WestProp considers ‘lease holds’

WEST Properties (WestProp) is exploring quite a number of options to develop its multi-million dollar housing projects and deliver quality products to the Zimbabwean market, the company says.

This comes as the group’s holding company Augur Investments (Augur) has been exonerated for alleged land thefts by acting Harare town clerk Phakamile Moyo and is considering lease holds – one of the cheapest ways of owning a property – after launching key estates as Pokugara in the capital’s Borrowdale suburb.

“This allows the home owner to free-up capital that would normally be spent on buying the stand to (actually) building their house,” WestProp said in a recent statement, adding the flexible and historic deals will allow prospective builders “to access land for as little as US$200 a month”.

“The leasehold title concept is well established in other countries such as UK, South Africa and Dubai,” it said.

Cleared by authorities, including the Environmental Management Agency (EMA), to start its real estate developments in the northern areas including Pomona – where thousands of upper and middle-income properties will be built – about 150 town houses would be delivered under phase one.

On the other hand, about 21 unite have been “walled and after service completion, while six solid units of the double and single storey houses have been constructed”.

“Moving on to… Millennium Heights (Millennium), we are bringing affordable residential apartments… which (are) located just behind the Dandaro Estate,” WestProp said.

“This community style of living is what we call a secured community in which people feel safe to walk around and the facilities are… modern (and) beautiful..,” it said.

“This all looks onto the Borrowdale Vlei where we are rehabilitating the water features… while sustaining and protecting the environment as part of our corporate social responsibility and as per our agreement with EMA,” the company said.

“We want to create a park in which residents between Pokugara and Millennium… can walk and enjoy nature such as bird watching, and other activities,” WestProp said, adding it was “focused on bringing the best possible value to its customers and in the real estate business”.

Prior to the two developments in Borrowdale, the company completed Gunhill Rise, which has been sold out as well as Homelands 263 in Mount Pleasant.

“We are embarking on the biggest project to date which is a… within a city, called Pomona City, on the northern boundary of Harare Drive,” it said, adding the complex would be between Win Gate Golf Course and Borrowdale Road.

While Augur has been facing questions about its land deals from opposition legislator Norman Markham and Tavonga Savings Scheme, Moyo insists the Ken Sharpe-owned firm’s High Court-sanctioned deed of settlement with the government was “done in good faith”.

Crucially, the Harare City Council had not lost any land as the portfolio in question was state land, he said in a recent affidavit.