Rwanda’s real estate industry could be boosted, by pledge from Chinese based investors.
The investor, through New Century Development Company, pledged to invest over $200million about (Rwf135billion) in the construction of hotels, apartments and luxury private villas.
The luxurious facilities will be constructed in Nyarutarama, a Kigali high end suburb.
According to Billy Cheung, the Chief Executive Officer, New Century Development Company, the company will put up to 16 luxury villas, 300 apartments and another Sheraton Hotel.
The five-star facility will sit on 9.1 hectares of land along the Nyarutarama Golf course in Kigali.
The ongoing project could take up to five years to be completed, Cheung said during the unveiling of the company’s first model luxury villa and club house in Nyarutarama, Kigali.
“What we are putting up here is out of imagination. In Hong Kong, it is almost impossible to have a villa in the middle of the town,” Cheung said.
The luxurious villas will cost between $950,000 about (Rwf645million) and $1million (about (Rwf678million) depending on the size and the kind of facilities.
Talks between the investors and local commercial banks on how clients would acquire these facilities on mortgages are ongoing, investors said.
The investors are also behind the construction of the Kigali Marriot Hotel due to open this year.