WestProp’s sets eyes on US$174m projects pipeline
Victoria Falls Stock Exchange (VFEX) listed property firm, WestProp Holdings Limited says it has a solid multi-billion-dollar projects pipeline that spans residential and commercial segments that are expected to be implemented concurrently during the current financial year.
Some of the projects are already underway targeting the high-end and diaspora markets, with the group presenting its case to potential investors as far as the US capital Washington DC.
The initiatives are in line with the group’s ambitious target of putting a billion bricks into the ground by 2050, providing luxurious lifestyles in Zimbabwe.
Group chairman Dr Micheal Louis highlighted that the investments committee approved an immediate projects pipeline of US$174 million during the first quarter of the year, which is an increase of US$27 million over the half-year published amount due to the completion of more ready-to-build projects.
“Confirmed sales from this pipeline have amounted to US$56,7 million, which has resulted in a net forward pipeline of US$118 million (more than two years of sales).
“We anticipate this pipeline to increase to over US$300 million by Q2 of 2025 as we continue to plan and build up to our 2030 goal of US$100 million sales per year,” he said.
Dr Louis also indicated the group had earmarked several new major projects that will run concurrently in 2024.
“We have already begun the rollout of two multi-billion-dollar developments, Pomona City, a “City within a city” as well as one of Africa’s most premier Golf Estates, “The Hills” in which both developments are currently being planned and implemented,” said chairman Dr Michael Louis in an operational update for the year to December 31, 2023.
“The Hills Lifestyle Estate launch was befittingly presented to the public for the first time at none other than the prestigious Lafayette Square Sofitel in the Capital Washington DC to a well-received diaspora audience of over 90 in-person and 200 online,” he said.
Dr Louis added presales have begun for the Hills Lifestyle Estate whose groundbreaking ceremony is scheduled for 2nd May with civil works, the wall construction, and the US$10 million upgrade of the Golf Course all concurrently going ahead. On completion, the US$280 million project will boast breaking new ground in several aspects in the country.
These include the first driving range on water, the first tennis and swimming branded academies, the first branded residences (in sub-Saharan), the first 82 percent green area open space development (perhaps an African record), and the first 12-floor residential tower.
The design and technical teams for both the golf course and the buildings have included best-of-breed professionals from South Africa, Dubai, Spain, and Portugal.
“The final product is the most luxurious and sophisticated seen to date in Zimbabwe and can compete with the world’s best,” said Dr Louis.
Meanwhile, the group is planning on the completion of roads for Pomona City 1B and 1C in May and thereafter launch Pomona flats this year with the rest of the US$4 billion city being announced during the first quarter of 2025.
The group is also in the final stages of negotiations with South African partners for the long-awaited first-ever regional mall “The Mall of Zimbabwe” which we expect to go to the ground post mid-2024.-herald
