He said it was now very progressive to invest in either property construction or in securing prime land especially in Harare's plush and leafy low density suburbs.
FBC Financial Holdings said it has invested more than $500 000 in lucrative prime land in Harare.
FBC Building Society last year contributed $473 000 towards the FBC Group profit, a 760 percent increase on its 2009 bottom line.
FBC Holdings former Chief Executive, Dr Livingstone Gwata, said on the back of a very successful rights issue, the building society had completed development of medium density housing units in Mainway Meadows and all the properties had been snapped up.
Trust Financial Holdings Chief Executive, William Nyemba, last week also revealed plans to build state-of-art luxury homes in the plush Borrowdale Brooke low density suburb to cushion his flamboyant group, which has also invested heavily into agriculture.
Mortgage financing of tenures between five and 10 years is being provided at FBC Holdings Limited.
"Additional land has been secured in Waterfalls, Glaudina, Helensvale, Philadelphia, Borrowdale and Glen Lorne to cope with the overwhelming demand for residential properties in Harare,” said Gwata.
"The building society is also liaising with municipal authorities countrywide with a view to rolling out new housing projects to other cities as the effective demand for residential properties is expected to grow in the medium to long term."
The society’s capital was $11 million compared to the regulatory minimum capital requirement of $10 million required by the Reserve Bank of Zimbabwe.
During the year FBC Holdings undertook a successful rights offer to raise $8 million for the recapitalisation of the society and to enhance the underwriting capabilities of FBC Reinsurance Limited.
Another ZSE-listed financial services firm, Trust Financial Holdings, has already said it is investing into 50 cluster housing units in Harare's plush and leafy Borrowdale Brooke low density suburb.
The diversified financial institution is carrying out this project under its subsidiary Errarah Investments.
Nyemba said Erarah Investments currently owns serviced residential land in the Borrowdale Brooke Township and the target was to build about "50 cluster housing units".
Erarah falls under Trust Properties which is 90 percent owned by Trust Financial Holdings, currently chaired by Josh Sachikonye, Managing Director of major mining Rio Zimbabwe.
As at December 31, 2010, the TFHL real estate portfolio continued to buttress the group’s value.
Post published in: Economy