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Mrs. Museveni commissions housing project
Real estate news By Peter Kaujju
Sunday, 2nd December, 2007
THE First Lady, Janet Museveni, on Friday commissioned a housing project in Ntinda-Kisaasi and called upon developers to join hands and meet Uganda’s ever growing housing needs. The project, developed by Kensington Real Estate, comprises 144 town houses, bungalows and villas within a gated planned community. “The housing needs in Uganda are growing because of the expanding middle class and the people who are coming to work here. We need about 300,000 housing units every year and this is a huge gap. This is a great opportunity for people to transform the suburbs in Uganda,” Mrs. Museveni said.
She said Kampala city needs to be decongested through the construction of homes in the outskirts, adding that it has been difficult in the past for people to build using their savings, but the coming on board of banks to finance the project would help many acquire homes. “Good homes raise upright citizens and also prevent social evils like crime as well as helping in the fight against poverty,” she added.
At the event, attended by many people from the Government and the corporate fraternity, a fireworks display hyped the mood. Bhagu Suchak, the sales and marketing director at Kensington, said they had pressurised financial institutions to avail the funds at affordable rates. The banks that approved the project and their rates include dfcu (16%), Standard Chartered Bank (17%), Stanbic (16%), Barclays (16%) and Housing Finance Company of Uganda (16%). The repayment period is 15-20 years.
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