Standard Chartered Bank has entered into a memorandum of understanding with Guoji group of companies to provide mortgage financing for Mirembe Villas –Kiggo. The managing Director Guoji group of companies   from china Zhang Chao signed on behalf of Guoji, and Harman Kasekende on behalf of Standard Chartered Bank.

Zhang Chao said that his company will construct house units totalling to 220 worth 50 million dollars and the units will be complete within a period of 2 years. The Chief Executive officer Standard Chartered Bank Harman Kasekende said that this project’s ultimate objective is for the bank to provide mortgage finance for residential properties to prospective purchasers of Mirembe –Villas –Kiggo. He said that this collaboration will bridge the gap posed by shortage of housing facilities in the country. He also said financial institutions are interested in partnering with real estate developers like Ghoji Group in growing and expanding the housing market in Uganda where there is a house unit deficit of 500,000.

The Chief Executive Officer Buganda Investments and Commercial Undertakings Limited Sebuwufu Roland said that this project will help Buganda to increase on its earnings and assist people to have better developed house units.