By ABCafrica reporter
The National Social Security Fund (NSSF) has launched the construction of the 2,740-unit housing estate in Lubowa, Wakiso District. Speaking at the ground breaking ceremony in Lubowa last 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”, he said. 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 added that; 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.