What's New

The Fund starts its commercial development project at the Ex-Unity house premises in Victoria

As part of its investment program, the Seychelles Pension Fund is pleased to announce the commencement of its business and commercial centre at the ex – Unity House site in Victoria.

The construction project comprising of three buildings adjacent to one another covers a total gross area of 8,580 m˛ stretching from the 5thJune Avenue and Palm street junction to the area which used to house the Probation Offices. This project has been made feasible following a 99 year lease agreement from the Government which was signed in March 2007 for the property which also covers the area adjacent to Caravelle House.

Estimated around R166m the project is aimed at providing much needed office accommodation, trade outlets and easy access to business and commercial services, hence help to develop Victoria, bringing forth further improvement in the country’s economy and providing amongst other national benefits, business and employment opportunities. However the primary objective remains at providing a good return on investment for the benefit of our members.

Besides member’s contributions, return on investment remains an important source of income for the financing of the various benefits payable under the Pension Fund Act 2005, since it operates as a funded pension system. The investment is not only timely but very important particularly when the return on property development is indeed good at around 9% to 14 %, whilst bank deposit and treasury bills are falling to 2 % in terms of percentage returns.

The construction will be done by phases, which will allow the project to eventually benefit from a reduced construction cost as the rupee continually appreciates. The first building will start around January /February and will be completed in January 2011, whilst for the other two blocks; construction will only start once work on the first building has reached an advanced stage. Vijay Construction has been awarded with the contract to put up hoardings to secure the area and piling works only.

The Seychelles Pension Fund is targeting mainly shops and Offices for the development and has been inviting businesses and investors who are interested in obtaining premises to express their interest by filling up forms available at our offices on Mahe and Praslin. To date various government departments and private sector enterprises have shown strong interest in renting office premises to carry out their businesses. The Fund is taking the opportunity to invite others who are yet to apply to contact either Mrs. Marlene Khan or Mrs. Noelline Prosper our Property Management personals on telephone 29 46 50 extension 692.


Artistic impression of one of the 3 blocks


Artistic impression of the 3 blocks

(28.12.09)

Seychelles Pension Fund New Computer System Development

Considering technological limitation and the age of the current Pension Fund computer system (AS400), the Fund has found it necessary to move to a more convenient platform (Windows base).  The development of the new Pension system has started since October 2008 by Space 95.  Currently the project is in an advanced stage of completion. The next milestone will be the implementation of the Operation, compliance and the file movement module on the 1st of September 2009.  The project is expected to be fully completed by the end of October this year.  This new Pension Program will include new features which will be beneficial to the staff and consequently improve the quality of service that is delivered to the clients.  Early next year the New Computer program is expected to be fully operational. 
Some new features of the New Pension System:

  • File movement system.
  • Report generating system
  • Web portal to view statement
  • Compliance module
  • Automation of salary reconciliation

(03.08.09)

Eve Island Enterprise - Eve Island Praslin

As part of its investment programme in property development, the Seychelles Pension Fund is pleased to announce the completion of the Eve Island Enterprise at Baie Ste Anne; Praslin. The ground plus one storey building occupies a total gross area of 815 sqm of space. It comprised of a block of seven units and one showroom/retail outlet for rental to small and medium size businesses. It has been constructed by Allied Builders (Seychelles) Limited at a total cost of Rs5.4 million.

The investment is expected to provide a good return of 10% to assist in sustaining the Fund on a long-term basis when the number of people retiring would have increased significantly.

The project which started in April 2007 is the third to be completed amongst a number of Micro Enterprise Projects undertaken by the Fund, aimed to provide much needed premises for small businesses including artisans on Praslin.

Any enquiries or interest in leasing the premises should be addressed to Ms. Marlene Khan, Property Manageress on Tel: 294699/723577 or email: marlene@spf.sc

OFFICE SPACE FOR THE FINANCIAL SERVICES AND OFFSHORE SECTOR

The Seychelles Pension Fund is undertaking a survey of office space requirement in the Financial Service and Offshore Sector to ascertain demand with a view of planning to assist to meet such requirement.

Any persons or organization interested in obtaining office accommodation for the above-mentioned sector are invited to submit an application to lease premises either on a short term or long term basis. Office accommodation may be available in the future in the Central of Victoria as part of the Pension Fund's investment programme in property development.

Interested applicants are kindly requested to collect an application form at the Seychelles Pension Fund's office at Caravelle House in Victoria which should be fully completed and returned to Miss. Marlene Khan, Property Manageress at the earliest convenience.

For further information or clarification please contact Miss. Khan on Tel: 294699, extension 692.

Previous applicants need not re-apply as their applications are already on the waiting list to be considered as and when premises become available.