HomeBusiness DigestMeyrick Park flats ready by December

Meyrick Park flats ready by December

Ngoni Chanakira

HIGHRISE Real Estate (Pvt) Ltd says its $200 million Meyrick Park garden flats development will be ready for occupation by December this year.

ial, Helvetica, sans-serif”>The facility comprises of three bedrooms with main ensuite, lounge-cum-dining, fitted kitchen, bathroom/shower and lock-up garage.

“Our flats are 95% complete and we expect that by December individuals will be moving into them,” a company spokesperson said.

Interested parties pay a 60% deposit and the balance over three months.

Highrise has another development in the Westgate low density suburb where it is selling cluster houses.

“We expect this scheme to also be complete by December,” the spokesperson said.

At the Westgate cluster homes development scheme, Highrise is selling off 18 houses comprising three bedrooms, main ensuite, lounge-cum-dining, fitted kitchen, bathroom/shower and lock-up garage.

The houses cost $260 million and the terms are that a 50% deposit is payable with the balance paid over construction period.

Many Zimbabweans, especially those living abroad, are taking up these schemes as they need minimum supervision which is done by the contractor.

Zimbabwe’s construction industry is, however, currently facing a downturn.

Several projects have either been abandoned or are at a standstill.

The most prominent project that is at a standstill is the Joina Centre which is now an eyesore in the capital, Harare.

Construction costs for the Joina Centre have escalated and some partners have pulled out citing high building costs and an acute shortage of foreign currency for essentials for the project.

The cost of construction of new housing is now escalating almost daily and building costs are now in the region of $7,5 million for a 26 square metre house in the high density suburbs, according to the Association of Building Societies of Zimbabwe.

While mortgage interest rates for the medium and lower density housing have been increased during the year, inflation-driven growth in the value of properties has far outstripped the average income earners’ ability to obtain loans of any meaningful amount in order to purchase a property.

The association points out that many households have “rented out” portions of their houses to overcome the increasing cost of living and part of this income has been used to supplement increased mortgage repayments and, as a result, the arrears position has continued to improve.

Libraday Real Estate (Pvt) Ltd said its $950 million cluster house development site in the Bluff Hill area was still up for grabs.

“We are selling the whole scheme to one developer,” a spokesperson said. “We do not do any construction work but sell stands in bulk to contractors who then carry out the work according to their plans.”

The scheme is situated on Crowlands Road off Lomagundi Road and covers five acres of prime land with a permit for 28 cluster houses.

Fairvest Real Estate (Pvt) Ltd is also offering schemes targeting mainly medium income earners and locals living abroad.

The company has schemes in Ruwa, Bluff Hill and the Zimre facility.

At Ruwa, Fairvest has a subdivision permit for single unit development expected very soon though other types of development could be available on application, a spokesperson said.

He said at Bluff Hill there were five-acre pieces of land with flat rights of up to 40 while at the Zimre site residential stands were on offer.

For Zimre individuals pay $65 000 per square metre for their stands.

“A deposit of 25% is needed,” the spokesperson said. “The balance is payable over 24 months.”

Recent Posts

Stories you will enjoy

Recommended reading