FBC launches phase 2 of the Fontaine Ridge project

the herald

Michel Tomebusiness journalist

The FBC Building Society announces that it will begin phase two of its Fontaine Ridge housing project in Harare in the first quarter of 2023, while expanding its construction projects in Hwange.

Phase two of the Fontaine Ridge project will see the construction of 585 units while the Hwange residential housing project involves the maintenance of over 765 stands.

FBC Building Society group marketing manager Roy Nyakunuwa revealed this during the Botswana technical team’s visit to the Fontaine Ridge building in Harare.

FBC Building Society has been able to develop residential accommodation in Harare, Gweru, Kwekwe and Zvishavane.

FBC housing projects in many parts of the country are part of the Ministry of National Housing and Social Amenities’ goal of providing contemporary and affordable settlements to Zimbabweans by 2030.

However, this requires the collaboration of private and public sector actors with the common vision of championing the development of world-class and affordable housing properties for the general population.

“We hope to begin construction of Phase 2 of Fontaine Ridge by the end of the first quarter of 2023, and that is when we intend to begin our Hwange project as well.

“In Hwange, the land has been secured and we are still in the planning phase, including the architectural designs,” Mr Nyakunuwa said.

The national housing backlog in Zimbabwe stands at around 1.5 million and the bank is committed to assisting in infrastructure development and eradicating the national housing backlog.

He said the public was showing great enthusiasm for the Fontaine Ridge project, which saw the completion of Phase 1A in mid-2022, while Phase 1B is expected to be completed by the end of 2022.

“We are inundated with inquiries, the appetite is very high and people have seen the good work that has resulted from this project.”

FBC Building Society chief executive Pius Rateiwa said the projects are part of the banking group’s desire to partner with key players, including the government, to promote home ownership in Zimbabwe.

“The FBC Building Society’s quest for success in providing sustainable solutions to customer needs has led it to embark on this state-of-the-art, mid- to high-density housing project in Fontaine Ridge, as it steps up its efforts to develop modern housing infrastructure for all market segments of low, middle and high income groups.

“We appreciate the efforts of the public sector to make land available to the private sector and reputable developers who have successfully added value to our limited land resources within the limits of relevant regulations,” Mr. Rateiwa said.

Joy Makumbe, Engineer for the National Permanent Secretary for Housing and Social Amenities, said there has been a long need for government and the private sector to work together and provide decent housing to the general population.

He said the government was doing all it could to meet its share.

“As a government, we’re doing our 20% of the build, and FBC is saying here it’s doing a total of over 800 units, which is exciting for us because we’d like to see housing in the bag because our people need decent housing,” said engineer Makumbe.

The FBC construction company has over the years become a dominant force in the mortgage finance and real estate development sector, having delivered over two thousand homes that meet the needs of a wide range of local and diaspora clients who needed starter homes.

Comments are closed.