Nkumba to get sh35b housing estate
Dec 09, 2007
TIRAPUTI Development is to establish a $20m (about sh35b) housing estate in Nkumba near Lake Victoria. The 22-acre Nkumba Village on Entebbe Road next to Nkumba University, will take 15 months to complete.
By Mikaili Sseppuya
TIRAPUTI Development is to establish a $20m (about sh35b) housing estate in Nkumba near Lake Victoria. The 22-acre Nkumba Village on Entebbe Road next to Nkumba University, will take 15 months to complete.
It will also have a $8m for a student’s hostel for 1,500 students on a four-acre piece of land.
The village will have a single bed roomed houses costing sh49m, two bedroom units for sh59m, and three bedroom at sh69m.
Miraj Barot, the head of marketing, explained over the weekend that, “We are trying to put up affordable houses for the middleclass in a growth area with a view of Lake Victoria.
One will need a sh2m commitment fee, then put up 20% of the price – sh7m to 10m, in a year and banks will loan 80% of the total cost.
“The buyer will use his land title as security for loan payable over 15 years at about 18% interest rate.â€
He added: “The scheme is put up as condominiums with each house having its own parking and garden facilities,†Barot explained during the tour of the site.
“It is a worthwhile investment considering the demand for houses here.
“The houses will be fully-equipped with modern utilities.†The village will have a shopping mall, health club and children’s park and tennis court.
The students’ hostel which will have a library, internet café and a jogging track, is to be built in phases. Each block will be completed each year for four years.
TIRAPUTI Development is to establish a $20m (about sh35b) housing estate in Nkumba near Lake Victoria. The 22-acre Nkumba Village on Entebbe Road next to Nkumba University, will take 15 months to complete.
It will also have a $8m for a student’s hostel for 1,500 students on a four-acre piece of land.
The village will have a single bed roomed houses costing sh49m, two bedroom units for sh59m, and three bedroom at sh69m.
Miraj Barot, the head of marketing, explained over the weekend that, “We are trying to put up affordable houses for the middleclass in a growth area with a view of Lake Victoria.
One will need a sh2m commitment fee, then put up 20% of the price – sh7m to 10m, in a year and banks will loan 80% of the total cost.
“The buyer will use his land title as security for loan payable over 15 years at about 18% interest rate.â€
He added: “The scheme is put up as condominiums with each house having its own parking and garden facilities,†Barot explained during the tour of the site.
“It is a worthwhile investment considering the demand for houses here.
“The houses will be fully-equipped with modern utilities.†The village will have a shopping mall, health club and children’s park and tennis court.
The students’ hostel which will have a library, internet café and a jogging track, is to be built in phases. Each block will be completed each year for four years.