adminZB Building Society is set to fund the construction of a multi-million dollar commercial and industrial park in the dormitory town of Ruwa, an official has said. The centre, to be known as Springvale Industrial Park will consist of among others offices and shopping malls.
ZB Building Society mortgages supervisor William Mukarwi said the park had over 100 stands.
“The idea there is to try and decongest Harare,” he said.
“The park will become the CBD (central business district) of Ruwa. Ruwa will become the hub for Mashonaland East.”
Mukarwi could not be drawn into revealing how much the ZB Holdings subsidiary will invest in the construction of the park expected to commence next year.
Harare central business district has become congested primarily due to centralisation of services which forces people to travel to the city.
Mukarwi said the building society would also undertake its first residential housing project in Ruwa.
The project, he said, had close to 800 stands.
A total of 400 houses will be built under the first phase of the project while 398 will be build under phase two.
The stands will cost between $11 000 and $22 000 depending on size.
Mukarwi said the financial institution will be providing mortgage financing for those who want to invest in the properties at an interest rate of 18 percent per annum for up to 10 years.
He said the bank’s ability to finance property development had been hamstrung by sanctions.
ZB Holdings is one of the financial institutions, which together with top government officials, was placed on western sanctions for over a decade. – New Ziana.
Online Reporter