9 May 2014

Zimbabwe: Fidelity Gets Major Boost

Fidelity Life Assurance of Zimbabwe has received a major boost for its phase two Manresa housing development following the finalisation of the administration wrangle between two municipalities which claimed title to the land where the project is situated.

Goromonzi Rural District Council and Harare City Country had both claimed ownership of the 33 hectares of land in Manresa near Mabvuku where the housing project is situated.

However, Government resolved that Goromonzi Rural Council will issue deeds while Harare City c will issue administration permission for the project until 2023.

The land is a remainder of the 67 hectares bought by FLAZ for medium to low density housing with 34 hectares already serviced.

In an interview Fidelity Life executive director - projects, Mr German Mushoma confirmed the development.

"Following the technical problems that surrounded ownership of that land we approached (Local Government) Minister Ignatius Chombo for the two authorities to reach a common understanding and allow the project to commence," said Mr Mushoma.

FLAZ intends to invest close to $4 million to develop 300 residential stands under its phase two housing project.

Fidelity life initially invested $5 million in the development of 317 medium to low-density residential stands in Manresa Fidelity Park as part of the company's phase 1 project.

Mr Mushoma said through the two projects they will not only address the housing backlog for the City of Harare, but also create employment in the economy.

Fidelity Life chairperson, Mr Solomon Tembo, said the company is committed to providing sustainable infrastructure for the nation at the same time unlocking shareholder value.

"Strong demand for serviced stands has been shown and we are not only motivated by our desire to meet our shareholders expectations, but we feel we are responding to a need," he said.

He said opportunities for various service providers and suppliers of materials will be generated as well.

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