October 16, 2007

Kenyan Owned Firm in U.S. $1.8 Million Real Estate Deal
www.tradingmarkets.com

A Kenyan owned real estate firm, dn international is to construct 29 houses worth US$1.8million (Rwf990million) in Kigali city.

Located in Masaka, 10km from Kigali town, the houses in the medium high range will go for Rwf35million ($63,636) upon completion with mortgage financing by the Rwanda Housing Bank (RHB).

Payment will be spread over a 15 year span according to the firm's chief executive officer, Mr. Nathan Loyd. "I got the idea through my travels in the United States and Kenya and teamed up with consultants to seek advice," Loyd told East African Business Week recently.

The Hillview estate will have fully tiled interlocking roads with specially made concrete blocks. The estate in addition to having street lighting will also have fire hydrants - a distinct first in the fast growing real estate industry in the country.

"We plan to have this in every estate and this will bench mark us from our competitors," he said.

The three bed roomed houses are fully tiled with ample spacing consisting of master bedroom, dining, lounge with verandah and a fully fitted kitchen with attractive fittings and an external covered utility and dining area.

Later this month, dn international plans to break the ground for the 3.2hectare estate and a memorandum of understanding has already been signed with the owner of the land.

The $1.8million project is expected to be completed in 10 months. Clients will pay a deposit of 30% and monthly payments of about Rwf150,000 ($272) with an interest of 15% per annum for the duration of the mortgage.