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Abigail Mawonde Herald Correspondent
Old Mutual Zimbabwe has spread its investment in housing from Harare to Bulawayo where it is constructing over 1 000 units.

Addressing stakeholders at the ground breaking ceremony of the Pumula South residential stands scheme yesterday, the company’s group chief executive officer Mr Jonas Mushosho said the project would be completed by mid year.

“The Pumula South Residential Stands Scheme when completed will deliver 596 developed stands in Pumula South and 486 Stands in Nkulumane. All in all we are providing an opportunity to 1082 families to build their homes,” he said.

“Development commenced in November 2017 and we are targeting to complete in May 2018.”

Mr Mushosho said while the housing scheme was earmarked for the general populace at large, it had also been designed with the small to medium traders in mind.

“The major requirements for Pumula South Stands are; a deposit of 30 percent and one needs to be registered with the city council and be on the housing waiting list.

“This implies that the deposit needed can be raised from the various informal income streams that one may be undertaking.

“After this deposit, buyers are allowed to raise the balance over 12 months,” he said.

Mr Mushosho said pre-selling of the stands which begun in May last year had seen a big demand for the stands before the development works had even begun.

He said the servicing of stands was ongoing and it included road grading and tarring, sewer and drainage system installation as well as provision of running water.

Mr Mushosho said there was a three tier pricing structure for the stands which range in size from 200 square metres and 1 100 square metres, ranging between $20 and $30 per square metre.

“To date we have managed to sell 300 stands and more applications are undergoing the vetting process.

“We foresee selling off the 596 stands in Pumula by June 2018 and then shift to the 486 stands in Nkulumane.”

Mr Mushosho said in recent years Old Mutual had delivered the Budiriro Housing Scheme in Harare as a direct response to a growing national housing backlog.

He said individual financing for the houses under the scheme was being provided by CABS, a member of the Old Mutual Group.

Mr Mushosho said Old Mutual Zimbabwe had also considered provision of trading places in Harare.

“Furthermore, we also realised that the majority of enterprising Zimbabweans were not only starved of affordable housing but of decent and convenient trading space as well.

“To this end we embarked on journey to constructing the Old Mutual SME Centre in Harare’s CBD, a revolutionary concept that will result in the first such facility in Southern Africa.

“On completion, the Old Mutual SME Centre will have a lettable space of just under 12 000 square metres, bringing relief to the many vendors who currently ply their trade at various informal sites across the city.

“The project is expected to be completed by June 2018,” he said.