By MAIMBOLWA MULIKELELA –
THE National Pensions Scheme Authority (NAPSA) has established the Society House Development Company Limited which will oversee the construction of Society House and Central Arcades in Lusaka.
Zambia National Building Society (ZNBS) embarked on the re-development and development of Society House and Central Arcades more than five years ago.
ZNBS managing director Joseph Chikolwa said the Society House and Central Arcades re-development project was being done in conjunction with NAPSA, the financier of the project.
Mr Chikolwa said in an interview that NAPSA is the project manager and has created a special purpose vehicle called the new Society House Development Company Limited.
“This project is being done in conjunction with NAPSA who are the financiers of the project. To this effect, ZNBS has since hived the two assets off its balance sheet to the special purpose vehicle called the new Society House Development Company Limited,” he said.
Mr Chikolwa said the project was expected to be completed in phases, with the first lot ending in the first quarter of next year.
The company reaffirmed its commitment to cushioning the country’s housing deficit which had resulted in scarce and expensive accommodation for the majority of Zambians.
