An ultra-modern multipurpose commercial building is set for construction in Mbarara town, Uganda; this is according to The National Social Security Fund (NSSF) Uganda which has officially commissioned its construction.
Richard Byarugaba, NSSF Managing Director confirmed the reports and said that the project will cost US $1m for it to be complete. He also said that through the initiative NSSF will be enabled to continue with its investment diversification hence reducing any risks that might impair the ability of the Fund.
“This project will enable the Fund to continue diversifying its investments thereby minimizing any risks within our asset classes that can impair the Fund’s ability to achieve its investment objectives,” Richard Byarugaba, NSSF Managing Director said.
The Fund invests in Fixed Income that comprises 76.9% of its total assets, Equity that stands at 15.3% and Real estate at 7.8%.
The new commercial building
The new commercial building will sit on 0.43 acre piece of land owned by the Fund and is planned to be a modern retail and office complex. It will comprise of four floors with a total built-up area of approximately 1,500 m² and parking capacity of up to 40 vehicles.
Construction of the new building will be of value to the locals as employment will be created and other numerous opportunities will be available due to the accessibility of enough office space in the region.
This is the first investment project that the Fund has undertaken in the Western part of Uganda. It is also the second real estate project developed by the Fund outside Kampala after the current commercial building in Jinja which is still under construction with completion slated for end of 2018.
“We are aware that Mbarara is the fastest growing town in Uganda today and is the economic hub of the western region with budding businesses. This project will be another symbol of economic growth in this energetic town.” Byarugaba said.
Other developments
Other developments being undertaken by NSSF Uganda are a commercial building in Jinja, the US $4m housing project in Mbuya and the recently commissioned 2,741- unit high end housing project in Lubowa.
It also plans to set up a 5,000-unit affordable residential housing estate in Wakiso.
