WestProp set  to unveil US$4 billion Pomona City – NewZimbabwe.com

By Alois Vinga

WestProp Holdings Limited is set to unveil a US$4 billion Pomona City ‘within a city project’  constructed in line with international standards.

Speaking on the latest development , WestProp chief executive officer ,Ken Sharpe said the project will change the face of Harare and further confirm WestProp’s commitment towards the property market.

“We are introducing new facilities and attractions to the development. We have copied from the best practices globally. We are not only selling residential stands. We are offering an investment in a lifestyle community where you live, work, shop and play,” he said.

Already, some individuals who have purchased their property have since commenced construction in line with the Pomona deal.

The project has attributes that bring all urban aspects of life, work, shop and play into one community, Pomona City is set to be a major prototype development that would be copied and replicated by other developers and by all standards is expected to be one of the biggest single infrastructure capital injections in Zimbabwe.

The Dubai-generic  lifestyle community development combines use of technology, communal living spaces and unique social amenities that differentiate the estate from the traditional suburban designs with social amenities which are exclusively reserved for the owners of properties to preserve privacy and uphold value.

Said Sharpe,” We believe Dubai has the quality and excellence that we can bring to Zimbabwe. We are walking our talk. We believe in being disruptive.”

“One of the unique features of the Pomona City phase 2 is the introduction of the leasehold model, a “completely new feature in Zimbabwe but very common in developed economies”.

The property owner is expected to pay from as little as US$50 to $200 a month in land rentals with the leases being valid for up to 50 years and are renewed perpetually (forever) with the rights of ownership to the land separate so the property can be transferred when selling the building to any buyer or giving it to the home owners’ beneficiaries.

“The affordability aspect is much easier when a home owner commits their funds building their home and not the land. The cost of land has been an inhibiting factor in property ownership and rapid growth of the market”, added Sharpe.