40,000 HOUSES GALORE IN $1BN DEAL
THE Zambia Union of Government and Allied Workers (UG) has signed a Memorandum of Understanding (MoU) with a housing developer, for the construction of 40, 000 houses for civil servants, at a cost of US$1.4 billion.
UG President Muyaywa Kabisa said the 40, 000 housing units will be offered to its members under a rent to buy facility.
Mr Kabisa noted that construction of the 40, 000 housing units across the country will commence in April 2022, with the first batch of 5, 000 earmarked for Chipata and Lusaka.
He said the housing project will take 10 years to complete and that UG members will occupy the houses as tenants, with their monthly rentals going towards ownership of the houses over an agreed period.
Mr Kabisa was speaking at the signing ceremony of the MoU with Collins Mutual Limited for the development of affordable housing for the union members.
He said UG is committed to working with other partners and stakeholders in improving suitable and affordable living conditions for civil servants who are spending nearly 50 percent of their income on rentals.
Mr Kabisa said existing mortgage schemes by commercial banks and financial institutions are beyond what the majority of civil servants earn, due to the high interest rates.
And Collins Mutual Limited Chief Operating Officer Raymond Kabonga said the partnership between the company and UG is a game changer in home ownership.
He said the company is ready to commence construction of the 40, 000 housing units that will benefit many civil servants, to own decent and affordable houses. – ZANIS.
