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Kampala, Uganda | PATRICIA AKANKWATSA | Uganda’s National Social Security Fund plans to unveil the first 550 housing units at its Temangalo housing project for sale in 2024 as it seeks to tap into the growing demand for accommodation in the Kampala Metropolitan Area.
NSSF Managing Director Richard Byarugaba said during a tour of the construction site that the first housing units constructed started last October will consist of 200 bungalows, 200 apartments, 100 townhouses and 50 villas.
“Our underlying objective is to develop mixed-use affordable housing designed to accommodate different income classes to cope with the increased demand for affordable housing in Uganda,” he said.
“At a starting price of Shs.90 million, we are confident that organized affordable housing will be within reach for many Ugandan households.”
Byarugaba said a housing unit is considered affordable if the selling price of an organized development is going for between US$50,000 and US$95,000 and low cost if the selling price is between US$15,000 to US$49,000.
The Temangalo housing project is expected to consist of 3,500 various housing units, retail and commercial spaces, community amenities including education, health and social facilities, a large neighbourhood green park and the associated infrastructure including roads, electric s power, sewage drainage and water supply.
Byarubaba said whereas the total project costs were estimated at Shs104billion, the cost is likely to be revised upwards due to the prevailing inflationary pressures and economic conditions.
He said the Fund is currently involved in construction projects for sale, with the overall aim of earning a return that is paid to its members in form of interest at the end of every financial year.
“Whereas we encourage our members to invest in owning a home, the NSSF Board’s fiduciary obligation, to ensure there is secure, profitable, and effective financial management, is the basis of the Fund’s investment Strategy. We must ensure a proper long-term asset mix, diversification, and prudent risk management to achieve our overall investment objective, which is to earn a return,” he added.
The country’s housing deficit stands at 2.4 million housing units, out of which 210,000 units are in urban areas and 1.395 million units in rural areas, according to UN-Habitat. An estimated 900,000 units are substandard and in need of replacement or upgrading.
The Fund’s other real estate projects include Citadel Place, a modern contemporary housing project with 40 high-end apartments in Mbuya; Solana Lifestyle and Residences, an award-winning, self-sustaining satellite city with mixed-use housing and commercial developments in Lubowa, and the Offtaker Project, an affordable housing estate comprising 160 housing units in Kyanja.
Commercial projects include Pension Towers an intelligent and modern commercial complex comprising 32 floors, and Mbale City House currently under construction.
Others are Mbarara and Jinja City Houses, modern retail and office buildings; Workers House and Social Security House in the heart of Kampala.
