The National Social Security Fund (NSSF) has commissioned the construction of the long awaited 2740 Unit housing project in Lubowa, Wakiso district with an aim of providing decent housings to Ugandans as well as expanding its investment portfolio.
The real estate project that was launched Tuesday by the Minister of Finance Matia Kasaija at the Fund’s 565 acres of land located in Lubowa will cost an estimated $400m and will be constructed over a period of 10 years.
Speaking at the ground breaking ceremony, the NSSF managing director, Richard Byarugaba noted that the project was in response to demands for quality housing from Uganda’s middle class as well as the investment opportunity that will deliver competitive returns on behalf of the members’ savings.
“There is great scarcity of affordable and quality housing for the Uganda’s ever growing middle class. By the time the full project is completed in 10 years, we are very convinced that the demand for such housing units will be high and we shall be able to recover the invested money in a short time,” Byarugaba said.
The project will consist of offices, schools, hospital leisure and commercial areas, police and fire stations, places of worship, garden parks, residential houses, hotels and many other things.
Byarugamba also noted that once complete, the housing units will be sold to the general public at the market price that will be there at the moment but will give priority to NSSF members.
Kasaija commended NSSF for the land market project which will boast the housing sector as well as the economy of Uganda.
“The housing sector currently has a deficit of over 2 million housing units and this is estimated to increase by 300,000 units per annum. This project and the other housing projects that you have carried out are in line with Uganda’s national plan to provide decent housing for all urban dwellers by 2020. Government shall continue to support all our programs and the efforts to make Uganda a better economy,” Kasaija said.
He also asked NSSF to consider building housing for low income earners and the big Kampala population that is currently residing in slum areas where the living conditions are alarming.