Listed property developer, Mashonaland Holdings is set to begin work on the 22 658 square metre-land for the Bluffhill housing project during the current quarter which will see the construction of 25 cluster houses, 263Chat has learnt.
The Group has already purchased materials and paid for professional fees towards the project as part of the ZWL$ 10.6 million spent on property developments in the just ended quarter to June 30, 2020.
“During the quarter, the Group spent ZWL$10.6 million on property development projects. This outlay covered the pre-purchase of materials and professional fees towards the construction of the 25-cluster houses in Bluffhill, set to commence in the third quarter of 2020,” the Group said.
The project team is currently adjudicating the tenders for the project, the company added.
The complex will be fully serviced with tarred roads, municipal water supply, and one prolific borehole while the 22 658 square metre-land will be subdivided into 25 serviced stands for construction of 25 single storey cluster houses (3 bedroomed).
Among other projects the Group spent the ZWL$ 10.6 million on, is the Charter House reconfiguration in Harare Central Business District whose designs have since been completed and will turn the building into an upmarket boutique hotel.
Meanwhile, during the quarter ended June 30, 2020 the Group reported rental income increase of 21 percent to ZWL$77.71 million compared to the same period in the prior year.
The uplift was mainly due to the quarterly reviews that were implemented from February 2019 and continued into the current financial year, said the Group which boasts of the ZB Life Towers building, ZB Center Mutare, ZB Center Bulawayo and Houghton Park Shopping center among other property investments.
Revenue growth was also buoyed by new lettings.
The Group has continued implementation of cost containment efforts and this has led to a reduction in expense to revenue ratios.
“Property expenses to revenue ratio for the quarter were 16 percent compared to 18 percent achieved during the same period last year. Administrative expenses to revenue ratio for the quarter ended 30 June 2020 was 26% compared to 27% achieved in the previous year,” the Group said.
