Old Mutual Zimbabwe, a financial services company, announced a new US$12 million housing development project called Prospect 1. Located in Harare, the project will offer a mix of housing options, including:
- 136 standalone houses with four bedrooms each
- Four high-rise buildings containing:
- 72 one-bedroom apartments
- 36 studio apartments
This project aligns with Zimbabwe’s National Development Strategy 1 (NDS1), which aims to increase access to housing. It also supports the UN Sustainable Development Goal 11, focused on sustainable cities and communities.
Project highlights include:
- Central infrastructure: This may include alternative energy sources or additional water supplies for residents.
- Modern design: The project aims to be a model for future developments with a focus on aesthetics and community building.
- Phased development: The initial phase will cost around US$4 million and is expected to launch within 18 months.
Challenges acknowledged:
- Liquidity issues: The project recognizes the difficulty of financing large-scale developments in Zimbabwe’s current economic climate.
- Long-term commitment: Despite these challenges, Old Mutual remains dedicated to completing the project and exploring similar opportunities in other regions.
Overall, Prospect 1 represents Old Mutual’s continued commitment to real estate development in Zimbabwe, offering a variety of housing options and contributing to the country’s development goals.
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