Enacy Mapakame Property Reporter
FINANCIAL services group CBZ Holdings Limited will develop over 12 000 residential stands in Harare’s Southlea Park as part of efforts to provide affordable housing solutions to home seekersIn an interview, group chief executive Mr Never Nyemudzo said the group was negotiating with its partners for the purchase of 500 hectares for the project at Odar Farm.
The project targets medium to low income earners, which is in line with the group’s focus in providing low cost housing solutions across the country. This Mr Nyemudzo said, would help ease the housing backlog for the capital. At national level, the housing backlog is estimated to be above 1,2 million.
“We have very exciting projects in Harare’s Southlea Park, Odar Farm where we have quite a lot stands we have partnered with our partners to service
“We are in negotiation with some of our partners for the purchase of land, which is over 500 hectares that is going to help develop more than 12 000 residential stands in Harare.
“Once it is done, it will go a long way in reducing the housing backlog of low cost housing in the country.” .
Mr Nyemudzo added the group had adequate resources for property development projects across the country and the financial services group was only limited by the availability of land.
He added the Southlea Park project would be launched “soon” after negotiations with partners were concluded. “Once we conclude discussions with our partners, we certainly will launch immediately because the resources are available.
“What is currently limiting CBZ is availability of land,” said Mr Nyemudzo.
The financial services group, also the country’s largest by assets and deposits has set aside $70 million for residential property development, with a bias towards low cost housing.
Demand for low cost housing is currently high in the country providing scope to tap into the market. Recently, the group completed low cost housing projects in Victoria Falls, Kwekwe and Gweru and planning on launching another in Marondera where it will develop over 2 000 stands.
In line with its thrust to enhance low cost housing in the country, the financial services group introduced a cash plus housing account to enable its customers to save towards purchasing a residential stand or building a house.