CBZ sees strong demand for Northgate housing project

HARARE – CBZ Holdings’ subsidiary Datvest says it has sold over 4,000 stands in the first phase of its US$150 million Northgate housing project in Harare since its inception.

The project, which provides stands varying from 400 to 1,200 square meters, has seen substantial demand from residential buyers and developers, and the sales success is evidence of the project’s appeal and the increasing need for housing in Zimbabwe.

CBZ Chief Marketing Officer Matilda Nyathi told FinX that “total stands sold to date since the launch of the project—over 4,000 stands with sizes ranging between 400 and 1,200 square meters.”

The Northgate project is on course for its 18-month completion as the company CBZ is now gearing up for the launch of Phase 2 of the project, which is expected to hit the market by the end of this month. “Launch dates for Phase 2—expected to be on the market by the end of March 2025.”

Infrastructure development is also progressing well, with the bulk of the infrastructure development projected to be complete by June 2025. “Infrastructural development progress to date—development of the bulk infrastructure is in progress and is projected to be complete by June 2025.”

The Northgate development (located at the controversial Nijo farm—a contested Zapu property) is projected to cost over US$450 million upon completion.

Distinguished by its innovative approach, the Northgate housing project stands as one of Zimbabwe’s largest and most ambitious property endeavours. It will feature a diverse range of architectural styles, incorporating five or six distinct designs throughout the estate.

The development will offer a comprehensive mix of housing options, including upscale apartments, low- to medium-density homes, and cluster housing, alongside essential amenities such as schools, a major hospital, and a shopping centre.

Flexible payment options are available, allowing buyers to secure a stand with a 20% deposit and pay the remaining balance over five years at an 8% interest rate. The installment price is set at US$75 per square meter, while a discounted cash purchase price of US$65 per square meter is offered.