KAMPALA – Universal Multipurpose Enterprises Ltd, a leading real estate developer in Uganda will this year launch an affordable housing project in Kajjansi featuring over 1000 apartments with a development value exceeding UGX.150 billion.
The Ugandan-based affordable housing developer says the homes in Kajjansi will come with unprecedented trend-setting of UGX.10 million initial deposit in a down payment plan that helps middle-income tenants and end-users to easily acquire their dream homes.
Located between Uganda’s capital city and the Entebbe International Airport, the project will boast world-class amenities including a swimming pool, play courts, and kid’s play area. It will also have a gymnasium, health club, jogging track and a party hall with an outdoor deck among others.
Prices will start from UGX. 80 million for the one-bedroom units and UGX. 156 million for the two-bedroom units, according to Mr. Abbas Rasheed, the general manager at Universal Multipurpose Enterprises.
“The launch of such a large project at such a crucial time reflects our confidence in Uganda’s real estate market, which will continue to grow due to the attractiveness of Uganda as a major investment destination in east Africa and Africa,” said Mr. Rasheed.
He said the Kajjansi apartment units will attract a large number of new home buyers – who were earlier unable to own their home due to price constraint.
Abbas said apartments for the Kajjansi apartment have been priced keeping the end-users in mind and their comfort level. The units come with the most unique and unseen design of living space.
“Because of our volume, value engineering and design efficiency, we were able to offer luxury at an affordable price. However, the monthly payment has empowered the buyers and has encouraged the middle-income families to put their life savings in our properties,” he added.
A recent survey indicated that rapid urbanization and limited land for more housing units are influencing the demand for community leaving in form of condominium and apartment units in the country.
It showed that apartment and condominiums are becoming increasingly popular, particularly with agile young people stepping up into homeownership and keen to own homes they can easily manage payments with monthly installments.
Abbas says the demand for luxury leaving is pushed by a steadily growing availability of affordable finance for both developers and condominium buyers, and Ugandans based overseas who prefer avoiding the hustle of construction from scratch.
“Real estate is a long term business and I am a firm believer in the long term sustainability of the country’s economy, which is becoming very resilient,” said Abbas.
“With property prices coming down to a more realistic level, we see the possibility of a large-scale migration to home ownership from rental homes,” he added.
The apartment and condominium’s popularity in Kampala’s real estate and mortgage sector has bloomed of late, accounting for at least 60% of the total units mortgaged in the previous years, the survey further indicated.
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