BY:Igihe.com Reporter
Kigali City Council represented by its Mayor Fideli Ndayisaba has signed a construction deal of three commercial complexes worth over Rwf 41bn with local investors.
The Rwandan investors are three companies formed by successful local businessmen that jointly registered their investment companies including Champion Investment Cooperation (CHIC), Genimo and Kigali Real Estate Developers.
“Our goal is to realize a dream of making Kigali City a destination of investment and make it a modern city,” Ndayisaba said before signing agreements with the three companies.
“Investment in Rwanda is not only for foreign investors but also potential Rwandan investors. They are bringing capital formation,” Ndayisaba added.
Ndayisaba says the construction of three commercial complexes will contribute to the new shape of a required modern city and contributing to the realisation of the Kigali city Master Plan.
He also said that all these complexes will be constructed where government owned property have been because it gives priority to investors.
“The Government encourages investors and gives a green light to investment, that is why government gives a way her own property,” he emphasized.
Ndayisaba warned that no one will be allowed to continue construction of these estates if there are no planed infrastructures in place first because of previous mistakes of poor city planning which have to be corrected.
The projects expected to be completed in three years include a 12-storey commercial complex worth Rwf 25bn to be built at Muhima Technical School (ETO Muhima).
The Muhima project belongs to Champion Investment Cooperation (CHIC), a consortium of 65 traders in Kigali trading centre.
Tharcisse Ngabonziza, the head of CHIC, says each member of their joint company will contribute about Rwf 70 million for the project of completing the 12-storied complex which will have shopping malls, hotels and a hospital.
The school will be relocated to Kicukiro College of Technology (KCT) for Kigali International Academy in Kicukiro District.
Other projects are an eight-storied Apartment hotel worth US$15m (approx Rwf 8.9b), to be built at the former military court premises in Nyarugenge District and Kigali Tower valued at US$12.6m (approx Rwf 7.5b) to be constructed at the former office of tourism (ORTPN) headquarters, also in Nyarugenge District.
The apartments Hotel will be built by GENIMMO Group, a subsidiary of SORAS insurance company, while Kigali Tower, owned by Kigali Real Estate Developers.
The three complexes were purchased at Rwf 1.374bn with two plots to accommodate 12 storied complexes and one with the one for GENIMMO to have 8 storied houses.
Robert Bapfakureka, the Chairman of Kigali Real Estate Developers, says their project will be co-funded by a Ugandan based investment group Mukwano Industries commonly known for plastic, soap, cooking oil products.
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