19 November 2012

Uganda: Kensington Completes Housing Project

Kampala — Real estate business giants Kensington Africa Limited has completed their multi-million housing project - Kensington Luxury Heights - in Kyanja, located about 10 kilometers outside Kampala city.

This comes after the firm, which launched its operations in Uganda in 2007, finished their Signature Homes at Lugogo Bypass. After the completion of the two projects, the firm now wants to spread its wings.

"Our plan is to sell the entire 149 houses and move to new projects in and around Kampala," Ms Stephanie Kwibuka, the general manager said.

Kensington Luxury Heights introduced to the market a concept of purchasing your home 'Off Plan' meaning that buyers were offered an option of selecting their home location from the master plan.

This being the first of its kind in Uganda and has presented its self as probably the best residential development in Uganda today.

The Kensington Luxury Heights has luxurious houses, bungalows and villas all in a well-structured environment with all social amenities like shopping mall, schools and sports facilities.

The unique houses range from two to five bedrooms and available for purchase at between $89,000 and $289,000 and from $700 to $1,500 per month for renting. Three and four-bedroom houses form the bulk of the finished homes and are ideal for family.

"Kensington believes that a home is much more than the bricks and mortar used that go into the physical structure. Therefore the homes built in Kensington's estates offer benefits that cannot always be measured, but which immeasurably enhance their quality of life," Kwibuka explained.

Kensington has mortgage arrangements with Barclays, Equity Bank, DFCU Bank, Standard Chartered Bank, Stanbic Bank and KCB Bank Uganda that their customers can use. However, customers are free to use banks of their choice to get mortgages.

Recently, the minister for lands, housing and urban development, Mr. Daudi Migereko, said Uganda is short by about two million housing units, a challenge investors need to exploit and engage in real estate business.

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