Aspindale Park, a property development firm, is set to acquire at least another 30 hectares of land next year after completing all its ongoing project phases in July 2018.
This comes after the company recently secured title deeds from the Harare City Council for its multi-purpose housing project situated at the junction of High Glen Road and Kambuzuma, a development that will result in home-seekers being able to access mortgage finance.
Aspindale Park financial advisor Bianca Swan told businessdigest this week that her company was currently engaging partners to identify suitable land for the next project. She added that depending on the availability of the land, more than 30 hectares would be acquired.
“We are engaging our partners and we are looking into acquiring more land as we have realised that there is a great demand for housing in Zimbabwe. We will be done with all the phases of the current project by June-July next year after the rains stop. We are looking at a minimum of 25-30 hectares but bigger is great, even this size will do,” Swan said.
The group’s Aspindale project, which sits on 56 hectares of land, has about 1 200 residential stands on it.
Swan said they have started issuing title deeds for phase one while all the construction work for phase two has been completed with title deeds expected early next year.
“As soon as the rains stop, we will be starting on phase three and four. By June -July next year, all the phases will be done. We are also running parallel the commercial stands development but these take longer to develop so by end of next year we will be done,” she said.
A total 600 residential stands have been sold to date at US$85 per square metre inclusive of value added tax. A deposit of 30% is required and the payment plans range between one and five years with payment plans for mortgages ranging from 10 to 25 years.