- WestProp Holdings Limited retains ownership of Stand 654 Pomona Township after a Supreme Court appeal case
- The Supreme Court ruling in favour of Augur Investments and Doorex Properties overturns the previous High Court judgment
- The company assures shareholders and stakeholders that their investment is secure
Harare- WestProp Holdings Limited, an entity listed on the Victoria Falls Stock Exchange (VFEX), has maintained ownership of Stand 654 Pomona Township. This outcome follows a Supreme Court appeal case initiated by Augur Investments against the High Court Judgment, which had implications for the rights of WestProp Holdings and its subsidiaries.
According to a circular issued by the Company, the Supreme Court has ruled in favour of Augur Investments and Doorex Properties, thereby overturning the previous judgment made by the High Court. This development clears the path for WestProp to proceed with the development and sale of properties as an integral part of the Pomona City project.
“Our Shareholders are advised that our title to Stand 654 Pomona Township remains intact and we are well within our full rights to develop and sell properties under our flagship Pomona City development,” read the circular.
The favorable ruling not only resolves the legal uncertainties surrounding the property but also serves as a vindication of WestProp's position. It brings clarity and finality to the legal disputes, providing a solid foundation for WestProp to proceed with their plans and initiatives.
The Supreme Court judgment also resolved a related matter involving Augur Investments' debt to Fairclot Investments (Pvt) Limited. The court has affirmed that Augur Investments has fulfilled its obligation and fully repaid the debt, thereby dismissing Fairclot Investments' claim. This final verdict not only provides closure to the debt dispute but also further strengthens WestProp's position and underscores the validity of their case.
“The Supreme Court Judgment delivered today puts to rest and vindicates our position that Augur Investments had discharged its debt to Fairclot Investments (Pvt) Limited in full and as such neither Augur Investments, Doorex Properties (Pvt) Ltd nor WestProp Holdings owe any money to Fairclot Investments (Pvt) Limited. As such the claim by Fairclot Investments was without merit,” read the circular.
The company added, "We want to reassure our shareholders and stakeholders that their investment is secure with us. We remain fully committed to delivering on our promise of building a vibrant lifestyle community, where our customers can enjoy a seamless blend of living, working, shopping, and recreational experiences."
WestProp Holdings Limited, a Zimbabwe-based real estate company, specialises in providing a comprehensive array of property services. Since its establishment in 2006, the company has built a notable portfolio of prime land and properties in key locations throughout Zimbabwe, including Harare, Bulawayo, and Victoria Falls.
The core services offered by WestProp Holdings encompass property development, sales, leasing, and property management. As a prominent player in the real estate sector, the company focuses on delivering exceptional value and quality to its clients. Through its property development arm, WestProp designs and constructs diverse residential, commercial, and industrial projects tailored to meet the evolving needs of the market.
The company facilitates property sales, connecting parospective buyers with their desired properties, whether for personal or investment purposes. WestProp also engages in leasing activities, providing individuals and businesses with a range of leasing options that align with their specific requirements.
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