The National Social
Security Fund has unveiled the $ 400M investment project in housing and
multipurpose developments in Lubowa. The project is expected to activate the
fund’s property that has been redundant especially land. The housing project is
also probable to boost the fund’s performance and expected to increase the
members’ interest gains to 20% upon completion.
The real estate project is the first one of it’s kind that the
National Social Security Fund is under-taking. It is aimed at offsetting
utilization of the fund’s available land for profit and interest fetching
investments to increase performance in real estate.
The 565 acres of land in Lubowa was bought ten years back in
2003 at 50 million shillings per acre. The land will therefore be developed
into a housing estate under the theme live, work and play. The land which is
currently under cultivation will be developed into a self-sustaining and
multi-purpose area. It will have 2741 housing units of different types, service
centers, public space and security among others.
The project was initiated in 2012 with the procurement
processes by SBI international holdings the design consultants. The real project
will begin in January 2014 with a selection of contractors which will be open
for competition. The first phase will involve construction of 360 houses,
rental facilities, initial infrastructure, schooling facilities and security
services. When finished, the initial investments will be offset to sustain
further contractions in later phases.
According to Richard
Byarugaba the fund managing director, the project will transform lives in terms
of services and employment. The fund contributors will have priority in
acquisition of property upon completion of estate development.
The project is expected to be mixed given the diversity of
developments that range from schools, residential, commercial and recreation
centers. It is projected that if well developed the project will fetch the fund
an interest return of approximately 20%.
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