Owning a home in Kabaka’s estate in Sentema, Wakiso district has become much easier.
A deal signed by the Kingdom of BUuanda and Housing Finance Bank has made it easier for people dreaming of owning homes in an organized, gated community such as Kabaka’s estate in Sentema, become easier.
The kingdom have signed a deal with Housing Finance Bank to avail Sentema estate buyers with ready cash to acquire homes at affordable and long-term mortgage rates.
Kabaka’s estate Sentema is a secure, gated housing community for anyone looking for affordable one, two or three bedroom houses in an organized neighbourhood.
One bedroom goes for sh58 million, sh95 million for a bedrooms and sh135 million for a three bedroom. Homes come with services such as water, electricity, security, managed by the estate management.
The partnership between Buganda Land Board, Guoji Group, a Chinese developer, and Housing Finance Bank was signed on Thursday at Bulange Mengo. The move is going to ensure that a total number of housing units are acquired fast, but owners can pay their mortgages to up to 10 years.
Guoji Group managing director Windy Sheng said the experience of developing Mirembe Villas in Kigo has given them understanding for the customers who demand for affordable housing. She said Sentema estate is as well going to be luxurious, and affordable, despite targeting customers in the low income bracket.
Kabaka’s estate Sentema is only 30km from Kampala city centre. You can connect to this estate from Hoima Road off northern bypass.
While signing off the deal, Katikkiro Charles Peter Mayiga, called upon the government to ensure these homes have access to a good road network, communication, sewerage, telephony, water, electricity services among other things.
Over 80 houses have been sold so far, and another round of 100 home units are going to be standing in the next couple of months.
Mr Mayiga underscored housing as one of the biggest challenges Uganda today.
“Quality housing is hard to come by in Uganda,” the Katikkiro said.
Uganda has a deficit of about 2.5 million housing units, and this need grows by at least 250,000 houses per year, according to government of Uganda figures. The Katikkiro said housing determines the standards of living for a society.
“You can determine the level of development by how people live. This is the reason the Kingdom of Buganda wants to contribute to decent living of our people.” Mr Mayiga said. He said that Uganda is unfortunate because there are many magnificent homes located in very poor locations which reduces value for the properties. He said estates such as Kabaka’s estate in Sentema add value to the property because of the nature of their environment.
Mr Michael Mugabi, the managing director of Housing Finance Bank said Uganda’s population is growing very fast and synergies such as a deal with Buganda kingdom, makes it possible to close the housing deficit. He said housing value chain is long and there are many opportunities to remove impediments for investors and customers in the property business.
Mr Simon Kabogozza, the chief executive officer of Buganda Land Board, said land titles for each unit are readily available.
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