KAMPALA | The Minister of State for Trade, Industry and Cooperatives, David Bahati, has called for increased investment in Uganda's real estate sector, saying this will go a long way in resolving the country's acute housing shortage.
Bahati made the remarks at the recent launch of a high-end residential tower by VAAL Real Estate, a major real estate player in the country.
In a bid to address the housing shortage in Uganda, VAAL has launched Cadenza Residence, a 24-floor residential tower with luxury amenities.
Speaking at the launch, Bahati applauded VAAL for its commitment to bridge Uganda's worrying housing deficit.
"Uganda currently has a deficit of 2.4 million housing units, with 210,000 units needed in urban areas and 100,000 in Kampala alone," the minister said.
"We are leading and managing a private-led economy. And the government is just a driver. The government will continue to do what we do best to provide the best environment in which to operate.
Bahati underscored the importance of such investments as Uganda's young population continues to expand.
Islam Mohamed, chief executive of Vaal Real Estate Uganda, said they welcome the "opportunity to be part of the growth and development of the Pearl of Africa."
"Cadenza Residence will be completed by July 2027," Mohamed said, adding that they plan to undertake six projects in Uganda in the next three years.
Cadenza will offer apartments in variations of studio, one-bedroom, and two-bedroom, with pricing ranging from $236,500 to $89,200.
Amenities include a heated swimming pool, children's play area, CCTV surveillance, en-suite, fully equipped gym, business area, cable TV ready, high-speed lifts, games room, full backup generator, video intercom, BBQ area, internet-ready, and steam & sauna (with separate locations for men and women).
The introduction of this tallest residential building in Kampala will not only change the city's skyline, but to contribute to improving living standards for the population.
