In an effort to take advantage of the country’s growing housing shortage, former Zambian Finance Minister Situmbeko Musokotwane has announced plans to spend USD 1.5 million on the development of a 3,100 acre property near the capital city of Lusaka into 8,800 houses, a university, a shopping mall and a Business Park, under the name of Nkwashi project.
According to Mwiya Musokotwane, Managing Partner of Thebe Investment Management, who will be administering the project, the Nkwashi project will be the country’s largest real estate project to help address the housing shortage that is estimated to be as high as 3 million units.
Thebe Management has indicated that it expects to invest approximately USD 60 million in the project on roads, electricity, water, and sewage, but is currently seeking investment partners for the planned shopping mall and Business Park.
Individual buyers, who will be responsible for funding the construction of their own residential plots, will receive support from Thebe Management for the acquisition of loans to support the process.
