NSSF boosted my real estate business – Ssentongo
As many Doctors rushed into the business of establishing hospitals and clinics country-wide, Dr. Seruka David Ssentongo who holds a Masters Degree in Public Health from the University of Leeds opted to invest in the real estate business.
Dr. Seruka started working in 1996 with PLAN International as a health specialist then moved on to Pathfinder under USAID,World Vision, PREFA and then KCCA where he worked as the Director of Environment and Public health. Dr Seruka has retired into consultancy and is working on contracts with World Health Organization (WHO).
Unfortunately, in 2018, his contract at KCCA expired and Dr.Seruka who was already 50 years decided to retire from active employment to move on with his real estate business. Dr Seruka was already in the real estate industry with properties in Nakasero, Muyenga, Kyanja, Kireka, Namanve and a farm in Kasanda, Mubende District.
After a period of one month of processing for his NSSF benefits, Dr Seruka received UGX420M worth of benefits and this boosted his real estate venture because he bought condominium rentals in Najjera at Ugx200M, semi-detached rentals in Nalumunye at UGX100M, improved the farm by building a standard structure for goats and bought land in Mukono worth UGX70M.
“My NSSF benefits have boosted my real estate business because after I had left full-time employment, our source of income had reduced but after withdrawing my benefits, the business improved and is now prospering,” Dr Seruka said
A very busy Dr. Seruka applauds his wife for being anenterprising woman with incredible business skills that have enabled them to identify strategic areas to purchase plots and already finished property.
Real estate business is still a young business and therefore it has many challenges that range from taxes to rent defaulters which makes its survival very improbable. Dr. Seruka says that it is very tricky to find a tenant who will abide by all the rules and regulations of the property owner.
On a personal level, Dr. Seruka has managed to educate all his children and the last born is at University, added animals at his farm and he is receiving a monthly income estimated at UGX19m from his rentals and lastly improved his consultancy.
“I decided to participate in the NSSF friends with benefits competition because I believe my story will inspire many young people out there to be able to save for their future and as someone who is passionate about young people, that’s out goal,” Dr. Seruka said
Speaking out of experience, Dr. Seruka asks all the savers to be very patient until the retirement age for them to be able to withdraw a sizable amount of their NSSF benefits that will sustain their retirement life.
To vote for Dr. Seruka David Ssentongo in the NSSF Friends with Benefits competition, dial *254# or go to www.nssfug.org.