OneSquareK Proposed LuSE Listing Signals New Era for Zambia’s Capital Markets and Housing Sector
OneSquareK Property Development Plc’s proposed listing on the Lusaka Securities Exchange (LuSE) Alternative Investment Market has been widely hailed as a landmark development for Zambia’s capital markets and a potential catalyst for expanding affordable urban housing investment.
The announcement, made during a press briefing at The Quorum, brought together Government officials, market regulators, investment advisors and capital market players, all of whom underscored the broader economic significance of the transaction, which remains subject to regulatory approval.
Speaking on behalf of the Ministry of Infrastructure, Housing and Urban Development, Permanent Secretary Professor Albert Malama described the development as both timely and strategic, linking it to Zambia’s growing housing deficit and the need for innovative financing models.
He revealed that Zambia faces an estimated shortage of 1.5 million housing units, with the national population standing at approximately 23 million according to the 2023 census. He further noted that only 67.4 per cent of citizens are adequately accommodated, while 32.6 per cent remain in informal arrangements or non-standard housing structures.
“The implication is that a significant portion of our population remains without adequate housing,” Professor Malama said, adding that housing must be understood within the framework of human rights and national development priorities.
He emphasised that OneSquareK represents a locally driven response to this challenge, citing its flagship 31-unit studio apartment development in Kalingalinga as evidence of a sustainable and practical urban housing model.
The Lusaka Securities Exchange Chief Executive Officer, Nicholas Kabaso, also commended OSK’s decision to pursue a listing, describing it as a reflection of growing confidence in Zambia’s capital markets.
He said the Alternative Investment Market (Alt M) was designed to support small and medium-sized enterprises seeking growth capital while strengthening governance and transparency.
“This segment is not merely a stepping stone; it is a strategic platform for scaling businesses, broadening ownership and deepening investor participation,” Kabaso said.
He further encouraged Zambian businesses to explore equity financing as an alternative to high-cost borrowing, noting that public listings offer stronger governance structures and long-term sustainability.
Institutional investors, including pension funds and asset managers, were also urged to increase participation in order to enhance liquidity and market efficiency.
Money Acumen Advisory Limited, acting as deal advisor and sponsoring broker, formally announced the proposed listing, describing it as a shift towards broader participation in Zambia’s investment landscape.
Chief Executive Officer Lyapa Mpempulwa said the transaction represents more than a financial listing, but a structural change in how capital markets support growth-oriented businesses.“This is not just about a transaction. It is about redefining the capital markets,” she said.
She noted that OneSquareK is a purpose-driven property developer focused on delivering affordable, efficient urban housing, particularly for young Zambians. The company’s model is centred on compact residential units designed around accessibility, functionality and proximity to economic opportunities.
Ms Mpempulwa highlighted the firm’s Kalingalinga development as a practical demonstration of its approach, noting its strategic location near universities, transport networks and commercial centres.
She further stated that OneSquareK has operated for over five years, maintaining full occupancy rates and sustained rental demand. According to her, the company has demonstrated strong financial performance, with net profit margins reportedly exceeding 85 per cent, reflecting disciplined cost control and robust market demand.
Market stakeholders noted that if completed, the listing would make OneSquareK one of the first companies on the LuSE Alternative Market and the first urban residential property development firm to be publicly listed in Zambia.
This development is expected to introduce real estate-backed investment exposure through the stock exchange, expanding opportunities for both retail and institutional investors.
Ms Mpempulwa explained that the transaction is structured as an offer for sale by existing shareholders, allowing the company to enter the capital markets while maintaining flexibility for future expansion.
She added that the model promotes long-term value creation rather than short-term speculation, describing it as a disciplined and scalable platform for growth.
Both LuSE and the Securities and Exchange Commission (SEC) were commended for their roles in strengthening market confidence and regulatory oversight, while Money Acumen Advisory was recognised for contributing to growing local expertise in capital markets advisory services.
Government reiterated its support for the listing process, noting that it aligns with national efforts to deepen financial markets and increase citizen participation in wealth creation.
While the listing remains subject to regulatory approval and completion of due process, stakeholders expressed optimism that the transaction will mark a turning point for Zambia’s capital markets.
If successful, the OSK listing is expected to broaden investor participation, deepen market liquidity and support efforts to address Zambia’s urban housing gap through private sector-led investment.
