Kigali — Kigali city has unveiled plots for sale in the redesigned Central Business District (CBD).

The city is wooing local and foreign developers to invest their monies in the properties.

The city is seeking potential developers to take up former slum areas that have been equipped with water, electricity and roads, and develop them into eye-catching mixed commercial and residential hubs, marking the kick start of implementation of the Kigali Master Plan.

The developers will erect high-rise buildings best for a commercial and residential township, according to the detailed physical plans of the city masterplan.

Prospective investors will buy the plots through a public biding process.

Last week, the city council launched the sale of 9.7 hectares (24 acres) of land in Lower Kiyovu, Central Kigali and handed over the land to the Social Security Fund of Rwanda (SSFR) and Nyarugenge district.

The SSFR since then took charge of selling the plots. The city Director of Communications and Media, Bruno Rangira said Lower Kiyovu is spread on 26 hectares (64 acres) of land but only 9.7 hectares (24 acres) were ready for sale by last week. The remaining piece of land will be sold as soon as it gets basic infrastructure.

City officials said the development of the CBD which is a 150-hectare (370 acres) area, will enhance doing business and subsequently improve the investment climate in Rwanda's capital.

Last year, Kigali contracted Dyer & Blair Securities Rwanda Limited, a subsidiary of a Kenya based bank, Dyer & Blair Investment Bank as their lead transaction advisor, on a Rwf40 billion (US$70.4 million) municipal bond slated for launch latest April this year.

The city council seeks to raise billions of francs from the public to finance anticipated development projects devoted to making Kigali a modern city.

Kigali covers an area of 730 square kilometres and is divided into three districts.

It has a population of one million people and a recorded urbanization growth rate of 10.7%, making it one of the fastest growing cities on the continent.

The present master plan focuses on the broad guidelines toward planning for Kigali for the next 50-100 years to accommodate the expected population growth of 2-3 million.

The plan highlights the basic needs and comfort like adequate housing, education and workplace opportunities, infrastructure and transport, healthcare services and quality of life.

After selling off CDB1, the city council will embark on upgrading CDB2, which is currently the busiest commercial area in heart of Kigali.