UCB Towers for apartments, shopping mall
Mar 14, 2005
THE former Uganda Commercial Bank (UCB) Towers on Kampala Road will be converted into a shopping mall and apartments, officials have said.
By Patrick Jaramogi
THE former Uganda Commercial Bank (UCB) Towers on Kampala Road will be converted into a shopping mall and apartments, officials have said.
Kampala businessman Karim Hirji bought the towers from Stanbic Bank on the open market.
“We tried hard to get that tower. Since we have it now, we shall transform the lower basements into a shopping mall and the upper floors into modern apartments,†Rahim Hirji, the chief executive officer of Imperial Group, said in an interview recently.
Hirji said renovation of the building will take some time to make it magnificent.
He said after refurbishment, the building shall be re-named Cham Towers.
Hirji said they are currently renting out a section of the building to Stanbic Bank.
Stanbic Bank sold the building to Property Services in June last year for $5.7m (sh9.8b) after initially purchasing an 80% stake in UCB for $19m (sh32.8b) in 2002.
Ends
THE former Uganda Commercial Bank (UCB) Towers on Kampala Road will be converted into a shopping mall and apartments, officials have said.
Kampala businessman Karim Hirji bought the towers from Stanbic Bank on the open market.
“We tried hard to get that tower. Since we have it now, we shall transform the lower basements into a shopping mall and the upper floors into modern apartments,†Rahim Hirji, the chief executive officer of Imperial Group, said in an interview recently.
Hirji said renovation of the building will take some time to make it magnificent.
He said after refurbishment, the building shall be re-named Cham Towers.
Hirji said they are currently renting out a section of the building to Stanbic Bank.
Stanbic Bank sold the building to Property Services in June last year for $5.7m (sh9.8b) after initially purchasing an 80% stake in UCB for $19m (sh32.8b) in 2002.
Ends