Construction works of the NSSF new designed sh260 billion pensions tower will commence in August 2012.
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.
NSSF constructs Uganda’s tallest tower