NSSF rolls to second phase of ‘pensions tower’

By Sharon Tibenda

28th May 2012:

Construction work on the second phase of the ‘Pension Towers’ project will begin in August 2012, the National Social Security Fund (NSSF) Managing Director Richard Byarugaba has announced.

Unveiling the new artistic impression of the building to the media at the project site on Lumumba Avenue in Kampala last week, Byarugaba said that construction of the second phase is expected to be completed in August 2015.  He added that the building will be ready for occupation by December 2015.

“The tendering process to identify the contractor for the second phase is in advanced stages with prequalification of three contractors to undertake bidding already completed.  The second phase will involve completion of all outstanding works until the building is ready for occupation,” Byarugaba said.

Construction of Pension Towers started in April 2008 by 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.

Pension Towers will be an ultra-modern ‘intelligent’ commercial building comprising three towers. The first and second towers will each have 10 storeys. The third tower will have 25 storeys – which will make Pension Towers the tallest building in Uganda.

The building also has four basement levels with parking space for 500 cars. Additional on surface parking will be provided.  Byarugaba said the total estimated cost of Pension Towers is Ushs 260 billion. The Fund has spent Ushs 42.5 billion on the construction of the first phase.

“This new redesign will enable us to optimally utilise all the land and ensure that the property earns a good return for contributors. We anticipate an annual return of 15%,” Byarugaba said.

Pension Towers is one of the projects under the Fund’s Real Estate Investments portfolio.  Other real estate projects in the pipeline include a 5000 unit affordable residential housing estate in Temangalo and a 3000 unit estate for high income earners in Lubowa.

END.  Please login to www.ugandacorrespondent.com every Monday to read our top stories and anytime mid-week for our news updates.

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