The project, Palm Village of Dream Waterfront being implemented in Msasani area, Kinondoni district, is the first such multibillion-shilling private real estate project investment in the country.
A Chinese firm, Group Six International, will carry out the project, which is expected to be completed by June 2017.
Speaking at the project’s inauguration, the vice-president underscored the importance of decent settlements for the people and development.
She urged the company to ensure that it follows all set procedures and quality requirements during construction.
The V-P said the real estate sector in the country has been growing rapidly in recent years, thus fuelling strong and sustained economic growth averaging 7 per cent in a fast growing population of 50million people.
She noted that the construction sector was crucial for the country’s economic growth while contributing to the country’s attainment of a middle income economy by 2025.
“This project will become a milestone in the real estate industry and stimulate the industry to develop in a better way because of the strategic location and scale of the project and the advanced concepts of the designs,” she said.
She added that real estate was an emerging industry in the country and a major driving force for economic growth.
According to her, the country needs quality housing with affordable prices that can easily be accessed by the local people.
“Chinese enterprises and investors are more than welcome in the country. Their investments will not only foster business growth but also ensure a win-win situation for local ventures,” she said.
At the event, Group Six International donated Sh20m to Mbuyuni and Mwongozo primary schools, each receiving Sh10m, to boost education development.
Chairman of the construction firm Janson Huang said the state-of-the-art project would consist of commercial buildings and four residential towers in one place.
Among other features, it would include retail spaces, supermarkets, shops, clinics, banks and restaurants.
He said his firm would soon bring to Tanzania at least 100 Chinese experts in the construction sector to train the country’s experts and transfer technology to at least 2,000 locals in the field.
“Each of the experts will train at least 20 Tanzanians through hands-on training during the implementation of construction projects in the country,” he said.
Highlighting the achievements of the company for the past 10 years of its existence in the country, he said they had managed to create 15,000 jobs to Tanzanians, noting that the company was one of the examples of good Chinese investments in the country.