PROPERTY development firm, Aspindale Park, has completed the first phase of its housing project for over 300 housing units and is waiting for title deeds from the City of Harare.
Aspindale Park has a total of 1 200 residential stands ranging from 200 up to 350 square metres.
BY Tarisai Mandizha
In an interview with NewsDay last week, Aspindale Park company financial advisor Bianca Swan said they would now work on Phase Two to be completed by year-end.
“We just completed Phase One and so the next stage is to complete Phase Two which we are hoping to be done by end of the year and Phase Three will be early in 2018. The whole development will be completed by the latest remainder of next year. Considering we only started this project at the beginning of this year and in six months we think we have come very far,” Swan said at the open day celebrating the completion of Phase One on Saturday.
“The commercial side is in Phase Three in the development, so it will be completed early next year.”
She said the uptake for the stands was good and promising, adding that a number of prospective home owners have expressed interest in seeking mortgages from their banks.
Swan said the company was currently waiting to receive title deeds from the city council for home seekers to be able to access mortgage finance.
“We have been very excited, we have a very good uptake so far and people are interested in buying the stands from us and what we also got is a lot of people interested in getting mortgages from their banks. But in order to get mortgages from the bank we are waiting to get the issuance of title deeds from the City of Harare and I think that will be very soon,” she said.
“We think the uptake will pick-up substantially soon, as people will be able to get to the banks to get financing and get mortgages. But in the meantime we are offering payment terms and it’s something unique on the market.”
Residential stands are selling at $85 per square metre inclusive of value added tax. A deposit of 30% is required and the payment plans range between one year and five years.
Payment plans for mortgages range from 10 to 25 years.
Swan said her company would also develop two schools, three churches, a clinic, retail space, two fuel filling stations and small-to-medium enterprises.