Faced with a gaping housing deficit, the launch of Jakana Heights condominium apartments has created new hope that the situation is getting some attention at least from the private sector.
A recent survey shows that Uganda faces a housing deficit of more than half a million housing units mostly in urban areas, a quarter of which are in Kampala alone.
Prime Minister Dr Ruhakana Rugunda Jakana Heights luxury Condominium apartments on top of Konge hill in Buziga, Wakiso District this week.
According to Jakana Heights investors from the United Kingdom, the plan is to put up 78 exclusive luxury units and penthouses, swimming pool and spa center with top range modern style finishes. The sponsors of the project, which is estimated to be finalized in 2017, estimate to make sales worth US$10million from all the units.
During the ground breaking ceremony, Dr Rugunda said the investment was timely because the country needs many quality housing units.
Dr Rugunda applauded Jakana Heights Condominium property investors for choosing to invest in Uganda.
He said Government takes the housing sector seriously because it has a major multiplier effect in the economy of the country.
Dr Rugunda said Government had created an enabling environment for both local and international investors.
“Government on its part has created an environment of liberal investment climate, with 100% repatriation of profits, and tax holidays, to encourage inflow of foreign direct investment,” said Rugunda.
The sales are aimed at Ugandans locally as well as those living in the diaspora and already 10% of the units have been sold before groundbreaking.
The Chief Executive Officer Jakana Heights, Clive Kenford thanked Government for the friendly investment climate, adding that Uganda has the best potential for growth.
He said part of the marketing strategy was to promote Uganda as a safe investment destination for international investors.