Nssf Unveils High Class Apartments to The Market

The National Social Security Fund (NSSF) has launched Citadel Place (Citadel Apartments), a new on to Kampala residential market.

The 40 Apartments are seated on 170 SQ meters of space, each with 3 bedrooms and one more for the house help.

They are also equipped with amenities one can imagine, including CCTV cameras, WiFi, backup power and security among others.

The Apartments are to be sold to the public and apparently, 21 are already sold with 2 occupants who have already moved in.

The Apartments are located along Ismail Road on Mbuya Hill with a clear view of Lake Victoria.

The Apartments were constructed to make profits that would be given to NSSF members in an asset class of Real estate.

Speaking at the launch of the apartments, the NSSF Managing Director Mr Richard Byarugaba encouraged any individual who would like to make money to invest in the Apartments.

The apartments are located in Mbuya

“I encourage everyone there who would like to Invest and get a good return of the investment to come and Invest in these apartments,” he said.

Byarugaba also noted that they will be forming an owner’s association meaning that once an individual purchases an apartment, gets a land title for the apartment and also becomes an owner in the entire project as part of the owner’s association and the owner will have control over what takes place, for instance security, garbage collection, gym, restaurant etc.

The Apartments have well-constructed underground sewage pipes, well-constructed tarmac road connecting to Kinawataka and finally to Nakawa.

“Also one of the amenities available is a lift. There are not many properties that are residential and have a lift,” added Byarugaba.

He further said that NSSF is looking forward to constructing other houses.

“We are looking at creating some other houses in some other areas where the land is not as expensive as here, so some of the projects we are currently undertaking is Temangalo project where we are going to do 5000 units. Those will not be as priced as these ones. So if you can’t afford these ones please don’t give up because we will be able to get a product for you in a near future.”

He also noted that the Fund is doing other projects in the Naalya and Kyanja areas which will hit the market in a year’s time.

“There is plenty of options for our members and NSSF cares for your life and therefore cares that whatever you can afford will be able to buy.”

Asked whether NSSF has any plans of lowering cost housing in Uganda which in most cases is estimated between 80 and 120 million shillings, he said for instance to have a housing of between 80 and 120 million shillings, one must subsidize heavily the infrastructure which will lead to no roads, no electricity, no water, no sewage systems among others.

NSSF MD Richard Byarugaba

“If Government was able to give us land, if Government was able to give us roads, if Government was able to provide us with electricity, if Government was able to do the water systems, we would be able to bring down that cost to almost 50 million shillings. Because those are the major ingredients.”

“Yes NSSF can do it but the cost of building in Uganda is still high.”

On the issue of NSSF performance this year, Byarugaba said the Fund has had an interesting year.

“This year was quite interesting for NSSF, we started off with quite a number of projects on the Real estate side. We have had a lot of gains so it’s been a good year in respect to that.”

The Fund recently announced an interest rate of 11% and according to Byarugaba, “that wasn’t as great as members were expecting but was much better than they had anticipated. That is because markets had collapsed in the Kenya and also in Uganda.”

“We have a strong comeback on the markets and therefore we are ending on high, I honestly believe that this particular Financial Year we have already hit our mark, 12.7 trillion shillings on our balance sheet, our equities are doing reasonably well, our fixed income is doing very well and we have also made a lot of strides in the real estate world.”

“I am hopeful that this year, the performance is going be a lot better. Certainly we are at the half way mark.”