The Kenya Commercial Bank Rwanda and Century Park Ltd have inked a financial partnership agreement to fast-track the multimillion dollar Century Park Complex Rwanda in Kigali .
The bank will put in more than $200 million into the construction of the Century Park Complex Rwanda that is expected to add more than 200 apartments, 16 dinner lavish villas, supermarkets and two 5 star hotels.
The contract, according to Charles Haba, the director of Century Real Estate, is a great relief as the Century Park Complex Rwanda will help ease the increasing demand for accommodation and real estate services, especially in the hospitality sector.
The two-phase project next to Kigali Golf Course in Nyarutarama, Â is a Kigali suburb that will sit on 9.6 hectares of land, and will be completed in five years, Haba continued.
Haba said that it was extremely important because Rwanda wants to become a service hub for the region, and government is currently working with private sector to make this dream a reality.
The hospitality business and the service sector in general are still grappling with challenges, including lack of world class lodging facilities.
For instance, Rwanda has more than 258 registered hotels with about 6,000 accommodation across the country, 3,000 of which are in Kigali Rwanda.. This is not enough if the country was to host a big international conference centre.
The Rwanda Development Board has already unveiled a policy that is expected to earn the country over $150m per annum from international conferences and workshops by 2015, up from $49 million presently.
According to real estate experts projects like Century Park Complex Rwanda are suitable for a shot in the arm as a result since to resolve boost the country’s check industry.
Kigali City mayor Ndayisaba added that the project is focuising to embrace both medium- and long-term idea.
On the other hand the project targets a high-end class, it is expected to help decrease on the demand of real estate in the country.
This is serious because statistics point out that the city population has surpass the one million mark, and is projected to reach more than 2.5 million by 2017.
Meaning more demand for accommodation among other social services.
Maurice Toroitich, the KCB managing director, said availing Rwandans with different alternatives inside the housing industry is serious for sustainable development.
