Old Mutual Zimbabwe has launched a US$12 million medium-density housing development project, Prospect 1, in Harare which entails the construction of 136 standalone houses and four high-rise buildings.
The Prospect 1 project will be made up of 136 four bedroomed stand alone houses, 144 high-rise flats-including 72 one bedroomed units and 36 bed-sitter apartments.
Speaking at the launch yesterday, group chief executive Mr Samuel Matsekete said the development was a brainchild of its investment wing within Old Mutual, which is involved with real estate in addition to other investment assets.
"We are undertaking this project so that we can offer our investing clients the opportunity to access the value that is in this project, amongst other things that we do.
"This is a project which is being undertaken for US$12 million and it will be done in phases and the first phase is estimated at US$4 million which will be launched within the next 12 to 18 months after all the background, the backbone infrastructure and first units, the stand-alone are delivered," he said.
Mr Matsekete said the project is also evolving into future phases on its 8,3 hectares of land within the Prospect industrial park area.
He noted that the Prospect 1 project aligned with priorities in the National Development Strategy 1 (NDS1), relating to the provision of housing.
The project also fulfils Sustainable Development Goal 11 of the United Nations, which also talks about sustainable cities and communities.
The housing project will feature central infrastructure, which includes alternative energy or supplementary water supply systems to support the thriving communities.
"We have been involved with property developments for a while and probably mostly witnessed our projects and properties in the commercial sector, retail sector, some offices in commercial properties in residential areas.
"At the same time, we have also been involved with housing projects like the Budiriro housing projects of 3 000 units.
"Therefore, this is a continuing journey on the part of Old Mutual but there are things that we are changing in terms of modernisation as technologies evolve and solutions that we are also adapting," he said.
Mr Matsekete said the housing project was going to be a flagship initiative in terms of design, the feel and the communities would enjoy the space.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
"Therefore we will continue that journey into the future and into other regions as opportunities present, in fact we are looking for those opportunities and at the centre of it it's really understanding what the customers, the clients that we serve are asking for," he said.
Mr Matsekete also highlighted that liquidity challenges within the country's real estate sector and macro environment is one of the things to be addressed, especially if one is undertaking large projects such as Prospect 1.
He said lack of enough liquidity may slow down things from time to time but certainly does not stop the thrust and direction to continue to work on the project.
"We won't have to work on all of the factors that we need to address to be able to deliver the project alongside other projects that we are working on.
"But the interesting thing with the project, Old Mutual is also positioning to attract more flows from clients, both current clients as well as prospective clients," said Mr Matsekete.
