By Our Reporter
The National Social Security Fund (NSSF) has started pre-selling 40 high-end apartments in Mbuya, an upscale suburb of Kampala, at Ushs 650 Million (US$ 180,000) to bridge the housing deficit and lack of adequate and well-planned real estate in the city.
The Fund commissioned construction of the Ushs 14.5 billion housing project in June 2016 and it reinforces the NSSF’s strategy to diversify its investment portfolio as well as implementing planned real estate projects to deliver value to its members.
In a statement seen by The CEO Magazine, NSSF Managing Director Richard Byarugaba said, “We have made significant progress in real estate in line with our mandate to create value for our members. Projects such as these give the Fund a better opportunity to give members a reasonable and consistent return on their savings. We project to earn a return of about 20% on this investment on completion in 18 months. The project will enable NSSF to continue to diversify its revenue streams thereby minimizing any risks within its asset classes. It will also create hundreds of direct jobs for both the skilled and semi-skilled Ugandan youth living in Kampala and beyond, thereby reducing the unemployment burden of the country.
