FBC develops 62pc medium density houses in 2016

Mr Mushayavanhu

Mr Mushayavanhu

Enacy Mapakame Property Reporter
FINANCIAL services group, FBC Holdings developed 62 percent of the total medium density houses constructed in 2016.

Last year, 1 476 houses were delivered in the whole country. Of these, 116 were medium density houses.

Briefing analysts during the company’s financial results presentation last week, FBCH group chief executive Mr John Mushayavanhu said the financial services group, through its building society delivered 72 houses for the medium density market. This is in addition to upmarket gardens and high rise flats delivered in Harare last year.

“In 2016, the whole country did 1476 houses of which 116 were medium density. If you remember that is the area we were looking at. So of the 116 houses, 72 houses are ours which is 62 percent of the total,” he said.

In earlier reports, FBC Building Society indicated it was negotiating with local authorities for provision of land for high density housing projects in Harare, which would take on the Kwekwe and Gweru models.

The development will add on to the over 800 housing units the building society has delivered across the country since dollarisation, with half of them delivered in 2013 alone.

These have been developed in key strategic areas encompassing low to medium and high density in Harare’s Philadelphia, Greendale, Waterfalls, Glaudina, Newlands, Kwekwe and Gweru as part of efforts to provide affordable housing and reduce the housing backlog.

Meanwhile, the financial services group has restructured its mortgages to accommodate the growing market and ease pressure on home seekers.

“When we started we were giving people 10 year mortgages.

“Traditionally a mortgage is something between 20 years to 35 years. So we restructured some mortgages to 15 years and 20 years, depending on what the customer wants,” said Mr Mushayavanhu.

Indications are that Zimbabweans living in the diaspora take up 30 percent of the building society’s mortgages.

Since dollarisation, FBC BS has grown rapidly over the years with operating income growing by a constant annual average of 81 percent.

Article Source: The Herald