FBC mulls more housing projects

FBC Holdings is considering more investments in the property sector following the success of its housing projects in the Harare suburbs of Greendale, Waterfalls and Newlands.

Banks are increasingly focusing on property development to unlock value, especially in a market where there are limited investment avenues.

There are planned new projects in Greendale, Mount Pleasant and Waterfalls through Phase Five of the Masotsha Ndlovu housing development. Despite declining disposable incomes, FBC is confident that it will be able to sell most of its properties.

FBC spokesperson Ms Priscilla Sadomba told The Sunday Mail Business that its properties are designed for all market segments.

“With a strong appetite for reducing the country’s housing backlog by providing decent, affordable and state-of-the-art housing solutions to low, medium and high income earners in Zimbabwe, the building society has upcoming projects in Waterfalls, Greendale and Mt Pleasant.

“Whilst the spending power in Zimbabwe is on a downward trend, the need for accommodation is basic and a priority for many people.

“People still need accommodation whether the economy is booming or not,” said Ms Sadomba.

Through Masotsha Ndlovu Phase Five, FBC is constructing 16 modern housing units.

A model unit – priced at US$ 99 500 – consists of three bedrooms, combined lounge and dining, kitchen, bathroom and main ensuite.

“Today’s market is volatile as well as uncertain, and for any organisation to stay ahead of the competition, it should be agile,” explained Ms Sadomba.

FBC Building Society is also offering 16 units in Greendale at a cost of US$ 140 000 each.

In addition, there will be 48 housing units under four different phases in Mount Pleasant with 12 in each cluster.

The bank’s facilities, which attract an interest rate of 15 percent per annum, usually have a tenure of 10 years.

Providing loans for its housing schemes has helped drive sales.

Apart from fully developed housing units, FBC Building Society is also selling 10 serviced medium-density stands in Springvale, Ruwa.