By Felix Andrew
WATUMISHI housing Company (WHC) in Tanzania is implementing a method that will enable its prospective customers to have a saving culture that would enable them accumulate enough money which will help them to construct affordable houses.
Speaking to the Azania Post in an exclusive interview, the company’s Chief Executive Officer, Dr Fred Msemwa, said WHC as a fund and investment manager, is poised to devise other methods that will enable its prospective customers to build a saving culture.
He said the move will enable them to create profitable financial products that can facilitate people to build wealth over time and then be able to use their investment to own homes more easily compared to now where one has to raise a big sum of money to buy homes.
“Research show that Tanzania is experiencing a housing deficit in excess of three million hence a great investment opportunity for both property developers and government to ensure that we meet the current house demand putting in consideration the majority group which is the lower and middle class and observe affordability in selling the units”, he said.
He suggested that for the government and particularly local government, it is high time they should move up in the housing ladder from just being sellers of plots to looking on how they can join developers such as WHC and the like to undertake joint venture projects for the provision of houses to the people.
According to him experience in other countries shows that municipals play a key role in the provision of not only land but also houses to their people.
“This can also happen in Tanzania as this will not only provide an alternative sustainable source of income but also will enhance living conditions of the general population”, added Dr Msemwa. WHC is building affordable houses whose prices align with income levels of its target market.
As a property developer, the company is the chief executor of the Tanzania Public Servant Housing Scheme commissioned with building of 50,000 housing units in five phases.
WHC-REIT (Investment Trust) aims to work with other national and international fund administrators and other stakeholders to expand this market in a way that is favorable to all parties.