For the past few years now we are noticing an emerging trend in affordable housing projects while densification of the existing available stands. At WestProp Zimbabwe, we are noted for an upsurge of townhouses and cluster homes which are semi-detached and detached, within gated or secure complexes in the Zimbabwean property market.
On the international market, Lock-up stage shell developments have become popular thus allowing the investor to finish the development to his own taste, at his own time and budget. Our current model is on the premise that we are offering property in up market areas at affordable prices, and this is where we believe the future must go and we are leading the way. All the while, we are delivering this by not compromising on the quality.
We are therefore making sure that we provide housing at lock-up shell level, thus completing the exterior of the developments to the highest of standards and leaving the interior completion to the owners taste and at his own time. This allows for reasonably priced units and/or houses for our properties and enables the middle income earner the affordability to invest in our developments in the up market areas of Harare namely Millennium Heights Apartment Estate and Pokugara Residential Estate Townhouses in Borrowdale.
In line with the above, we looked at Pomona City Estate which is situated in the peripherals of Borrowdale and believed that this is the start of the next stage of affordability. Pomona City will be a secure gated community and estate comprising predominantly of residential stands, shopping centre, primary and secondary schools, recreational park, club house, creche and church avenue. One can buy with cash and build, or can get a 10 year Mortgage then build which makes it affordable.
We have put in place a new offering which is really a game changer and is something that we are revolutionising Zimbabwe. That is the Leasehold concept offered in Pomona City. Especially in Harare where the land values are high and only getting higher, leasing the land makes it significantly more affordable to home ownership. The difference between the Freehold and Leasehold is the saving of the upfront capital to be able to build your dream home. The Leasehold on offer has transferrable rights of the improvements made, therefore leaving a legacy that benefits your family and can be sold.
By making the upmarket areas affordable to the middle income, we are therefore offering exceptional residential estates which densify the land, offering affordable prices while not compromising on the quality of these developments.
At WestProp envision a future where Zimbabwe will significantly be a middle income market which will in turn cause an up-surge of densification of the existing stands.
This will consequently bring about modern, eco friendly and sustainable developments that which will be affordable to all Zimbabweans. Marilyn Mosha — Chief Marketing and Sales.