{UAH} KABAKA IS HAPPY-- HE IS MOVING ON!

Housing Finance Bank Partners With Buganda Kingdom To Provide Affordable Housing

BusinessFocus Reporter January 28, 20210

Housing Finance Bank, Buganda Kingdom and Gouji  officials witness the signing of the MoU at Bulange Mengo

 Housing Finance Bank has today signed a Memorandum of Understanding with the Buganda Kingdom, the proprietors of Mirembe Villas to provide 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, an industrial park on 50 acres as well as restaurants, shopping mall, clinic and other recreational sites, in Sentema located only 13 kms from the Kampala Northern By-Pass.

The construction of these housing units will be done by Gouji company.

Speaking at the MoU signing event at Bulange Mengo, Housing Finance Bank Managing Director, Michael Mugabi said the partnership is inline with the bank's purpose of 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 through  contributing to the supply of affordable housing units. We need to synergize inorder 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 that he said will go up to 10 years of repayment.

While officiating at the MoU signing ceremony, Bugamda Kingdom Premier,  Charles Peter Mayiga  said that determine the level of development, there is need to look at how people live (decent living). 

Housing Finance Bank Managing Director, Michael Mugabi (C) interacting with Buganda Kingdom Premier, Charles Peter Mayiga

He applauded the financial support from Housing Finance in enabling access to funds for the housing units in the newly established Sentema project. However 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 appealed to government to ensure  extension of social services including electricity, water and  roads to areas where housing units are going to be constructed.

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 and have come up with partners to develop a housing scheme in Sentema.

He said 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 company to develop 444 housing units on a 50 Acre piece of land in Sentema. We started with 7 sample houses, they will followed with 100 houses in 3 types including 1,2,3 bed roomed houses" he said

Housing Finance, Buganda Kingdom and Gouji officials in a group photo after signing of the MoU

Wendy Shen, the Mnaging Director D of Gouji Company applauded the support from Buganda Land Board, and Housing Finance in ensuring the construction of Sentema scheme with affordable housing units.

She said that the fair price in addition to the the financial support from Housing Finance will make it easy for clients afford the houses.

With a housing deficit of nearly 500,000 units, Kampala is facing an enormous challenge of addressing the housing problems.

By Drake Nyamugabwa

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"When a man is stung by a bee, he doesn't set off to destroy all beehives"

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