Tanzania: CBA supports Kigamboni low-cost housing project

IT is now possible to own a home in Kigamboni area, through low cost loans, thanks to the partnership between CBA Bank Tanzania and the Chinese based real estate developers, Avic International Real Estate.

The CBA Executive Director, Mr Julius Mcharo, said in an interview in Dar es Salaam yesterday that owning high quality house and good life is possible by accessing loans from commercial lenders.

The project supports the government’s efforts to reduce the housing deficit which according to the Ministry of Lands and Human Settlements Development is around 3 million units with an annual growth in demand of 200,000 units.

The current deficit coupled with the annual growth in demand and the urban population growth thus offering a big hyper growth opportunity for the national economy.

Avic town is within the range of New City of Kigamboni located some 30 kilometres from the Central Business District (CBD) of Dar es Salaam.

The plot is next to Amani Beach and with its beautiful natural scenery and roughly flat terrain; Avic town is appropriate and suitable for building extralarge residential quarters. The new city of Kigamboni, with a total area of 64,944,000 kms square, is located in Temeke District.

According to the government development information and data statistics, about 7bn/- has been invested into planning the new city of Kigamboni to build commercial centre, industrial zone, tour centre, hospital, international schools and residential zones with complete facilities, making the new city of Kigamboni to be the new prosperous centre and place where everyone expects to reside.

The Project Foundation Managing Director, Mr Liu Dexiang, said Avic housing project was launched three years ago and it focuses on development of integrated commercial real estate.

“It is also involved in the development of mainstream urban residence and is seeking opportunities to develop in the field of industrial real estate and overseas real estate in the country,” said Mr Liu.

The Deputy General Manager, Mr Lui Qi, said that their global strategic plan is to develop apartment projects, residential projects and complex projects in 15 countries, such as Tanzania, Kenya, Sri Lanka and Laos, as well as expanding markets there.

On overseas real estate, we prioritise Africa and Asia as our key regions while studying on the development of Europe, America and Oceania.

“Tanzania is one of the countries that Avic intends to make a second home. From 2010, Avic International Oysterbay and Sea View apartments have been open to the public.
Source: Daily News, reported from Dar es Salaam, Tanzania
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