PHILLIMON MHLANGA
ZIMRE Property Investments (ZPI) swung to a profit of ZWL$181.83m during the year to December 31, 2019, from a loss of ZWL$74.10m
incurred in the previous year, aided by growth in project income.
Total revenue for the year to December 31, 2020, increased by 8% to ZWL$30.12m from ZWL$28.01m achieved in 2018.
Projects income for the year increased 15% to ZWL$12.97m from
ZWL$11.28m achieved in 2018.
Rental income increased by 1.4% to ZWL$16.08m from ZWL$15.85m in the prior year.
Investment properties realized a fair value gain of ZWL$172.04m during the year compared to a fair value loss of ZWL$56.85m in 2018.
Total assets stood at ZWL$525.5m from ZWL$343m in 2018.
ZPI said its Sawanga Shopping Mall in Victoria Falls uptake was 92%.
The US$13m upmarket mall was completed last year and is expected to be officially launched this year, according to Maguranyanga.
It is understood that the uptake was initially at 100 percent, until a “sudden drag” by Simbisa Brands, which needed to sort out some issues with its
Nandos brand developed.
The mall is sitting on 1.8 hectares total area. Some of the tenants that have signed up include Pick n Pay which is the anchor tenant occupying about
2 500 square metres, Puma Service Station, Bata, NetOne,
FBC Bank, Nedbank, NMB Bank, TV Sales, Adidas, Liquid Telecom and ZOL.
The Sawanga project was funded largely from internal resources, with 99 percent coming from equity funds while the balance was borrowed from ZB Bank, which provided $2 million loan to go the project.
The company’s managing director, Edson Muvingi recently said the project is a “game-changer in terms of our strategy from central business district Based office occupation to retail which can absorb shocks”.
“With chaos happening in cities’ CBD, we believe this movement is worthwhile.
Therefore, we have recreated Victoria Falls in a big way because this (Sawanga) becomes your concentration centre.”
Sawanga Mall is named after chief Sawanga, one of the three
sons of Rozvi Changamire.
The shopping mall design opens out its anchor arms as embracing features that imitate the welcoming nature of the chief.
Apart from Sawanga, ZPI has invested in a student housing facility in Bulawayo’s central business district which has up to 200-bed facilities.
The firm is also planning to undertake several other projects countrywide including the proposed Selborne Park in Bulawayo, another student accommodation project, Lizard Lodge in Victoria Falls, and
Adylinn townhouses in Westgate, Harare.
Maguranyanga said the general outlook over the short to medium term remains challenging and ZPI “will focus on innovative ways to hedge
income, defend the capital and preserve shareholder value”.
