A government’s decision to review property ownership and financing laws is bearing fruits – a real estate firm plans to invest $5million dollars on a housing development near Dar-es-Salaam.

Integrated Property Investment (IPI), said it would invest an initial $5 million dollars to construct houses to cater for the expanding Dar-es-Salaam population and East African community. 

 “Soon the region will be one country and we need to start making initiatives which will serve the interest of all the specific individual needs and concerns of residents of the region,” said Mr Omar Ali of IPI to the media in Nairobi.

The development dubbed Bahari Beach Satellite Town project will be the first real estate project in the region, which is currently experiencing massive housing shortage due to rapid urbanisation.

At completion the development will see a total of over 1,000 housing units complete with a five-star hotel, eco-tourism facility, a ferry terminal and a yacht club and an office complex.

It will be done at a cost of $500 million over a period of 5 years.

The first phase of the project which will see 114 houses constructed is already under way and will be completed in May 2010.