Spearheading Property Development, Meeting Shareholder Expectations
True to its vision to be the First Choice Provider of Real Estate Solutions, Zimre Property Investments Limited (ZPI) has always had a thrust towards property development and over the years has developed unparallelled expertise. As a company listed on the Zimbabwe Stock Exchange, ZPI prides itself in being the choice provider of real estate solutions.
Buying a property or piece of real estate is the biggest single investment decision most people would take in their life. Based on this understanding, one has to seek advice and expertise from a trusted source that has the indepth understanding of the industry and market conditions, as well as a proven record of delivery.
As a reputable property developer, with a proven track record, investors are guaranteed of their investment. It is often that people are cheated out of their hard earned (and usually significant) cash by unscrupulous property developers. However, as for ZPI, its history speaks for itself as being a reliable and professional developer who would always deliver the product that the market wants.
Background
The real estate arm within Zimre Reinsurance had always been in existence since the inception of the Reinsurance Company in 1983 and this arm has taken various forms over the years culminating in the incorporation of ZPI as a separate company in 2003 then as a 100% subsidiary of Zimre Reinsurance Company (P/L). The company then listed on the ZSE in July 2007 after a successful private placement and initial public offer, reducing Zimre Reinsurance shareholding to 51%.
Past Developments
With a history of performance and delivering quality real estate products since the late 80s, ZPI’s reputation has endured over the years and amongst some of its famous developments are: –
Eastview Garden Flats – Eastlea, Harare (380 two bed flats, completed 1989)
Zimre Park – Zimre Park, Ruwa (2 100 serviced residential stands, 2000)
Chitepo Heights – Harare CBD (120 two bed flats, 2003)
Chinamano Heights – J. Chinamano St, Harare CBD (300 two bed flats, 2006)
Road Port – R. Mugabe Road/ 4th Street, Harare (Regional bus/ coach terminal, 2005)
Zimre centres, Masvingo and Mutare (Office buildings built for ZIMRA, 2007)
Current Developments
True to its reputation, ZPI successfully completed two projects over the past 5 years, one in Bulawayo and the other in Masvingo.
The first project comprising 136 residential stands in Parklands, Bulawayo was completed in 2009 at a total cost of US$680 000 and more than half of the project sold to date at a realisable amount of US$850 000. The balance is valued at US$1.4million and selling at US$18.00 per square metre. The average stand size is 1 000 square metres which translates to US$18 000 per stand. The stands are fully serviced with surfaced roads, water and sewer reticulation. Part of the project is already built and electrified.
The second project which was completed just last year (2011) comprises 338 residential stands in Masvingo’s Rhodene suburb. The total project was done at a cost of US$4 million and work commenced in 2010. The total realisable value of the project at current prices on complete disposal is US$7.5million. To date some housing units in the various developments are at various stages of completion and phase 1 and 2 of the project are almost sold out. Phase 3 and 4 which are the last phases are now selling
Next Project for ZPI
The next project lined up for development is Adylinn Cluster House Development in Marlborough/ Westgate. The development is just a stone’s throw away from the Westgate Mall in a northerly direction along Old Mazowe Road and directly opposite the Police Dog Training Unit.
This is a middle income, gated community development comprising 80 two bed and three bed detached and semi-detached housing units. The expected average cost per unit is between US$80 000 and US$120 000. Construction is expected to commence in July of this year (2012). The project is awaiting the necessary Local Authority approvals.
