West Properties geared to cash in on real estate boom

Victoria Falls Stock Exchange (VFEX) listed West Properties says it is strategically positioned to leverage emerging opportunities in the real estate sector, riding on its sustained investments in high-potential residential estates and commercial properties.

The company, in its financials for the year ended December 31, 2024, said it anticipated robust growth as the group remained committed to reinforcing its market presence through strategic partnerships, innovation, and operational efficiency.

“The group continues to make significant strides in advancing its ambitious ‘One Billion Brick Vision’ by 2050 to address Zimbabwe’s housing needs, and at the time of this report, the group has 84 million bricks recorded on the digital brick counters at all sites,” said chairman Dr Michael Louis.

He noted that remarkable progress had been achieved on The Hills Lifestyle Estate, including the ongoing construction of The Hills Championship Golf Course and residential developments.

“The golf course is poised to attract tourists and golf enthusiasts, thereby stimulating local businesses and creating employment opportunities during and after construction,” he said.

Dr Louis highlighted that the Pomona City project, envisioned as a “city within a city,” has also made substantial progress, with infrastructure developments for Pomona Phase 1A, including asphalt roads, storm-water drainage, and water reticulation systems, having been completed.

Several clients are already advancing in the construction of their homes.
“While plans to complete roads for Phases 1B and 1C in 2024 faced challenges due to contractor resource constraints, these phases are expected to be construction-ready by the second quarter (Q2) 2025,” he said.

Dr Louis also said the group successfully launched Pomona City Walk-Up Flats, which include 1, 2 and 3-bedroom apartments, and these units would be handed over as ready-to-move-in homes, featuring premium finishes and fittings, alongside smart technology integration, making them ideal for homeowners and investors alike.

“At Millennium Heights, the group celebrated the completion and official handover of block 3, a four-storey building comprising 112 luxury apartment units.

“These units are equipped with state-of-the-art features, including backup water systems, solar power, fibre internet connectivity, and spacious balconies.

“Building on this success, the group is now focusing on block 4, set to be completed at a record-breaking pace of one floor per month, with the structure up by the end of June 2025, and will feature 86 apartment units across six cascading floors,” said Dr Louis.

Furthermore, he said the group has launched the Millennium Heights Aparthotel under a Real Estate Investment Trust (REIT), which is managed by the in-house Nhora Asset Management (Private) Limited.

Dr Louis said this innovative investment opportunity enables individuals to acquire USD 500 units in Zimbabwe’s first Radisson-branded serviced apartments.

“The initiative not only promises strong investment but also contributes significantly to Zimbabwe’s tourism and hospitality sectors,” he said.

Dr Louis said the construction of Phase Two of the Group’s Pokugara Residential Estate, featuring 69 luxury town houses in a gated community, is scheduled for completion by June 2025.

He said upon finalising residential units, the group would proceed with the development of common areas and amenities, including a gym, tennis court, swimming pool and a skateboard park, enhancing the estate’s appeal and lifestyle offering.

The group has also successfully commissioned its glass and aluminium fabrication plant, TrustProp Aluminium, focused on producing high-quality materials tailored for the construction industry.

Dr Louis said the facility would not only cater for internal project demands but also ensure better quality, cost efficiency, durability, and aesthetic excellence in its offerings.

Additionally, WestProp has established BrickFusion Manufacturing, a brick-moulding factory designed to mitigate delays in brick supply while maintaining superior material quality for its developments.

In terms of financial performance for the year under review, the company’s revenue grew 80 percent to US$29,05 million from US$16,09 million in 2023.

Dr Louis said the growth was driven primarily by Pomona City Residential Estate, which contributed US$15,61 million, followed by Pokugara Residential Estate at US$9,42 million, and Millennium Heights at US$4,02 million.

“The higher revenue reflects increased demand for residential state and successful progression in project execution,” he said.-herald