By Ray Ndlovu
Developers have started selling villas that will be built in Harare’s new “Cyber City” that’s targeting the elite.
Under the first phase, 50 luxury villas are now available for pre-selling, according to Vanessa Vos, managing director of the Pam Golding Properties branch in Harare. Vos’s company holds the sole mandate for the project on behalf of the developer, Shaji Ul Mulk, a Dubai-based billionaire.
Ul Mulk says he’s investing US$500 million on the project.
“There has been incredible interest,” Vos said in an interview. “We are in serious consultations with about 30 people.” A sales launch event was held on Thursday.
Civil works on the site in Mount Hampden are expected are starting. Buyers of the villas are expected to pay an up-front commitment fee of 5% and a 25% down payment within a month, while the balance of what they owe can be settled over a year. The first construction phase is expected to last about two years.
The luxury villas have a starting price tag of US$500,000 per unit, almost twice the average price of properties in the affluent northern suburbs of Harare, and some are earmarked to be sold for US$1.2 million. Interest in the development has come mostly from people and companies based in the country, Vos said.
A roadshow may take place in South Africa in a month to tap interest in the neighbouring country, Vos said.
The Mount Hampden development, is located close to the Chinese-built national parliament and is expected to also be the future site of the central bank headquarters, the high and supreme courts, mineral auction centers, a stock exchange and a presidential palace.
A brochure available on the Zim Cyber City website depicts pristine walkways, towering high rises and shining malls.
It’s a contrast to the current sprawling capital, which is characterized by vendors clogging sidewalks, traffic congestion and dilapidated infrastructure.
Bloomberg
