A GROUP of Indian investors plan to set up a US$ 15 billion housing and commercial complex in Choma to supplement Government efforts in meeting the increased demand for houses.
The project would involve setting up a 60 rooms three star hotel in Choma, constructing 110 houses for sale and 50 service apartments for renting as well as a trading outlet and residences for staff and directors.
Fallsway Timbers Limited group of companies’ chairperson Shamji Vora, who is spearheading the project in Zambia, said the Choma project was expected to be implemented during the next three years.
Mr Vora said in an interview in Livingstone yesterday that the investors had already paid the offer amount to Ministry of Land and to Choma Municipal Council to process various documents related to the proposed investments.
“We are planning seriously to start the project from 2014 to 2016. We don’t have money but we are looking for joint ventures partners.
“There are two partners from India as well as one partner from Canada and another from Dubai in the consortium,” Mr Vora said.
He said the various partners were reputable business executives who were all engaged in international trade.
“By the end of March 2014, we will have a title deed and this means that we will start the Choma housing project, hotel project and commercial utility. In January 2014, our joint venture partners from Dubai will have a partnership with us so that we make progress,” Mr Vora said.
He said the Choma Council had already offered a three hectares piece of land under the Public Private Partnership (PPP).
Mr Vora also said Chief Sinazongwe gave the consortium land to put up a resort with 40 rooms in the district.
“This project will be done side by side with the one in Choma. We need to develop Sinazongwe District as the area has a huge potential for growth. There is potential for fish processing and farming among other economic prospects,” Mr Vora said.
Times of Zambia