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NicozDiamond chief executive Mrs Grace Muradzikwa

Short-term insurer NicozDiamond has completed 20 units under the first phase of its Hatfield Diamond Villa project, an official has said. Chief executive officer Grace Muradzikwa said houses were complete and were selling fast.

“We completed the building process and the houses are ready for occupation in Hatfield along Airport Road and for the first phase we completed 20 units, eight of which have been sold already,” she said.

NicozDiamond will generate at least US$6 million from the properties, with a three-bedroom unit selling for US98 000 and $110 000 for one with four bedrooms.

Mrs Muradzikwa told business analysts in the capital last week that returns from the first tranche would be redirected to the second phase.

“Therefore in this case, the company will not invest capital from other businesses, but the project will self-finance by utilising returns from completed units,” she said.

She said the company was not rushing to start the second phase as it was still monitoring the uptake of the market.

“The approach that we have taken is that we are not rushing the building process as we are watching the market uptake and we will start the second phase when the market peaks, but so far the houses are at slab level,” she said.

The low-density housing development, which covers a total 60 000 square metres, will comprise 58 houses and will cost $4 million which has been secured from internal resources.

Mrs Muradzikwa said the company had approached some banks which had shown interest in providing mortgage finance to prospective buyers.

She said the company had also brought in real estate agents to assist in marketing the project.

The property sector has seen several financial institutions and insurance firms recently showing interest in it.

Although depressed, the sector has been offering better returns to investors in liquidity-strapped Zimbabwe. – New Ziana.