By Jude Katende
BUILDING a house does not come easy because it requires a substantial amount of money. However, you do not need to break the bank to fulfil your New Yearâ€™s resolution to bid farewell to renting. Taking a housing mortgage with property agencies like Kensington Heights are some of the options.
The new property development firm entered into an agreement with Stanbic Bank, which offers the mortgage facility. The bank pays up to 80% of the total cost of the house and allows repayment within 20 years.
A buyer pays a 5% of the total house cost as a booking fee and an additional 15% within 30 days of booking. People with cash are also entertained. The deal will also be joined by two other banks.
The firm, with branches in Kampala, Dubai, London and Accra (Ghana), has houses named Kensington Luxury Heights in Ntinda-Kisaasi, Kensington Sunset View Homes on Naguru Hill and Kensington Signature Homes on Lugogo bypass.
Launching the homes concept to the public last week at Kampala Serena Hotel, Bhagu Suchak, the Ugandan-born director and Jagbish â€œKakoozaâ€, the chairperson Kensington Africa, disclosed that the current prices were pre-launch promotional rates ending in November.
A two-bedroom house costs $129,000 (sh225m), a three-bedroom bungalow $159,000 (sh278m), a four-bedroom villa is at $209,000 (sh365m), while a five-bedroom villa goes for $279,000 (sh488m). After November, the houses will cost $139,000(sh243m), $169,000 (sh295m), $224,000 (sh392m) and $299,000 (sh523m), respectively.
Still under construction, Kensington Luxury Heights, where Rio Ferdinand, the Manchester United and England defender, booked a five-bedroom villa during his recent visit, is an up-market residential area. It represents a passion for real estate with 144 luxury houses, complete with a swimming pool, nursery school, supermarket, health club, tennis court, football pitch, retail shops, pharmacy, restaurant, business centre and parking space.
Suchak noted that by the end of October, the houses would be ready for exhibition purposes to allow people to get a feel of what the finished product will look like.
Complete and already occupied are the Sunset View Homes. These are eight exclusive residences on Naguru Hill. They have an entertainment area with a pool, barbeque area and a playground. Besides a 24-hour security detail, the area offers absolute privacy.
The Signature Homes will be completed in December. They are eight well-designed and spacious four-bedroom houses.
â€œNew concepts, new ideas, new finishes is what we have to offer. I do not see why Ugandan homes should not be at par with international standards,â€ Suchak says.