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Alice Ntamitondero ,the Acting CEO of UDL in a press conference

Ultimate Developers Ltd slashes apartments cost by 60% for non-civil servants

Ultimate Developers Ltd (UDL), the largest real estate developer in Rwanda has extended 60% discount for Vision City apartments to non-civil servants that wish to purchase housing units.

Ultimate Developers Ltd manages Vision City apartments on behalf of Rwanda Social Security Board (RSSB).

Vision City real estate project consists of 504 homes out of a total of 5000 the company targets to construct within four phases. The second phase of the project is being designed as per management of UDL.

The apartments under Vision City estate saw prices slashed by 60% in September 2018 to allow ‘eligible’ civil servants to buy apartments on a mortgage deal to be repaid in 20 years at 11% interest rate.

Today, the offer has been extended and will see non-civil servants applying for Vision City apartments at 60% discount before 31st January 2019.

“It is essential to sell all apartments to use the funds in the preparation and completion of next phases. Following claims of others who are not civil servants having contributions in RSSB we decided to give them a chance to buy the apartments at 60% discount,” said Alice Ntamitondero, the Acting CEO of UDCL.

Ntamitondero explained that received subsidies have helped the real estate developer to reduce the cost.

According to her, slashing the cost of apartments by 60% doesn’t mean the company is going to face losses but considers it a way of reducing profitability to the minimum to enable more people to access affordable housing.

UDL completed the first project in 2017 with 500 housing units in Gacuriro area of Gasabo district in Kigali City.

Ntamitondero says the company has learned a lot of lessons that it is going to capitalize on to improve other phases.

RSSB works with two banks; Bank of Kigali and BPR Atlas Mara for Vision City project.

Currently, 304 apartments are available for buyers.

Extending 60% discount to a non-civil servant, Ntamitondero says is meant to mobilize more Rwandans to own apartments.

The discounted apartments are in three categories; 2-bedrooms apartments sold at Rwf63 million ($73,000), 3-bedroom apartments at Rwf94 million and 4-bedroom apartments at Rwf108 million while the initial prices for the three types of apartments were Rwf108 million, Rwf163 million and Rwf183 million respectively.

The developer has injected $120 million to complete the first phase of the estate, construction of which started in 2013.

UDL is a private real estate developer created in 2011, although it is currently entirely owned by the Rwanda Social Security Board.

The company intends to grow its portfolio and partner with different investors to further enhance its capacity to provide housing on Rwandan market.

Source: www.hope-mag.com

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