CBZ invests US$150m in high-end housing project

CBZ Holdings, through its subsidiary, Datvest, has embarked on a US$150 million housing project, Northgate, a mixed-use residential park with 8 000 housing units.

The project, targeted for completion in 18 months to December 2025, has already begun with civil works such as land clearing and roads.

Group managing director Mr Lawrence Nyazema said during a site visit that the project would consist of upmarket flats, low and high-density residences, cluster houses, schools, a large hospital and a shopping mall.

“Northgate is one of the biggest and fastest property projects in the country. Over the next 18 months, we are looking at availing over 8 000 stands of different sizes, starting from 400 square metres to 1 200 square metres.

“The 1 200 square metres stand is the type that you are likely to see at a medium density. Not only are we going to be looking at stands, but we are also going to be looking at superstructures,” he said.

Mr Nyazema said the project had a unique perspective because it is going to have five or six architectural designs that will be rolled out across the entire estate.

“It is going to be a gated community, and an easy example of what we are trying to create here is almost identical to Sandton in South Africa; the only difference is that Northgate is in Harare. So it is an exciting project, and we believe in providing quality housing to Zimbabweans across the globe,” he said.

The group has since promoted the project in South Africa and the United Kingdom, targeting the diaspora market.

Mr Nyazema revealed that in the two weeks since unveiling the project, more than 100 000 clients had shown interest.

“We were in South Africa in Midrand promoting the project, and about 500 people came, but when we went to Birmingham, almost 2 000 people, mostly Zimbabweans in the diaspora, came to have a look at what we were putting together. When we were in Birmingham, we had 33 partners.

“But for this specific project, we do have partners like Seef, which will be responsible for selling the stands while Masimba Construction is providing engineering services and Datvest is the asset manager,” he said.

According to Mr Nyazema, while the first phase will cost US$150 million, the entire project is estimated to cost US$500 million.

“That is the size of investment that will go into the project in terms of the value of the stands and the value of the properties when finally delivered,” he said.

While the mortgage market remains thin, Mr Nyazema disclosed that for the Northgate project, CBZ was providing loan facilities.

“With a 20 percent deposit, you get five years to pay for your stand. The price is US$65 per square meter. So, if it is 400 square metres, you multiply that by US$65 and calculate 20 percent, which is the deposit required, and then you get to pay for the stand over a five-year period.

“If it comes to superstructures, similar, if not better, (loan) facilities will be put in place to make it easy for our people to participate in the project.”

Mr Nyazema indicated the project will be used as a test case to carry out successor projects.

The housing project is located 17 kilometres north of the Harare central business district and 10 km from Sam Levy’s Village. The project will be carried out in three phases.-herald