Price of CBD plots reduced by 20 percent

According to the abstract of the Kigali City Master Plan, about 2.7 hectares of the estimated 9.7 hectares of land is reserved for development of infrastructure services The price of plots in the proposed Central Business District (CBD) has been reduced by 20 percent per square meter, a Social Security Fund of Rwanda (SSFR) top official revealed. The price falls to Rwf87,000 from the initially cost of about Rwf109,000 per square metre, which represents a Rwf22,000 reduction. The Director of Real Estate Department in SSFR, Fred Rwihunda, said this is because government pledged to contribute towards infrastructure development in the areas. “This will not only reduce the cost of development but also attract buyers and investors to procure and develop the plots.” According to the abstract of the Kigali City Master Plan, 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. He continued that both local and international investors have expressed a lot of interest. “About 50 percent of the 9.7 hectares in Rugenge sector of Kigali City is booked,” Rwihunda revealed during an interview with The New Times. Despite the massive interests from investors and developers, Rwihunda however estimated that only 20 percent have paid for the plots. The Rugenge sector, located in what used to be called lower Kiyovu, has nine plots ranging from 5,600 square metres (the smallest) to 13,866 square metres (the biggest). Rwanda’s pension body is the institute charged with the selling of the plots and payments are done by bank transfers to SSFR account. According to SSFR officials, the eligibility of an investor interested in buying the plots depends on a project in place and the capacity to development it in 36 months. The clearing of the plots late last year marked the implementation of the city’s Master Plan. This first phase involved putting up the basic infrastructure like paving roads, and clearing the plots amidst protests by expropriation victims. SSFR supported the city in the expropriation of the former slum area and the development of Batsinda low cost housing estate to where the former residents were relocated. According Kigali City Council (KCC), development of the CBD will enhance doing business within the city and subsequently improve the investment climate. CBD was part of the KCC $600 million construction projects showcased during the recently ended Construction Sector/Real Estate Roundtable held in Kigali. The forum attracted over 300 investors in the sector worldwide. Ends

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Price of CBD plots reduced by 20 percent