• Westprop generated $5 million in revenue from its Pokugara Residential Estate in Q1 2024
  • This accounted for 72% of its total revenue
  • Westprop is launching multi-billion-dollar projects in 2024, including Millennium Heights,
  • Despite increased operating costs, Westprop declared a $857,143 dividend

Harare- Westprop Holdings Limited, a leading real estate developer in Zimbabwe, has reported a strong financial performance in the first quarter of 2024 generating US$5 million in revenue from its premium Pokugara Residential Estate Townhouses, accounting for 72% of its total revenue of US$7 million, marking an 11.4% growth from the previous year.

This continued upside performance has set the stage for Westprop's simultaneous launch of multi-billion-dollar projects in 2024, including Millennium Heights, Pokugara Residential Estate, Pomona City (ongoing), The Mall of Zimbabwe, Millennium Heights Office Park, and The Hills Luxury Golf Estate.

The real estate sector has remained a profitable arm and a viable asset hedge, as global commodities experience declines due to geopolitical tensions. Westprop is currently embarking on two transformative multi-billion-dollar developments: Pomona City and The Hills.

Pomona City aims to establish an independent "city within a city" by integrating residential, commercial, and industrial spaces, while The Hills is a premier Golf Estate that will redefine luxury living in Zimbabwe. Part of these and others set to be commissioned ambitious projects are expected to drive a sales growth of at least US$50 million by the fourth quarter of 2024.

Despite an increase in operating costs from US$1.07 million to US$1.36 million, Westprop has declared a dividend of US$857,143 for the first quarter.

Looking ahead, Westprop plans to complete the infrastructure for Pomona City sections 1B and 1C in the third quarter, followed by the launch of Pomona flats in the fourth quarter. The remaining phases of the US$4 billion Pomona City project are set to be unveiled by the first quarter of 2025.

Overall, Westprop's diversified portfolio and strategic initiatives have positioned the company favorably to leverage emerging opportunities and effectively mitigate potential risks, positioning it for continued growth and success in the Zimbabwean real estate market.

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