WestProp’s ambitious projects rollout shows progress

The Victoria Falls Stock Exchange listed property firm, WestProp, says it has so far used over 83 million bricks in its projects as the construction company forges ahead with an ambitious target of using over one billion bricks in it works by 2050, it has been learnt.

According to Westprop, the company has committed approximately US$3 million to the development of Hills Estate, with plans to launch phase one by July of this year.

This initial phase will unlock significant value, contributing to an estimated US$100 million in real estate development within the estate.

In February alone the company successfully completed the construction of 28 homes at Pokugara Estates, with plans to finalise an additional 32 homes by the end of April.

This strong progress underscores Westprop’s commitment to delivering quality housing within set timelines to Zimbabweans.

At Millennium Heights, Westprop is currently concentrating its efforts on the construction of Block Four, which comprises around 80 residential units, all scheduled for completion this year.

In addition to Block Four, the company is set to develop two additional blocks—blocks five and six.

Block Five is particularly notable as it will integrate a hotel component, partnering with a prestigious international brand that is making its entrance into the Zimbabwean market.

Meanwhile, Block Six is being offered on a presale basis, attracting considerable interest from potential buyers.

In terms of sales progress, Block Five has already achieved an impressive 60 percent sales rate, while Block Four boasts a remarkable over 90 percent pre-sale status, reflecting strong demand for Westprop’s innovative developments.

“Our mission is to put one billion bricks in the ground by 2050, and as of today we are at 83 million bricks that we have used in the construction building and we are committed to the one billion brick vision, we calculate the number of bricks using our brick metre under the hills.

“Some of the main projects we have completed include Block Three at Millennium Heights, which has 112 apartments as block two and one were done prior. We are now on block four, which is about 80 units. We will be completing that block this year and we are breaking ground on two more buildings. Basically, we are completing almost two houses a day,” said CEO Mr Kerne Sharpe in an interview with Business Weekly on the sidelines of CEO Roundtable breakfast meeting yesterday.

Although cautious, the group said it was optimistic that its diversified portfolio and strategic initiatives have positioned it favourably to leverage emerging opportunities while effectively mitigating potential risks.

The property firm is on record saying the local banking sector and Government should work on introducing more mortgages and more formal money in the system to grow the local property sector.

Sentiments by the property development firm are on the back of a ballooning informal economy, whose liquidity continues to circulate unaccounted for in the formal banking system yet it is the biggest segment of the local economy.

WestProp says mechanisms should continue to be put in place to have more formal funding of productive sectors of the economy including the real estate sector.

A mortgage, which is a loan provided by a financial institution to buy or build a property is one of the most popular ways to purchase a property world over.

Various types of mortgages are available in Zimbabwe, including ordinary mortgages, USD mortgages, equity releases, and employer-assisted mortgages.-ebsinessweekl