Zimre Property starts work on Ruwa project

Tinashe Makichi Business Reporter
Work on Zimre Property Investment’s Ruwa residential project has commenced with the group expecting to spend $5 million on the investment.

Initial development work for the project will be complete by June this year.

ZPI finance manager Mr Nyasha Zhou yesterday told The Herald Business that the company has made significant progress in terms of the development of the stands.

“Towards the end of last year we engaged a contractor to execute the job and as I speak the development of the Ruwa residential project is now underway,” said Mr Zhou.

The project is the latest of several that ZPI has undertaken across Zimbabwe in the past few years. It will comprise 238 residential stands measuring from 600 to 800 square metres.

In terms of established properties, ZPI last year announced its intention to dispose its CBD properties citing

viability challenges caused by increased informal businesses in the

capital.

The property company owns Zimre Centre located at corner Leopold Takawira Street and Kwame Nkrumah Avenue, Harare among other notable properties.

Mr Zhou, however, said the properties have been finding no takers and in some cases the offers received were not convincing enough.

“There has been no movement in terms of the disposal of the company’s CBD properties due to the prevailing tight liquidity situation.

“However, we received offers from some tenants but their offers have not matched our expectations,” he said.

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