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THIS WEEK: NSSF unveils $400million Lubowa housing project
The National Social Security Fund broke the ground for the construction of 2,740 housing units on its 565 acres of land in Lubowo, a Kampala suburb.
Speaking at the ground breaking ceremony on Sept. 26, NSSF Managing Director, Richard Byarugaba, said the new project will run for 10 years in phases. It will be a build and sell project with the first phase consisting of 370 units to be completed in three years.
The project will be self-financing after three years and it will create 5000 jobs, according to Byarugaba. “It is a big deal for our country,” he said. Byarugaba said the project is expected to yield a positive return on investment for workers savings once completed.
Four companies – XPCC, CRJE from China and Cementers and Seyani Brothers from Uganda won the construction deal through a competitive bidding process.
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