The National Social Security Fund (NSSF) has announced plans to start the construction of 2,741 housing units on its 565-acre piece of land in Lubowa beginning next year.
According to a recent statement signed by NSSF managing director Richard Byarugaba, the $400m (about Shs100b) project will be one of the most upmarket housing estates in Uganda targeting middle income earners in line with the Fund’s investment strategy.
During a media tour of the project site last week, Mr Byarugaba said a master plan for the entire 565 acres has already been designed and preliminary designs for 10 different house types forming the residential component have also been developed.
“This project is in line with the real estate investment strategy of the fund. It is planned as a mixed use development with residential housing, commercial facilities inclusive of office parks, retail shops, school, hospital and hotel,” he said.
The project will be implemented in 10 phases beginning with the first one late next year. It has already received approval by the NSSF board, Ministry of Finance, Wakiso district Administration while the National Environmental Management Authority is finalising with the Environmental Impact Assessment, according to the statement.
The estate will consist of Apartments, Bungalows, Villas and Town houses which will be sold according to prevailing market rates to the Fund members. Other social amenities will include a hospital, retail shops, school, places of worship, green buffer zones, which will be available for use by the surrounding communities.
Over the last three years, the Fund has reportedly doubled its assets from shs1.7 trillion in the financial year 2010/11 to shs3.4 trillion in 2012/13. Up to Shs2.8 trillion of the fund is currently held in fixed income securities.