Diversified financial services group, ZB Financial Holdings will put over 700 residential stands on the market in Plumtree before end of this year.
This is part of the group’s efforts towards alleviating housing shortages in the country as several other projects have been lined up across the country.
National housing backlog is estimated at 1,3 million while the capital city, Harare requires at least 500 000 housing units.
The Plumtree residential project targets low to medium income earners. The lower end of the market has especially struggled to access housing solutions due to affordability challenges on low disposable incomes.
Group chief executive officer Ron Mutandagayi said servicing of the stands was already on course.
“The group is participating in national efforts to providing housing stock in order to reduce national deficit in housing provision.
“Servicing of 708 high and medium density stands in Plumtree is currently in progress. Selling will commence during the second half of 2018,” he said.
ZBFH earlier indicated it was negotiating with various local authorities across the country for land it intends to develop into residential stands as it moves towards achieving an ambitious 20 000 stands by 2020.
Shortage of land has been cited as one of the major impediment to residential housing developments, while funding cannot be overlooked.
Success of such projects will therefore be determined by availability of land in various towns.
Last year, the group set aside $10 million for purchase of land banks across the country that will be serviced for the residential market as part of its focus areas.
The land banks were identified in Zvimba, Zvishavane, Shurugwi and Bulawayo while in Kadoma the group intends to put over 600 stands on the market.
Meanwhile, ZBFH’s branch refurbishment program will continue as the group seeks to improve general ambience.
Renovations for Douglas Road and Belmont Branches are earmarked for commencement in the third quarter of 2018 whilst a new sub-branch in Glendale is scheduled for opening during the same period.