National Social Security Fund (NSSF) of Uganda launched a massive housing project which they claim when complete in ten years will be the largest housing estate in East and Central Africa. The project which will cost approximately $400 Million has been named Solana Lifestyle and Residences. Already the Fund has spent $70 Million on 306 housing units which are ready for occupation. The entire project will sit on 600 Acres of land is located in Lubowa, Entebbe Road, 12Km outside Kampala city. The project, named Lubowa Lifestyle Residences will be a fully-fledged city on completion in the year 2032.
According to the Managing Director of NSSF, Mr. Richard Byarugaba the project will offer World class facilities including 2740 residences, a school, a hospital, places of worship, amusement and leisure parks and green areas, commercial centers etc. According to Byarugaba, those interested to purchase residences will be required to pay an initial minimum deposit and thereafter pay monthly rental fees which will contribute to the purchase price. In other words, clients shall be paying rent which will count as part of the cost price. When they complete payment through monthly rental fees, they shall fully own the house with NSSF wholly granting them ownership. This arrangement is meant to ease the payment plan as compared to plans of other real estate companies which require that one pays the full amount before being granted full ownership of the building.
The project was officially launched on 8th September 2022 although construction started four years ago. The main contractor is Seyani Brothers a local construction company. It was not easily established why NSSF chose the name Solana and its meaning.
In 2021. The project won an award at the Africa Arabia Property show in London for the best residential development beating several other contenders. The fund has not yet disclosed the cost of each unit but going by the prices it has been charging for its other high end units in Mbuya, a Kampala Suburb, the Solana lifestyle units could be within the same range or slightly more expensive given the luxuries that have been added. An official at NSSF later confirmed to this website that the prices range between $80,000 and $250,000
NSSF has invested heavily in real estate in recent times with several mega projects including NSSF Pension Towers, the first intelligent building in Uganda that is currently under construction and whose total cost will be $100 Million when completed in 2023. It will be the tallest building in Uganda with thirty two Floors. The Fund owns other properties in the Kampala city and other cities of Mbarara and Jinja. NSSF current total asset value stands at $4.5 Billion. NSSF is the single largest social security fund in East Africa. The Funds’ Assets make 12% of Uganda’s total GDP.