UCB Mansion Sold

May 18, 2001

THE Uganda Commercial Bank (UCB) has finally sold off its luxurious mansion at Munyonyo, on Lake Victoria shores, reports Yunusu Abbey.

THE Uganda Commercial Bank (UCB) has finally sold off its luxurious mansion at Munyonyo, on Lake Victoria shores, reports Yunusu Abbey. Bank sources said the house, which has been unoccupied since completion in 1990, has been sold at sh560m. Yudaya International, a locally registered company, is reported to have bought the huge house whose construction is estimated to have cost about sh1b. "After failing to get better offers, the bank decided to go for Yudaya's sh560m. They got the sale offer in March and were granted a four-month grace period to complete payment," a source said. Daniel Nsibambi, UCB's public relations manager, confirmed the sale, but said he did not have the details. "At least to the best of my knowledge, the Munyonyo house has already been sold but my bosses would be the right people to give you details about the transaction," Nsibambi said. The New Vision established that local property agents, Yudaya acquired the mansion through Super Star local property agents which belongs to Mr. Michael Mawanda. "At the time of purchase they paid 50% of the total value. To date, Yudaya International has paid about 60%. The four-month grace period was effective April and expires in July. But at least they are on schedule," said a source. Ends

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