By Kingsley Webora TANKEH
Kasa Properties has officially launched Prime Accra, a luxury apartment complex located at Airport Residential Area, 60 seconds from the Accra International Airport. Deloitte, the project’s transaction advisor, forecasts 31 percent returns for investors.
According to its developers, the project aims to bridge a supply gap in the prime real estate market and the country’s ever-widening housing deficit.
Speaking at the launch, Deloitte Africa Head of Infrastructure and Capital Projects Yaw Appiah Lartey detailed how the 58-unit building will be financed – stating that the developers seek to raise US$10.5million in debt funding to augment the US$2.5million provided by equity investors. The project total cost is US$12.8million.
Emphasising the project’s financial viability, Mr. Lartey said it is expected to generate US$18million in revenue from sales – delivering US$5.5million in gross profits. This, according to him, represents a 31 percent return on investment (ROI).
He maintained that the project’s estimated returns surpass the 12-15 percent returns on dollar investments typical of projects in the Ghanaian market.
The housing deficit in Ghana was estimated at 1.8 million residential units a decade ago. However, this has since grown substantially – driven by rapid population growth and accelerating urbanisation.
With the project’s proximity to the airport, Mr. Lartey encouraged investors to make a bold decision to invest their resources in it, promising the highest returns. “For a project that is just about one minute away from the airport, it is one you should be investing in as it has the highest rate of return,” Lartey said.
He also emphasised the relative stability of real estate as an asset class, citing the recent domestic debt exchange that chopped into people’s savings. “Anybody who had invested in real estate never took a haircut. Did you take a haircut on your land? Did you take a haircut on your property? The only asset that is real is real estate,” he noted.
Greater Accra Regional Minister Linda Obenewaa Akweley Ocloo said this development aligns with efforts to ensure structured and sustainable growth in the capital.
“Prime Accra by Kasa Properties is so important. It reflects the kind of development we want to see in Accra – well-planned and aligned with the vision of making our city more reliable, more organised and globally competitive,” she said.
She noted that the project will generate employment, attract businesses and enhance the capital’s image, pledging Greater Accra Coordinating Council’s commitment to supporting responsible development that adheres to planning regulations.
The Minister for Works, Housing and Water Resources, Kenneth Gilbert Adjei, said this project falls squarely within the country’s urban development and housing policy objectives, emphasising that it signals private sector confidence in the economy.
“This is the kind of collaboration we must continue to encourage. Prime Accra represents more than real estate. It reflects confidence in Ghana’s economy, belief in our urban future.”
Commercial Director-Kasa Properties Belo Cida Haruna detailed the project’s specifications, noting that it comprises studios, one-, two-, three- and four-bedroom apartments as well as four penthouses. He stated that every unit has access to a balcony, with unprecedented sizes differentiating Prime Accra from its peers in a market where space is often constrained.
“One thing that makes us very unique is actually our space. When you check the market, you realise that we have much larger spaces because we arrange balconies in such a way everybody has access to them – whereby you basically will not feel alone,” Mr. Haruna said.
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