Rwanda’s real estate sector is expected to continue at a steady growth path after a US$200m pledge from a Chinese investor.
The investor will invest the US$200m in the construction of apartments, hotels and luxury private villas through New Century Development Company. The Chief Executive of New Century Development Company Billy Cheung indicated that the company will construct 16 luxury villas, 300 apartments, and another Sheraton Hotel along the Nyarutarama Golf course in Kigali.
The villas are expected to go for US$950,000 and US$1m where size and facilities available are considered. The construction work is to be completed in a time frame of 5 years.
The New Century Development Company deals in real estate development and manufacturing and has different investments in Asian countries including Hong Kong, China, Malaysia, and Indonesia.
Rwanda’s growth in the real estate sector is due to an increase in demand for housing units as population soars. The country is making strides in elevating the economy from a low-income agriculture – based economy to a middle class economy. This has been stipulated in the country’s vision 2020.
The country’s ranking by the World Bank has improved to 2nd place in Africa in countries that are most suitable to do business in, beating South Africa which was ranked at 2nd place after Mauritius in the 2013 rankings.