PROPERTY developer, WestProp Holdings Limited, has already sold more than half of residential units at Millenium Heights’s new block amid increased interest in the properties.
Over US$100 million was used for the establishment of the Millenium Heights Block 4 apartments.
West Prop’s development will see 1 000 apartments created in 12 blocks.
In an interview with NewsDay Business at the launch of the Block 4 apartments on Monday, chief executive officer and founder Ken Sharpe said 200 units of the first three blocks had already been sold and occupied.
“I’m glad to announce that we have sold, as of today, more than 50% of that building. There’s less than 50% available, so thank you to our customers. We value your support and congratulate you. Today marks a milestone in our history. We are breaking ground for the construction of Millenium Heights Block 4 luxury apartments, and we continue to move towards achieving our one billion bricks vision by 2050,” he said.
“With the first three blocks that we have finished constructing, just under 200 units have been populated and now we are adding over 80 units in Block 4. So, we can say we are getting close to 300 units. We are doing one building a year and we are hoping to increase to two buildings a year.”
Between 10 and 12 blocks with at least 1 000 units are set to be built at Millenium Heights in five years.
“Each apartment brings with it unique features that differentiate it from the rest to avoid monotony and to bring diversity in architectural designs,” he added.
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To date, since the Millenium Heights development began, approximately 1 464 017 bricks have been laid.
With the creation of this new block of apartments, together with its other developments, WestProp has achieved 6% of its set target of one billion bricks by 2050.
“At the moment, the company is listed on the Victoria Falls Stock Exchange. It’s a public company, you can see from our financial records we don’t have any debt, no borrowings, that’s financed totally by equity now, and we are making our own capital,” Sharpe said.
“We are looking at expanding next year into bigger projects and attracting other investment into the company and into the country,” he said.
In April, WestProp revealed that it was in ongoing discussions with institutional investors and crafting capital raising initiatives through its Victoria Falls Stock Exchange listing to raise funds to develop its projects.
Apart from the Millennium Heights development, other property projects include Pokugara Residential Estate, Pomona City, The Mall of Zimbabwe, Millennium Heights Office Park and the Hills Golf Estate.