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Martin Kadzere Harare Bureau
DAWN Properties Ltd has secured $5 million to build 58 housing units in Marlborough, Harare, while funding is being sought to service 540 low density stands in the same area.
The $5 million facility is a combination of debt and equity financing, managing director Patrick Matute said.
The units will comprise 46 three bedroomed houses and 12 two bedroomed houses.
“The project is already underway and we are hoping to start selling the houses during the second half of the year,” said Matute in an interview.
“We’re also hoping to start servicing 538 stands measuring about 2,000 square metres during the fourth quarter. We’ve already applied for various regulatory approvals,” he added.
Matute said the company was also working on high value housing units in Borrowdale where it will build eight units priced at a minimum $450,000. The project, known as The Plains, would come on stream during the third quarter of this year. “We will continue acquiring land where we’ll build high value houses,” said Matute.
Going forward, Matute said the company would seek funding from DFIs to finance structural rehabilitation of its hotel properties.
He said the target was to begin with five of the eight properties namely Crown Plaza, Troutbeck, Elephant Hills, Hwange Safari and Mutare Amber.
He said the company acquired land in Kariba where it intends to build some holiday homes.
“It’s easier to find funders of the projects of this nature,” said Matute.
Dawn, Legacy Hotels and African Sun, the biggest tenant of Dawn’s hotel properties have offered to buy part of Harare Gardens where a convention centre will be built.
The facility, to be adjacent to Crown Plaza Hotel is expected to have holding capacity of 10,000 people.
Online Reporter