UAE Investor, National Housing To Construct Sh116.3b Commercial Units
KAMPALA – One of the leading real estate developers from the United Arab Emirates (UAE) has asked National Housing and Construction Company to immediately set the ball rolling in a new multi-billion partnership to construct 200 residential and commercial units in Kampala.
Andrea Nucera, the managing director of Reportage Properties, one of the leading real estate companies in the United Arab Emirates (UAE) has entered a partnership to construct 200 residential and commercial units on a partnership with the National Housing.
The project, worth approximately sh116.3b ($30m) will be executed the National Housing land at Bukoto White Flats along Old Kira Road in Kampala city.
It will have space for play areas, swimming, and other things that will bring modernity to the area.
The investor has committed to invest up to $25m out of the total cost of $30m, financing the biggest part of the project.
The pilot project is anticipated to be executed in a maximum period of two years, with the investor asking National Housing to immediately kick-start the project, saying the money was available for the initial investment.
He pledged to release sh4.6b ($1.2m) to finance the initial groundwork for the project including designing, studies, and approvals before the actual construction starts.
According to Nucera, the company has other projects already running in Kampala and overall, the company will inject sh135.5b (approx. $35m) in the first phase of its total investment in Uganda.
In the second phase, he explained, he would invest an additional sh278.8b (approx. $72m), which will come to a total of sh414.3b (approx. $107m).
The other ongoing projects in Kampala include a 14-floor apartment along Upper Mawanda Road, the tallest building in the area, which is scheduled to have Dubai-style finishing and lifestyle amenities.
It will have a total of 69 units, out of which 64 are residential, and five commercial units, and is expected to be ready in the next 20 months.
“For us, we are set to start on this project immediately, it is up to National Housing to inform us that they are ready,” he said, adding that the company can work on multiple projects using other contractors.
Based in Abu Dhabi, the company, according to Nucera, has operations in many parts of the world, including Turkey and Egypt. “We are now looking towards growing and expanding our business with our friend, National Housing,” he explained.
He assured the National Housing team that the company could build modern villas and sell them to people at affordable rates, something they had successfully done in Egypt, Turkey, and other places.