Kampala Uganda Pension Towers to quench demand for office space
Monday June 13, 2011
The National Social Security Fund (NSSF) board is satisfied with the progress on the construction works of its Pension Towers in Nakasero. “As a board, we are happy with the speed and quality of the work executed.
We are satisfied and impressed by the design and quality of the work,” Vincent Ssekonno, the board chairman, said during an appraisal tour of the project recently.
Henry Ssentoogo, the lead consultant, said the project will boost the supply of modern commercial rental space once complete. The demand for rental space is growing, but with limited supply.
“Low investment in the sector is responsible for the high rental rates in Kampala and if left unabated, will be a disincentive to investors coming to do business in Uganda,” Ssentoogo noted.
He pointed out that modern commercial office space will encourage investors into the country.
Ssentoogo said the Pension Towers will bring onto the market what will be Uganda’s “most modern building in the city.”
The gigantic structure initiated in 2000 is promising to add colour to Kampala’s skyline.
The three-tower building will provide 59,413 square metres of office space. One tower will have 25 floors, while two others will have eight floors each. It will also have four basements with parking capacity for 500 cars.
It will also have two podium levels for shopping malls, restaurants and conference facilities.
Ssentoogo said the space in Pension Towers will be equivalent to Crested Towers, Uganda House, Sheraton Hotel and Charm Towers combined. Workers House, also owned by NSSF, has 15,000 square metres of office space and accommodates 150 cars in its parking space.
“In a lay man’s terms, there are four Workers Houses in the Pension Towers project,” said Ssekoono. The board also inspected civil works in the upmarket residential area of Mbuya Hill where the fund is constructing six luxury apartments. The apartments will be ready for sale in July.
The second phase of the project with 16 units of apartments in the same area will commence in October.
Ssekoono said NSSF will also build 3,000 housing units for middle-and-high income earners on its 563 acres of land in Lubowa.
He said plans were underway to build another 5,000 housing units in Temangalo starting in 2012.