Harare – Zimbabwe Stock Exchange-listed Zimre Property Investments Limited says the construction of its $13 million Victoria Falls Sawanga Shopping Mall is on schedule with major tenants expected to start trading in December this year.
Masimba Construction, went on site and started work in January this year and the mall will provide above 5 000 square metres of lettable space.
The mall consists of 23 shops of various sizes, banks, concept houses, food courts, restaurants, coffee shops, service station and curios shops.
According to Zimre the mall has already received expression of interests that exceed the space available.
“Construction of the Victoria Falls Sawanga Shopping Mall is on schedule. This is a $13 million shopping mall, providing just above 5 000 square metres of lettable space, anchored by a major retail chain.
“The project comprises 23 shops of various sizes and will house banks, concept stores, food courts, restaurants, coffee shops, jewellery and curios shops as well as a fuel service station.
“Letting of the shops is available. The major tenants are expected to start trading in December 2018, ahead of the scheduled project completion date,” said board chairperson Jean Maguranyanga in a statement accompanying the company’s financial results for the half year ended June 30, 2018.
ZPI considered investing in the mammoth structure to optimise its portfolio mix and the project is anchored by one of the major retail chains, understood to be Pick ‘n Pay.
Meanwhile, Maguranyanga said the Nicoz House Refurbishment in Bulawayo from offices to student accommodation, is almost complete.
“This facility is unique and custom made for students and is anticipated to take its first occupants by 1 October 2018.
It added that approval of the construction of the trunk sewer across the Harare-Bulawayo highway has now been secured and the compliance certification will be sought after completion of the sewer connection.
Going forward, Maguranyanga said the Board shall continue pursuing the portfolio restructuring and diversification strategy.
“In the short-term we expect demand for office and industrial space to remain subdued. However, in the medium term, we envisage increased demand for real estate products in general in line with the anticipated economic turnaround. The retail sector is likely to outperform the other property sectors for now.”
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