Though only 10 percent of the demarcated plots in the Central Business Business District (CDB) has been paid for, The New Times has learnt that up to 60 percent os these plots have been booked.
The Director of Real Estate Department in SSFR, Fred Rwihunda said that though a big chunk has not been bought, many have expressed the willingness to buy.
“Only 10 percent have paid but we presume that those interested are waiting for the completion of infrastructure development something we are working on,” he explained.
The nine plots scaling on about 9.7 hectares are located in Rugenge sector (former lower Kiyovu) of Kigali City. They (plots) range from 5,600 square metres (the smallest) to 13,866 square metres (the biggest).
The high interest from investors follows a reduction in prices of the plots by 20 percent per square metre. The price falls to Rwf87, 000 from the initially cost of about Rwf109, 000 per square metre partly to attract buyers.
According to SSFR that is charged with the selling of the plots, the reduction in the price was because of government’s pledge towards infrastructure development in the areas. This was aimed at reducing the cost of development.
The CBD is expected to enhance doing business within the city and subsequently improve the investment climate.
It is part of KCC’s $600 million construction projects for investment. The abstract of the Kigali City Master Plan shows that about 2.7 hectares of the estimated 9.7 hectares of land is reserved for development of infrastructure services such as data and voice communications, waste and a water treatment plant.