THE National Building Society (NBS) is looking at constructing 6 350 housing units across the country with 2 198 scheduled for this year as part of the institution’s medium to long term plans.
The drive dovetails with Government’s infrastructure development ideals towards Vision 2030 of making Zimbabwe an upper middle income economy.
At the beginning of this year, Government signed a Memorandum of Agreement with NBS to roll out a $60 million housing facility for civil servants to enhance their livelihoods.
In a statement accompanying the company’s financial report for the year ended December 31, 2018 NBS board chairman, Mr Stanley Kudenga, said in 2018 the company added 1 790 housing units to the national housing stock while 526 were completed units and 1 264 units were at various stages of construction.
“Despite the tough trading economic environment, the society is confident of its business model of delivering housing at affordable prices to the people while returning value to our stakeholders.
“In 2018 we added 1 790 housing units to the national housing stock, of which 526 were completed units, and 1 264 units were at various stages of construction as at 31 December 2018,” he said.
“Our strategic focus for 2019 continues to be anchored on housing delivery. We plan to deliver 2 198 housing units and stands in order to bridge the housing shortage in the country.
“In the medium to long term, we have a pipeline to construct 6 350 housing units across the country, that will be achieved through partnerships.”
The society said rising costs had a negative effect on housing developments, which in turn affected eligibility levels of the society’s target market and appealed to the Central Bank to exercise restraint and discipline to ensure currency stability and to keep inflation in check.
According to the company’s financial results, NBS recorded a balance sheet growth of 31 percent from $136,9 million to $177,8 million. The company attributed the growth to an increase in deposits and borrowings.
Loans and advances availed by the society grew by 30 percent to $81,5 million in 2018 and investment securities grew to 117 percent from $17,1 million in 2017 to $36,1 million in 2018.
“The society has continued on a growth trajectory with 2018 being another positive year delivering further strategic progress culminating in an increased customer base as well as delivery of additional housing units from various projects nationwide,” he said.
Mr Kudenga said the company’s strategy for 2019 entailed introducing innovative products and services that will enable the society to continue delivering mortgage finance to their local and diaspora markets. — chronicle.co.zw