Real estate developer, WestProp Holdings Limited, is in the advanced stages of negotiations to initiate the construction of a new shopping center The Mall of Zimbabwe, with the aim of increasing the total worth of its projects beyond its existing valuation of $147 million.
Construction of The Mall of Zimbabwe aligns with the company’s ongoing efforts, as they are concurrently engaged in the development of two substantial projects, Pomona City and the Hills Golf Estate, each valued in the billions. These endeavors are part of WestProp’s strategy to achieve an annual profit exceeding $20 million within the coming three years, and are listed on the Victoria Falls Stock Exchange.
Pomona City is an expansive development spanning 273 hectares, designed to provide a secure, gated premium lifestyle. It is founded on the concept of a self-contained “city within a city” and will incorporate smart city features.
The Hills Golf Estate project aims to transform an existing 18-hole golf club into a course adhering to U.S. championship standards. This endeavor includes the establishment of a comprehensive lifestyle community featuring a tennis and swimming academy, residential units, and a luxurious hotel.
In a statement accompanying the release of its financial results for the first half of 2023, WestProp’s board chairman, Michael Louis, emphasized the company’s unwavering commitment to increasing the valuations of its various projects.
“We are delighted to announce that we are in the concluding phases of discussions for the highly anticipated inaugural regional mall in Zimbabwe, ‘The Mall of Zimbabwe.’
In the reviewed period, WestProp achieved a notable 23% growth in post-tax profit, reaching US$2.72 million, compared to the corresponding period in the previous year.
Construction of The Mall of Zimbabwe set to commence in 2024
“We are actively engaged in the development of both projects, with plans for their commencement in 2024,” he said, adding that the group has already committed to its rollout of two multi-billion-dollar developments, including Pomona City, a ‘City within a city’ development, and one of Africa’s most premier Golf Estate, ‘The Hills.’
Louis stated, “During the reviewed period, the group’s revenue saw a slight increase, reaching US$11,770,480, compared to US$11,656,632 for the same period in the previous year.”
He further explained, “Despite this modest growth, the board has granted approval for current projects valued at US$147 million in sales with an anticipated gross profit of US$68 million. This underscores our commitment to achieving a gross profit exceeding US$20 million annually for the next three years.”
Louis also noted that operating expenses for the reviewed period totaled US$2,374,208, an increase of US$1,124,750 when compared to the figure of US$1,249,458 for the same period the previous year.
Also read Pomona Smart City Project Underway In Harare, Zimbabwe.
