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Saturday, October 1, 2022

NSSF to Sell Off Lubowa Housing Units on Entebbe Road

The National Social Security Fund (NSSF) has placed over 370 housing units for sale at Lubowa Housing Project on Entebbe Road in Wakiso District.

According to the NSSF Managing Director, Richard Byarugaba, the new housing units which fall in the first phase of the project will be sold on a rent-payment model.

He said that one will pay a small percentage of the total cost of the unit and starts living in it as one pays rent, then own the unit on completion of the payment.

The Pension Security Fund Managing director said they have spent approximately US$ 73.3 million in setting up the housing units and employing about 4700 both directly and indirectly.

“We have invested close to $31million on construction materials that have been sourced from local industries and have created over 1,500 direct jobs and 3,200 indirect jobs through the construction of this project,” Byarugaba said.

He added that numbers will increase as the Fund implements the next eight phases.

He further indicated that projects set to be completed in 10 phases in 10 years consist of 2,740 housing units that will encompass office space, schools, a hospital, leisure, and commercial areas as well as a central park and a plantation garden park to respond to the growing demand for quality housing facilities.

Byarugaba however acknowledged the fact that the houses which consist of bungalows and apartments will be a bit costly to average Ugandans ranging between US$150,000 and US$800,000 per unit.

“Although the demand for housing is increasing, limited credit to build and the lack of a mortgage market push most people to slums where informal settlement doesn’t contribute to economic development,” he added.

According to the Ministry of Housing and Urban Development, the country has a housing deficit of about 2.1 million units.

Peter Kimbowa, the chairman Board of Directors at NSSF said government can establish the Uganda mortgage refinancing company as a credible, professional, and high-quality large-scale medium to long-term finance option for the population.

“As NSSF we are also going to scale up the housing units to what everyone can afford,” he said.

The low-cost houses, according to NSSF, would be anywhere between Shs80million and Shs120million.

Last year, NSSF revealed that it had set aside Shs 770b for procurement for the real estate investment, most of it targeting low cost units in Temangalo and Nsimbe estates.

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