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Uganda Government in USD 300M deal with UK based Real Estate Developer
Monday, 18th April, 2011
THE Comer Homes Group Company, the contractor for the proposed Nakawa/Naguru modern estates, is ready to start work once the Government hands over the site, a top official said last week.
Mohammed Mulindwa, the Opec Prime Properties chief operations officer, noted that the construction works had been delayed by the Government failure to hand over the two sites.
The Government in 2007 signed a $300m deal with Opec Prime Properties of the UK to turn the two dilapidated estates into satellite cities under a public-private partnership.
The developer is expected to build 1,747 flats to resettle the sitting tenants. Mulindwa said they were ready to implement the project, which will be the first of its kind in the region.
He said they will initially construct 3,500 housing units.
“These units are still a drop in the ocean for Kampala’s huge housing deficit. Phase one starts with the 1,747 flats for the registered tenants,” Mulindwa said.
He said 60% of the project will be residential and 40% commercial.
The entire project is expected to be complete in 10 years.
Kashaka said the Government would separately build executive apartments, commercial blocks and institutional facilities like schools, clinics, and places of worship.
By Darious Magara: The New Vision Newspaper
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