Banking sector funds 5 700 houses

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    The banking sector funded a total 5 700 housing units for the whole of last year, according to CBZ Holdings chairman Noah Matimba.

    Matimba said a total of $172,1 million was extended towards financing housing projects in 2017 from $75 million when 1 531 housing units were funded.

    Commenting on the country’s property sector performance in 2017, Mr Matimba said activity had remained skewed towards retail and residential property development.

    “However, the shortage of cash and foreign currency (in Zimbabwe), on the back of rising inflation fears and general uncertainty adversely affected the performance of the sector,” he said.

    Meanwhile, CBZ Holdings said it will increase its presence in the property sector, as part of the group’s portfolio diversification strategy.

    Presenting CBZ Holdings results for the year ended December 31, 2017, acting chief executive officer Peter Zimunya said the group’s strategic initiatives in the property sector will be undertaken through CBZ Properties, its property development arm.

    He said as part of the strategy, the Group will focus on property and infrastructure development, property management and valuations.

    “The goal is to unlock value from the Group’s land and properties portfolio and increase shareholder value,” said Mr Zimunya.

    He added that the financial services group is involved in a number of initiatives in both residential and commercial segments.

    Some of the projects CBZ is undertaking include a $15 million project for 2 800 high density stands in Marondera and a $7 million project for 670 medium density stands in Mahatshula Bulawayo.

    CBZ has at least 6,1 percent of its asset base invested in investment properties, up from 4,4 percent in prior year comparative.

    CBZ’s carrying amount of the investment properties is $33,9 million while the rental income derived from investment properties amounted to $1,9 million up from $1,1 million prior year comparative.

    – Herald

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