FBC building society helps tackle housing deficit in Zimbabwe

FBC Building Society is a mortgage finance institution, whose main thrust is the mobilisation of savings and the promotion of home ownership in Zimbabwe.

The building society is directly involved in residential property development for all market segments from low to medium and high income groups.

Established in 1992 as Zimbabwe Building Society, it was acquired by FBC Holdings in 2005 as part of the group’s diversification and growth strategy.

 

Mr Felix Gwandekwande, the Managing Director,  was appointed to this position in June 2011, after holding several senior positions in the group since 1997. He is the current Chairperson of the Housing Financiers in Zimbabwe.

In our exclusive interview he said, ‘FBC Building Society has a BBB –  credit rating from Global Credit Rating (GCR), an international credit rating agency, since 2012 and has a strong balance sheet. The building society offers an array of financial services including mortgage finance and property development. ’

Mortgage lending is the core business of the building society in line with its strategic thrust, which involves the mobilisation of savings and the promotion of home ownership in Zimbabwe.

The building society is involved in the delivery of housing to the nation through large scale property development  projects. Since 2009 the society has delivered over 1000 housing units country wide which include the following:

1. Chipinge – Gaza
2. Mutare Chikanga
3. Chimanimani – Nyanga Project
4. Rusape – Vengere
5. Nyanga – Nyamhuka
6. Marondera – Chemutombo – Rusike
7. Kadoma – Ngezi
8. Kwekwe – Mbizo 9
9. Gweru; Mkoba 14 and Sundowns
10. Bulawayo; Caldry Park and Emganwini Suburbs

Harare Projects include:

1. Kuwadzana Extension, Tynwald North
2. Mainway Meadows – 77 units (medium cost housing)
3. Washington Avenue 32 units Phase 1&2 (cluster homes)
4. Montgomery – 46 units (medium cost housing)
5. Philadelphia – 10 units (medium cost housing)
6. Glaudina 108 units (medium cost housing)
7. Greendale Drive – 10 units (medium cost housing)
8. Greendale Rossal Avenue 24 units
9. Greendale Acturus – 17 units (cluster homes)
10. Masotsha Ndlovu Phase 1 to 5 (cluster homes)
11. Greendale Chaplin Road  27 units (cluster Homes)
12. Newlands Cambridge – 15 units (cluster homes)
13. Belgravia – 15 units (cluster homes)
14. Masotsha Ndlovu Phase 5 Project
15. Springvale Residential Stands – 1000 sqm

The institution continues to initiate new projects and upcoming projects  include:

1. Glen Lorne, Harare – (residential stands)
2. Hellensvale, Harare – (10 cluster units)
3. Greendale Rossal, Harare – (24 duplex units)
4. Pleasant St. Kilda Road (48 duplex units)
5. Greendale Kennedy Drive (15 cluster units)

“Of the projects that we have undertaken, some are in high density areas, we have done Kuwadzana (Glaudina) , which is where we started. In Waterfalls, we have quite a lot including Masotsha Ndlovu phase 1 to 5 and Mainway Meadows. We have changed the face of Waterfalls”, said Mr Gwandekwande.

The Building Society has put in place a number of delivery channels for its products and services to ensure the highest level of convenience and accessibility for its customers countrywide.

Mr Gwandekwande said, “Zimbabwe’s current housing backlog is estimated to be standing at 1,2 million units. It is against this background that we have taken a proactive stance in rolling out low, medium and high density properties across the nation with a clear objective of reducing the country’s housing backlog.”

To date,  FBC Building Society has provided mortgage loans in excess of $37 million which include mortgages for the Society’s own projects as well as direct mortgage lending.

This year the Building Society has set aside an additional $10 million for clients to access mortgages from the Building Society’s projects and for direct mortgage lending to qualifying clients.

FBC have employed the services of key technical staff in the build environment. All the projects are subjected to progress inspection by the City Councils responsible for the areas that they are being undertaken.

This combination has ensured the good quality of the end product and the affordable prices being offered to the market. This has contributed tremendously to the success of FBC Building Society in the residential property sector.