LISTED concern CFI Holdings Limited plans to develop 7 500 stands on the 401 hectares of land still unoccupied at Saturday Retreat Estates and is now awaiting necessary regulatory approvals, an official has said.
BY VICTORIA MTOMBA
CFI Holdings group company secretary Panganayi Hare told NewsDay that costings of the development were now being finalised.
“We have submitted a subdivision plan to the department of physical planning, once that is approved we expect to start work at full throttle. We believe this will reduce the housing shortages in the country. We do not have a figure but in the coming days we should have the costings,” Hare said.
He said the company will consider entering into joint venture partnership for the development of the project.
“It’s not out of the picture, if the right partners come we may consider. In the next two to three months work should start,” Hare said.
Hare said the company was already in a partnership with Tencraft for the development of 635 stands in Amalinda road in Suncrest Park.
The development comes at a time when the Administrative Court confirmed the compulsory acquisition of the 656 hectares of lands that belonged to Crest Breeders International a subsidiary of CFI Holdings Limited.
The court ruled that Crest Breeders International should be compensated $26,2 million by individuals that have settled on the 656 hectares of land.
The court said the group should make sale agreements for the individuals and that the company should directly receive payments from individuals on the land.
Hare said the company was happy with the court order as it recognised that the company was the original owners of the 656 hectares of land and should be compensated.
“We are starting to work out the modalities on how to get the money. We are expecting to set up a collection office at Saturday Retreat.
“We will have individual seller agreement for each settler and they will pay to CFI for the land they have occupied and we will process title deeds,” he said.
The 656 hectares of land has close to 8 000 housing stands.
CFI Holdings lost its land in 2013 when government showed interest in the piece of land that was situated on Saturday Retreat Estate.
When the land was compulsorily acquired, 600 employees lost their jobs while the company’s chicken breeding facilities were affected.