Chinese company, China Industrial International Group Zimbabwe intends to launch a US$10 million mortgage facility in Zimbabwe targeting low-cost housing developments.
The firm will build an estimated 1000 houses in Harare alone utilizing steel technology. The houses will be built with solar furnishings to cut on energy cost and enhance energy efficiency.
A demo house has already been built in the Stoneridge area while school blocks have also been built in Shurugwi, Zvishavane and an orphanage in Hatcliffe by using the same technology.
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During an interview, Mr Nie Hai Yang, the CIIG chief executive said the project will mainly target those in civil service and other low income earners in search of home ownership.
He said the company was in consultations with the Ministry of Local Government, Public Works and National Housing for the project on how the project will be implemented.
“We are looking at developing houses in Stoneridge and the rest of Zimbabwe on a mortgage facility,” he said.
“We are targeting low income earners, and right now we cannot say how much each house will cost but it will definitely be cheaper. The technology we want to use is both cost effective and energy efficient compared to the conventional housing development,” said Mr Yang.
Steel technology is relatively cheaper in comparison to conventional houses.
Mr Yang added, using steel technology a three or four bedroomed house can be built within seven days.
“We have been receiving a lot of enquiries from the market over this steel structure technology and we are excited we will offer housing solutions to people that is also affordable,” said Mr Yang.
Minister for Local Government, Public Works and National Housing Saviour Kasukuwere said the project would be a game changer in the construction industry as it would make housing affordable for citizens.
“We welcome the initiative from CIIG. It’s the sort of breakthrough we have been waiting for after having witnessed building institutions refuse to support local authorities and Government initiatives.”
China Industrial International Group Zimbabwe will become one of the many firms to provide mortgage facilities for low cost housing projects, geared at reducing the country’s housing deficit which currently stands at 1.2 million units.
The government has put more emphasis on the need to reduce the housing backlog, in line with objectives of the economic blue print Zim-Asset.
To achieve this, the Government will provide State land to local authorities to facilitate them to offer schemes that are affordable to the general public, according to the 2017 National Budget.
