ZSE-listed property investment firm, Mashonaland Holdings Limited’s Bluff Hill housing project is set to be officially launched this Friday following the completion of a model show house that preludes the construction of 24 other units in the next 18 months.
The project experienced major delays due to the advent of the COVID-19 pandemic last year and only commenced construction early this year.
The site sits on 2.3 hectares of land in the Westgate area, close to the shopping mall, and is a kilometer away from the US Embassy.
“Following the partial lifting of COVID-19 restrictions, the Company commenced with the construction phase of the 25-unit Bluff Hill housing project. The construction of a model show house is now complete and pre-selling has begun to manage market risk,” the company said in its latest financial statement.
The area has already been serviced with water reticulation services being done.
The model house consists of 3 bedrooms-one with an en suit bathroom, fitted kitchen, combined lounge and dining room, a veranda, passageway and a single carport.
To add to its grandeur, is a double volume lounge which gives plenty of aeration into the home.
The unit land size range between 542 square metres to 1000 square meters.
“The unit price for this (model) house is around US$ 145 000 before V.A.T payable through various arrangements such as mortgage, hard cash or in installments,” said the company, at a media tour of the project this morning.
“Potential home owners can come with their own mortgage arrangement,” it said.
The company has already begun pre-selling in order to manage market risk which is characterized by weaker spending in the home market owing to headwinds in the economy.
“We intend to complete all the 25 housing units under this project in the next 18 months. That is our target but this will also depend on uptake,” the company said.
The company has also commenced disposal of its 24 fully serviced residential stands in Windsor Park after being issued with the Certificate of Compliance by the Ruwa Town Board.
It hopes that the disposal of the stands and other non-core assets will provide liquidity to enable it to embark on its strategic developments.