Finance Minister, Matia Kasaija endorsed the tripartite agreement on behalf of the government. High costs involved in provision of other services such as water, roads and electricity have been cited as the main hindrances for provision of low cost housing Kampala, Uganda | THE INDEPENDENT | National Housing and Construction Company Limited, Stanbic Properties Limited, and Stanbic Bank Uganda Limited have entered a tripartite partnership to initially develop approximately1400 affordable housing units, executives said on Nov.30.
Under the terms of the partnership, National Housing and Construction Company will provide land to develop affordable modern housing where upon completion Stanbic Properties will handle the direct sales and marketing with Stanbic Bank playing the role of financing partner.
Both Stanbic Bank and Stanbic Properties are subsidiaries of Stanbic Uganda Holdings Limited (SUHL), under the Standard Bank Group, Africa’s largest commercial bank.
Under the partnership, at least 1,400 tailormade housing units will be developed, targeting Stanbic Bank employees after which offers will be extended to other corporate entities, public and business community.
Executives remained guarded on the cost of the houses or the interest the would-be buyers would incur. Previously, developers have cited the high costs involved in provision of other services such as water, roads and electricity as the main hindrances for the development of low cost housing for the population.
Spencer Sabiiti, the chief executive of Stanbic Properties Uganda Limited said, their mission is to get all actors in the property space to collaborate to ultimately increase the supply of authentically affordable housing but also ease access to affordable long-term finance.
“This partnership starts us off in the right direction as we have both a developer and financier, both leaders in their respective spaces,” Sabiiti said.
Engineer Kenneth Kaijuka, the chief executive officer of National Housing and Construction Company Limited said that while undertaking company mandate, issues of inadequate funding for housing development projects as well as insufficient and untimely project off-taking framework has hindered delivery on NHCC’s mandate.
“Informed by the great strengths and our respective mandates each party represents, we have agreed to join hands under this tripartite framework to champion mutually beneficial collaborative initiatives that will address the above underlying challenges ultimately increasing housing stock, market the existing NHCC stock, customize housing products for bank staff and other clients, under tailor made schemes,” he said.
Anne Juuko, the Stanbic Bank Uganda chief executive said that the bank, which is Uganda’s largest commercial lender, agrees with experts […]