OLD Mutual Zimbabwe has unveiled a US$12 million residential development project in Harare, featuring the construction of standalone houses and high-rise residential units, a significant investment in the country’s housing market
The project will be completed in phases. The first phase is expected to be completed within 12 to 18 months at a cost of US$4 million
Speaking during the ground breaking ceremony yesterday, Old Mutual Zimbabwe’s group chief executive officer Samuel Matsekete said the project will benefit the nation.
“The project, Prospect 1 Housing Development, is a brainchild of our investment wing within Old Mutual, which is involved with real estate in addition to other investment assets,” he said.
“We are undertaking this project so that we can offer our investing clients the opportunity to access the value that we see in this project, among other things that we do.
“It will be done in phases, and the first phase, which we estimate with about US$4 million worth of value, will be launched within the next 12 to 18 months, after all the background, the backbone infrastructure and that is the first units that will be delivered, which are obviously the stand-alone units.”
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The development will feature essential infrastructure, which includes alternative or supplementary water supply systems to support a thriving community.
“We are looking at this project also evolving into future phases because we do have about 8, 3 hectares here which we will seek to develop into, you know, weaving them into what other properties we have in this area,” he said.
“So, execution will proceed immediately. In fact, it started after the groundbreaking ceremony. It will be followed by the sub-phase one which involves standalone units and thereafter the high-rise units.
“We are already seeing beyond this project … we have for all the players involved in the project and for the community that will serve into the long-term future.”
Matsekete said the Prospect One will set a new standard for the exchange of the group’s projects and serves as a beacon of what can be achieved when partners work together with a common objective.
Old Mutual is partnering with Troika Design Workshop (TDW) in their new project.
According to TDW business director Phillip Kudzayi, Prospect One consists of 136 detached residences and 144 apartment units comprising studio, 1 and 2 bedroomed units, all set within a gated estate.
“We expect Prospect One to improve housing supply within the Greater Harare area, raise the bar within the residential market and present additional options for homeseekers and investors,” Kudzayi said.
TDW is a construction consulting collaboration offering multidisciplinary built environment services including construction management, architecture, quantity surveying and structural engineering services.