FBC Holdings mortgage financing unit, FBC Building Society, has so far developed a total of 40 units (apartments) this year and is in negotiations to explore possible developments of stands in Kuwadzana and Glen Lorne.
Of the 40 units developed, 24 are from the Greendale Alfred Road project and 16 units from the Avondale West Road project.
The bank’s non -executive director, Marah Hativagone, told this publication that the country is facing a housing backlog which is currently estimated to be standing at 1,3 million at a time activities on the local residential property market have slowed down with property owners withdrawing properties in response to the prevailing economic environment.
Concurrently, high financing costs coupled with the high cost of building materials for new property developments have seen property prices remaining relatively high compared to other countries in the region.
“We are striving to deliver state of the art and high quality housing solutions in a challenging operating environment. As you may be all aware, the activity on the local residential property market has slowed down. Regardless of the mentioned challenges, FBC Building Society remains committed towards delivering relevant, low-cost, value
driven, customer focused and immaculate high, medium and low density properties across the nation with the clear objective of playing our small part towards reducing the country’s housing backlog,” she said.
Last year, the bank churned out a total of 64 housing units under two projects, 48 units for the duplex apartments project in Mt Pleasant and 16 units for the Greendale Kennedy Drive apartment project.
This year, the company has already developed 40 units (apartments) and it is looking forward to extending 858 stands in Kuwadzana and 14 stands in Glen Lorne.
Hativagone said the building society has delivered more than 900 housing units into the property market since 2009.
“In 2013, the building society built and sold a total of 462 housing units in strategic areas encompassing low, medium and high density schemes in Philadelphia, Glaudina, Greendale, Waterfalls as well as Mkoba 14 in Gweru and in Mbizo Kwekwe,” she said.