National
NSSF constructs Uganda’s tallest tower
Publish Date: May 23, 2012
NSSF constructs Uganda’s tallest tower
NSSF MD Richard Byarugaba displaying the architectural design of the tower. Photo by Nicholas Oneal
  • mail
  • img
newvision

 By David Mugabe

Construction works of the NSSF new designed sh260 billion pensions tower will commence in August 2012 after full evaluation of the three final bidding Chinese companies and works are expected to end in August 2015.

"It will be an ultra-modern an intelligent building comprising 3 towers," said Richard Byarugaba, NSSF chief adding that the total cost will be about sh260 billion while the tallest tower will have 25 stories making it the tallest building in Kampala.

Works stalled of the pacecraft shaped structure in 2008. Later, Roko Construction Company built the first phase which included construction of four basement levels. But Byarugaba said that Roko that bided to handle the second stage did not qualify.

Byarugaba said the design was changed because NSSF acquired additional land totaling three plots (75,000 square metres) and therefore they had to use the land optimally.

The three final Chinese being evaluated are Sinohydo Corporation, China National Aero-Technology International Engineering Corporation and China Civil Engineering. In total 17 companies bidded for the works including some local Ugandan companies.

Questions however remain on the opportunity and capacity of Ugandan companies to undertake such projects which would have huge spin-offs for the citizenry given that most of the money would be kept in Uganda besides building local capacity.

The first and second towers will have 10 storeys while the third will have 25 storeys and will have four basements with the capacity to pack 500 vehicles.

Workers, according to Byarugaba should expect to earn a 15% annual return from the new designed sh260 billion pensions tower building once completed, the National Social Security Fund (NSSF) chief said.

The project is part of the fund's real estate investment project. NSSF also invests in fixed income, treasury bills and bonds and equity. The fund is worth over sh2.5 trillion.

 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Frustrated Ugandan attempts suicide in Dubai
A Ugandan man attempts to commit suicide in the middle of a busy Dubai street in the UAE, but only breaks his legs....
Museveni commissions sh5.8b technical institute
President Yoweri Museveni has commissioned a sh5.8b technical institute in Kamuli district....
A call for a ban on Waragi sold in sachets
The leaders of West Nile region have been urged to put a ban on Waragi sold in sachets, with death, poor health and poor school performance given as reasons for the action....
Male teachers in Kibuku, Pallisa sharing latrines with girls
Male teachers in Kibuku and Pallisa districts share pit latrines with girls, a survey released recently shows....
Compulsory national service for S.6 leavers
The National Planning Authority wants compulsory national service for all S.6 leavers to be an integral component of Uganda’s NDP II....
Burundi rivals hold talks to ease pre-vote tensions
Burundi''s ruling party has said it is "ready for compromise" with the opposition to ensure peaceful elections, as warnings mount of the risk of violence in the upcoming key polls....
Will a ban on Waragi sold in sachets reduce consumption of Alcohol?
Yes
No
Can't Say
follow us
subscribe to our news letter