UGANDA, Kajjansi | Real Muloodi News | Universal Multipurpose Enterprises Ltd, a leading real estate developer in Uganda, is set to launch an affordable housing project in Kajjansi this year.
The project will feature over 1000 apartments with a development value exceeding UGX 150 billion.
The company aims to offer affordable homes with an initial deposit of UGX 10 million in a down payment plan that helps middle-income tenants and end-users acquire their dream homes easily.
Location and Amenities
The Kajjansi affordable housing project will be located between Kampala and the Entebbe International Airport. It will boast world-class amenities, including a swimming pool, play courts, a kid’s play area, a gymnasium, a health club, a jogging track, and a party hall with an outdoor deck, among others.
Luxury Living at Affordable Prices
The prices of the Kajjansi apartment units will start at UGX 80 million for one-bedroom units and UGX 156 million for two-bedroom units.
According to Mr Abbas Rasheed, the general manager at Universal Multipurpose Enterprises, the prices have been set, keeping the end-users comfort level in mind. The units come with a unique and unseen design of living space.
“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.
The demand for luxury living 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.
Mr Abbas Rasheed believes that the monthly payment plan has empowered buyers and encouraged middle-income families to put their life savings in their properties.
The company’s volume, value engineering, and design efficiency have enabled them to offer luxury at an affordable price.
“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.
Rapid Urbanisation and Limited Land
A recent survey indicated that rapid urbanisation and limited land for more housing units are influencing the demand for community living in the form of condominiums and apartment units in the country.
Apartments 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 instalments.
Real Estate Business
Mr Abbas Rasheed believes that real estate is a long-term business and is confident in the long-term sustainability of the country’s economy.
“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, there is a possibility of large-scale migration to homeownership from rental homes.
Apartment and Condominium Popularity
The Kajjansi apartment units will attract a large number of new home buyers who were earlier unable to own their homes due to price constraints.
The apartment and condominium popularity in Kampala’s real estate and mortgage sector has bloomed of late, accounting for at least 60% of the total units mortgaged in previous years, the survey further indicated.
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