Indian realty firm Synergy Property Development Services Ltd bagged, through international bidding, a $153-million township development project in the central African country of Rwanda.
As a global project management consulting and turnkey solution provider, the Bangalore-based Synergy will undertake design and project management of Rwanda Social Security Board (RSSB) to build three townships in Rwandan capital Kigali, which has one million population.
“The Rwandan project will demonstrate our leadership in the real estate space and usher in a new growth path for us in the region. Africa is land of opportunities for housing and office space development work,” said Synergy Chairman Sankey Prasad in a statement.
The ambitious project consists of first developing a 157-acre “Vision City” township in Kigali with semi-detached units, luxurious homes, apartments, educational facilities and town centre, including shopping malls, administrative block, public transport terminus, recreation facilities and playgrounds.
“The other two townships at Kinyinya and Batsinda in Kigali will have a total of 700 apartments spread across 250 acres with support infrastructure, including civic amenities, for leading a quality life,” Prasad said.
Under the contract, the company will develop the three projects, including design, engineering, procurement, construction and will be responsible for time, cost, quality and environmental health and safety standards.
“We will commence work in July first week, with a view to completing the first project in 20 months. We hope the project will give us a strong foundation to explore similar opportunities in other countries to become a global player,” Prasad observed.
“Rwanda has an annual housing demand of 25,000 units in urban centres, of which only 10,000 units are supplied. Realising the urgency of the situation, we have put our thrust on Synergy to help us in the development of townships at Vision City, Kinyinya and Batsinda, which are prestigious for our government,” said RSSB director-general Angelique Kantengwa.
Synergy currently has an order book worth Rs.3,000 crore as turnkey projects in India and overseas.
With presence across India, Malaysia and Dubai in the United Arab Emirates (UAE), the company plans to open its offices in Doha in the Gulf.
The decade-old company, which has built over 120 million square feet of property across India and overseas, specialises in executing special economic zones, IT parks, corporate campuses, retail outlets, hotels, hospitals and premium homes.
The RSSB was set as a financial institution in 2010 by merging the Social Security Fund of Rwanda (SSFR) with the Rwanda Health Insurance Fund (RAMA) to administer social security in the country.
Besides managing pension, occupational risks and health insurance, the board provides multiple benefits for old age, invalidity, survivorship, work injuries, work-related diseases and health insurance.
“Our mission is to provide social security services, ensure efficient collection, manage investment of members’ funds while our vision is to have a system that meets the social security needs of all Rwandans,” said Kantengwa.
2 Comments
Good news for Indian real estate, after a long time.
Execution risk exposed in India may not work over there.