WHI reveals plans to increase houses for civil servants

WATUMISHI Housing Investment (WHI) on Thursday announced a number of measures aimed at addressing housing challenges for public servants and other cadres through a number of interventions, including construction of 983 houses.

Speaking to reporters here yesterday on the implementation of

projects, WHI Managing Director, Dr Fred Msemwa, said so far the houses that have been constructed in various areas countrywide have been a solution to the public servants.

“The 983 houses have been constructed since establishment of WHI in the last eight years and we are focused to end the challenge of the residential houses to the public servants and members of the social security funds,” said Dr Msemwa.

He noted that there are a number of projects in place for the construction of residential houses, further underscoring the need for the public to develop a habit of investing on capital markets and security.

According to Bank of Tanzania (BoT) report , he said, only 15 per cent of Tanzanians can buy a house worth 25m/-, thus underscoring the need to ensure they are not left behind in investment and capital growth.

He said they open construction and a consultancy company, which to a large extent have reduced the prices of the house or apartment sold between 10 to 30 per cent.

Moreover, he said, there are a number of upcoming projects of Kawe Apartments, Dodoma Apartments, Gezaulole Housing project, Arusha Land plot projects and construction of low cost houses for council servants, which to a large extent will address the shortage of houses for the public servants and members of the social security funds.

WHI, thus last November introduced Faida Fund as an opportunity to invest for good profit, adding that it will also help in raising capital for implementing its development projects.

“This fund is part of the government’s intentions to empower Tanzanians economically and it is the implementation of the economic empowerment policy,” he said.

Dr Msemwa said the introduction of the Faida Fund resulted from views from investors who wanted to invest in short term assets, adding that apart from the great achievements of the first fund in the housing (Watumishi Housing Corporation-REIT) launched in 2014 which raised 59bn/-, some of the investors, especially retail, requested for the establishment of the Faida Fund that offers opportunity for many investors.

The fund’s target was to collect 7.5bn/- through unit sales, which started November and it surpassed the target to hit 12.95bn/-

Faida Fund is a collective investment scheme, that the management has credited its technological use, banking on mobile phones, and easy investing for the scheme’s success.

The fund has invested in the government bonds in an effort to expand and boost revenues.

Equally, he has reassured investors that their money is safe adding that the fund is managed by experienced professionals with a proven track record.

Elaborating, Dr Msemwa added that the investors come from four groups: individuals, groups, children under 18 years and various institutions, including bodabodas, farmers, food vendors, fishermen, and public servants.

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