Dar es Salaam. The first batch of housing units at Zanzibar’s Fumba satellite town is expected to be handed over to owners at the end of this month as the project developer pursues the initial phase.
About 60 houses will be issued to owners during the opening event slated for June 30 and July 1 this year in the island.
Fumba Town is located in a free economic zone which enables foreigners to get a title in the form of a 99-year lease under their name.
A Germany company based in Zanzibar CPS Live Ltd is the developer of the $120 million project which targets 3,000 houses to be constructed in phases.
In the first phase, nearly 1,000 housing units will be developed, according to the company chief operating officer Mr Tobias Dietzold.
“Most of our customers, at least for now, are diaspora but the houses are open to all people,” he said.
The housings units start at $17,900 for studio apartment to $289,900 for 5 bedroom townhouse located in the seafront.
Zanzibar is estimated to have shortage of nearly one million residential houses and it has been increasing over time due to population rise.
The developer applies a German prefabrication technology to construct a home for just 18 days.
“This is really an industrialisation of the construction sector. These houses have a longer lifespan than that of a unit made of cement blocks,” added Mr Dietzold.
CPS Live Ltd has also mortgage arrangement with the People’s Bank of Zanzibar, Azania Bank and is in talks with other lenders to issue loans for the buyers of the houses.