Turkish Real Estate Firm Enters Ugandan Market

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Turkish real estate firm, VAAL Real Estate, has entered the Ugandan market with its flagship housing project dubbed CADENZA valued at approximately US$30 million.

The construction works for CADENZA located in Nakasero, Kampala, are expected to begin next month.

Executives said the project will be ready for occupation in 2027 but those with matching price wallets have started booking. A total of 40 units had been booked as at the end of last month.

The official launch took place at Kampala Serena Hotel on February 28, 2024 with big promises of revolutionizing the sector with luxury living spaces in Kampala.

CADENZA is trading under the tagline ‘Africa’s Gate to Real Estate’ and is offering different types of units including studios, one-bedroom, two-bedrooms, and penthouses.

The project amenities include a heated swimming pool, a fully equipped gym, a BBQ area, a children’s play area, a grand main entrance, a reception zone, and concierge service among others.

It will be 24 floors high, making it one of the highest in Uganda and among all its current projects in the countries where it operates.

The unit price is pegged on the US dollar to deal with unforeseeable market conditions. The launch price for a studio was set at US$77, 550 compared to US$89, 200 starting price; a one-bed-room was launched at US$111, 800 compared to a starting price of US$128, 600 while a two-bedroom launch price was US$220, 400 compared to its starting price of US$253, 500.

Majeed Saad, the Group CEO of VAAL Real Estate told a corporate-class audience at a parked Victoria Hall at Serena Hotel that, “VAAL Real Estate aims to cater to the discerning tastes of the Ugandan market.”

Saad said, VAAL Real Estate has built a strong reputation for delivering high-quality, innovative residential and commercial properties in various global markets.

“We are thrilled to bring VAAL Real Estate to Uganda and contribute to the vibrant real estate landscape of Kampala. Our goal is to set new benchmarks for luxury living in the region, providing residents with sophisticated, contemporary spaces that epitomize style, comfort, and functionality,” he said.

VAAL Real Estate’s entry into the Ugandan market comes at a time when the demand for premium residential properties is on the rise, driven by factors such as urbanization, rising disposable incomes, and evolving lifestyle preferences.

The launch event brought together key stakeholders, industry experts, government officials, and prospective buyers to celebrate this significant milestone.

It was thrilled with networking opportunities, insightful discussions, and an exclusive preview of VAAL Real Estate’s upcoming projects in Kampala.

With a commitment to innovation, quality, and customer satisfaction, VAAL Real Estate strives to create iconic landmarks that redefine urban living experiences.

With footprints in Kenya, Ghana, Turkey, and now Uganda, the company continues to set new standards for excellence in the real estate industry.

David Bahati, the Minister of Trade, Industry, and Cooperatives, who presided over the company’s official unveiling in Uganda, said the government aims to provide a favorable investment climate for investors aligned with the country’s private-sector-led model.

“The population of Uganda is increasing every day and that means demand for housing facilities will be growing as well,” he said.

“Our economy remains stable and growing. With key sectors like oil and gas coming onboard we project positive growth for the economy and opportunities that come along with that.”

Bahati said the country’s housing deficit currently stands at 2.4 million housing units, of which nearly 1.4 million are in rural areas. An estimated 900,000 units are substandard and in need of replacing or upgrading. He said Uganda’s expected population growth will require an additional 3 million housing units or more in the near future.

Sector experts told The Independent that the entry of VAAL in the market will give choices to the buyers and enhance competition.

VAAL Real Estate development spans countries such as Turkey and the Middle East besides Uganda, Kenya, Ghana, Egypt, and the United Kingdom (UK).

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