Limited funds put breaks on housing development

developer has said.
Engineer Anthony Parehwa said lack of funding has seen several projects going for years without being completed.
Land development at Mt Pleasant Phase 2, also known as Zizalisari Lot 4, resumed recently after overcoming the harsh economic environments of the past decade.

The area is owned by a leading property company, IBI Infrastructure, and is being developed by Jockstar Investment (Pvt) Ltd.
Said Eng Parehwa: “Many investors have purchased land and find themselves on a standby strategy due to limited funding resources. We have survived in this difficult atmosphere but challenges remain.
“In this sector competition has been fierce, market shares have been changing rapidly, profitability for many firms has been erratic and some players have experienced severe financial problems.

“At IBI Infrastructure our goal is to become one of the leading property investors in the real estate sector,” he said.
He added that many investors have purchased land and found themselves on a “standby strategy” due to lack of resources.
He said land development was risky but the most profitable technique, as it is dependent on the public sector for approval and infrastructure.

Eng Parehwa has been involved in various successful projects such as the Mt Pleasant Heights Phase 1 and Westgate Adyllin among others.
Turning to the company’s recent project – Mt Pleasant Phase 2 – Eng Parehwa said it is set to redefine residential property investment, and is fast becoming Harare’s prime low-density residential suburbs.
“We have sub-divided stands, ranging from half an acre to an acre. The area is an opportunity for serious property investors to explore their wildest imaginations and move from the traditional approach

and close in the gap with first world properties.
“IBI and Jockstar have also outsourced the sales and project management function to Pride Real Estate (Pvt) Ltd, who have proved their competence level and expertise in dealing with other land developers. It is headed by founder and respected business consultant Dr Zivanai Mazhambe,” he said.

Eng Parehwa added: “We particularly want to be known as a company that is trying to find new ways of doing business that will benefit the nation.
“Competition in this industry is customer focused and we thank our clients for their commitment to the project,” he said.

Situated in the northern suburbs, Mt Pleasant Heights Phase 2 offers a quiet location for medium-income earners.