kumwenda said the three-year project would create jobs, stimulate business and attract tourists. Kumwenda said the decision to invest in the hospitality and tourism sector is strategic, with the industry being recognised as a key driver of economic growth.
He added that the prevailing tough economic environment demands diversification of the fund’s investment portfolio to ensure sustainable growth and long-term financial security for its members. “By investing in this hotel, the PSPTF is not only securing a steady stream of income for our members but is also playing a vital role in supporting government in achieving the aspiration of the Malawi 2063. “The sector’s resilience and ability to generate consistent returns made it an attractive investment option,” Kumwenda said.
Old Mutual Investment Group Director, Alfred Majamanda, said pension funds are vital for the development of the country. “As fund managers and property managers for the construction of the hotel, we will ensure that the environment is protected and that there is efficiency in the use of all resources in the construction processes, and even when the hotel becomes operational,” Majamanda said. He reiterated that the investment will not only generate stable income for pensioners but also contribute to the country’s economic development.
The fund, which was established in 2017, has over the years grown its capital investment from K4 billion to K378 billion to date, with a membership of 118,000 making it the largest pension fund in Malawi. The complex will feature two separate building facilities: a 107- room hotel with gym and spa amenities, and a 300- seat conference center. The group has contracted Terrastone Construction Limited to construct the hotel, which is situated along the Masauko Chipembere Highway at Plot BE 110, next to Build Africa.
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