The state minister for Foreign Affairs, Henry Okello Oryem has hailed ongoing concerted efforts to close the housing gap and provide reasonably priced housing solutions to Ugandans.
“We are soon to become a middle-class economy, more young people are out of university while more young people are joining the work community, more young people are making some little money and opting to invest in apartments like this. I am happy to note that whereas there is demand, there are also increased efforts to construct such apartments to help close the housing gap,” Oryem said.
The minister was on Saturday speaking during the grand opening of Larose Royal Apartments along Katonga Road in Nakasero in Kampala.
Minister Oryme said he was impressed by the quality of workmanship exhibited during the construction of the apartments.
“I am impressed by the quality of the workmanship and finish of the job .I travel a lot around the world and the standards I have seen here are like those I see in Western Europe.I must congratulate the owners for bringing to Uganda a new standard of condominiums, flats and apartments which will put to pressure and encourage other companies to emulate these high standards,” Oryem said.
“Young people want good things. I have no doubt these apartments will not stay long on the market. These are examples of private sector led economy that on their own foot they can be prosperous and successful without the assistance of government. The only role government can play is creating a conducive environment like it is here.”
He said these investments will ensure government get revenue in form of taxes but also create jobs for Ugandans.
Charlie Wang, the chairman of Larose Royal Apartments said the project covers an area of 1.4 acres with a total of 156 suites.
“We invested in these apartments to bring a luxury living style to Ugandans. We have invested more than $50 million in this project to help develop the real estate sector in Uganda. We also want to train Ugandans to become better engineers in the construction industry,” Wang said.
He said the first floor which is 350 square metres is a shopping centre and two other floors each with a restaurant.
“The apartments have an oversized swimming pool, children playground, gym centre, Chinese therapy, meeting area, high-end shopping centre, wife, red wine bar, Chinese and western restaurants, steam, sauna, cigar bar, and standby generator among others.”
He said the buyers can pay in installments that can go up to one year or to use bank loans by paying 20% deposit and the balance can be paid in seven years.
Officials said the units will each go for $260,000 .