Multi-billion investment to change face of Garuga
An artistic impression of the Pearl Marina development plan that is set to become a commercial, leisure and residential waterfront destination in East Africa. COURTESY PHOTO
What you need to know:
Garuga is set to become an upmarket tourist spot in Uganda.
Kampala
Garuga peninsular is set for a major facelift following a Shs2.25 trillion ($900 million) investment that will turn it into a world-class marina facility. Sitting on 300 acres on the shores of Lake Victoria, the Garuga peninsular is in its advanced stages of becoming an upmarket tourist spot in Uganda.
Speaking on the sidelines of last week’s Commonwealth investment forum in Kampala, Mr Fred Murimi, the director of corporate affairs at Centum Investment company, said the firm will invest $100 million (about Shs250 billion) in the first phase of the Pearl Marina project, to be situated on the shores of Lake Victoria.
First phase
Phase one of the project, which is expected to start in the second quarter of next year, will include building a hotel resort, serviced apartments, a marina – a sheltered harbour that caters for small boats – and a golf course. “We have done engineering studies in regard to water and power requirements and we are in advanced stages of obtaining an approval from NEMA (National Environment Management Authority),” Mr Murimi said.
Uganda has plenty of untapped tourism potential but backslid in the 2013 World Economic Forum Travel and Competitive report, moving from 115th position in 2011 to 116th in 2012.
Mr Murimi said to unlock the infrastructure, Centum will also partner with private investors keen on tourism to put up other amenities including a golf course, international school, a top class medical facility, office parks as well as apartments for residential users and retail spaces.
Centum which holds assets in excess of $200 million, operates three business lines including private equity, quoted private equity and real estate and infrastructure. The firm which is cross-listed on both the Nairobi Stock Exchange and the Uganda Securities Exchange also plans to partner with the government of Uganda to introduce a ferry service between Garuga-Entebbe and Garuga-Kampala to provide an alternative transport route for the facility users.
Mr Murimi, however, said there is need for government support to upgrade the power infrastructure, which he said is currently insufficient, and to tarmac the eight Kilometre-stretch from the Entebbe Highway to the site.
Speaking at the investors’ forum, President Museveni said government will spend 25 per cent of the budget on infrastructure.
Expert’s view
Mr Vincent Agaba, the acting chief executive officer, Association of Real Estate Agents Uganda secretariat, said once the projected is pulled off as planned, Pearl Marina will be another milestone in the real estate industry which is expected to enhance the value and price of land in the area and around the shores of Lake Victoria. He added that the project will also boost investor confidence in the market.
