Vendors to build sh240b market
Mar 22, 2010
THE vendors of St. Balikuddembe Market, better known as Owino, plan to build a $120m (about sh240b) market complex to replace the current structures. The project is spearheaded by the St. Balikuddembe Stalls and Lock-up Shop Owners Association.
By David Ssempijja
THE vendors of St. Balikuddembe Market, better known as Owino, plan to build a $120m (about sh240b) market complex to replace the current structures. The project is spearheaded by the St. Balikuddembe Stalls and Lock-up Shop Owners Association.
The complex will be owned by over 10,000 members, who will pay sh1m each. Over 8,000 people have so far registered with the association.The development comes after the Kampala City Council (KCC) authorities recently handed over the lease offer to the vendors. This ended the ownership wrangles that had rocked the market for almost a decade.
The project, expected to start next year, will have six storeys, with the basement accommodating 100 shops and 30 stores. “The re-development programme was initiated in 2000 when KCC started rampant allocation of prime land to private developers,†Godfrey Kayongo, the association chairman, said.
He was briefing members at a general meeting about the project’s progress at Nakivubo Stadium on Friday. Kayongo said members were hopeful the project would be completed on schedule, adding that they would mobilise more funds from development partners and banks.
Dfcu bank is the association’s banker.The chairman revealed that members had saved sh1.6b of the sh10b needed for the project. The re-development is a key pre-condition for the extension of the market lease from the current 49 years to 99.
The market employs at least 50,000 people as vendors, hawkers, stall and shop attendants. About 10,000 people own the stalls and lock-ups in the market.
Jacent Nakayemba, the association’s financial director, said they had already secured land in Kisenyi where traders will be re-located to pave way for the re-development exercise.
Hassan Bassajjabalaba’s firm, Victoria International Trading Company, ran the market for four years, since 2002, but its contract was terminated for failure to remit sh3.4b to KCC.
THE vendors of St. Balikuddembe Market, better known as Owino, plan to build a $120m (about sh240b) market complex to replace the current structures. The project is spearheaded by the St. Balikuddembe Stalls and Lock-up Shop Owners Association.
The complex will be owned by over 10,000 members, who will pay sh1m each. Over 8,000 people have so far registered with the association.The development comes after the Kampala City Council (KCC) authorities recently handed over the lease offer to the vendors. This ended the ownership wrangles that had rocked the market for almost a decade.
The project, expected to start next year, will have six storeys, with the basement accommodating 100 shops and 30 stores. “The re-development programme was initiated in 2000 when KCC started rampant allocation of prime land to private developers,†Godfrey Kayongo, the association chairman, said.
He was briefing members at a general meeting about the project’s progress at Nakivubo Stadium on Friday. Kayongo said members were hopeful the project would be completed on schedule, adding that they would mobilise more funds from development partners and banks.
Dfcu bank is the association’s banker.The chairman revealed that members had saved sh1.6b of the sh10b needed for the project. The re-development is a key pre-condition for the extension of the market lease from the current 49 years to 99.
The market employs at least 50,000 people as vendors, hawkers, stall and shop attendants. About 10,000 people own the stalls and lock-ups in the market.
Jacent Nakayemba, the association’s financial director, said they had already secured land in Kisenyi where traders will be re-located to pave way for the re-development exercise.
Hassan Bassajjabalaba’s firm, Victoria International Trading Company, ran the market for four years, since 2002, but its contract was terminated for failure to remit sh3.4b to KCC.