Basajja pays sh4b for Nakasero market
May 31, 2007
CITY businessman, Hassan Basajjabalaba has paid sh4b to lease the Nakasero market plots for re-development.
By Florence Nakaayi
CITY businessman, Hassan Basajjabalaba has paid sh4b to lease the Nakasero market plots for re-development.
Kampala mayor Nasser Sebaggala yesterday confirmed that Basajjabalaba completed the payment for ground rent and premium of two market plots.
“He paid four days ago. The vendors have to vacate the market because this is a massive development that will be implemented at once,†Sebaggala told The New Vision, adding that the vendors will be notified on when to leave.
The market is to be re-developed into a modern shopping mall, with shops, restaurants, offices, gardens and a hotel.
The mayor said the re-development will be ready in one year.
Last month, Kampala City Council (KCC) resolved that Sheila Investment of Basajjabalaba would get 70% of the market and the tenants 30%.
The market was leased for an initial period of five years.
There has been a long controversy over Nakasero market, which was to be managed by Sheila Investment on behalf of KCC under a contract signed in 2002.
The company was to remit sh25m per month to KCC in revenue collections, but by the end of last year, it was in arrears of over sh435m in un-remitted funds.
CITY businessman, Hassan Basajjabalaba has paid sh4b to lease the Nakasero market plots for re-development.
Kampala mayor Nasser Sebaggala yesterday confirmed that Basajjabalaba completed the payment for ground rent and premium of two market plots.
“He paid four days ago. The vendors have to vacate the market because this is a massive development that will be implemented at once,†Sebaggala told The New Vision, adding that the vendors will be notified on when to leave.
The market is to be re-developed into a modern shopping mall, with shops, restaurants, offices, gardens and a hotel.
The mayor said the re-development will be ready in one year.
Last month, Kampala City Council (KCC) resolved that Sheila Investment of Basajjabalaba would get 70% of the market and the tenants 30%.
The market was leased for an initial period of five years.
There has been a long controversy over Nakasero market, which was to be managed by Sheila Investment on behalf of KCC under a contract signed in 2002.
The company was to remit sh25m per month to KCC in revenue collections, but by the end of last year, it was in arrears of over sh435m in un-remitted funds.