The Sunday Mail
Africa Moyo
GWERU-based Zimbuild Property Investments has sunk more than US$2,1 million in acquiring land for houses and civil works over the past four years.
Government has set a target of 313 000 housing units in its economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (2013-2018), and private developers are crucial to this.
Zimbuild, a unit of Tinshel Properties, has handed over more than 1 350 stands to low-income earners in Gweru and the plans is to treble this before 2018.
Over 100 houses are at different stages of construction in Gweru and Kwekwe.
Zimbuild CEO Mr Tinashe Manzungu said last week the company’s present land bank could cater for more than 6 750 housing units.
“We have tried as much as we can to deliver houses and stands to the country’s citizens as is being advocated for by the country’s leadership, in line with the aspirations of Zim-Asset.
“I am glad that despite the liquidity challenges in the country, Zimbuild has been well received by the local market.This is evidenced by the trust bestowed on us by a group of Zimbabweans based in the Diaspora who teamed up and secured more than 100 housing units after consultation with the local authorities.
“At the same time, some big corporates in the Midlands have also secured houses for their employees through guaranteeing salary deductions,” said Mr Manzungu.
He said interventions by the Reserve Bank of Zimbabwe to boost circulation of cash would spur property developers, many of which faced client defaults as the market became increasingly illiquid.
“The measures will put most of our customers in a good position to constantly pay their monthly obligations so that we also accelerate the housing delivery programme. At the moment, cash shortages and the downsizing of companies is causing some of our customers to default,” added Mr Manzungu.
Zimbuild has a tie-up with CBZ through which the latter provides insurance so that contributors do not lose their stands in the event of unforeseen circumstances causing them to default.
Property is a sought-after investment in an environment where instruments such as money and stock markets are unstable.
Many financial institutions are spreading their portfolios into property development.
However, punitive initial deposits and high monthly instalments have discouraged prospective property owners.
