Zimpost subsidiary, Post Properties plans to spend $30 million in the next three years on various development projects as it grows its property portfolio.
Development of a shopping mall in Borrowdale and the ongoing commercialisation of excess space in existing post offices are part of focus areas.
“Investment in properties is going to be continuous in line with Post Properties’ mandate to grow and sweat the group’s property portfolio, the company said in emailed responses.
“So far projects worth over $30 million are on the planning table,” said Post Properties.
The Borrowdale shopping mall, expected to be completed in three years, has now been approved by Government.
The company has started engaging consultants over the project with invitations of submission of interests already made.
“We are at a stage where we are negotiating the acquisition of land surrounding the Borrowdale Post Office in order to secure the 20 000 square metres of land commercialisation of the post office space is meant to cater for the small to medium enterprises with Harare main post office now fully let on its first and second floors.”
Post Properties is anticipating to roll out bigger projects going forward. These include construction of housing and other infrastructure development projects driven by demand across the country.
For residential properties, the country currently has a 1,3 million housing backlog with half a million for Harare alone.
The increase in demand, said Post Properties, coupled with the recent changes in the country’s leadership, creates scope for further investments to tap into the real estate market.
Post Properties was incorporated in July 2015 in terms of the Companies Act and licensed by the Estate Agents Council of Zimbabwe to be a fully-fledged real estate company offering property management, development sales and valuation services to third parties.