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Tapiwanashe Mangwiro Senior Business Reporter
Construction company Terrace Africa has vowed to change the face of Harare by continuously investing in property infrastructure after the developer opened its second shopping mall this year while another one is set to be launched before the year end.
The company, which has vowed to decentralise the capital city’s shopping experience, opened the Chinamano Corner convenient mall in Harare’s avenues area, which is located at the corner of Chimanamo Avenue and Sam Nujoma Street (Formerly Second Street).
Terrace Africa said they have been encouraged by the second republic to invest more in the country.
Terrace Africa managing director Brett Abrahamse said, “We know the country has been on a tough economic road but this Government has been supportive to investment through their open for business initiative.”
The real estate firm said it will invest money in the economy and will continue growing.
Mr Abrahamse added, “It is on the background that Terrace Africa will continue to invest and reinvest profits in this country”
This is the fourth property by Terrace Africa adding to Village Walk, Marondera Main and Highland Park as they bid to add other properties in the next 24 to 36 months
“This investment by Terrace Africa at Chinamano Corner adds to the signature investment in Highlands Park, Village Walk property and Marondera Main and they are of high quality meaning that the private sector is moving along with the country in achieving its vision,” said developmental economist Dr Prosper Chitambara.
Terrace Africa intends to bring another property into the market before the end of the first quarter of 2023 as they bid to help the country achieve its Vision 2030 goal.
“We are going to witness another 17 shop complex soon and also move to unveil two more complexes in the next 18 months. This is a way for us to contribute to the Vision 2030 that the President has set for us,” Abrahamse said.
As if the investments are not enough, Terrace Africa is set to launch a Real Estate Investment Trust before the end of the year under Tigere Real Estate.
“Before the close of the year, we are going to list a REIT on the Zimbabwe Stock Exchange (ZSE) which will help pension funds such as NSSA,” Abrahamse concluded.
The real estate firm currently manages 8 retail centres in the SADC region and has delivered 17 retail projects measuring a total of 65,000m2 across 4 countries.
It currently has US$120 million assets under management, and they have a total of 7 new pipeline projects.
Terrace Africa intends to invest a total of US$100 million in planned property assets until 2025.
Online Reporter