NSSF Pension Tower Construction Set to Start

5048 Views Kampala, Uganda

In short
The contract of the 32 tower building which will cost 110 million dollars has been awarded to China Railway Construction Corporation.

 The construction of National Social Security Fund (NSSF) Pension Tower will begin in the next two months. This was disclosed by the NSSF Board Chairman, Patrick Byabakama Kaberenge.
 
Byabakama made the revelation during today's annual members meeting. The contract of the 32 tower building which will cost 110 million dollars has been awarded to China Railway Construction Corporation.

 
Byabakama said the tower will be completed in the next two to three years.

 
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The construction of the Pension Towers started in April 2008 when the first contract was awarded to Roko Construction Ltd. The first phase, which was completed in January 2012, involved construction of four basement levels and some elements of ground and mezzanine floors. It stalled thereafter. 

Byabakama said the NSSF board has decided to revamp all construction projects that had stalled for years. With its capital portfolio worth 9.98 trillion shillings, he said NSSF is one the institutions in Uganda that concentrate on a sector and make a difference. 

 "We thought if we concentrated on the housing sector, we could make a difference. Housing continues to be an issue in Uganda, we think NSSF, before we go to external aid, could make an impact here. We are going to reignite the stalled real estate projects," he said. 

Byabakama explained that the projects had stalled because of contractors who thought they could win tenders at NSSF through influence peddling. 

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He said NSSF building in Jinja - City House project worth one million dollar was completed in June and commissioned by the Speaker of Parliament, Rebecca Kadaga.

NSSF regional offices and apartments in Mbarara, Byabakama revealed will be completed before end of this year.

Other NSSF projects include apartments being constructed in Mbuya and the 400 million dollar Lubowa housing estate project that started last year.  The 10-year project 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.

 

About the author

Blanshe Musinguzi
Musinguzi Blanshe is a politics-cum-business journalist. He joined Uganda Radio Network in February 2017. Previously, he worked at Daily Monitor and Red Pepper Publications Limited. He is keenly interested in data journalism.