The East Africa region, which is known for its breathtaking landscapes, diverse cultures, and thriving economies, is rapidly becoming a hub for emerging real estate markets due to a rapid growth of population.
As countries in the region continue to experience substantial economic growth and urbanisation, the demand for quality housing, commercial spaces, and infrastructure has surged.
Kenyan-grown financial consultant firm, AVLC Group, has been picked by MC Telecom, a Kinsasha based firm to offer lead consultancy services in the construction of a multi-billion-shilling smart City in the capital City of the Democratic Republic of Congo (DRC).
The state-of-the-art project dubbed, Kasangulu Smart City which covers an imposing 40 hectares of prime land valued at $ 210 million (Sh32 billion), designed to accommodate multi-storey houses, a level 4 hospital, a school, a train station, a water theme park, malls, shopping centres, a hotel, club houses, a lake, an artificial beach and an array of other essential facilities.
Investors from the East African Community and citizens from the region have been urged to invest across the region to boost integration and development of infrastructure in the EAC federation.
Speaking in Kinshasa during the official unveiling of the multi-billion-shilling project, MC Telecom Chairman, Sam Yongo appealed to East African citizens to invest across the borders in order to boost integration and social- economic development in the region that comprises seven countries.
“This is an initiative that can bring us together as the East African Community since we no longer have barriers of movement between our nations,” said Yongo.
Yongo further projected a population surge in the EAC region especially in urban areas, necessitating the construction of more houses and facilities for the growing population.
According to the EAC, the total population of the region is projected to increase to 500 million people by 2043, from the current estimated 300 million citizens, of which over 30 per cent is urban population.
The DR Congo has a third (31%) of the population of the East African Community.
“This is the first smart City in DRC and the project presents the opportunity to champion a first of it’s kind smart-gated city in the province of Kasangulu, Kongo Central, away from heavy traffic and pollution, while simultaneously delivering quality and affordable housing for the middle and upper classes of the country”, added Yongo.
According to Yongo, the project is anticipated to be over by the end of 2027.
“We are determined to finish the project by 2027 and we are excited because the advent of a smart city in Kinshasa signifies an exciting and transformative period for the region’s real estate market, promising increased investment opportunities and a redefined urban living experience,” Yongo indicated.
DRC Minister of Digital Technology Eberande Kolongele, who graced the event, termed the project as a significant leap in the region’s development of the real estate market.
“Smart cities represent the convergence of cutting-edge technology, sustainable living, and economic growth. This initiative aims not only to transform the physical landscape of DRC, but also to elevate the overall standard of living for residents in the region,” said Kolongele.
AVLC Group Chief Executive Officer, Andrew Kanyutu hailed the project’s vision adding that it will transform the DRC real estate market and also serve as a beacon of progress within the broader EAC region.
“We envision a future where such projects become a model for sustainable development, a testament to the power of innovation and collaboration across borders,”Kanyutu noted.
Kanyutu added that AVLC Group will oversee the project’s implementation to ensure it’s success by bringing together the dynamic forces behind the venture including; the developer, the contractor and the technical team of architects, engineers and quantity surveyors.
“The project will have a great impact in the region by creating jobs and helping to stimulate the economy of the EAC economic block. This joint venture is poised to bring about substantial infrastructural changes, potentially acting as a magnet for both local and international investors,” Kanyutu said.
On his part, AVLC Group Director Charles Karanja expressed optimism that the EAC member states will soon be more integrated with the expected unveiling of a common currency for the region.
“The EAC region is growing at a very high rate economically and with the huge population in the region, the project will help to serve the growing population in the EAC region and improve lifestyles within the region’s real estate market,” Karanja said.
The ambitious project is anticipated to attract considerable attention from investors across the EAC region seeking to capitalise on the burgeoning potential of a smart, modern urban hub.
It is poised to draw in a diverse spectrum of residents – prospective homeowners, businesses, and innovators eager to be part of a cutting-edge, sustainable community.
AVLC Group will play a pivotal role in the implementation of the project by establishing the financial structure for the project, contract negotiations, financial coordination, quality assurance among others.
The construction project will be managed by Kenyan based UDesign Architects led by the firm’s CEO, Mutahi Wariithi.
The actual ground breaking of the project will take place in the second week of December, 2023 with Phase one of the project estimated to be completed in 2025.
MC Telecom is a Kinshasa based telecommunication and resources provider group, specialising in construction work, civil engineering, transmission, power and logistics for telecommunication operations.
Source: The Star