Shelter Afrique to develop another 10,000 affordable homes in Rwanda
Shelter Afrique Board has approved the development of another 10,000 affordable homes in Rwanda.
Making the announcement in Nairobi, Shelter Afrique Board Chairman Dr. Steve Mainda said the Company is committed to its 2019-2023 strategic goals, which focus on achieving both development impact on all large scale housing projects so as to achieve the creation of value for shareholder.
“As a board we are committed to ensuring that the Company achieves its mandate of providing affordable housing across Africa by embracing viable public-private partnerships such as the Kinyinya Park Estate housing project,” Dr. Mainda said.
The Kinyinya Park Estate Project is a 10,000 integrated and sustainable large scale housing project in Kigali.
The project is in partnership with Rwanda Social Security Board (RSSB), Ultimate Developers Limited (UDL), Development Funding Institution (DFI), Eastern and Southern African Trade & Development Bank (TDB), The Development Bank of Rwanda(BRD) and an internationally acclaimed large scale Engineering, procurement and construction (EPC) Contractor.
It is expected to cost approximately $400 million out of which TDB has approved a facility worth US$150 million to Shelter Afrique to support the first 2 phases of the project.
Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah said the sizeable housing deficit in Africa could only be addressed by undertaking large-scale housing development projects.
“It is the reason our strategy places a premium on Private-Public-Partnerships (PPPs), which we believe are critical to delivering affordable housing. We are also exploring similar projects in Kenya, Tanzania, Uganda, Zimbabwe, Ivory Coast and Nigeria. We expect to have these projects replicated in most of our member countries going forward,” Mr. Chimphondah said.
The Kinyinya Park Estate project is Shelter Afrique’s second large-scale housing development project in Rwanda after the Company commissioned 3000 affordable housing units in Rugarama Park Estate in Kigali in June 2019.
The project is located in the Gasabo District, Kigali, Rwanda, approximately 7 km from the proposed new Central Business District (CBD) at Muhima, and 8 km away from the Kigali International Airport.
The land is owned by RSSB through its subsidiary UDL.
It has been conceptualised by Shelter Afrique and the EPC contractor to help address the large affordable housing shortage in Rwanda with the development of a sustainable urban mixed-use community.
The project will ultimately be a 10,000-unit community developed by Shelter Afrique across 5 phases over 3 – 4 years, consisting of 10,000 affordable apartments and 200 units of commercial outlets including schools, shops, and business facilities on behalf of RSSB.