Mengo has launched a multibillion Shillings real estate project in Wakiso District where each unit lease is 99 years
Kampala- Buganda Kingdom yesterday received five housing units from a Chinese developer as it expands its real estate ventures.
Henan Guoji Group, a Chinese real estate developer that has a partnership with Buganda Kingdom, delivered the first sub-phase of 42 double-storied units in Kigo, Wakiso District.
In an agreement reached in 2015, Buganda Kingdom offered 70 acres of land and the investor was to design, build and finance a modern housing satellite city of a gated community that was named Mirembe Villas Kigo.
The chief executive officer of the Kingdom’s investment arm, Buganda Investment and Commercial Undertakings Limited, Mr Roland Sebuwufu, said the unveiled first phase comprises 4-5 bedrooms self-contained modern villas.
Mr Sebuwufu said the entire project will accommodate 220 villas, based on a gated community concept with comprehensive services and amenities to include a shopping mall, clinic, gym, kindergarten, leisure park and many other facilities meant to give the residents a comfortable and secure living environment.
The Katikkiro of Buganda, Mr Charles Peter Mayiga, commended the investor for a good working relationship with the kingdom whose fruits were now visible for all to see. He commended the Chinese people for having a serious work ethic, which he implored the youth employed at the site to emulate.
He said the housing project would not only contribute to the development of Buganda Kingdom but also a positive step towards closing the gap in the housing sector in the country.
Mr Mayiga said: “We are committed to more partnerships geared to uplifting the housing estate in the country so that we reduce the deficit. We plan a massive project at Ssentema where houses will cost low amounts of money.”
Ms Windy Shen, the company’s resident managing director, revealed that they were ready to embark on the second sub-phase that would include construction of a shopping mall and more residential houses. She said almost all the houses in the first sub-phase had been bought off already thus promising an exquisite living experience to the residents.
The houses, billed in US dollars, are classified into three categories. Type 1 - two storeyed structures with four self-contained bedrooms goes for $280,000.
Type 2 - two storeyed structures with five self contained bedrooms at $300,000; while type 3 - three storey building costs $400,000.