The National Social Security Fund (NSSF) has unveiled its mixed-use affordable housing project located at Temangalo, in Wakiso district, 17Kms from Kampala city centre.
When completed, it will comprise 3,500 houses of various types, retail and commercial spaces, community amenities including education, health and social facilities, a large neighbourhood green park, associated infrastructure including roads, electric power, sewage drainage and water supply, according to NSSF Managing Director Richard Byarugaba.
Construction of Phase 1 comprising 550 units that include 200 bungalows, 100 town houses, 50 villas and 200 apartments and attendant infrastructure started in October 2021, and is scheduled to be concluded in June 2024.
“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. At a starting price of 90 million shillings, we are confident that organized affordable housing will be within reach for many Ugandan households, Byarugaba said during a tour of Phase 1 project construction works.
“We have unimpeachable titles to all the land that the Fund purchased 2008. The Fund is also the registered proprietor and is in possession of all the land titles. We are confident that the houses will be on the market for sale in 2024”, Byarugaba added.
Byarugaba also clarified that the Fund builds projects for the open market, 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 Temangalo project will also be a live, work, play and stay development, with infrastructure and amenities such as retail and commercial spaces, community amenities including education, health and social facilities, a large neighborhood green area/ park, associated infrastructure including roads, electric power, sewage drainage and water supply.
The Fund’s other real estate projects include the 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 of 32 floors, and Mbale City House currently under construction.
Others are Mbarara and Jinja City Houses, 2 modern retail and office buildings; Workers House and Social Security House in the heart of Kampala.
The National Social Security Fund Uganda is a multi-Trillion Fund mandated by Government through the NSSF Act, Cap 222 (Laws of Uganda) to provide social security services to employees in the private sector.
The Fund is a secure, innovative, and dynamic social security provider that guarantees safety, security, and a competitive return on members’ savings of over 2% above the 10-year inflation average.
The Fund manages assets worth over UGX 17.2 trillion, invested in Fixed Income, Equities and Real Estate assets within the East Africa region. As the largest Fund in East Africa by value, we have the ambitious goal of growing our Assets Under Management to 20 trillion by 2025.
Since 2012, the Fund is regulated by the Uganda Retirement Benefits Regulatory Authority while Minister of Finance, Planning and Economic Development is responsible for policy oversight.