NMBZ Holdings (NMB) is targeting a cumulative capital outlay of US$10 million for its property division to operate as a standalone business unit.
The financial services company officially launched its fully-fledged property division, Property Development Company last year as part of diversification efforts but it remained as part of the group’s banking unit.
Local banks have been investing heavily in housing and property development as a hedging strategy against inflation but demand for their products has been subdued due to the high fees and interests associated with mortgages.