Absa Bank Tanzania Head of Retail Banking, Ndabu Lilian Swere (right), addresses a media conference in Dar es Salaam today to announce a mortgage agreement with the Squid Zanzibar Ltd that makes the financial institution the sole lender for Tanzanians wanting to invest in a 5-star luxury condo resort The Ocean Pearl in Zanzibar. Looking on from left are; Absa Bank Head of Affluent Segment, Thereza Majinge and the Ocean Pearl’s developer Squid Zanzibar Ltd Chief Executive Officer, George Alexandru
The Squid Zanzibar Ltd Ocean Pearl project Sales Manager, Ms. Gina Washington (second left), speaking to the media during a press meeting in Dar es Salaam today to announce a mortgage agreement with Absa Bank Tanzania that makes the financial institution the sole lender for Tanzanians wanting to invest in a 5-star luxury condo resort The Ocean Pearl in Zanzibar. Looking on from left are; Absa Bank Head of Affluent Segment, Thereza Majinge, Squid Zanzibar Chief Executive Officer, George Alexandru and Absa Bank Head of Retail Banking, Ndabu Lilian Swere.
Absa Bank Tanzania Limited has today announced a mortgage agreement it has entered with The Squid Zanzibar Limited that makes Absa the sole mortgage lender for Tanzanians wanting to invest in a 5-star luxury condo resort in Isles - The Ocean Pearl Zanzibar.
The new penned deal, which comes only a few months after the bank launched its revamped mortgage proposition, will see Absa Bank Tanzania provide Tanzanians, both residents and non-residents, an opportunity to invest in Zanzibar's stunning 5-star resort overlooking the Indian Ocean and rent it out as a serviced holiday or corporate stay space through an on-site hospitality management company.
The Ocean Pearl Zanzibar is set to become one of its kind 5-star luxury condo resort in the Isles upon completion of the first phase come mid-2025. The dream destination will offer a unique combination of water, sandy beaches, culinary experiences, adventure and trips to nearby islands, history and culture, everything gathered in one place as to spoil and make visitors fall in love with this exotic destination.
The luxury condo resort will contain different types of apartments including studio appartements on the ground, first and superior floor with stunning view to the ocean from generous terrace; penthouse apartments with amazing pools, generous terrace with amazing sunshades and jacuzzi; Pearl villas and Luxury villas with private pools, amazing ocean view, bar, generous terraces, and gardens. Those interested to get further details about the resort, investment potential, and the exclusive mortgage opportunity, are invited to visit the developer’s website www.theoceanpearlzanzibar.com for more details.
Mr. George Alexandru, the Managing Director of Squid Zanzibar Limited – the developer of The Ocean Pearl Zanzibar, speaking during the press event, said “We are really thrilled to have secured this mortgage agreement with Absa Bank Tanzania. For us winning the confidence of a Pan-African bank like Absa speaks volume about our credibility and it serves as a testament to the viability of this multi-billion shillings project.
To our potential investors, this is a once-in-a-lifetime investment opportunity for those who have been looking to get into the hospitality business without wanting to deal with the hassles of day-to-day management of a hotel. Through our on-site hospitality management company, we take care of the hotel management hassle for our investors and allow them time to focus on the things that matter most to them while they continue to enjoy handsome returns on their investments. The projected returns generated by the resort are expected to exceed the estimated mortgage installment amounts, and therefore potentially offsetting the mortgage installments and allow the investor to enjoy life without worrying about fulfilling their mortgage repayment obligation.”
On her part, Ms. Ndabu Swere, the Bank’s Head of Retail Banking, said “When we launched our revamped mortgage proposition in February, we promised to continue to enhance our proposition even further. And now within just six months we have come up with another great proposition that’s first of its kind in the market. This is not only a mortgage - it’s a three-in-one solution: a mortgage, an investment, and an investment management service package.
With our Home Purchase Loan, we will finance up to 70% (studios) and 60% (villas and penthouses) of the full purchase price of the condos. With the units starting at a sale price of TZS 456m ($179,000) for the studio units and going up to TZS 1.04b ($410,000) for the villas, it means that customers can capitalize on the revised maximum Home Purchase Loan size which is now at TZS 1 billion to finance their investment.”
With the flexible payment term of up to 25 years which translates to lower monthly instalments, coupled with affordable interest rates and higher debt service ratio that goes up to 55% if a customer takes the Absa credit card as well, the Absa Home Purchase Loan is indeed the most fitting solution to capitalize on this once in a lifetime opportunity to invest in a a 5-star luxury condo resort.
On his concluding remarks, Mr. Obedi Laiser, the bank’s Managing Director, said “These kinds of deals are the embodiment of our brand purpose – Empowering Africa’s tomorrow, together …one story at a time. At Absa Bank Tanzania, we are truly committed to empowering Tanzanians, and this is why we are constantly coming up with new solutions and investment opportunities that are geared towards helping our customers grow their investments and accumulate real wealth.
This opportunity is open to both resident and non-resident Tanzanians, which means that even our relatives in the diaspora can also benefit from our home loan and capitalize on this great investment opportunity while continuing with their work abroad. As such, I’m calling for all Tanzanians who qualify for a mortgage, whether banking with us or not, to reach out to us and we will help you achieve your investment goals.
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