Old Mutual set to build low cost houses

OLD Mutual Group has unveiled plans to construct 3 000 low-cost houses in Bulawayo over the next three to four years to complement council efforts to reduce the city's housing backlog currently pegged at more than 100 000.

The group's chief executive officer, Jonas Mushosho, recently told NewsDay Business that the new housing projects would be carried out in phases.

"We previously reported that we are developing residential stands, low cost housing residential stands in Pumula South and in Nkulumane, with the total being 1 092. So in Pumula South we have finished the first phase and sold all the stands except for four which are fairly big," Mushosho said.

"We are now developing the second phase of the stands and we have applied for additional stands from the city council. In Nkulumane, development and sale of stands has also started and work is progressing very well."

"So we are very happy we think that we will gradual build the number of stands that we will do in Bulawayo to just about the same size as we did in Harare about 3 000 but we will do it on a phased approach," Mushosho added.

The stands are being serviced under a public private partnership agreement with the local authority.

He said beneficiaries would be expected to be on council's housing waiting list, pay a deposit of 30%, with the balance spread over 12 months.