FBC to start phase 2 of Fontaine Ridge project
FBC Building Society says it will begin phase two of its Fontaine Ridge housing project in Harare in the first quarter of 2023, along with broadening its construction projects to Hwange.
Phase two of the Fontaine Ridge project will see the construction of 585 units while the Hwange residential housing project entails servicing of over 765 stands.
Roy Nyakunuwa, FBC Building Society’s head of group marketing, revealed this during Botswana technical team’s visit to the Fontaine Ridge construction in Harare.
FBC Building Society has been able to develop residential accommodation in Harare, Gweru, Kwekwe, and Zvishavane.
The FBC housing projects in many parts of the country fit into the Ministry of National Housing and Social Amenities objective to deliver contemporary and reasonably priced settlements for Zimbabweans by 2030.
However, this requires the collaboration of private and public sector players with the common vision of championing the development of world-class and affordable housing properties for the general populace.
“We are hopeful that we will kick off the construction of Fontaine Ridge phase 2 by the end of the 2023 first quarter, and that is the same time we intend to start our Hwange project as well.
“In Hwange land has been secured and we are still in the planning phase including architectural designs,” said Mr Nyakunuwa.
Zimbabwe’s national housing backlog stands at around 1, 5 million and the bank has taken on itself to participate in infrastructure development and eradicating the national housing backlog.
He said the public was showing a lot of enthusiasm for the Fontaine Ridge project, which saw the completion of phase 1A in mid-2022, while phase 1B is expected to complete by the end of 2022.
“We are inundated with inquiries, the appetite is very huge, and people have seen the good work that has come out of this project.”
FBC Building Society managing director Pius Rateiwa said the projects are part of the banking group’s resolve to join forces with key stakeholders including the government in promoting home ownership in Zimbabwe.
“FBC Building Society’s quest for success in providing lasting solutions to customer needs saw it embarking on this successful state-of-the-art medium to high-density Fontaine Ridge Housing Project, as it steps up efforts towards developing modern housing infrastructure for all market segments from low to medium and high-income groups.
“We appreciate the public sector’s efforts in making land available to the private sector and reputable developers who have a track record of success in adding value to our limited land resources within the confines of relevant regulations,” said Mr Rateiwa.
National Housing and Social Amenities Permanent Secretary Engineer Joy Makumbe said it has been long outstanding for the government and private sector to collaborate and deliver decent housing to the general populace.
He said the Government was doing all it can to meet its share.
“As a Government, we are doing our 20 percent of the construction, and FBC here says it is doing a total of more than 800 units, which is exciting for us because we would want to see housing units in the bag because our people need decent accommodation,” said Engineer Makumbe.
FBC building society has over the years become a dominant force in the mortgage financing and property development sector, having delivered more than two thousand housing units that fulfil the needs of a wide spectrum of clients locally and in the diaspora who required starter homes.