THE Zimbabwe Investment and Development Agency (Zida) has unveiled a property development portfolio worth US$108,4 million for investors to stimulate economic growth.
The property portfolio is meant to address Zimbabwe’s pressing housing needs as the backlog for houses stands at over 1,5 million. Zimbabwe’s real estate remains one of the biggest attractions for investors.
In an update on Zida’s Real Estate and Housing Prospects projects, the agency said potential developments included the Harare Livingstone Flats, Waterfalls Flats Development Project, Hilltop Hotel Development, and the Goromonzi Agro Industrial Special Economic Zone.
“One of the standout projects is the urban regeneration and densification of Harare Livingstone flats,” Zida said.
“With a total investment value of US$28 million, with an 85/15 capital contribution split in favour of the investor.
“Government contribution includes a land valuation of US$600 000 and professional fees of US$3,5 million.
“The investor will provide the remaining balance of US$24 million.”
Zida said the projects would address Zimbabwe’s growing demand for affordable urban housing, which supported the government’s urban regeneration goals.
It said this aligned with the government’s National Development Strategy 1, which prioritised infrastructure development and urban renewal.
These projects would be under a build-operate-transfer model through public private partnerships.
“The Waterfalls flats development project costs US$63 million and that encompasses land acquisition and various professional fees,” Zida said.
“The project involves the construction of 100 three-storey blocks of flats comprising 1 200 residential units.
“It also includes the development of a day care centre and other social amenities.
“The entire project is expected to be completed within two years with a phased construction approach to manage market risks.
“For this development, a substantial US$52,4 million is required from private investors.”
In the hospitality sector, the Hilltop Hotel to be located in the Midlands province will boast 60 rooms.
“With a project cost of US$545 785 at a 56% completion level with site acquisition and design has already been done and the project is in the construction phase,” Zida said.
“Outstanding work includes building services installation, interior finishing and post construction tasks such as inspections, staff recruitment and marketing.
“The funding required is US$240 000 to get the project off the ground.”
Zida also proposed the Goromonzi Agro Industrial Special Economic Zone project as another major investment venture, with a total cost of US$16,9 million.
The project is under 1 025 hectares of an agro-industrial park focusing on high-tech farming, horticulture, cannabis, industrial hemp, and related agro processing facilities in Goromonzi.
“This project addresses the need for modern agricultural production techniques and efficient processing methods to enhance the quality, quantity, and profitability of Zimbabwe agricultural products,” Zida said.
“As the project is designed to create a holistic and efficient agro-industrial ecosystem that can support the country’s agricultural sector, boost exports, and create significant economic opportunities for local communities.”