- Rwanda has unveiled $600 million real estate projects to attract potential investors in the country’s vibrant construction industry, the Rwanda Development Board (RDB) has said in a statement.
RDB said that potential areas within the sector have been identified and are ready for development.
Prime Minister Bernard Makuza addressing a roundtable meeting held for constructors and real estate agents confirmed that Rwanda has a high demand for investment in the construction sector despite the country facing shortages of construction materials.
“The decision to have this roundtable is very strategic indeed because Rwanda has the most vibrant construction sector at the moment, whose dynamism needs the support of investors,” Mr Makuza told local reporters.
According to RDB, the proposed projects ready for investors are 20 luxurious Ambassadorial Villas worth above $14 million, each expected to cost between $600,000 and $800,000 in prime locations like Kacyiru, Gacuriro and Gisozi and 50 spacious up scale residentials in Gaculiro worth over $12 million.
The board also presented to the meeting, the middle income community apartments in Kagarama (Kicukiro) worth over $30 million and middle income flats in Muhima to cost over $14 million and a magnificent 10-storey office tower in Nyarugenge Central Business District expected cost over $16 million.
RDB said is has realised the need to increase the supply of construction materials to meet the ever increasing demand, also saying a cement manufacturing plant worth $150 million to be set up in the Western Province and a brick manufacturing project worth $15 million were among the many projects available for investment.
The Infrastructure Minister Linda Bihire has also showed that the demand for construction of residential housing is increasing at a rapid rate, with a demand estimated between 8,500 to 10,000 units per annum.
The ministry further said the combined demand for housing in the rest of the urban centres of Rwanda is estimated at about 15,000 units per annum.
Rwanda now has a population of 10.4 million growing at 2.8 percent annually with urban population taking up 1.9 million and growing at 4 percent per year.
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