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Dubbed Cadenza Residence, the project, located on Plot 1 along Katonga Road, will feature 24 floors, including five duplex complexes on the 23rd and 24th floors.
Speaking at the launch, which was held at the Kampala Serena Hotel, David Bahati, the Minister of State for Trade, Industry, and Cooperatives, thanked VAAL for choosing Uganda as an investment destination.
VAAL, with two decades of experience in real estate development, is a Turkish company that already has a major footprint in the Middle East, Kenya, Ghana, Egypt, Turkey, and the U.K.
Minister Bahati noted that "the investment is timely."
According to the minister, Uganda currently has a deficit of 2.4 million housing units, with 210,000 units needed in urban areas and 100,000 in Kampala alone.
"We are leading and managing a private-led economy... And the government is just a driver... The government will continue to do what we do best to provide the best environment in which to operate," Bahati said, underscoring the importance of such investments as Uganda's young population continues to expand.
VAAL Real Estate has partnered with the Baine Family, who provided the land on which Cadenza Residence will be erected.
Jane Baine, representing her husband, Gregory Baine, said as joint venture partners, they believe the decision to invest in Uganda's real estate sector is "timely." "You've made the process of our partnership very smooth," she said.
Islam Mohamed, the Chief Executive Officer of VAAL Real Estate Uganda, said they welcome the "opportunity to be part of the growth and development of the Pearl of Africa."
"Together with the support of partners and the community, I'm confident that we'll achieve great success and leave a legacy that we are all proud of," said Mohamed.
Majeed Saad, the Group Chief Executive of VAAL Real Estate, noted that they have been in Kenya for about eight years and already have five projects, with more set to be launched this year. In Ghana, they have four, and two more will be rolled out in 2024.
Cadenza Residence will be completed in July 2027, and Mohamed said they plan to undertake six projects in Uganda in the next three years.
Cadenza will offer apartments in variations of studio, one-bedroom, and two-bedroom, with pricing ranging from $236,500 to $89,200. Amenities include a heated swimming pool, children's play area, CCTV surveillance, ensuite, fully equipped gym, business area, cable TV ready, high-speed lifts, games room, full backup generator, video intercom, BBQ area, internet-ready, and steam & sauna (with separate locations for men and women).
On top of Cadenza being in a prime location with a prestigious address in Nakasero, buyers will be offered flexible payment plans (interest-free), premium quality, amenities for a limitless lifestyle, and property management & letting services.