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Tawanda Musarurwa Property Writer
Diversified financial services group, Old Mutual Zimbabwe has sold out residential stands under Phase 1 of its Pumula South project.

In Bulawayo, the Old Mutual Zimbabwe group was developing 1 082 housing stands, which consisted of 596 stands in Pumula South while an additional 486 were targeted for Nkulumane suburb.

Said Old Mutual chairman Johannes Gawaxab: “We completed Phase 1 of developing stands in Pumula South. All the stands developed under Phase 1 of the project were sold out by the end of the first half of the year.

“Pegging for Phase 2 of the development has also been completed and contractors will commence work once outstanding approvals are obtained from the Bulawayo City Council.

“Development of stands in Nkulumane is progressing well; sewer and water reticulation works were nearing completion as at June 30 2018. We intend to deliver a total of 1 082 stands in Pumula South and Nkulumane through these developments.”

Development of the Pumula South housing scheme commenced in November 2017.

Old Mutual has delivered the Budiriro housing scheme in Harare as a direct response to a growing national housing backlog.

Meanwhile, the financial services group says the Eastgate SMEs Market should be operational by the second half of this year, with leasing contracts already being negotiated.

“Construction of our Eastgate Market is nearing completion with the superstructure and all building works having been completed by 30 June 2018. Some delays were encountered in the delivery of the project due to challenges in sourcing foreign currency for some building materials that are not available locally.

“Snagging is now underway and we are now focusing on finalising leasing contracts for the building before the official opening,” said the chairman.

“The building demonstrates our commitment to the nation’s economy through development of small and medium enterprises and it is part of our broader financial inclusion strategy.”