(Business in Cameroon) – Société Immobilière du Cameroun (SIC), Cameroon’s state-owned real estate company, is preparing to build a high-end residential complex in Douala with an estimated investment of 25 billion CFA francs (about $42 million), the company’s management told Business in Cameroon.
The project is being financed by three domestic banks: NFC Bank, Commercial Bank Cameroon (CBC), and Union Bank of Cameroon (UBC). SIC Director General Ahmadou Sardaouna confirmed the collaboration, stating, “Our financial partners will support us in bringing this project to fruition,” without detailing the contribution split among the banks.
The development will feature a 12-story building (R+12) with two basements and 100 apartments—58 three-bedroom (T3) and 46 four-bedroom (T4) units—across a total surface area of 1,568 square meters. The complex will also include a commercial space and wellness facilities.
This construction is part of SIC’s broader plan to build 5,676 housing units over the next five years to address high demand in Cameroon’s major cities.
The launch of the Douala project comes as SIC nears completion of its first luxury complex in Yaoundé, Le Mfoundi, located near the city center. That program, which began in 2022 and consists of 152 apartments, is now 99% complete.
The new initiative arrives amid a market upswing in Douala, driven by demographic growth and increased demand for quality housing. SIC is accelerating its efforts by multiplying financial and technical partnerships to help reduce the national housing deficit, which is estimated at 2.5 million units.
For instance, in June, SIC signed a Memorandum of Understanding (MoU) with U.S. company Dispensation Investment Group (DIG). That agreement established a framework for collaboration on the design, financing, construction, and renovation of housing nationwide. The parties envision creating a dedicated project company that will combine U.S. capital with Cameroonian land assets, potentially receiving exceptional tax benefits granted by the State.
Amina Malloum
