Tanzania: Developer Seeks Partners in New Housing Projects

 

NASA leader Raila Odinga was ‘sworn in’ as people’s president of Kenya Tuesday afternoon at the Nairobi’s Uhuru Park in the absence of his deputy Kalonzo Musyoka. The Wiper Party leader Kalonzo Musyoka was expected to take oath with Raila Odinga since the presidency is a joint ticket of president and deputy president.
Read more at: https://www.standardmedia.co.ke/article/2001267837/kalonzo-skips-swearing-in-ceremony

NASA leader Raila Odinga was ‘sworn in’ as people’s president of Kenya Tuesday afternoon at the Nairobi’s Uhuru Park in the absence of his deputy Kalonzo Musyoka. The Wiper Party leader Kalonzo Musyoka was expected to take oath with Raila Odinga since the presidency is a joint ticket of president and deputy president.
Read more at: https://www.standardmedia.co.ke/article/2001267837/kalonzo-skips-swearing-in-ceremony

Dar es Salaam — Dar es Salaam. Watumishi Housing Company (WHC) is seeking new investors in its projects.

That comes after its three-year contracts with seven partners who made the Real Estate Investment Trust (REIT) expired in November last year.

The seven are PPF Pensions Funds, National Social Security Fund, Public Service Pensions Fund, LAPF Pensions Fund, GEPF Pensions Fund, the National Health Insurance Fund and National Housing Corporation.

WHC is seeking new investors to work with, raise funds and identify projects for development.

WHC chief executive officer Fred Msemwa told The Citizen that according to the law, investors are required to enter into a three-year contract with the company.

As the demand for housing is growing, Dr Msemwa said the company intended to increase its capital from Sh68 billion. He urged more Tanzanians to invest in real estate.

"We will soon be holding consultations with the regulator and the seven investors that make up the REIT before we start allowing new investors, be they companies or individuals. This process will be completed at the end of this financial year."

According to Mr Msemwa, then the company will provide a direction on new projects. "Our intention is to allow people to invest in housing so that we can share profits," he said.

WHC-REIT was licensed by the Capital Markets and Securities Authority in 2015. It became the first fully fledged REIT to be established in East Africa. WHC is a public entity established in 2013.

As a property developer, WHC-REIT is the main implementer of the Tanzania Public Servant Houing Scheme tasked with building of 50,000 housing units in five phases commencing from FY 2014/2015. Houses shall be sold under mortgage arrangements to public servants and other eligible members of the public across Tanzania.

On July 31, 2017, the government approved WHC to sell its houses to members of pension funds. However, public servants shall continue to buy houses and shall be given preferential treatment whenever there is a competition for few houses.

Investment in Real Estate Investment Trusts (REITs) is a new concept in Tanzania and yet it provides an immense opportunity for the general public to participate and create personal wealth as well as contribute towards overall economic development. WHC-REIT seeks to work with other national and international fund managers and other stakeholders to develop this market in a manner that is beneficial to all parties.