WestProp to complete US$4bn project in 2025

WestProp Holdings Limited, a listed property business, is to begin development on the final phase of its US$4 billion Pomona City project in Harare in the first quarter of 2025, as megaprojects continue to take shape. This comes as the company has identified many key projects that will run concurrently till 2024. Notably, the firm has begun building on two multibillion-dollar projects: Pomona City and The Hills, a prestigious premium golf estate.

These expansions are currently in the planning and execution stages, with The Hills slated to commence ground in the second quarter, followed by civil works and a US$10 million makeover to the Golf Course in 2024. WestProp Holdings will also officially open Millenium Heights at the same quarter as the cutting-edge Gatehouse, in Q2 2024, with Block 3 set for completion the following quarter. These projects are designed to help develop Harare into a world-class metropolis.

According to finance director Mr Simbarashe Kadye, the group plans to complete the infrastructure for Pomona City sections 1B and 1C in the third quarter of this year and launch Pomona flats in the fourth quarter. "The remaining phases of the US$4 billion project are set to be unveiled by (first-quarter) 2025," Mr Kadye stated in a first-quarter trading update.

"Additionally, WestProp Holdings will officially launch its Millenium Heights state-of-the-art Gatehouse in Q2, with Block 3 scheduled for handover in Q3 2024," according to him. The group is confident that its diverse portfolio and strategic efforts have positioned it well to capitalize on upcoming opportunities while successfully limiting potential dangers. Following its upmarket developments, the Victoria Falls Stock Exchange (VFEX)-listed corporation has already achieved outstanding performance, owing to its strong client base.

"Despite these challenges, WestProp Holdings remained resilient and navigated the economic downturn with the support of our loyal client base, achieving positive sales growth compared to the same quarter in the previous year," says Mr. Kadye. This comes as first-quarter revenue increased by 11.54 percent to US$7 million, compared to US$6.3 million in the same quarter the previous year. Of this revenue, 72% was credited to the group's premium development, Pokugara Residential Estate townhouses, which generated $5 million in sales.

However, operating expenses for the period increased by 26.97 percent to US$1,36 million, compared to US$1,07 million in the previous quarter. "This increase reflects the significant expansion in the group's operations as it prepares for upcoming developments scheduled for commissioning from Q2 onwards," claimed Mr. Kadye.