The National Pension Scheme Authority (NAPSA) is to invest about US$50 million in the Kalulushi Housing project.

NAPSA director of Investments Joseph Ngosa disclosed that the US$50 million will be spent on the construction of  400 housing units in Kalulushi district on the Copper belt.

The  three-year project which will comprise high, medium and low cost project  is likely to be extended to other councils  on the Copperbelt.

Mr. Ngosa made the disclosure during an Environmental  Impact Assessment meeting  held with  NAPSA, Kalulushi Municipal Council and other stakeholders .

He said  it was cardinal  for NAPSA to invest  in estates  because the insurance was critical  to its  funding hence the need to engage housing projects.

This is contained in a press statement made available to ZANIS  by Kalulushi Municipal Council Public Relations  officer Sylvia Mumbi Chileshe.

Meanwhile, Kalulushi Municipal Council acting Town Clerk Florence Chizongo implored NAPSA to ensure that ECO system (stream and vegetation) around the area was not disturbed.

Mrs.Chizongo has advised NAPSA to engage competent constructors  in order to construct standard buildings.

She further reaffirmed the local authority’s commitment to ensuring that the project was a success.

She also appealed to NAPSA  to be cautious of the road safety as they put their equipment on site as the construction site is on the side of Kitwe- Kalulushi highway.

ZANIS/MM/MKM/ENDS

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30 COMMENTS

  1. Zambians should be encouraged to own houses and not to rent.The government should come up with strategies to empower our people to be able to buy housess and pay on a long term basis. The idea of waiting for one s pension so as to own a house should come to an end.Its leads to corruption and stealing

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  2. #4 choma1 i agree with you, zim that for many yrs.the other problem is that you will need to know someone in NAPSA to be able to get one..like NHA then the whole exercise is useless. hope they have a clear plan not just making news.

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  3. This is really a gud development,infrastructure projects should be encouraged pa zed,well done NAPSA.

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  4. Fellow Zambians my election promises are now turning into reality,lam interested to hear what my PF colleagues will say about this project.Vote for me in 2011

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  5. Can anyone shed light on the proposed investement by NAPSA in Lusaka? The USD200m development on former Esco property was supposed to have kicked off late 2008.

    Any update on that OR was it just an idea?

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  6. SOMETHING IS NOT RIGHT. HOW CAN YOU SPEND $50 on 400 houses in Kalulushi ? At that price one must be building high cost houses. How many executives live in Kalulushi ?

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  7. # 19 XXXXXXXXXXX, that’s a very important observation.
    And here we have an estimate of US$50,000,000 for 400 units translating into an average of US$125,000 per house. Even with communal amenities like sewer, water and electrical reticulations plus roadworks and parks build into the calculation, it still seems way out for low, medium and high cost housing. Perhaps malls, schools, clinics and police posts are included in the US50 million budget.

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  8. Yes, 21 and 22 are quite right. US$ 50m certainly is too much for 400 housing units, majority which are low cost. I suppose it includes other infrastructure like roads, electricity and water reticulation and facilities such as Police post, fuel station, shopping mall, and other necessities. However, there are a number of such initiatives (PHI, NHA, Meanwood, Lilayi) in Zambia but i personally feel majority of the middle class don’t benefit. It’s high time Gov’t looked into enabling financial instutions lend out mortgages to the working class at affordable interests to empower the people.

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  9. #24 is very right, it includes all the infracture that the residents would benefit from. so the project fund is justified. it is true the middle class donot benefit, something must be done. good houses are not just for executives. so good things must be availed to every person at affordable rates.

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  10. waste of money…for that cost they should be building 1,000 100sqm houses and selling them at even $65K each with 10 – 15 year tenures to Zambians with good credit in the low to medium income groups.

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  11. This is a step in the right direction rather than just keep huge sums of money in banks…We must put it into the economy…

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  12. This is nice but the houses or flats shoould be pre-wiried for premanent satellite cables and dishes to prevent damage to wall when people are shifting or installing dishes on their own.

    DISH TECHNICIAN

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