NYARUGENGE - Kigali City Council (KCC) will be investing over Rwf1.2bn into the development of a 39 hectare piece land at Akumunigo cell in Nyarugenge District into a residential estate, The New Times has learnt.
This comes after the expropriation of Akamunigo residents overshadowed the Kigali City Open Day that took place last month.
The complaints raised, indicated that residents had not yet been compensated despite having had their land earmarked for expropriation.
The money that will help in the expropriation process and development of infrastructures, will, according to KCC, come from two sources; the World Bank and the African Development Corporation (ADC).
World Bank has pledged over Rwf 507 million which will be disbursed in two phases for infrastructural development in 39 hectares out of the total 58 hectare sof the Akumunigo cell.
The African Development Corporation gave Kigali City a loan of Rwf 741million.
“The City of Kigali has chosen this site as one of the next priority areas for low and medium income housing development, as part of the implementation of Kigali City Conceptual Master Plan,” Bruno Rangira, KCC’s Communications Director confirmed yesterday.
Rangira said the evaluation of the residents’ property would soon be completed which will be followed by paying off the residents.
Akumunigo site is an area where different investors (both local and foreign) will build residential flats of between 3 and 4 storeys.
According to the conceptual master plan, more areas are likely to face expropriation as part of the exercise of planning and creation of the new Central Business District to expand the current central business area of Kigali.
The Rwanda Development Board (RDB) unveiled construction projects worth an estimated US$600 million to investors attending a construction/real estate investment roundtable in Kigali.
The move is intended to overhaul the construction sector and attract potential investors in the country’s booming construction industry. Demand for construction of residential housing in Rwanda is increasing at a rapid rate.
Statistics from the National Bank of Rwanda show that an estimated 25,000 new houses have to be built annually in urban areas for Rwanda to meet the demand for urban housing.
Available investment include 20 luxurious ambassadorial villas worth above US$14 million in prime locations like Kacyiru, Gacuriro and Gisozi; and 50 upmarket residential properties worth over US$ 12 million.
Other opportunities include 5,477 apartments for middle income earners worth over US$30 million, flats in Muhima at an estimated US$14 million and a 10-storey office tower in Nyarugenge Central Business District that could cost over US$16 million.