The National Social Security Fund (NSSF) has started pre-selling 40 high-end apartments in Mbuya, an upscale suburb of Kampala, at UGX650 Million (USD180,000) to bridge the housing deficit and lack of adequate and well-planned real estate in the city.
The Fund commissioned construction of the UGX14.5 Billion housing project in June 2016 and it reinforces the Fund’s strategy to diversify its investment portfolio as well as implementing planned real estate projects to deliver value to its members.
“We have made significant progress in real estate in line with our mandate to create value for our members. Projects such as these give the Fund a better opportunity to give members a reasonable and consistent return on their savings. We project to earn a return of about 20% on this investment on completion in 18 months,” said Mr Richard Byarugaba, the NSSF Managing Director.
“The project will enable NSSF to continue to diversify its revenue streams thereby minimising any risks within its asset classes. It will also create hundreds of direct jobs for both the skilled and semi-skilled Ugandan youth living in Kampala and beyond, thereby reducing the unemployment burden of the country,”Byarugaba said.
The apartments that sit on about two acres will be sold under the condominium law on a first-come, first-served basis.
Each apartment unit has a net area of 180 square metres and comprises of three bedrooms with a servants quarters en-suite, a grand entry foyer ( lobby) an outstanding staircase, lounge to a spacious terrace looking into the garden, separate dining room opening to wide terrace looking the garden. Amenities will include a swimming pool, club house and full equipped gym, CCTV and scenic views of the neighborhood.
“Ugandans are hungry for property in planned housing projects and this estate will be a model that can be replicated elsewhere in Uganda and it will be one of the solutions to Kampala’s housing deficit problem,” he added.
Other planned projects include a high end housing development in Lubowa, along Entebbe Road and affordable housing project at Temangalo in Wakiso district.
The Fund has also finalized plans to start operationalizing its off taker concept, where 360 housing units will be constructed, delivering affordable housing to hundreds of people in and around Kampala.