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Further to our earlier communication during the education in the month of February 2011, we have identified a 5 acre plot in Syiokimau which we intend to build some massionates for sale to all members and the general public.

The society wishes to use the theme concept where we will sell concepts of the intended houses and sell before the construction commences. This will help improve the earnings of the society and reduce the exposure to risk of the society. This will be in line with the society’s strategic objective of selling 50 houses per year.

We have engaged a project manager who will assist in implementation of project to ensure successful completion within the stipulated time. The funds mobilized from the real estate fund and the capitalized dividend will be used to start the construction of the first phase of this venture. The members who will join the fund will be the first beneficiaries for the fund. We will circulate the cost per house in the first week of July when we will have the actual prices from the project managers.

Financing

The project requires a lot of funding but with the involvement of the experts, the banks are very much willing to provide funding. and some banks like the Co operative Bank have expressed interest in funding such projects. The advantages of such projects are that sales begin before construction and the proceeds can be used as part of the construction funds. We intend to have this as the upgrade for the land sales, where we will have members buying houses instead of plots.

Read more on all Houses available for sale here

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