Ultimate Developers ltd. has completed the first phase of the Vision City real estate project, consisting of about 500 homes out of a total of 5000, the company’s CEO Lillian Mupende has announced.
The developer has injected $120 million to complete the first phase of the estate, construction of which started in 2013. Another 4,500 housing units will be built in four phases over eight years.
“We commenced the development of Vision City with phase one, with 504 units that we have finished; we are final stages of commissioning them and handing them over to the buyers, some of them who have started occupying their homes,” Mupende said.
UDL is a private real estate developer created in 2011, although it is currently entirely owned by the Rwanda Social Security Board. The company intends to grow its portfolio and partner with different investors to further enhance its capacity to provide housing on Rwandan market.
Mupende also announced that the prices of the houses have been reduced.
“Today we want to communicate to the public and stakeholders that having received positive infrastructure incentives from the government, we are proud to say we are translating these incentives to our buyers in an effort to make them acquire home in vision city,” she explained.
With a discount of 30%, a 2-bedroom apartment, which is the cheapest, sells for $125,300 (Rwf 105 million), a 3-bedroom apartment for $188,300 (Rwf 157.9 million) while the most expensive unit, a 5-bedroom luxury villa, costs $560,000 (Rwf 466.4 million).
Vision city which is the largest residential real estate project in the country. The complex will contain 4,500 housing units as well as recreation facilities, commercial activities such as banks, and medical facilities.