A private equity firm, Fusion Group today unveiled a $34 million mixed use development structure in Kigali city. The structure-‘Kigali Heights’ will be constructed in a period of only 24 months.
The 30,000 square meter project is a dual tower office and retail block, which will sit on the former post-office ground in Kacyiru at the Kimihurura Roundabout, opposite the Kigali Business center (KBC) in Gasabo district.
Rwanda’s minister of Infrastructure, Prof. Silas Lwakabamba presided over the ground breaking ceremony, which was also attended Dr. Phil Goodwin, the chairman of Fusion Group, Luke Kinoti, the Chief Executive of Fusion Group, Rwanda Development Board COO, Clare Akamanzi, and Mayor of Kigali city, Fidel Ndayisaba who lay a foundation wall for the construction works.
The project is jointly owned by local property developer – Kigali Heights Development Company and Fusion Capital.
The structure will have a nine-story rectilinear block and a six-story block facing the main airport road.
Once completed, Kigali Heights is expected to host regional retail shops and supermarkets including Deacons Kenya which plans to open its second outlet in Rwanda
Prof Silas Lwakabamba, said that the structure is key in ensuring that Rwanda attains its development plans which need modern and state-of the-art infrastructure.
In his remarks, the city mayor, Fidel Ndayisaba said that the Kigali heights is so far best design of architectural work that will drive Kigali towards attaining its proposed development master plan.
The COO of Rwanda Development Board (RDB) hailed thanked fusion group for heeding to Rwanda’s invitation to foreign investors and said that other investors should follow this example and invest in Rwanda, since the country has paved way for all investors to invest in a favorable environment.
Dr. Phil Goodwin, the chairman of Fusion Group, revealed that the reason why the group chose to come to Rwanda, was because of very good reasons, which include the peace and stability in the country, fast tracking and commendable performance of the economy, rapid development and good conditions and policies that attract investors, and the cultural aspects of Rwandans that distinct Rwanda from other countries.
The developers of the Kigali heights officially declared it open for letting.