Rwanda : Another Kenya firm gets land for $30m housing estate in Kigali

Written by peter. Posted in English, Housing & Buildings

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Published on October 26, 2012 with No Comments

Views such as this in Nyarutarama are common around Kigali. There are various such housing estates springing up in Kigali to cope with the booming demand for housing

Rwanda | Another Kenya firm gets land for $30m housing estate in Kigali

Another Kenya firm gets land for $30m housing estate in Kigali

B&B Heritage, a Kenyan investment firm, has secured the land title of a massive piece of land on which the company will construct a new housing estate situated in Kagugu, a suburb of Kigali.

The company on October 29, 2012, will put pen-to-paper a final deal that grants it a 34 hectare piece of land in Kagugu for the estate. In the same deal, B&B Heritage will finalise the acquisition of all the business ventures that belonged to debt ridden DN International, also Kenyan.

In August, B&B Heritage took over a Rwf 500m loan that DN International owed Fina Bank, that was used to build the Masaka View Estate, located to the east of Kigali. However, DN had trouble servicing the loan and a dispute erupted with the financers, which almost led to the auctioning of houses that had been bought by individuals from DN.

Government of Rwanda intervened in a deal where DN agreed to relinquish all its ventures. The flamboyant DN International embattled CEO, Nathan Lloyd, had to flee Rwanda after it emerged the entire business was in shambles.

Under B&B Heritage ownership, individual clients who are still servicing their mortgages of houses in Masaka View Estate, will finally get their houses once they complete payments.

B&B Heritage is also getting the new Kagugu title deed from Rwanda National Resources Authority (RNRA). The company’s executives announced in August that they will set up an estate in Kagugu worth between US$20m and $30m.

As Rwanda’s population expands, so is the need for housing. According government estimates, some 25,000 houses must be built every year to cope with the demand. Most of these houses are needed in Kigali where a middle class is growing.

Several up-class residential estates have been built around Kigali, and the government has been pushing for more as part of city’s master plan. Kagugu is one of those uninhabited areas planned for residential space to allow the city expand outwards.

 

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