ADVERTISEMENT

Minister Bahati calls for bridging of housing deficit as Vaal opens in Uganda

State Minister for Trade, Industry and Cooperatives Hon David Bahati has highlighted the need to address the widening housing gap in Uganda.

Minister David Bahati speaking at the Vaal launch in Kampala

With the country’s population approaching 50 million and projected to hit 100 million in the next quarter century, the minister said deliberate steps are needed to provide adequate housing.

ADVERTISEMENT

The Minister noted that the housing gap for Kampala city has now exceeded 100,000 housing units, while the urban housing gap stands at 210,000 units.

ADVERTISEMENT

At the national level, Bahati said the country needs over 2.4million housing units.

The Minister was speaking at the official opening of the Ugandan subsidiary of Vaal Real Estate in Kampala.

The Turkish company with operations in the Middle East, Kenya, Ghana, Egypt, Turkey, and the U.K.; opened its Ugandan branch with the launch of what is touted to be the tallest residential building dubbed Cadenza Residence in the heart of Kampala.

The building will be located on Plot 1 along Katonga Road and will feature 24 floors, including five duplex complexes on the 23rd and 24th floors.

ADVERTISEMENT

It is expected to be completed in 2027.

Hon Bahati in his remarks advised Vaal and other real estate players to take advantage of the existing tax incentives for the housing sector and the overall conducive environment provided by the government.

In Uganda, we are running a privately-led economy and the government commits to provide a good environment for you,” he said.

Vaal Real Estate has partnered with the Baine Family, who provided the land on which Cadenza Residence will be erected.

ADVERTISEMENT

Jane Baine, representing her husband, Gregory Baine, said as joint venture partners, they believe the decision to invest in Uganda's real estate sector is "timely." "You've made the process of our partnership very smooth," she said.

Islam Mohamed, the Chief Executive Officer of Vaal Real Estate Uganda, said they welcome the "opportunity to be part of the growth and development of the Pearl of Africa."

"Together with the support of partners and the community, I'm confident that we'll achieve great success and leave a legacy that we are all proud of," said Mohamed.

ADVERTISEMENT

Majeed Saad, the Group Chief Executive of Vaal Real Estate, noted that they have been in Kenya for about eight years and already have five projects, with more set to be launched this year. In Ghana, they have four, and two more will be rolled out in 2024.

Cadenza Residence will be completed in July 2027, and Mohamed said they plan to undertake six projects in Uganda in the next three years.

JOIN OUR PULSE COMMUNITY!

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulse.ug

Recommended Articles

Top 10 African countries with the most centi-millionaires in 2024

Top 10 African countries with the most centi-millionaires in 2024

Where are the 5 wealthiest cities in Africa located?

Where are the 5 wealthiest cities in Africa located?

200 Ugandans set for skilling in Oil&Gas as TotalEnergies opens academy at UPIK

200 Ugandans set for skilling in Oil&Gas as TotalEnergies opens academy at UPIK

Gov’t releases Shs 267B more for PDM

Gov’t releases Shs 267B more for PDM

Terra Agri Farm denies stolen equipment claims, cites shareholder dispute

Terra Agri Farm denies stolen equipment claims, cites shareholder dispute

Why Africa's billionaires & millionaires are fleeing the continent

Why Africa's billionaires & millionaires are fleeing the continent

10 African countries with the highest price changes in household commodities

10 African countries with the highest price changes in household commodities

3 smartphone makers that Apple should be worried about

3 smartphone makers that Apple should be worried about

10 wealthiest countries in Africa

10 wealthiest countries in Africa

ADVERTISEMENT