KAMPALA, UGANDA – Uganda’s Minister of State for Foreign Affairs, Okello Oryem, has commended a USD 50 million housing investment in the heart of Kampala, praising the project’s potential to boost the country’s economy.
The investment, which has resulted in the construction of the Larose Apartments, a high-end residential complex, is expected to provide a significant boost to Uganda’s real estate sector. The complex, which features 161 luxury suites, is located on 1.4 acres of prime land in Kampala.
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According to Oryem, the project is a testament to the growing demand for luxury apartments in Uganda. “The proprietors and owners of this project have brought to Uganda a new standard for apartments, which will put pressure on other companies to lift their standards,” he said.
The Larose Apartments are the brainchild of Chinese investors, who have partnered with local developers to bring the project to fruition. The complex features a range of amenities, including a high-end shopping mall, two restaurants – Chinese and international cuisine – a gym, a swimming pool, and a children’s playground.
Each apartment is fully equipped with modern appliances, including refrigerators, ovens, microwave ovens, stoves, and range hoods. The apartments also feature large floor tiles, imported from China, and wall panels made from bamboo and wood, which are environmentally friendly and healthy.
Charlie Wang, Chairman of Lateral Investment, the construction company behind the project, said that the Larose Apartments are designed to offer a luxurious living experience that is unparalleled in Uganda. “We have created employment opportunities and trained local engineers in the industry,” he said. “We offer flexible payment options for our clients, and we’re confident that the apartments will be popular with investors and homebuyers alike.”
The apartments are priced competitively, with a special promotion offering a discount for early buyers. The developers expect an annual income of 15% to 20% for tenants, translating to a return on investment within six to seven years.
“We have carefully calculated the potential returns on investment, and based on current market trends, our tenants can expect an annual income of 15% to 20%,” said Mr. Wang. “In essence, if you invest in a Larose Apartment today and rent it out upon completion, your rental income will cover your loan payments, effectively giving you a free house after six to seven years.”
With its prime location, luxurious amenities, and competitive pricing, the Larose Apartments are set to become one of the most sought-after addresses in Kampala.
