Old Mutual’s US$12m housing project begins

CLOUDINE MATOLA

Old Mutual Zimbabwe, the country’s largest financial services group, on Monday launched its US$12m housing project in the capital Harare, Business Times can report.

The project will see the construction of 136 stand-alone, four-bedroom houses as well as 144 high-rise residential apartments, comprising 72 one-bedroom units and 36 bedsitter apartments.

The project will be implemented by Troika Design Workshop through a Turnkey contract.

Speaking at the ground breaking ceremony, Old Mutual group CEO, Samuel Matsekete said:“We have got the investing clients, those that have been asking and their voices have being heard. We have listened. They’ve been asking for channels to invest their funds, channels to invest their savings, which includes the sort of assets that we are witnessing here today. So as a longstanding and integrated financial services solution provider, we have a mission to offer value to our customers.

“We offer financial solutions in the most comprehensive sense that we can do, and that includes real estate solutions that contribute to sustainable development and prosperity. It also includes offering our clients the opportunities to access investment assets that are brought, that can offer returns within the range that they expect, seeming to beat their expectations, but also to diversify their investment process.”

Matsekete stated that the project is anticipated to be finished in 18 months, with the first phase costing about US$4m.

“The project is expected to be completed within 18 months, with the first phase costing approximately US$4m. The development will be executed in phases, beginning with land servicing and the construction of standalone housing units, followed by the final phase of high-rise residential apartment construction,” he said.