The project to cost $197 million is expected to be completed in 32 months.
“The complex will have a five-star hotel with 292 rooms. A conference centre to accommodate 2,600 people andfive office buildings on net floor of 2400 square metres and a modern museum,” Leopold Mukama, Managing Director Ultimate Concepts described the place.
Ultimate Concepts is a private public partnership that pooled resources to fund the project.
The government’s strategy is to pilot big projects to drive economic growth.
The local partnerships also reduce foreign financial aid dependency which does not sustain investments. Ernst and Young, a financial consultancy firm estimates it will cost Ultimate Concept about $300 million to develop the facility.
Mukama was, however ,optimistic that within five years of operation, they would have recouped their capital.
“Most of the investors in real estate recover their money within five years,” he said.
“The office and accommodation facilities’ occupancy rate is 80% in Rwanda,” he explained.
Beijing Construction Engineering Group (BCEG), of China was contracted to develop the complex.
Part of the cost which is slightly above $29 million will be spent on furnishing the complex and purchasing other materials.