KIGALI - DN International, a local real estate developer will, this year, begin construction work on Satellite City, a project that will feature a 700-unit housing estate, school, and hospital among other properties.
Satellite City will be built in Gisozi, Gasabo District at an estimated cost of Rwf45bn.
According to Nathan Loyd, the CEO of DN International, the housing estate will constitute 700 units of mixed categories, a three-star hotel, and a state-of–the-art road and communication network.
Loyd said that the project would be the firm’s third after the completion of Hill View Estate and the ongoing Green Park Villas, both in Gasabo District.
“Today is our new dawn. We are informing the citizenry that we have re-opened our projects,” he said while re-launching the company’s Rusororo project.
Loyd said that the company closed the Rusororo project, mid last year, after issues with the mortgage law and crisis within the banking sector, that affected most of the real estate developers.
“The mortgage law handicapped us last year and led us into a loss of Rwf 1bn, since as developers, we could not construct houses. This meant we were not in business but now that it (mortgage law) has been revised, we believe we are going to recover,” Loyd said.
“It will take us 6-8 months to fully recover but we have to start today.”
He noted that the current demand for houses in Rwanda was 10,000 units a year among all categories. However, the absence of the mortgage law last year saw a sharp shortfall of 9,700 houses with only 300 units built.
Loyd added that the current demand for units has shifted from high income earners to the middle class, who demand for apartments.