TMRC cites NHC, Watumishi Housing initiatives to boost mortgage market

22May 2020
The Guardian Reporter
Dar es Salaam
The Guardian
TMRC cites NHC, Watumishi Housing initiatives to boost mortgage market

MAJOR residential and commercial housing investments being undertaken by National Housing Corporation and Watumishi Housing Company provide an impetus into growth of the mortgage market.

Watumishi Housing Company’s Magomeni Apartments in Dar es Salaam.

In its mortgage market update for year ending December 2019, Tanzania Mortgage Refinance Company said NHC and WHC are undertaking major projects in Arusha, Dar es Salaam, Dodoma and Geita regions among many other places in the country.

The report stated that with the country’s housing demand standing at over three million units with an increase of over 200,000 annually, mortgage lending remains a reliable vehicle for ordinary people to get decent houses.

“Efforts to develop a number of housing projects by developers continue with a special focus on housing projects in Dodoma as the government continues with the relocation of its administrative functions to the capital city.  National Housing Corporation has continued carrying out its various projects focusing on high, medium and low-income earners which continue to have a positive impact on the mortgage market,” the TMRC report stated.

The report mentioned NHC’s ongoing major projects in Dar-es-Salaam as Morocco Square whose construction started in 2015 and satellite city projects in Arusha and Dodoma. “Morocco Square consists of four blocks including a shopping mall with a total of 28,827 square metres for different commercial uses including banks, chain of stores, supermarkets and shops, movie theatres, kids’ grounds and food courts, among others,” the report noted.

TMRC’s report added that NHC has a total of ten satellite city projects currently under execution at different stages while also encouraging potential interested developers under strategic partnership arrangements to carryout development of such cities.

“The corporation has the responsibility to monitor its satellite cities to make sure that developers comply with development standards and regulations as per the respective master plans,” the report alerted while naming Iyumbu in Dodoma and Chato in Geita as some of the promising projects.

Regarding WHC’s projects, the report said the public developer continues with the implementation of a Public Servants Housing Scheme with focus on medium and low-income earners hence exerting a positive impact on the mortgage market.

“Watumishi Housing ongoing major projects in Dar-es-Salaam are Gezaulole Residence and Bunju B Housing Estate. Gezaulole Residence project was launched in 2015 and is one of the biggest projects in the country which is comprised of apartments, landed houses and shopping centre,” the TMRC report noted saying on completion, the project will have 975 residential houses of which the first phase consists of 330 houses.

“The first phase of construction is 100 percent done and started to be occupied by tenants. Bunju B Housing Estate consists of 65 landed houses of different sizes from two bedroom houses to three bedroom villas and shopping centre, kids’ grounds, among others. The project is also 100% completed and occupied by tenants,” the TMRC noted.

The report named other promising ongoing projects by WHC as Mkundi Residence located in Morogoro with 50 residential houses, Kisesa Residence in Mwanza and Ndejengwa Housing Estate in Dodoma.

“In August 2017, Watumishi Housing embarked on a new project; Watumishi Njedengwa Housing Estate, a project aiming to build 500 housing units in the capital city following government’s decision to relocate its administrative functions to Dodoma,” the report said adding that construction of 39 stand-alone units being the first phase of the project, was completed in December 2018 while construction of 172 units under the second phase due for completion in September this year.

The TMRC explained that all WHC projects are on sale with 88 Magomeni Apartments and Dodoma’s Njedengwa phase I being fully sold out while more than half of the second phase of the project’s houses being booked.