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 currently underway.
Group chief executive Mr Lawrence Nyazema said during a site visit that the project will consist of upmarket flats, low- and medium-density residences, cluster houses, schools, a large hospital and a shopping mall.
“Over the next 18 months the civils for the first phase with 2000 stands will be developed of differing sizes from 400sqm to 1200sqm.
With a 20% deposit, you get 5years to pay the balance at an interest rate of 8%. The terms structure price is at $75 per square meter. Cash buying price is pegged at $65 per square meter.
“Not only are we going to be selling stands, but we are also going to be looking at superstructures,” he said.
Mr Nyazema said the project has 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 will provide 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 said that in the two weeks since unveiling the project we have received an overwhelming response from clients who have shown interest.
“We were in South Africa in Midrand promoting the project, and about 500 people came. We then went to Birmingham where almost 2,000 people, mostly Zimbabweans in the diaspora, came to have a look at what we were putting together. This was through a partnership with Seeff and over 30 other strategic partners in the property business.
“For this specific project, we do have partners like Seef, Property Shop and our own CBZ Properties who will be responsible for selling the stands; Masimba Construction is the contractor on the project and Datvest is the asset manager,” he said.
According to Mr Nyazema, while the first phase is US$150 million, the entire project is valued at over $450million.
While the mortgage market remains thin, Mr Nyazema said that for the project, CBZ is providing facilities even for the first stage.
“With a 25 percent deposit, you get 5 years to pay for your stands. The price is US$65 per square meter.
The housing project is located 17 km north of the CBD and 10 km from Sam Levy Village. The project will be carried out in three phases.
Source: Nelson Gahadza, Senior Business Reporter – The Herald
