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Livingstone Marufu Property Reporter
CBZ Holdings has invested $36 million towards property development since 2009.

CBZ spent $4,6 million on Grange property, $2,3 million each on Kwekwe, Chikanga and Mbizo, $7 million on Senga Nehosho, $6,8 million on Mtausi Park and $11,5 million on Victoria Falls.

The expenditure of the property developer’s projects comes at a time when CBZ is set to provide more low density stands around the country to reduce the country’s housing backlog.

CBZ Holdings marketing and corporate affairs executive Mrs Laura Gwatiringa told The Herald Property Guide that the bank expects the housing projects to be fully subscribed as building loans would be provided.

“Since 2009, CBZ has consolidated its position as a serious property developer where it has invested over $36 million towards housing (a combination of low cost, high density, medium and low density).

“As CBZ Holdings we believe we can significantly contribute to the provision of affordable housing to members of our community; thereby complementing government’s efforts in reducing the country’s housing backlog.

Mrs Gwatiringa continued: “As such since 2009, CBZ has developed stands in Grange (Harare), Chikanga (Mutare), Mbizo (Kwekwe), Nehosho (Gweru), and Mtausi Park (Gweru), Victoria Falls. Mbizo, Nehosho and Mtausi Park stands are currently on sale where favourable loan tenure as well as building finance are being offered.”

The property developer expected the commencement of servicing of Bulawayo and Marondera stands to take off before year end. There will be 670 medium density stands in Bulawayo and 3 800 high and medium density stands in Marondera.

CBZ is also exploring ways to expand its current land bank across the country. Mrs Gwatiringa added: “Going Forward, CBZ is in negotiations with various local authorities as well as with the Ministry of Local Government, Public Works and National Housing for acquisition of land for housing developments throughout the country.

“Recently, the Group transformed its Properties arm into a fully-fledged property company to take advantage of emerging opportunities in property development, property management and project management.

“Encouraging negotiations with various local authorities as well as with the Ministry of Local Government, Public Works and National Housing for acquisition of land for housing developments throughout the country have already started.”

CBZ is largely targeting vendors as they have no reliable source of income. The housing projects will complement Government efforts to provide housing units to low income earners.

Under the country’s economic blueprint, Zim-Asset, Government plans to provide 313 000 housing units by 2018.