By DAILY NEWS Reporter, 8th July 2010 @ 12:00, Total Comments: 0, Hits: 33 TRADING of merchandize particularly second-hand clothing at Mchikichini area in Ilala District will soon become history. This development follows the envisaged plans for the implementation of a five-year multi-billion satellite city at the area. The joint venture project involving the Ilala Municipal council, the National Social Security Fund (NSSF) and a Malaysian Company Symmetric Link SBM will involve eviction of all hawkers (machinga) and some residents at Karume area. The NSSF Chief Public Relations and Customer Services who is also the Pavilion Manager, Ms Eunice Chiume, told this paper at the just-ended DITF that the project would cost US$ 500bn (about 740trillion/-). ''The new facilities will include low, medium and high density residential apartments that will later be put up for sale. There will also be a five-star hotel, offices and shopping malls,'' Ms Chiume said. The residents who own private properties at Mchikichini area would be moved to new apartments and share the cost of constructing houses on instalment basis. The houses will also be put on sale for other people to buy and pay on instalments as well. Meanwhile the insurance funds have decried the delay on operationalisation of the Social Security Regulatory Authority. The funds want the government to speed up the process of appointing the management of the authority so as to address the problems that hinder their smooth performance. Some of the contentious issues that needs immediate action once the regulator is in place are related to transferability of contributions from one scheme to another. The need for addressing flaws in business competition is also another issue the funds needs to be addressed immediately. Daily News | Malaysian firm to boost satellite city programmes My take: I think he meant US$500 mio and not US$500 bio. !