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Tuesday, 25 June 2013

Investment Watch (Housing)

Ndola City Council (NCC) and a Chinese firm Henan Gouji have signed a memorandum of understanding for the construction of more than 2,000 houses at Dola Hill site opposite the Levy Mwanawasa Stadium. The construction would include a hospital and two five-star hotels. The housing project is estimated at $200m. The project is expected to start at the end of September and would create more than 1,000 temporary construction jobs for the local people.

Last year the suggestion was 1000 houses and only one five star hotel! It appears they are doubling the capacity of everything. Hyperbole? We must wait and see.  As I understand it, the plan last year was for the company to ask people interested in buying the houses to pay 20 per cent before it starts building and another 20 per cent when it finishes the construction and the rest was supposed to be paid in form of mortgages at very low rates. It is unclear whether that is still the plan.

Chola Mukanga | Economist | Writer
Copyright © Zambian Economist 2013

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