The Lubowa housing estate works are in advanced stages and Temangalo housing estate, which will kick off in 2020 are among the real estate development projects that will vault NSSF into the biggest real estate developer in Uganda over the next ten years.
During the just concluded Annual Members Meeting NSSF announced that the 326-unit first phase of the Lubowa estates was under away and set for completion by next year.
The project that will involve the development of ten phases, spread over ten years, is already occupying a significant amount of contracting capacity with four construction firms currently employed on the $400m project.
Real estate developement of the size that NSSF has planned can have a huge ripple effect throughout the economy.
Most of the inputs sand, bricks, cement and iron bars will be sourced locally as wil the labour on the various sites.
It has been suggested over the years that members would using their savings be able to put down the crucial down payment on a houseb, alowing them to get further financing to buy a house. NSSF in the two orojects has planned low cost to high cost housing to cater for the whoke spectrum of their membership.
Beyond it personally building NSSF is piloting an offtaker concept -- 160 housing units in Kyanja, where a private developer builds houses to the Fund's specification, on completion NSSF buys the units. This could alleviate another bottleneck dogging the real estate development industry -- a lack of funding for developers.
Other developments in commercia buildings like what is most likeky going to be the Fund's signature debelopment The Pension towers, a three tower development in Nakasero set for completion in 2022 and others inthe oipeline will also make NSSF the largest commercial space deveoper.
With a total asset portfolio of sh11trillion which is on course to double by 2025 the Funds plan to keep its real estate holdings at five percent means they couldnhave real estate developments around the country of a trillion shilings up from the current sh600b.
"Between these two projects more than 7000 housing units --- 2,417 in Lubowa and 5,000 in Temangalo, will be brought to market over the next decade. By the time of their completion amendments to the NSSF Act will make it possible for members to have first call on the houses.
During the just concluded Annual Members Meeting NSSF announced that the 326-unit first phase of the Lubowa estates was under away and set for completion by next year.
The project that will involve the development of ten phases, spread over ten years, is already occupying a significant amount of contracting capacity with four construction firms currently employed on the $400m project.
Real estate developement of the size that NSSF has planned can have a huge ripple effect throughout the economy.
Most of the inputs sand, bricks, cement and iron bars will be sourced locally as wil the labour on the various sites.
"With proposed amendments to the law governing NSSF, the Fund's managment will be able to structure real estate products for its members that will jumpstart the mortgage finance industry....
It has been suggested over the years that members would using their savings be able to put down the crucial down payment on a houseb, alowing them to get further financing to buy a house. NSSF in the two orojects has planned low cost to high cost housing to cater for the whoke spectrum of their membership.
Beyond it personally building NSSF is piloting an offtaker concept -- 160 housing units in Kyanja, where a private developer builds houses to the Fund's specification, on completion NSSF buys the units. This could alleviate another bottleneck dogging the real estate development industry -- a lack of funding for developers.
"Operating under the PPDA rules, which govern all public sector procurement rules NSSF is bound to ensure that not less than 30 percent of the value of works -- sub contracting, suppliers, equipment and ither services are ringfenced for Ugandans and resident entities ensuring local players a fair shake in getting work....
Other developments in commercia buildings like what is most likeky going to be the Fund's signature debelopment The Pension towers, a three tower development in Nakasero set for completion in 2022 and others inthe oipeline will also make NSSF the largest commercial space deveoper.
With a total asset portfolio of sh11trillion which is on course to double by 2025 the Funds plan to keep its real estate holdings at five percent means they couldnhave real estate developments around the country of a trillion shilings up from the current sh600b.
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