For more than six decades, the Local Authorities Provident Fund (Lapfund) has earned a reputation as one of Kenya’s most dependable retirement benefits schemes, safeguarding members’ savings through prudent and strategic investment.

With a fund valued at Ksh66.3 billion, Lapfund continues to prioritise investments that generate sustainable returns while ensuring long-term financial security for pensioners.

A key pillar of this investment strategy is real estate. By developing and acquiring quality, income-generating properties in prime locations, Lapfund protects members’ savings from market uncertainty while creating dependable revenue streams that strengthen retirement benefits.

South B Housing

Lapfund’s residential development in Nairobi’s South B estate is a testament to its disciplined investment philosophy. The project comprises 30 apartment blocks, each containing eight flats, bringing the total to 240 housing units.

With average monthly rental income of Ksh10,000 per unit, the development provides a reliable source of recurring revenue while continuing to appreciate in value.

It reflects Lapfund’s long-standing commitment to investing in well-established residential areas where demand remains consistently high.

South B remains one of Nairobi’s attractive middle-income neighbourhoods, with one-bedroom apartments typically selling for between Ksh3.5 million and Ksh 6 million, while two-bedroom units range from Ksh6 million to Ksh10 million.

By investing in such sought-after locations, Lapfund anchors pensioners’ savings in secure, appreciating assets instead of high-risk speculative investments.

Makasembo Estate

Lapfund’s strategic investment footprint extends to Kisumu through the landmark Makasembo Estate development.

Launched in 2021 as a public-private partnership with the Kisumu County Government, the Ksh3.5 billion project sits on 11.6 acres and ranks among the fund’s largest real estate investments.

The estate will deliver 1,870 modern housing units designed to meet the needs of different income groups. These include:

• Low-cost one-bedroom apartments starting from KES 1,800,000.
• Medium-cost two-bedroom and three-bedroom apartments suited to families, homeowners and investors.

The first phase, consisting of 910 units, was officially commissioned by President William Ruto in May 2025, while construction of Phase Three is currently in progress. Beyond housing, the development incorporates modern infrastructure such as boreholes for reliable water supply, solar power systems, high-speed lifts, landscaped gardens, children’s play areas, a nursery school, daycare facilities and retail spaces on the ground floor.

Lasting Value

The South B and Makasembo developments highlight Lapfund’s disciplined approach to protecting members’ retirement savings through strategic property investment. Together, these projects provide several long-term benefits:

• Stable rental income that supports pension obligations.
• Capital growth as property values appreciate over time.
• Secure, tangible investments that shield members’ savings from market fluctuations.

This carefully balanced investment model ensures that members’ retirement funds remain protected while continuing to generate sustainable returns.

Bellevue Park Residences

Lapfund is now advancing its real estate portfolio through Bellevue Park Residences in Nairobi’s South C estate.

The flagship project comprises 2,356 modern apartments, with prices ranging from Ksh3,715,000 for studio units to Ksh 16,280,000 for three-bedroom apartments.

Designed to meet the expectations of today’s urban homeowner, the development offers premium features including biometric access control, powered lifts, fully fitted Italian kitchens, a health centre, daycare facilities and a kindergarten.

Bellevue Park Residences represents more than another housing project. It reflects Lapfund’s continued dedication to protecting pensioners’ futures through carefully selected property investments that deliver long-term value.

Following the success of South B and Makasembo, the development presents homebuyers and investors with an opportunity to own property backed by one of Kenya’s most trusted pension funds.

Schedule a site visit today and experience how Bellevue Park Residences is shaping the future of modern urban living in Nairobi.