Old Mutual launches US$12m housing project

OLD Mutual Zimbabwe has revealed a US$12 million residential development project in Harare, comprising the construction of standalone houses and high-rise residential apartments, representing a significant investment in the country's housing industry. The project will be finished in phases. The first phase is projected to be completed within 12 to 18 months and cost US$4 million. During the groundbreaking ceremony yesterday, Old Mutual Zimbabwe's group CEO, Samuel Matsekete, stated that the project will help the nation.

"The project, Prospect 1 Housing Development, is a brainchild of our investment wing within Old Mutual, which is involved with real estate in addition to other investment assets," he told me. "We are working on this project so that we can provide our investment clients with access to the value that we see in it, among other things. "It will be done in phases, and the first phase, which we estimate with about US$4 million worth of value, will be launched within the next 12 to 18 months, after all the background, the backbone infrastructure and that is the first units that will be delivered, which are obviously the stand-alone units."

The development will contain critical infrastructure, such as alternative or supplemental water delivery systems, to support a vibrant community. "We are looking at this project also evolving into future phases because we do have about 8, 3 hectares here which we will seek to develop into, you know, weaving them into what other properties we have in this area," he told reporters.

"So, execution will begin immediately. In reality, it began following the groundbreaking ceremony. It will be followed by sub-phase one, which includes standalone units, and then high-rise units. "We are already looking beyond this project..." We have something for all of the project's players and the community that will benefit them in the long run. According to Matsekete, Prospect One will set a new benchmark for the group's project exchange and serve as a shining example of what can be accomplished when partners work together toward a common goal. Old Mutual is collaborating with Troika Design Workshop (TDW) on their new project.

Prospect One, according to TDW business director Phillip Kudzayi, is made up of 136 detached residences and 144 apartment units with studio, one, and two bedrooms, all located within a gated complex. "We expect Prospect One to improve housing supply within the Greater Harare area, raise the bar within the residential market and present additional options for homeseekers and investors," Kudzayi told Reuters. TDW is a construction consulting cooperation that provides multidisciplinary built environment services such as construction management, architecture, quantity surveying, and structural engineering.