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Zimbabwean property developer Datco Group has taken over the Tynwald South housing project that was being sponsored by the ZimTrust Housing Finance
Datco chairman Brighton Manengureni said the company had begun work on the initial phases of the project, which would be completed by the end of 2012.
“The servicing of the area, which is around 13.6 hectares, has already started with the setting up of sewer and water systems. Construction of roads is also underway. We expect this to be completed by the end of the year,” Manengureni said.
According to Manengureni, construction of the houses would take 24 months to complete. The project has been expected to benefit around 300 families, with 268 having already agreed to take up houses.
The company said that the Tynwald South housing scheme was the first phase of Datco’s low-income housing scheme across the country.
Earlier this year, the company entered into a partnership with insurer Progressive Insurance Brokers (Pvt) Ltd that would see housing scheme members being covered under life assurance and accident cover.
“The idea is to mitigate the risk for members of Datco’s housing schemes. Mortgages tend to be very risky and we believe that they should be secured,” said Manengureni.