BY BANKERS REPORTER
National Housing, Stanbic Properties Limited, and Stanbic Bank have today entered a tripartite partnership to develop and facilitate Ugandans to access affordable modern housing.
Under the terms of the partnership, National Housing will provide land to develop affordable modern housing whereupon Stanbic Properties will handle the direct sales and marketing with Stanbic Bank playing the role of financing partner.
Both Stanbic Bank and Stanbic Properties are subsidiaries of Stanbic Uganda Holdings Limited (SUHL), under the Standard Bank Group, Africa’s largest commercial bank.
Under the partnership, at least 1,400 tailormade housing units will be developed, targeting Stanbic Bank employees after which offers will be extended to other corporate entities, public and business community.
Spencer Sabiiti, the Chief Executive of Stanbic Properties Uganda Limited said, “our mission is to get all actors in the property space to collaborate to ultimately increase the supply of authentically affordable housing but also ease access to affordable long-term finance; this partnership starts us off in the right direction as we have both a developer and financier, both leaders in their respective spaces.”
Engineer Kenneth Kaijuka, the Chief Executive Officer of National Housing and Construction Company Limited said that while undertaking Company mandate, issues of inadequate funding for housing development projects as well as insufficient and untimely project off-taking framework has hindered delivery on NHCC’s mandate.