NSSF starts construction of Lubowa Housing Estate
NSSF managing director Richard Byarugaba (4th left), Finance minister Matia Kasaija (3rd right) and NSSF board chairman Patrick Byabakama Kaberenge (2nd right), join contractors to break the ground for the NSSF Lubowa Housing Project in Wakiso District on Tuesday. COURTESY PHOTO
What you need to know:
- The Fund’s other key real estate investments include; the Shs15.5b Mbuya Housing Project, the Shs3.3 billion Jinja commercial complex, the upcoming Mbarara Commercial Complex, Workers House, Social Security House and Pension Towers.
- NSSF Board Chairman Patrick Byabakama Kaberenge said the Fund’s real estate strategy going forward will focus on low cost housing, which will target a significant number of NSSF savers.
KAMPALA. The National Social Security Fund (NSSF) has launched the construction of the 2,740-unit housing estate in Lubowa, Wakiso District.
The project, to cost an estimated $400m (Shs1.4 trillion), will be developed on the Fund’s 565 acres of land along Entebbe Road over 10 phases with the project estimated to take 10 years.
Speaking at the ground breaking ceremony in Lubowa on Tuesday, NSSF managing director Richard Byarugaba said the Lubowa Housing Estate is in response to demand for quality housing for Uganda’s middle and first class and as an investment opportunity that will deliver competitive returns on members’ savings.
Mr Byarugaba said the Fund will make an initial investment for Phase I, after which the project is expected to be self-financing with projection to complete the first phase in one year.
The development will have retail and office spaces, school, hospital, leisure and commercial areas, police post, fire stations and places of worship, a central park and a plantation garden park, creating a desirable environment for the residents.
Finance minister Matia Kasaija, who presided over the ground breaking ceremony, said the project is in line with government’s plan to provide decent housing for Ugandans.
“This is a well thought out, well planned housing estate that meets high standards of urban planning and it ensures that Ugandans will have quality housing. Well planned housing projects such as these will contribute greatly to the transformation of our country,” he said.
He said the construction sector contributes between 10 to 12 per cent to the Gross Domestic Product of Uganda and as such, developments are in line with the government’s plan to achieve middle income status by 2020.
NSSF Board Chairman Patrick Byabakama Kaberenge said the Fund’s real estate strategy going forward will focus on low cost housing, which will target a significant number of NSSF savers.
The planned affordable housing projects include off taker projects in and around Kampala, 5,000 housing units project at Temangalo, Wakiso and a planned estate in Nsimbe, in Mpigi, which the Fund recently redeemed back and acquired in totality.
The Fund’s other key real estate investments include; the Shs15.5b Mbuya Housing Project, the Shs3.3 billion Jinja commercial complex, the upcoming Mbarara Commercial Complex, Workers House, Social Security House and Pension Towers.
