KAMPALA, Uganda—Uganda’s Minister of State for Foreign Affairs, Henry Okello Oryem has hailed the opening of a luxury apartment complex in Kampala, saying it marks a significant boost to the country’s foreign investment.
The Larose Apartments, developed by Chinese investors, feature high-end finishes and amenities, rivaling those found in Western Europe and America, Oryem said during a speech at the complex’s opening ceremony.
The complex covers an area of 1.4 acres and consists of 161 suites, with a range of apartment types, including 3+1 and 2+1 units. The building features a slab structure with two elevators and two units, as well as a three-story parking lot with one parking space for each household. In addition to the allocated parking spaces, there are 100 visitor parking spaces available on a first-come, first-served basis.
Oryem praised the quality of the apartments, saying they set a new standard for apartment complexes in Uganda. “The proprietors and owners of this project have brought to Uganda a new standard for apartments, which will put pressure on other companies to lift their standards,” Oryem said.
The minister attributed the growing demand for luxury apartments in Uganda to the country’s increasingly affluent young population. “Young people are getting jobs, they’re earning money, and they want to live in good apartments,” Oryem said.
The Ugandan government has been working to attract foreign investment to boost the country’s economy. Oryem said the government’s role is to create a favorable business environment, including providing security, good roads, and a stable business climate.
The developers of the Larose Apartments have already announced plans to start work on another project in Kampala. The investment is a welcome boost to Uganda’s economy, which has been growing steadily in recent years.
The Larose Apartments feature a range of amenities, including a high-end shopping mall on the first floor, a Chinese restaurant on the second floor, and an international restaurant on the third floor. The complex also features a gym, a swimming pool, and a children’s playground. Additionally, there is a reception desk, a VIP tea room, a wine bar, and a cigar bar.
Each apartment is fully equipped with modern appliances, including refrigerators, ovens, microwave ovens, stoves, and range hoods. The apartments also feature large floor tiles, imported from China, and wall panels made from bamboo and wood, which are environmentally friendly and healthy.
The apartments are priced competitively, with a special promotion offering a discount for early buyers. The developers are confident that the apartments will be popular with investors and homebuyers alike.
Charlie Wang, Chairman of Lateral Investment, the construction company behind the Larose Apartments project, said the company aims not only to provide luxury housing but also to contribute to the growth of Uganda’s real estate market. “We have created employment opportunities and trained local engineers in the industry,” he said during the opening of the $50 million investment project in the heart of Kampala.
“We offer flexible payment options for our clients. You can choose to pay directly within three months to a year, or opt for a bank loan with a 20% deposit and a repayment period of up to seven years through our partnership with Exim Bank.”
“We have carefully calculated the potential returns on investment, and based on current market trends, our tenants can expect an annual income of 15% to 20%. This translates to a return on investment within six to seven years,” said Mr. Wang.
“In essence, if you invest in a Larose Apartment today and rent it out upon completion, your rental income will cover your loan payments, effectively giving you a free house after six to seven years,” he added.
The Larose Apartments complex features a range of amenities, including a shopping center, two restaurants – Chinese and international cuisine – and a gym.
The opening of the Larose Apartments marks a significant milestone in Uganda’s real estate development, showcasing the potential for public-private partnerships to drive economic growth.
“This project is an example of what can be achieved when the private sector and government work together to create a favorable business environment. We hope to see more projects like this in the future,” said Mr. Oryem.
With its prime location, luxurious amenities, and competitive pricing, the Larose Apartments are set to become one of the most sought-after addresses in Kampala.
