WATUMISHI HOUSING COMPANY CONSTRUCTION KICK-OFF IN TANZANIA

Watumishi Housing Company (WHC) set to kick-off construction of housing project in Tanzania.

Tanzania housing firm watumishi-housing-company set to kick-off construction of its housing project in the country. The company is seeking for investors to raise funds and identify projects for development.

WHC Chief Executive Officer,Fred Msemwa; “We will soon be holding consultations with the regulator and the seven investors that make up Real Estate Investment Trust (REIT).” According to him we will start allowing new investors, be they companies or individuals and the process will end this year.

The demand for housing in Tanzania has increase, which is making the company invest in the housing sector. WHC is seeking for investors after the expiration of their the contract last year November 2017. The intention is to allow people to invest in housing so that we can share profits.

The government has already approved WHC to sell its houses to members of pension funds. However, public servants can continue to buy houses and shall be given preferential treatment whenever there is a competition for few houses.

The project will open an immense opportunity for the general public to participate. The housing project will create personal wealth which will contribute towards overall economic development. The contribution such as affordable houses,investment and growth in the sector. The company will increase it capital and has urged more Tanzanians to invest in real estate.

WHC-REIT seeks to work with other national and international fund managers and other stakeholders to develop this market. The both parties are the main implementer of Tanzania Public Servant Housing Scheme. The housing scheme is to expected to build 50,000 housing units in five phases commencing from FY 2014/2015.