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HomeBusinessZimre Properties to Commence Bulawayo Student Accommodation Projects

Zimre Properties to Commence Bulawayo Student Accommodation Projects

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Zimre property Investment Limited will soon commence the construction and refurbishment of Bulawayo-Nicoz House and Selborne Park into student accommodation blocks offering approximately 190 and 900 beds respectively at an estimated cost of US$9.4 million.

According to a statement from the Group Chairperson, Jean Maguranyanga the two projects are expected to commence in the third quarter of 2017.

“The projects involve the construction and refurbishment of Nicoz House Bulawayo at the corner of Fort Street and 8th Avenue into student accommodation offering approximately 190 beds and construction of 5 blocks of student hostels in Selborne Park offering 900 beds. The estimated cost of the projects is US$9.4 million,” said Maguranyanga.

He added that the acquisition of Victoria Falls shopping mall is complete and construction is expected to commence shortly.

“Acquisition of Victoria Falls is complete and construction of the shopping mall is expected to commence shortly.

“The project estimated to cost $10 million will comprise of a 5000 square metre shopping centre anchored by one of the major retail chains,” said Maguranyanga.

Maguranyanga also said the servicing of Harare stands is set to commence as the contractor has now been engaged.

“Enabling works for Harare project, including issuance of EIA Certificate have been completed. The servicing of stands is set to commence as the contractor has been engaged, this project is in the Snake Park suburb off the Harare Bulawayo highway and comprise 128 residential stands averaging 200 metres each and the estimated cost of the project is $0.65 million,” she said.

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Zimre Properties’ total revenue for the half year ending 30 June 2017 declined by 7% to $2.57 million from the $2.76 million achieved during the same period in 2016 due to pressure on rentals and increase in voids.

 

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