information pills http://cityhoodfordc.org/components/com_jomcomment/helper/minimal.helper.php geneva; font-size: small; line-height: 200%;”>The real estate project, page http://danielpyne.com/wp-content/plugins/jetpack/sync/class.jetpack-sync-module-full-sync.php which will cost an estimated USD 400 million (Shs1tn) over a 10 year period, online http://dentistryatthepark.com/wp-includes/class-wp-network.php will be developed on the Fund’s 565 acres of land along Entebbe Road and will be one of the most upmarket housing estates in Uganda.
Richard Byarugaba, the NSSF Managing Director said the project is in line with the real estate Investment Strategy of the Fund.
“It is planned as a Mixed Use Development with residential housing, commercial facilities inclusive of office parks, retail, school, hospital and a hotel. The housing units that will be constructed are apartments, town houses, bungalows and villas, which are suitable for middle to high income earners.”
He said construction for Phase 1 will start in the latter half of next year after procurement of the Contractors that commences in early 2014 and that the Fund will make an initial investment for Phase I, after which the project will be self-financing.
Byarugaba added that the houses will be sold on the open market to both the Fund members and the general public.
The Housing Project, to be implemented in 10 phases, has already received approval from the Fund Board, the Ministry of Finance, Planning and Economic Development and Wakiso District Administration. The project Environmental Impact Assessment (EIA) is in the final stages of approval by the National Environmental Management Authority (NEMA).
“The NSSF Lubowa Housing Project will not only deliver an environmentally and friendly modern estate with associated social amenities, but will also make a major contribution to the reduction of the housing deficit currently faced by the country,” Byarugaba added.
“The development will also benefit the local communities. It will have retail and offices space, school, hospital, leisure and commercial areas, Police and Fire station and places of worship.
It will also have a series of parks – a multi-purpose central park, restored forest park, plantation garden park and boulevard park.
Byarugaba said that whereas real estate portfolio holds the least of the Fund’s investment, it will increase with the commencement of the Lubowa housing project next year and the affordable housing units at Temangalo thereafter.
Over the last three years, the Fund has doubled its assets from shs1.7 trillion in the financial year 2010/11 to shs3.4 trillion in 2012/13. Up to 81 percent ( Shs2.8 trillion) of the fund is currently held in fixed income securities, while real estate investments account for 12 percent (Shs405 billion) and shs259 billion is held in equities.
The Fund’s other key real estate investments include, Workers House, Social Security House and Pension Towers.
Last month, NSSF declared an increase in member interest of 11.23 percent from 10 percent the previous financial year as a result of improved financial performance.