HomeBusiness DigestCabs offers $1,2 trillion for housing

Cabs offers $1,2 trillion for housing

Roadwin Chirara

CENTRAL African Building Society (Cabs) plans to disburse over $1,2 trillion in housing loans for the 2005/06 financial year.

ans-serif”>The building society in this financial year had set a target of $240 billion for property development. It has since disbursed 1 782 loans amounting to $266,8 billion, surpassing the target by $26,8 billion.

Cabs executive director for operations, Ambrose Matika, said the increase in loans disbursed had risen sharply, boosted by demand for residential purposes which took up the largest chunk of $166,6 billion.

He said of the amount advanced for residential properties, $12,4 billion had been made available for housing projects throughout the country.

“Of the total amount of $266,8 billion, $166,6 billion was made available for residential housing of which 744 loans amounting to $34,7 billion were advanced for high density housing and 880 loans amounting to $131,9 billion went to low density applicants,” Matika said.

He said the building society was working on completing its various housing projects across the country to ease demand for accommodation.

He said the society’s major housing project was the Nkulumane and Pumula South development in Bulawayo with over 2 066 units.

“Nkulumane and Pumula South project in Bulawayo is the biggest project that we are undertaking and when completed it will have 2 066 units,” said Matika.

In Mutare he said Cabs was working on a 750 housing development project in Chikanga with 30 units at various stages of development.

“The Chikanga project in Mutare will have 750 units and currently 30 units from the housing development are at various stages of construction,” Matika said.

Matika said the Gwanda housing project had been completed and benefited 38 individuals.

He said the society was currently negotiating with various local authorities to identify further housing development projects in Mutare, Harare, Norton, Kwekwe, Bulawayo and Gweru.

“We have completed the Gwanda project and handed over the houses for occupation. Currently we are holding negotiations with various local authorities in an effort to have land availed for housing development,” said Matika.

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