PROPERTY developer WestProp Holdings Limited (WestProp) says South African retail developer Exemplar REITail Limited (Exemplar) is finalising leases and redesigning an expanded blueprint for its planned The Mall of Zimbabwe, with groundbreaking set for early 2026.
Exempler is a market-leading developer, owner and manager of township and rural retail space in South Africa with a significant portfolio valued at ZAR9,95 billion (US$580,09 million) as of February.
Hence, Exempler is leading the design of WestProp’s The Mall of Zimbabwe as the latter signed a deal with the former’s parent South African company, McCormick Property Development, to construct the development.
The project value is in excess of US$100 million, with a peak of 90 000m² gross lettable area.
Upon completion, it will be a one-stop “Eat, Shop, Work and Play” shopping centre.
“Investor engagements for the regional mall, ‘The Mall of Zimbabwe’, continue. Exemplar, a JSE company, remains the group’s original South African partners who are actively doing leases and redesign of the enlarged blueprint of the mall, with advanced plans to break ground in early 2026,” WestProp chairman Michael Louis said in the firm’s half-year financial report ended June 30, 2025.
The mall will be Zimbabwe’s first fully enclosed, air-conditioned regional shopping mall, with top regional retail brands among those that will trade at the new establishment.
According to WestProp, The Mall of Zimbabwe is a major catalyst for economic growth for Zimbabwe, with over 3 000 direct and indirect jobs that will be created.
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This construction will also lead to the creation of downstream industries and businesses, with tenants set to be a mix of international and local retailers.
“Looking ahead, the group maintains a measured optimism while reaffirming its commitment to fulfilling its strategic objectives,” Louis said.
“It remains steadfast in its pursuit of excellence, consistently delivering performance and creating sustainable value for both shareholders and customers — ensuring shared success across all stakeholder groups.”
As of June, WestProp had US$2,29 to every dollar of short-term debt, showing the developer had more than enough to cater for its capital needs.
“Finance costs rose to US$259 635, compared to US$113 225 previously. The increase reflects higher leverage levels following recent capital structuring activities,” the chairman said.
He said the group remained resolutely focused on its strategic mandate: delivering premium residential estates, safeguarding stakeholder value, and maintaining disciplined capital stewardship.
“A key highlight of the period was the successful launch of the Radisson Apart Hotel under Seatrite Five Trust REIT, a landmark initiative in the group’s capital markets engagement,” Louis said.
“Structured under the Collective Investment Schemes Act and approved by the Securities and Exchange Commission of Zimbabwe, this REIT enables the Group to unlock value from income-generating assets without incurring high interest debt while offering investors a professionally managed, USD-denominated investment
vehicle.”
He said this REIT had a 24-month lock-in period and a planned listing on the Victoria Falls Stock Exchange (VFEX), further shielding the investor’s interest from local currency volatility.
Additional capital will be raised through the completion of key projects, which will allow WestProp to increase sales and expand its revenue base, such as Pokugara Properties.
“Construction of Phase two of the estate is nearing completion, with only three units remaining for sale out of the 69 unveiled. 13 units have been handed over to owners,” Louis said.
“The remaining units are over 90% complete and projected to be completed and handed over in Q4 2025.”
Further, construction of block 4 at the Millennium Heights development is progressing very well, with finishing works expected to be complete by the end of the year.
Regarding the Pomona development, the development has now attained partial regulatory compliance, enabling phased handover and the commencement of residential construction for Phase 1B and 1C clients.
“This milestone paves the way for early move-ins by clients ready to build, with full compliance for the remaining stands expected by the end of 2025,” Louis said.
