Construction of Zimbabwe’s Southview park is 40% complete according to Fidelity Life Assurance managing director, Simon Chapereka, with serving of residential units expected to complete by the scheduled time end of the year 2015. The servicing was expected to end in 2016, but nowthe deadline has been pushed since funds have been made available for the same.
The park will be one of its kind having a total of 5 304 residential units that will be available for business community of Zimbambwe.
Simon Chapereka made the announcement in a company’s financial results presentation adding that they have already sold over four thousand stands.
The residential units servicing completion date is set by the end of this year since funds have been available from Fidelity Life Park bond, said Simon.
“The bond was a huge success given that US$12, 7 million was raised, an oversubscription of nearly 1, 5 times,” said Chapereka.
Commercial properties within the Southview park project such as shopping malls, schools and social amenities would be worked on once the servicing of the residential units was complete. This is expected to start next year.
He said realigning the high cost structures (being experienced by the company) to improve operational efficiencies was important to making Southview park project self-sustaining. “This will ensure that Fidelity Life Southview Park has all that is needed in any community since the project have numerous downstream benefits to the country” said Chapereka.
The company’s Southview Park Housing project’s sales income is approximated to reach US$18.2 million during 2014, and this propelled a 99 percent increase in profit to US$5 million compared to US$2,5 million in 2013.
Zimbabwe is estimated to have a housing backlog/shortage reaching 1.25 million units.