This comes at a time the property market is slowly recovering from coronavirus pandemic hit
Kampala, Uganda | JULIUS BUSINGE | Kampala has an additional condominium property that is open for those searching for high end homes with services that meet their living expectations – Bukoto Living Condo Project.
The project owned by city tycoon Sudhir Rupaleria’s children, Rajiv Ruparelia and Sheena Ruparelia, was unveiled on March 21.
The property is a 9 tower block in Bukoto, housing 27 condominium homes in a 2-3-4- and 5-bedroom configuration all for sale. Construction started sometime in 2018.
Bukoto Living is situated at the confluence borders of Bukoto, Naguru, and Ntinda areas. The locality is a mixed residential and commercial area with many small businesses, Non-governmental Organisations, supermarkets, hospitals, schools, places of worship and upscale shops.
Experts define condominium as a system of separate ownership of individual units in a multiple unit building, the individual units of which are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of those units.
Condominiums (condos) are the fast emerging concept that Ugandans are embracing despite the fact that the condominium laws were passed and enacted almost 20 years ago.
Condos in Uganda are regulated by Condominium Property Act No. 4 of 2001, and Condominium Property Regulations enacted in 2002.
The Bukoto Living project joins the market of condominiums including Bugolobi flats, Bukoto flats and others – hence giving chance for house seeking clients to choose what pleases them.
Uganda has the fastest growing and young population in the world at a growth of 3.5% per annum, which experts say, might in the near future create a housing crisis for all categories in the country.
The current construction rate is 60,000 units per annum and experts warn that the deficit will have grown to eight million in the next 10 years.
Experts say the public should be sensitised about the Condominium Property Act (2001), which in part suggests that investing in Condominium Properties helps optimise on use of land and economise on the cost of infrastructure.
Condominium business is currently attracting middle income Ugandans living in Uganda and abroad.
The 360 view
Standing on property’s rooftop, Rupaleria’s Bukoto Living condo project exudes a 360 view of the whole of Kampala. And one needs about 20 minutes to connect to the city centre.
The property is a unique lifestyle with a swimming pool, rooftop bar, terrace, restaurant and a recreational with a luxury living.
The homes cost ranges between US$168, 000 – US$362, 250 depending on the size.
The 2-bedroom apartment comes with 160 sqm of space split into 2 bedrooms, a kitchen, living room, dining and an additional room for the housekeeper/maid and a 12 sqm balcony.
The 3-bedroom apartment offers 200 sqm of space, with a 27sqm master bedroom, 2 double bedrooms, living room, kitchen, maid’s room and balcony.
On the other hand, the 4-bedroom apartment consists of 315sqm with a large master bedroom (38sqm), three other spacious bed rooms, kitchen-living area and two balconies plus a maid’s living room.
The 5-bedroom penthouses offers 2-floors and 345sqm of luxury with 53sqm master bedroom and four other equally large bedrooms.
The new project comes at a time when world economies are slowly recovering from the COVID-19 pandemic crisis that has negatively affected demand for properties, goods and services.
In addition, interest rates on mortgage to secure condos remain very high as commercial banks’ lending rates range between 18-22% per annum.
Kampala, the capital and the largest city in Uganda, has the country’s most expensive housing.
The average price of two-and three-bedroom apartments in prime residential areas of Kampala in the last two years stood on average US$280,000 and US$325,000, respectively, according real estate property and consultancy firm, Knight Frank.