National Social Security Fund (NSSF) has launched the construction of the Temangalo Housing estate. Located approximately 17 kilometers from the city center, the Estate consists of 3,500 houses.
The construction of phase one of the estate started in October 2021 and comprises 550 units; 200 bungalows, 100 townhouses, 50 villas, 200 apartments, and infrastructure and amenities like a water treatment plant, green spaces, public playgrounds, and a soccer pitch, among others.
Phase one is scheduled to be completed in June 2024 and 350 out of 550 units are already on the ground. When completed, the cheapest house will go for Shs 90 million.
Speaking at the launch, Richard Byarugaba, the Managing Director of NSSF, “We shall spend Shs 104 billion on phase one. Our underlying objective is to develop mixed-use affordable housing designed to accommodate different income classes. NSSF members will have a rent-to-own option at Temangalo, book and pay ‘rent’ towards your house.”
“We invest in real estate in order to achieve the Fund’s overall investment objective of earning a return for members, we seek to maximize return while minimizing risk, transforming neighborhoods, and creating jobs,” Byarugaba said.
In fulfilling its mandate, the NSSF Board of Directors will ensure that there is secure, profitable, and effective financial management, and 78 per cent of the project’s portfolio is invested in fixed income, 15 percent equities, and seven percent real estate.
The Fund’s investment mandate is vested in the Board of Directors, in consultation with the Minister of Finance Planning and Economic Development. The investment policy seeks to ensure a proper long-term asset mix, diversification, and prudent risk management.