IDBZ partners Armtrust Construction, Mabuto family in US$2,8m housing project

THE Infrastructure Development Bank of Zimbabwe (IDBZ) has partnered Armtrust Construction (Armtrust) and the Mabuto family to launch a US$2,8 million housing project, Mabuto Villas, in Hatfield, Harare.

The project has 20 new housing units.

Speaking during the commissioning of the project last Friday, IDBZ chairperson Kupukile Mlambo urged property developers and investors to prioritise partnerships in to grow the economy.

“It is a testament of the power of collaboration between the private sector and public sector and it is a dedication to advancing the housing landscape in Zimbabwe,” he said.

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“Today, we celebrate not just the unveiling of 20 units, but we also celebrate the realisation of IDBZ’s shared commitment to deliver sustainable and quality housing to Zimbabweans. The IDBZ has long envisioned an inclusive and vibrant housing sector to meet the diverse needs of our nation.”

Zimbabwe is currently facing a housing deficit exceeding one million units which the government has been failing to reduce due to a lack of capital.

Government is ramping efforts to partner the private sector in dealing with the housing crisis.

“The Infrastructure Development Bank of Zimbabwe recognises the importance of access to quality, equitable and inclusive housing in the attainment of Vision 2030,” Mlambo said.

“Mabuto Villa is an embodiment of how strategic partnerships between the public and private sector can foster community growth, stimulate economic progress and positively impact on lives.”

He said the bank remained indebted to the support they received from, most notably Finance minister Mthuli Ncube, the Harare City Council and other entities.

“Once you combine government funding with private sector funding, [the private sector efficiency], you have a much better product than when you just go it alone,” Mlambo said.

Armtrust Projects director Isaiah Chakuchichi said the US$2,8 million project was one of several initiatives underway, with title deeds for new owners to be issued soon.

“Mabuto Villas has consumed over a million bricks, 210 tonnes of cement and I’m grateful to all the suppliers who have made this a success,” he said.

“Our dedicated team has worked tirelessly to ensure that every aspect of this project aligns with our strategic goals and community needs. Mabuto Villas at value right now is US$2,8 million and this is one of eight projects in Armtrust’s pipeline.”

Armtrust aims to bring community infrastructure and housing that is sustainable.

Morgan Mabuto, a partner and a owner of the whole land, said he was happy about the development which was taking place after 25 years of having stayed at the whole plot.

The Mabuto Villa is priced at US$135 000 per unit and more than half of the units have since been bought, NewsDay Business heard last week.-newsda