Harare, Zimbabwe – The last batch of stands at Pomona City is selling fast ahead of the introduction of the novel leasehold scheme to be launched next year.
WestProp’s chief sales and marketing officer, Ms. Marilyn Mosha, who interfaces with buyers at the estate, is happy with the sales and progress on the construction of asphalt roads at Pomona City. These roads will soon allow close to 600 stand owners to start building their homes in the live, work, shop, and play-themed estate.
“The site is taking shape. The road works are progressing well. We now have fewer than 120 stands remaining,” she said.
At the beginning of July, WestProp Holdings introduced the winter warmer promotion, which ends at the end of August, to promote sales and provide people an opportunity to own a home in one of Harare’s prime spots.
Ms. Mosha attributed the surge in sales to the ongoing roadworks and the winter warmer offer. She stated that the customer-centric real estate company responded to demands for flexible payment terms, including a five-year payment period.
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“The five-year mortgage payment plan has eased payments and attracted more customers. We are customer-centric. We respond to customer demands. The winter promotion was also a response to customers,” she said.
Ms. Mosha revealed that after the current phase is sold out, the next property sales will be “finished homes” on a leasehold scheme. “The land on which the properties sit would be on a long-term leasehold. It is a scheme where one has title to the improvement on the land but leases the land,” she explained.
WestProp Holdings CEO Mr. Ken Sharpe added that the discount offer was intended “to promote homeownership and acknowledge the massive support from customers.” He described the scheme as “disruptive, futuristic, innovative, and unique.”
Mr. Sharpe mentioned that, in line with the company’s quest for quality, a decision was made to abandon the chip-and-spray road construction, which would have cost US$500,000, in favor of asphalt at a cost of US$2 million.
“We considered the longevity and ambiance of the roads. This aligns with our strategy to under-promise and over-deliver, bringing our customers world-class, high-quality developments that are affordable. We cut no corners and will not compromise on quality because we are a developer of the future, with 2050 and beyond as our goal,” he said.
The leasehold model makes acquiring property much cheaper by removing the bulk cost of the land. The property owner only acquires the building and leases the land from the developer.
“One of the unique features of Pomona City phases 2 and 3 is the introduction of the leasehold model, a completely new feature in Zimbabwe but very common in developed economies,” he said.
Many people have struggled to build their properties after spending much of their investment on purchasing the land. The new scheme reverses this norm, allowing prospective homeowners to spend on the structure and lease the land at very concessionary rates.
Dubbed a city within a city because of its attributes that bring all urban aspects of live, work, shop, and play into one community, Pomona City is set to be a major prototype development that other developers will copy and replicate.
World-renowned architects were engaged to work on the master plan and building structures, making the development a fusion of cultures and very cosmopolitan.
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