THE National Building Society (NBS) has completed two blocks of flats in Glaudina ahead of schedule with the total number of apartment of flats ready for occupation totalling 64, an executive has said.
The project had been slated for completion in February.NBS managing director Sifiso Mahlangu told NewsDay Business:
“We have successfully completed the two blocks in Glaudina and the 64 units are ready for occupation.”
He stressed the bank’s commitment to address the country’s housing backlog, which currently exceeds over two million units.
“We aim to provide housing for everyone by offering low-cost mortgages to tackle this long-standing backlog,” Mahlangu said.
To facilitate home purchases, NBS has reduced the deposit requirement for Glaudina houses to 20% from 60%.
He also revealed plans to initiate a second phase of development for two additional blocks after the rainy season, having secured funding through internal sales from the completed blocks.
“The development in Glaudina involves two blocks, funded entirely through our internal resources. We have seen strong sales and we intend to reinvest these resources into the construction of the next two blocks,” Mahlangu said.
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Government has set an ambitious target of 1,5 million housing units by 2025, a task assigned to all housing developers in the country.
To reach the target of 1,5 million housing units, the government has established a supportive policy and legislative framework to encourage private sector involvement in housing development.
This initiative has led to contributions from private land developers, banks, building societies, mining companies and employer-assisted housing schemes.
