Business
NAPSA refutes ownership of Northgate Gardens
The National Pension Scheme Authority has refuted
Picture: Zambian Business Times
The National Pension Scheme Authority has refuted claims that it owns part of the houses in the gated community of Northgate Gardens in Lusaka. Responding to a question over the hike rentals at the Northgate Gardens and alleged ownership of the property during a media workshop in Siavonga, NAPSA Chief Executive Officer Muyangwa Muyangwa revealed that the institution had already sold off the property.
He revealed that the institution is in the business of building, Once completed, the housing units and plots are sold directly to buyers on the open market, meaning ownership is transferred entirely to the private purchasers, NAPSA formerly owned Nyumba Yanga which was also sold off.
“What we do often is develop serviced plots, and later sell, and that property was sold some time back, we no longer own anything there, it might be for other government institutions or even individuals,” he revealed.
Currently, NAPSA has an investment of K7.1 billion in real estate, spread across the country, with over 700 housing units, and 140 trading spaces part of the many properties.
The sale of housing units is meant to recover value and grow its investment portfolio rather than NAPSA acting as a long term landlord.
Article by Samuel Mutale
Source: Zambian Business Times — Read more
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