After launching the Solana housing estate in Lubowa a fortnight ago, the National Social Security Fund (NSSF) has come under fire for price tags it attached to the 306 houses there, which range between Shs 600 million and Shs 3 billion.
These amounts, critics said, are way too high for the ordinary Ugandans to afford. Now the fund is looking at speeding up the construction of its more affordable houses at the Temangalo housing project, which, when completed, will host 3,500 houses.
The houses will be of various types such as 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.
Construction of phase one, comprising 550 units that include 200 bungalows, 100 townhouses, 50 villas and 200 apartments and attendant infrastructure, started in October 2021 and is scheduled to be concluded in June 2024 at an estimated cost of Shs 104 billion.
When completed, the housing units at the Temangalo housing project will start from a price of Shs 90 million for a three-bedroom bungalow. NSSF managing director Richard Byarugaba said it is the fund’s underlying objective to develop mixed-use affordable housing, which is designed to accommodate different income classes to cope with the increased demand for affordable housing in Uganda.
“This is the place where every single person who wants to own a home in and around Kampala would be able to live. At a starting price of Shs 90 million, we are confident that organised affordable housing will be within the reach for many Ugandan households,” NSSF managing director Richard Byarugaba said during a tour of Phase 1 project construction works.
Byarugaba added that they have continued investing in real estate because they want to achieve the Fund’s overall investment objective of earning a return for members, seek to maximize return while minimizing risk, transform neighborhoods and create jobs.
“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.