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The country’s biggest financial services group, CBZ Holdings Limited is currently developing stands worth $30,5 million and is already in the process of selling some, as the company continues to deploy capital into land development.
Amid limited investment options, most financial institutions have turned to the property market to create income streams as well as hedge against currency weaknesses.
The biggest project that CBZ is developing is in Marondera where 2 800 high density stands are being developed. The project is estimated to cost $15 million when complete.
Another $7 million will be spent towards the development of 670 medium density stands in Bulawayo.
In Hogerty Hill, Harare, CBZ is also developing 22 cluster houses worth $2,5 million.
In the Mazowe area, the financial services group is already selling stands that were developed under a $3 million project of 169 low density stands.
Also already selling in Harare are agro plots worth $3 million.
Other projects that have already been completed and are already up for grabs are 368 stands developed in Gweru’s Mtausi, 1 095 stands in Nehosho in Gweru as well, 415 stands in Mbizo, Kwekwe, and 55 medium density stands in Fairview in Harare’s Westgate area.
In the outlook, management said infrastructure, including housing, student accommodation and renewable energy will be part of the Group’s focus area.
Investment properties and land bank constitute 3,9 percent of the Group’s total assets of $2,488 billion as at June 30, 2018.
Last year investment properties & land bank constituted 6,1 percent of the Group’s total assets of $2,192 billion, but some of the residential developments have since been sold out.
Online Reporter