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Tinashe Makichi  Business Reporter
Listed property developer, Zimbabwe Property Investments Limited is waiting for regulatory approval from the Ministry of Local Government, Public Works and National Housing to start developing a residential property project in Ruwa.  ZPI is going to invest about $5 million for the construction of the residential facility as part of the company’s long term plans to boost revenue.

In an interview with Herald Business yesterday, ZPI Finance manager Mr Nyasha Zhou said the company was looking at investing in low cost housing projects to boost revenue.

“The project is still waiting for approval and as you might be aware Ruwa is a local board so all approvals come from the Ministry. The land that we bought was not meant for residential use so we are still waiting for an approval to change the use of the land,” said Mr Zhou.

“We have since migrated to low cost projects that have a quick return.”

He said plans to do the project were still in the preliminary stages and construction is scheduled to begin in August this year.
Mr Zhou said the movement in terms of sales from 2012 to 2013 enabled the company to earmark $5 million towards the Ruwa project.

Capital for the construction of the facility would be raised mostly from rentals and selling of finished properties.

As part of the company’s long term plans ZPI also unveiled plans to develop a state of the art office park along Borrowdale Road at an estimated cost of over US$13 million.

Mr Zhou said the development of the land for the office park is still at its preliminary stages.

“We managed to secure two hectares at the end of last year along Borrowdale Road that we hope will address part of the challenges in our portfolio.

“We were looking at areas outside the Central Business District for a development that will culminate into an office park at some stage,” he said.

Mr Zhou further said the company’s Tynwald residential development project continues to perform well and by year end 2013, 59 percent of the project had been sold and 72 percent of project costs had been recovered.