In a move to expand its real estate investments, Old Mutual Zimbabwe has launched a $12 million medium-density housing development project, Prospect 1, in Harare. The project will see the construction of 136 standalone houses and four high-rise buildings comprising 144 flats.
Speaking at the launch, Old Mutual Group CEO Samuel Matsekete said the development was spearheaded by the company's investment arm, which oversees its real estate portfolio alongside other assets. "This project allows us to offer our investing clients the opportunity to access the value in this real estate development, among other investments we manage," Matsekete explained.
The first phase of the Prospect 1 project, estimated at $4 million, is set to be completed within the next 12-18 months. The full $12 million development will be rolled out in phases on the 8.3-hectare land parcel within the Prospect industrial park.
Matsekete noted that the housing project aligns with priorities outlined in Zimbabwe's National Development Strategy 1, as well as the United Nations' Sustainable Development Goal 11 on sustainable cities and communities. The development will feature modern infrastructure, including alternative energy sources and supplementary water systems. View and browse some of the modern developments happening across the country here:
While acknowledging liquidity challenges in the country's real estate sector, Matsekete expressed confidence that Old Mutual is positioning itself to attract more investment flows from current and prospective clients through this flagship project. "We won't have to work on all the factors that we need to address to be able to deliver the project alongside our other ongoing initiatives," he said.
The Prospect 1 project marks a continuation of Old Mutual's involvement in the housing sector, following its previous Budiriro housing development of 3,000 units. The company aims to leverage evolving technologies and solutions to enhance the design and living experience for the communities it serves.
