– at least US$ 1 million has been set aside to revamp the wetland within the Mellenium Heights property area, Ken Sharpe said.
HARARE, ZIMBABWE – Kenneth Sharpe, the Chief Executive Officer of West Property Holdings, has promised to restore the environment within the parameters of his projects.
Sharpe made the remarks recently when his property development entity announced the listing on the Victoria Falls Stock Exchange on April 29 this year.
In a bid to achieve that, at least US$ 1 million has been set aside, to revamp the wetland within the Mellennium Heights property area.
“We are taking the environment very seriously, in all our projects we never start building until we have full approval, including obtaining Environmental Assessment Certificate from the Environmental Management Agency (EMA),” Ken said.
Sharpe added that his company reached an agreement with EMA to sign an Environment Management Policy Programme (EMPP), which specified West Property’s responsibility.
“The establishment of the wetland at Mellenium Park requires capital, expertise and we are prepared to do that and we are investing US$ 1 million this year to do that,” Ken added.
“We will be building the natural environment that was once there,” he said.
West Property Holdings says they have made it a policy that residents in areas like Mellenium Park should have a beautiful environment, a lake, a park to walk in, a recreation area and other features without killing the environment.
Ken said his company is developing the Gold Estate, the first time in Africa that a property is being established with 80% green areas.
In Pomona City, West Property is designing the establishment to have at least 50% green area.
Meanwhile West Property Holdings will officially be listed on the Victoria Falls Stock Exchange on the 29th of April 2023.
West Property has received approval to list the two categories of its share capital, namely its ordinary shares and preference shares and an offer for public subscription of these securities has been run from 27th March to 21 April, this year.
Shares are being sold from US$ 50 to the public with the intention to raise US$ 30 million capital.
The capital will be used to accelerate development of existing projects that include Pokugara Residential Estate, Millennium Heights, Pomona City, The Mall of Zimbabwe, Millennium Heights Office Park and the Hills Golf Estate.
Listing on the VFX is due to the stability of the shares traded in US dollars, no capital gains tax and minimum transaction costs.
Meanwhile the company has pledged to underwrite a minimum 7,5 % return per annum on all the investments.
“We have sold more than a thousand properties here in Zimbabwe and plan on selling 40 properties a month which are paid mostly on equity meaning very few debts.
We have structured some debt instruments on our own balance sheet that are 10 year and five-year mortgages and currently have about US$ 25 million of mortgages in our balance sheet,” Ken said.
He added that it was necessary to create the mortgages as banks could not provide these mortgages.
West Property is working towards growing its turnover from US$ 40 million to US$ 100 million by 2030.