WestProp to complete US$4bn project in 2025

Listed property firm — WestProp Holdings Limited is targeting the first quarter of 2025 to start construction works for the final phase of its US$4 billion Pomona City project in Harare as the mega projects continue to take shape.

This comes as the group has identified several significant projects planned to run concurrently throughout 2024.

Notably, the group has initiated the development of two multi-billion-dollar projects — Pomona City and The Hills, an esteemed premier golf estate.

These developments are currently in the planning and implementation phases, with groundbreaking for The Hills scheduled for the second quarter, along with civil works and a US$10 million upgrade of the Golf Course taking place concurrently in 2024.

WestProp Holdings will also officially launch its Millenium Heights during the same quarter as the state-of-the-art Gatehouse in Q2 2024, with Block 3 scheduled for handover the following quarter.

These initiatives are expected to contribute towards the transformation of Harare into a world-class city.

According to finance director Mr Simbarashe Kadye, the group has scheduled completion of infrastructure for Pomona City sections 1B, 1C during the third quarter of this year and launch Pomona flats during the fourth quarter of the year.

“The remaining phases of the US$4 billion project are set to be unveiled by (first-quarter) of 2025,” said Mr Kadye in a first-quarter trading update.

“Additionally, WestProp Holdings will officially launch its Millenium Heights state-of-the-art Gatehouse in Q2, with Block 3 scheduled for handover in Q3 2024,” he said.

The group is upbeat that its diversified portfolio and strategic initiatives have positioned it favourably to leverage emerging opportunities while effectively mitigating potential risks.

Already, the Victoria Falls Stock Exchange (VFEX) listed firm has experienced a solid performance driven by its strong client base after its upmarket developments.

“Despite these challenges, WestProp Holdings remained resilient and navigated the economic downturn with the support of our loyal client base, achieving positive sales growth compared to the same quarter in the previous year,” added Mr Kadye.

This comes as first-quarter revenue jumped by 11,54 percent to US$7 million compared to US$6,3 million recorded during the same quarter in the prior year.

Of this revenue, 72 percent was attributed to the group’s premium development, Pokugara Residential Estate townhouses, generating US$5 million in sales.

However, operating expenses for the period surged by 26,97 percent to US$1,36 million compared to US$1,07 million from the previous quarter

“This increase reflects the significant expansion in the group’s operations as it prepares for upcoming developments scheduled for commissioning from Q2 onwards,” said Mr Kadye.