The giant teacher savings and credit co-operative society Mwalimu is seeking to sell two pieces of land in Juja, only weeks after it emerged that it had incurred a Sh2 billion loss on purchase of a bank.
Notices placed in the daily newspapers indicated the sacco was selling its 8.094 hectare parcel of land and another measuring 6.070 hectare adjacent to one another. It had planned to put up housing units on the land for sale to its shareholders and members of the public.
The two parcels have an estimated total value of Sh350 million, according to a former top executive who gave the information on condition he is not named.
“The parcels are located 54 minutes from Nairobi, 37 minutes from Juja Town.The parcels are ideal for either commercial or residential use.Sealed bids should be returned to the chief executive by April 18th,” said the notice.
The giant teacher savings and credit co-operative society had suggested the plan to develop the Juja property after successful completion of its Sh2.9 billion development that comprised 871 housing units at Kisaju in Kajiado County, the largest undertakings by a credit union.
The sacco incurred the loss following its 2015 acquisition of a majority stake in Equatorial Commercial Bank, which has since rebranded into Spire Bank. The teacher-owned sacco invested a total of Sh2.4 billion to take a 75 percent stake in the lender.