Housing Finance Bank Partners With Buganda Kingdom To Build Low Cost Houses

Posted by: lukwago J in Business January 29, 2021

Housing Finance Bank has signed a Memorandum of Understanding with the Buganda Kingdom. The Kingdom is the proprietor of Mirembe Villas that provides affordable housing to Ugandans.

The MoU will see the development of 400 housing units comprising of 1 to 3 bedrooms on 50 acres. A vocational school on 10 acres and an industrial park on 50 acres. They will also build restaurants, a shopping mall, clinics and other recreational sites. This all will take place in Sentema located only 13 kms from the Kampala Northern By-Pass.

Gouji corporation will handle the construction of these housing .

Housing Finance Bank Managing Director, Michael Mugabi said the partnership is inline with the bank’s purpose. They are enabling home ownership and financial independence.

He noted that in order for Uganda to address the housing deficit challenge, there is need to focus on contributing to the supply of housing units at affordable rates.

“The quest for decent accommodation with the growing population needs to be addressed. Especially through contributing to the supply of affordable housing units. We need to synergize in order to manage the challenges that have existed in the housing sector,” Mugabi said.

He added that Housing Finance will focus on offering affordable mortgage rates. He also said this will go up to 10 years of repayment.

What Buganda Kindom Premier says.

Buganda Kingdom Premier, Charles Peter Mayiga said that to determine the level of development, there is need to look at how people live (decent living).

He also applauded the financial support from Housing Finance in enabling access to funds for the housing units in the newly established Sentema project. However, the premier said that here is need to focus on quality housing.

“Even with adequate financing in the housing sector, there is need to focus on the quality of housing. The partnership with Housing Finance and Gouji will make sure the issue of quality the community deserves is addressed,” Mayiga said.

He also appealed to government to ensure extension of social services to people. These include electricity, water and roads to areas where they will construct housing units.

Additionally, the CEO Buganda Land Board, Simon Kabogoza said that after the Kabaka of Buganda tasked them to seek for partnerships to focus on decent accommodation for low income earners, they looked into the interests of the people in the community. Now they have come up with partners to develop a housing scheme in Sentema.

He also added that back in 2018, they signed up with a Chinese company called Gouji to establish the housing scheme on a 50 Acre land in Sentema in Wakiso district.

“After reviewing the partners, we signed a contract with Gouji Corporation. They will develop 444 housing units on a 50 Acre piece of land in Sentema. We started with 7 sample houses, they will be followed by 100 houses in 3 types including 1,2,3 bed rooms.” He said.

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