An ambitious $12 million investment has been made by Old Mutual Zimbabwe to kickstart a major housing development project in Harare, which aims to meet the region’s growing need for residential units. With the construction of both freestanding homes and high-rise residential structures, the project, known as Prospect 1 Housing Development, provides a significant contribution to the local housing market.
The plan was presented at a groundbreaking ceremony and is expected to take 12 to 18 months to complete in phases, with the first phase estimated to cost approximately $4 million. Old Mutual Zimbabwe’s Group CEO, Samuel Matsekete, expressed his excitement about the project’s potential to improve the country’s real estate offers. The emphasis on real estate by our investment arm led to this project, among other other assets. We aim to unlock significant value for our investing clients through this development,” he stated.
Prospect 1 is designed to not only provide quality housing but also to incorporate essential infrastructure, including alternative water supply systems, to ensure a sustainable and thriving community environment. “The development will include about 8.3 hectares of land which we plan to integrate with our other properties in the area. The phased approach allows us to start with standalone units, followed by high-rise buildings in subsequent phases,” Matsekete explained.
The project kicked off immediately following the groundbreaking ceremony, signaling a strong move towards enhancing Harare’s housing. “We are committed to not just building homes but also fostering a community that will benefit all stakeholders in the long-term,” Matsekete added.
In partnership with Troika Design Workshop (TDW), a multidisciplinary construction consulting firm, Old Mutual aims to set new standards in residential development. TDW’s business director, Phillip Kudzayi, detailed the scope of the project. “Prospect One will feature 136 detached residences and 144 apartment units, which include studio, one-bedroom, and two-bedroom configurations, all within a secure gated estate,” he said.
Kudzayi emphasized the impact of the development on the Greater Harare area. “We anticipate that Prospect One will not only improve the housing supply but also elevate the standards of the residential market here, offering new options for home seekers and investors alike,” he remarked.
TDW brings a wealth of experience to the project, providing a range of built environment services such as construction management, architecture, quantity surveying, and structural engineering. This collaboration aims to deliver a high-quality, integrated living environment that meets the needs of a diverse clientele.
