Picfare invests $7.5m in real estate

Ugandans who dream of owning a house have more options now that Picfare limited, renowned for stationery, has ventured into real estate.
Picfare, under its subsidiary Pearl Estate Uganda Limited, will spend $7.5 million (Shs12 billion) to construct flats on a three-acre piece of land at Lubowa off Entebbe Road.

According to Pearl Estate’s Chief Executive Officer Mitul Jobanputra, the Ugandans will be given the first priority of ownership.

“Ugandans are going to be able to stop enriching landlords as they will be able to own these flats over a period of eight years on paying 30 per cent of the total cost as initial installment and pay installments thereafter,” Mr Mitul told Daily Monitor.

The project engineer, Mr Sanjay Thakkar, said the project would be complete in 15 months and that the majority of the 64 units - 32 each for two and three bedrooms - have already been booked. “Even before we have begun construction, we have been overwhelmed by the number of people who have booked the flats,” he said.

The company has entered into an arrangement with Stanbic Bank to assist prospective buyers acquire mortgages.

Mr Mitul said they are in the process of acquiring more prime land in the city to construct almost similar flats. On the outlook of the Springhills project, Sanjay said: “Springhills will have a swimming pool, an open air barbeque and bar, a jogging track, common washroom for staff, a children’s park, waterfalls, wifi and DStv connectivity and intercom services.”

Last week National Housing and Construction Corporation launched 40 new apartments in Naalya each costing between Shs105 million and 125 million still under a mortgage arrangement