2 May 2017

Zimbabwe: Cbz to Develop Low Cost Housing Units

THE country's largest banking group, by assets and deposits, CBZ Holdings, has set aside $70 million for property development projects this year.

Group chief executive Mr Never Nyemudzo said the group has various property development projects lined up across the country with most of them skewed towards the lower to middle income earners.

This, he said, was in line with Government's plan of providing low cost housing to ease the national housing backlog estimated at over 1, 2 million units.

"As CBZ Holdings, the funds to develop low cost housing are available. This year we have earmarked in excess of $70 million for property development given the projects in the pipeline," said Mr Nyemudzo in an interview.

"We have quite a comprehensive programme for our property development, the biggest focus we have is low cost housing," Mr Nyemudzo said.

The banking group has also completed other residential projects targeting the low income earners across the country such as in Victoria Falls where over 1 300 stands were developed at a cost of about $10 million.

In Gweru's Nehosho area and Kwekwe, CBZH completed high density stands at a cost of around $10 million, respectively.

Mr Nyemudzo indicated while resources for property development projects were available, the group is still looking for partners for its projects to narrow the housing backlog in the country.

"We believe the backlog in housing in terms of low cost housing delivery can only be reduced through partnerships.

"We are always looking for partners to join us and ensure that our infrastructure as a country or cities is upgraded and up to standard," he said.

Mr Nyemudzo added that apart from the low cost housing, the group was also working on other projects such as development of cluster houses in Harare.

The group recently won a tender to raise $2 billion for the development of education infrastructure such as student hostels, laboratories and libraries. The first phase of the due diligence is underway and is being carried out by Dawn Properties.

"We also have other ambitious projects for infrastructure development in the country," said Mr Nyemudzo.


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