Nova Cidade de Kilamba (Kilamba New City) is a large housing development 30 km (18 miles) from Luanda, the capital city of Angola. It is being built by the China International Trust and Investment Corporation.
Kilamba covers an area of 8.8 square kilometers and will eventually offer 25,000 homes for more than 200,000 inhabitants. It comprises about 750 apartment blocks ranging from 5 to 13 floors, over 100 commercial premises, 17 schools and 24 daycare centers to provide care and education for children, as well as open 240 stores to drive the local economy. The cost is reported as US$3.5 billion, financed by a Chinese credit line and repaid by the Angolan government with oil.
As of July 2012, the buildings were largely complete but still unoccupied. Only 220 apartments had been sold out of the first release of 2,800. Sales were slow due to affordability and difficulty in obtaining mortgage loans. One school was in operation, but children were travelling in by bus from other areas as there was no one living nearby. The government planned to use some of the residential blocks as social housing.
Although Kilamba contributes to meeting the election pledge made by President Jose Eduardo dos Santos in 2008 to build a million new homes in four years, Angola does not have a large middle class able to buy such homes.
However, despite the slow start, new legislation signed into law by dos Santos resulted in a massive boom in demand. Prices of the smallest units were reduced from US $125,000 to $70,000. The population increased to 40,000 residents in September 2013, and 80,000 in July 2015.