Prominent property Investment Company in Zimbabwe that provides solutions to the retail, commercial and industrial sector Mashonaland Holdings Limited resumed the Bluff Hill Cluster Housing Project following the conclusion of the tender process.
Despite the delays caused by the Covid-19 pandemic and the general market conditions the company’s projects are set to resume to begin in the first quarter of Q1 2021, this was revealed by board chairman Engineer G. Bema during the financial results for the year ended 30 September 2020.
“The Bluff Hill cluster housing project is set to commence following the conclusion of the tender process and construction of a model house for this project is scheduled for completion in Q1 2021.
“All the bricks required to complete the development have been procured and delivered on-site and also, work on the mixed-use subdivision of Lot C, Galway Estate, Ruwa Township is underway and we expect that these will enhance our offering in line with our strategy once completed.
“Some of the Company’s projects have been delayed by the Covid-19 pandemic and the general market conditions. The Charter House reconfiguration to a boutique hotel was equally delayed by the pandemic with on-site works now targeted for the beginning of Q1 2021,” Bema said.
The Company’s property portfolio was valued at ZWL$8.98 billion on 30 September 2020, a 5% decrease from the inflation-adjusted portfolio value of ZWL$9 billion as of September 2019, and the decrease in the portfolio value mean that rentals growth in real terms lagged inflation during the year.
Meanwhile, revenue for the year ended 30 September 2020 increased by 30% from ZWL$133 million to ZWL$173 million, and the revenue growth is mainly attributed to the rent reviews implemented during the year.
The growth in occupancy levels from 77% to 79% also contributed towards the revenue growth. The company remained focused on tenant attraction and retention strategies.
Other income declined by 45% from ZWL$29,5 million to ZWL$16,2 million due to lower dividends received from equality investments during the year compared to 2019.
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