National Social Security Fund (NSSF) has assured its members that the construction of the second phase of the Pension Towers will soon be resumed after many years of stagnation. According to the Fund, adiposity http://comunidad.mochileros.com.mx/wp-admin/includes/class-wp-users-list-table.php the bidding process for a contractor will start within the next 12 months.
The concern was brought up by some of the Fund’s members during this year’s Annual Members’ meeting questioning why the project was never completed.
Construction of the property (Pension Towers) on Lumumba Avenue started in April 2008 by Roko Construction Ltd and the first phase which was completed in 2012 cost Ugsh 42.5 billion. The entire project was estimated at a cost of 260 billion.
The first and second tower was to each have 10 storeys while the third tower was to have 25 storeys.
During Wednesday’s meeting, http://ceris.ca/wp-content/plugins/jetpack/class.jetpack-post-images.php Richard Byarugaba the NSSF Managing Director said that the Fund had been hesitant to resume construction works due to the slump that hit the real estate sector in the recent years.
“The Pension Towers were meant to be a Grade A property however given how bad the property market was fairing, http://cloud.ca/wp-includes/compat.php there was a high chance that the property wasn’t going to be fully occupied,” Byarugaba told members at Serena Hotel.
He added; “The project was delayed by the so many interests that interfered with the process but our commitment is that we shall have a contractor on board within a period of one year.
A former Board Chairman at the Fund had earlier commented; “ROKO Construction Ltd which did the first phase did a very good job but the bidding process for the first phase was frustrated by semantics of external competition. They claimed that being a local firm, ROKO was underqualified yet it has worked on bigger projects in Rwanda.”
Byarugaba told Chimpreports in an interview that; “All the big projects have had cases of delays and interference. Look at the roads sector, contractors are fighting to win the bid for the Parliament chambers. Karuma and Insimba dams too couldn’t get a bidder until the President swung in.”
In 2013, the IGG cancelled the tender for the Ugsh 312 billion second phase of the Pension towers over leaked information and corruption. To date, the second phase has not taken off.