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THE National Social Security Authority has completed the refurbishment of demo-units at its St Tropez residential flats to be sold by the National Building Society.
NBS is NSSA’s banking arm whose role is to provide affordable financing of end customers. The bank has introduced finance with tenures of up to 25 years on a pricing of 9,5 percent.
NSSA general manager Elizabeth Chitiga told The Herald Property that the pension authority was now moving away from the model of renting out the residential flats.
“There is work being done at St Tropez flats and as NSSA we are in the process of refurbishing those flats. Before the end of June we will be having demo units to be shown to the public.
“The model where we used to rent out flats is no longer attainable. The cost of refurbishment is on NSSA,” said Mrs Chitiga.
This refurbishment comes after about 60 families, headed by pensioners and widows, occupying St Tropez apartments were evicted as NSSA reclaimed its properties.
NSSA was banking on a judgment delivered by Supreme Court judge Justice Nicholas Mathonsi in March ordering the tenants to vacate the premises.
Mrs Chitiga said NBS will be in charge of the selling of the flats to interested customers.
“After unveiling the demo units to the public, NBS will come in on the selling the flats to give people affordable mortgages so that citizens can all get housing,” said Mrs Chitiga.
The current national housing backlog stands at about 1,25 million units.
Under the National Housing Delivery Programme (2014 – 2018), the target is to deliver 313 368 fully constructed housing units or serviced stands, with the beneficiary being the main contributor, and government providing land and bulk infrastructure services.
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