Zimbabwe Stock Exchange-listed Zimre Property Investments (ZPI) has completed a $4 million housing project in Masvingo in a development set to ease the housing backlog in the country’s first urban settlement.
Currently, there are 9 000 people on Masvingo’s housing waiting list.
The property developer has serviced 437 stands in the plush Rhodene low-density suburb.
Speaking at the handover of its project infrastructure to the Masvingo City Council last Friday, ZPI board chair Edmore Ndudzo said the city provided a viable market for infrastructure development and investment.
“Masvingo presented to us a viable market for property development. No wonder it is our second investment in the city after building the towering Zimre building, the tallest in the city,” he said.
Ndudzo hailed the dollarisation of the economy which he said breathed back life into the property sector, which had been on its throes owing to the world record inflation that hit the country between 2007 and 2008.
“The dollarisation of the economy also saw an improvement in the fortunes of the property sector.
“The industry had been down, but now there are signs of recovery. Now there is room for feasible planning,” he said.
Masvingo mayor Alderman Femius Chakabuda said Masvingo City Council was open to investors and hailed the partnership with Zimre which he described as a win-win situation.
“We are actually grateful for the partnership we have with Zimre. We are open to investors so that the city continues to grow after a fatigue caused by the collapse of the economy back then,” he said.
Chakabuda appealed to other investors to develop the city, especially in the industrial and manufacturing sector, which has remained stagnant over the years.
“Much as there has been a significant improvement in the property sector, there is also set to be a subsequent increase in industry which has remained stagnant over the years,” said Chakabuda.