Harare_ WestProp is nearing completion of the Pomona City estate road network in north Harare, the final batch of stands is on sale with payment terms of up to five years, and building on the whole estate of close on 600 stands can start.
WestProp chief sales and marketing officer Ms Marilyn Mosha said stand owners can soon start erecting their homes in the estate themed for them to live, work, shop and play.
“The site is taking shape.
“The road works are progressing well. We now have less than 120 stands remaining,” Ms Mosha said.
Ms Mosha said the real estate company responded to customer demands for flexible payment terms — that include the five-year payment period.
“The five-year mortgage payment plan has eased payments and attracted more customers. We are customer-centric. We respond to customer demands.
“The winter promotion was as well a response to customers,” she said.
Once the current phase is sold out WestProp plans to build and sell “finished homes” on a leasehold scheme.
“The land on which the properties sit would be on long term leasehold. It is a scheme where one has title to the improvement on the land but leases the land,” she said.
WestProp Holdings CEO Mr Ken Sharpe said the present discount offer “was to promote homeownership” and said this was being supported.
He described the scheme as “disruptive, futuristic, innovative and unique.”
Mr Sharpe said in line with the company’s quest for quality, a decision was made to abandon the chip and spray road construction which would have cost US$500 000 and instead opted for the asphalt at a cost of US$2 million.
“We looked at the longevity and ambience of the roads. This is in line with our strategy to under-promise and over deliver bringing our customers world class high quality developments that are affordable. We cut no corners and will not compromise on quality because we are a developer of the future with 2050 and beyond as our goal,” he said.
The leasehold model makes acquisition of property much cheaper as it removes the bulk cost of the land. The property owner only acquires the building and leases the land from the developer.
“One of the unique features of the Pomona City phase 2 and 3 is the introduction of the leasehold model a completely new feature in Zimbabwe but very common in developed economies,” he said.
Meanwhile, WestProp Holdings is also rehabilitating the dilapidated sewer line in Borrowdale West between its two developments of Pokugara and Millennium Heights in line with an agreement with City of Harare.
The company was given a precondition “to install an additional pumping regime to cater for the incoming 2,1 million litres of wastewater per day from Millennium Heights and Pokugara together with the related electro-mechanical ancillaries at own cost”.
The work to be done would be “at city of Harare’s standards and specifications”.
The conditions further stipulated that the new pipes would connect to the Vainona pump station which was upgraded by WestProp with the upgrades commissioned on 20 September 2017.
To support the wastewater system, WestProp has already installed water reservoirs supplying water to the two luxury developments.
For wastewater to move through the reticulation there must be enough water to aid the movement of the waste in the reticulation pipes.
Many people have been failing to build their properties after spending much of their investment in purchasing the land.
However, the new scheme is a reversal of the norm which now allows prospective home owners to spend on the structure and lease the land on which their house is built and very concessionary rates.
Source: Structure and Design Magazine
