Kigali — Construction of Vision City, a modern housing estate in Kigali City will start soon, a top Social Security Fund of Rwanda (SSFR) official has announced.

SSFR, the brain behind this multi million dollar housing project says crucial infrastructure including roads, the sewage system, water and electricity will be completed before the year ends.

After the infrastructure, construction of 2,759 houses valued at US$500 million in Gaculiro, in Kigali City will start immediately.

The planned Vision City will include luxurious, semi-luxurious and several semi detached units for low income earners, the middle class and high end tenants.

When completed, the houses will partially address the accommodation and commercial housing shortage in Kigali City.

"The detailed design is finalised. We are at the stage of looking for co-investors," Afrique Ramba, Acting Director General, SSFR said in an interview with East African Business Week last week.

Already Americans and Chinese investors have expressed interest in the project, he revealed.

However, Ramba said though the investors expressed interest, they have not committed themselves yet.

"But we shall not wait for them. We start constructing in phases, with developing model houses," says Ramba who is also the director of investment SSFR said.

The estate will have residential houses, hospitals, nursery schools and markets meaning residents in this area may not necessarily visit Kigali Business District, thus reducing congestion in the city.

"We have talked to banks to fund the project and already some are willing to finance the mortgages," Rama said.

The pension's body is one of the biggest investors in real estate in Kigali City for residential and office premises both in the city and upcountry towns.

SSFR invested the Kacyiru apartments, UCT building in the city, former US embassy. Some of the ongoing projects include the Insurance Plaza, in Kigali City, district branches, shopping mall and the Gaculiro project.

The pensions body is also building 50 housing units on 3.3 hectares of land at Kinyinya, valued at about USD100,000 million each.

Interested buyers are required to pay 30 percent of the total cost and the rest will be completed when construction in completed.