NAIROBI, Kenya August 17 — AEA Ltd a subsidiary of TransCentury PLC has signed a memorandum of understanding in partnership with Symbion Architect to construct housing units in DRC.
The project cost estimate for Office Conglais De Controle (OCC) staff is valued at USD 250 Million over 5 years from 2022 – 2026.
“In DRC the current supply of housing and basic services does not match the rising demand for affordable housing. We have stepped in as the consortium to work with like-minded partners for the project to assist in alleviating the issue,” said TransCentury Group Chief Executive Officer Nganga Njiinu.
World Bank Report 2015 on Stocktaking of the Housing Sector in Sub-Saharan Africa, projects that Africa could have as many as 1.2 billion urban dwellers by 2050 and 4.5 million new residents in informal settlements each year, most of whom cannot afford basic formal housing or access mortgage loans.
In addition, DRC’s population is expected to reach nearly 145 million inhabitants in 2050, with 60 per cent urban residents and 40 per cent rural population compared to 42 per cent and 58 per cent in 2014.
The CEO of AEA Ltd Nicholus Kithinji said noted that over 65 per cent of the population in DRC lives in inadequate housing and supplying housing for this population presents a huge opportunity for investors.
He noted that the project will provide affordable housing to 5,000 staff and their families which may ultimately total to over 20,000 persons with the assumption of an average of four persons per household.
Office Conglais De Controle (OCC) as part of the staff development program, is encouraging and supporting its 5,000 staff, who are stationed across the key cities in DRC, to own houses.
The initial batch of 500 plots is made of 200 in Lubumbashi, 100 in Goma 200 houses in Kinshasa.
