Tanzania Launches Biggest Housing Project in East and Central Africa

Tanzania’s National Housing Corporation (NHC) has launched its Morocco Square Towers in Kinondoni District, Dar es Salaam, which is the biggest three level square towers in East and Central African region.

The towers were launched on Friday evening by the Deputy Minister for Lands, Housing and Human Settlements Development, Ms Angela Kairuki. NHC Director General, Mr Nehemia Mchechu, speaking during the launching ceremony explained that the towers offer spaces for multiple and local businesses, residential, Hotels, Cinema Halls and shopping malls.

The shopping mall includes banks, chain of stores, supermarkets and shops, movie theatres, kids’ grounds and food courts and more. Apart from the multiple businesses space, the Morocco Square also consists of two office blocks, one of them being a Stock Exchange Tower that stands to accommodate and upgrade the current Dar es Salaam Stock Exchange (DSE).

According to Mr Mchechu, the tower (Stock Exchange Tower) will enable the management of the Dar es Salaam Stock Exchange to shift to the tower, a move aimed at upgrading the nation stock exchange to international level.

“The Stock Exchange Tower also stands to attract other business people involved in stock exchange enterprises,” he pointed out.

He called on businesses in and outside the country ready to invest in the Morocco Square to come out and book their spaces for merry businesses and other services.

In another development, Mr Mchechu said that the Corporation is in discussion with the government to provide a bridge to be at the Morocco Square to enable easy movement of customers, business people, among others, to visit the Square tower easily.

He said: “We have started discussion with the World Bank and we are actually finalising with the government to provide a bridge from the BRT.”

Deputy Minister Kairuki emphasised the need for local business people to make use of the facility in the development of their business among other issues towards their economic development and the nations.

“I would like to emphasise the need for Tanzanians to come out and buy the house spaces in the Squares to develop their businesses,” she said.

Ms Kairuki also pointed out that the business people willing to rent in the towers, to acquire for loans from the banks in order to enable them acquire accommodations.

According to her, Under the Mortgage Financing Act 2008, over 19 banks among the 50 in the country agreed to offer loan houses to Tanzanians, out of which 16 signed a contract to offer loans to people willing to buy NHC houses.

She concluded by saying that the government was committed to ensure the loan interests is reduced in order to enable many people be able to acquire loans.

Source – Daily News Tanzania

1 COMMENT

  1. I hope there will be electricity at all times to for elevators to take people from up and down those floors. in addition to that machines to pump water from the lower level to the upper level for residents.

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