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Newly registered Craft Properties Zambia Limited, a housing developer and real estate entity owned by a local company, Craft Properties Holdings, has pledged to work with the Zambian Government in offsetting its housing deficit.
The Zambian national housing backlog, according to the Centre for Affordable Housing Finance in Africa, stands at two million units.
Craft Properties Zambia Limited was successfully registered on March 18 this year and its Certificate of Incorporation was confirmed under the Zambian Companies Act of 2017.
Craft Properties Holdings founder and chief executive Kudakwashe Taruberekera, said they want to work with Zambian government to ease housing shortages.
“We are informed that Zambia’s existing housing stock is estimated at 2,5 million units, of which 64 percent is traditional housing, while 36 percent (or about 800 000 units) is urban housing.
“In urban areas, we are also aware that about 28,5 percent of the urban housing is detached housing, while a further 40 percent is good quality housing.
“It is the 60 percent substandard housing that is found in Zambia that we are targeting to offset and help in President (Edgar) Lungu’s vision for better quality and affordable housing for the people.”
According to the CAHFA, 70 percent of houses in Lusaka are substandard and informal, while accommodating over two thirds of the city’s population.
Zambia has an estimated population of 15,4 million, which is growing rapidly at the rate of 3,2 percent per annum and an urban population that is growing at 4,2 percent.
CAHF said in 2015, the average household income needed to buy the cheapest house in Zambia was US$ 36 960, while an average annual household income was US$5 102.
Mr Taruberekera said: “Our research indicates that low income households in urban areas can afford a house costing between ZMK 61 300 and ZMK 100 000 (US$ 6 584 – US$ 10 741).”
He said they were also aware that 30 percent or 4 506 300 people, with an average monthly expenditure between ZMK 2 793 to ZMK 4 655 (US$ 300 to US$5 00) spend 30 percent on rentals.
“A further 63 percent with a monthly expenditure of less than ZMK 2 793 (US$ 300) spend up to 40 percent of their monthly income on rentals.
“This is where we come in as Craft Properties and we are certain that with the experiences gained in Zimbabwe and Texas, USA, we will make a huge contribution to improve the livelihoods of the low-income earners in Zambia,” he said.
In Zimbabwe, Craft Properties Holdings’ activities are anchored in two major housing projects in Kadoma and recently in Masvingo.
These include a US$15 millio high-density housing development and an agricultural residential plots developments.
The high-density project — Holyland High Density Suburb — comprises 1 573 residential stands valued at more than US$10 million in Kadoma.
The project is part of a 60ha piece of land at Subdivision of Stand No.1 of Subdivision A of Railway Farm 8 in Kadoma.
This is an innovative project expected to boost the high density accommodation provision in Kadoma.
It has a mixture of retail shops, primary schools, low income earning housing stands and entertainment space.
Progress recorded so far include the completion of Topographical and Title Survey, approved in terms of Section 43 of the Regional, Town and Country Planning Act (Chapter 29:12), Environmental Management Agency Certificate No. 001212 and Civil Engineering designs approval (February 3, 2015) No. 16965.
Civil works completed include opening of roads, road construction under progress, water pipes laid and boreholes drilled and installed for supplementary water at building projects.
Craft Properties (PVT) Ltd has been granted permission by ZETDC with regards to the electrification of the project.
Houses construction is also in progress by low income earners, a greater number being from the civil service.
The other project is a US$3,8 million agro-residential plots development at the Greenfield Cherries Residential Agricultural Plots, and this has 93 plots.
“We are like mushroom, we germinate and grow anywhere. We have a vision of growing throughout the region and beyond,” he said.
Craft Properties has offices in Kadoma, Harare and Masvingo.
They are also found in Texas, US where they run the Craft Properties USA LLC that principally deals in real estate business.
“Our real estate company in Zambia will, using our expertise and experience gained across the globe, offer world class services in property sales and management, project management and land development and asset valuations.
“We will also be offering advisory services, supply of building and construction materials, appraisal management and construction risk management.”
Craft Properties Zambia Ltd are also expert auctioneers.
Also available at the new entity would be property and land development, land Identification for commercial, residential and agro-residential development, land and housing infrastructure development, consultancy and advisory services.
Spurred by the mission to provide the most professional, informative, loyal and dedicated service in the industry, while establishing long term client relationships by making sure the best interests of our clients come first, Craft Properties Zambia Ltd strives to be a market leader within a short period of time.
“We would like to assure, guarantee and promise our future clients that we will provide a guaranteed service excellence that create long term mutual beneficial relationships.
“Our values of customer focus, commitment to service excellence, innovation, social responsibility, teamwork and integrity makes us a team to reckon with.”
Craft Properties (PVT) Ltd was established in 2008 in Kadoma.
“The secret behind our success as Craft Properties (PVT) Ltd is professionalism, honesty and hard work.
“We have been on a rise in recent years and in 2020, we see ourselves spreading to all provinces in Zimbabwe.
“Our vision can only be achieved with the support our organisation gets from its clients and stakeholders since its inception in 2008,” he said.
The diversified property developer has also been awarded an International Business Licence in Oxford, UK by the Europe Business Assembly in accordance with United Kingdom Trade Marks Act of 1994 and Europe Business Assembly awards regulations.
This license permits Craft Properties (Pvt) Ltd to operate internationally.
This makes Craft Properties an elite member of the World Confederation of Businesses, while Mr Taruberekera has been appointed the Head of Africa Region in World Confederation of Businesses.
Directors and managers from Craft Properties have also been honoured around the world scooping prestigious awards at a glamorous event held by the International World Confederation of Businesses at The Bizz Amea in Kuala Lumpur in November last year.
Mr Taruberekera was rewarded for being a successful leader who works in an innovative, knowledgeable and systematic manner.
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