ICE President Samia Suluhu Hassan is set to grace the launch of a first-ever multi-billion Chinese real estate private investment in the city on Saturday.
Ivory Tower Ltd, a Chinese real estate company which invested on the buildings named ‘Palm Village of Dream Waterfront’ located at Msasani area; said Ms Samia Suluhu Hassan will officially inaugurate the multi-tower project which is expected to provide at least 1000 jobs to locals.
Chairman of the company, Mr Janson Huang said that the project is expected to cost about $70 million (Sh150 billion) until completion of construction work of the project. “The project is stateof- the-art consisting of one commercial and four residential towers within one place,” he said.Among other features, it will have two floors of retail space along the busy old Bagamoyo road including, among other things, a supermarket, shops, clinic, bank and restaurant.
Meanwhile, Mr Huang who is also the chairman of Group Six International Ltd, noted that the company is expecting to bring into the country around 100 Chinese experts in the construction sector who will transfer technology to Tanzania by training at least 2000 Tanzanians in the construction field.
“Each of the experts will train at least 20 Tanzanians through hands-on training during the implementation of the construction projects in the country,” he said.
Highlighting on achievements of the company for the past 10 years of its existence in the country, he said they managed to create 15,000 jobs to Tanzanians, noting that the company was one of the examples of Chinese investments in the country.
The Tanzanian real estate sector has been growing sensibly in recent years accompanied by a strong and sustained economic growth averaging 7 per cent in a fast growing population of 50 million.
The current demand for housing in Tanzania is estimated at 200,000 houses annually, and a total housing shortage of 3 million houses.