Developers of upscale housing estate, Vision City, has slashed unit price as a way to attract more buyers in the Gacuriro-based estate.
The development was announced yesterday by Ultimate Developers Ltd (UDL), the owners of the housing estate, who attributed the reduction to incentives that were offered by Government, including roads, drainage and electricity, which drove down the cost of production.
The reduction will first be applied to over 500 housing units whose construction works are in the final stages and later to other units that will be constructed in other phases, according to Lilian Mupende, the chief executive of UDL.
Over 30 per cent of the housing units are occupied and owners have already made an initial deposit while another 60 per cent are booked.
“We want to communicate to the public and to the stakeholders that we are now able to translate government incentives to our buyers in an effort to make it much easier for them to acquire homes in the Vision City,” Mupende said.
However, she said the infrastructure incentive is specifically targeted for higher density dwelling units, which are the town housing units and apartments.
“This is in line with the government policy to encourage higher density dwellings, which grants that we use our limited resources adequately. Any infrastructure incentive that is done is actually for larger community and not for individual homes that are spread out,” she said.
The largest component of homes in Vision City is the townhouses and apartments, which take maximum use of land. We also have some few villas,” Mupende said.
Change of prices
According to the new prices, a three-bedroom townhouse will now cost Rwf166 million, down from Rwf237 million.
A four-bedroom apartment, will go for Rwf180 million, down from Rwf257 million.
A three-bedroom apartment, which was going for Rwf225 million, will now cost Rwf157 million, while a two-bedroom apartment that initially went for Rwf150 million, will now cost Rwf105 million.
The developers plan to construct over 4,500 housing units in four phases in eight years. The first phase, which started in 2013, will be completed at a cost of about $120 million.