CBZ un­veils a $12 mil­lion hous­ing pro­ject

Chronicle (Zimbabwe) - - Business - Ruth Chin­hema in Vic­to­ria Falls

CBZ Hold­ings yes­ter­day un­veiled a $12 mil­lion hous­ing pro­ject in Vic­to­ria Falls that will see the fi­nan­cial in­sti­tu­tion ser­vic­ing nearly 1,200 res­i­den­tial stands as part of its ef­forts to com­ple­ment Gov­ern­ment’s ef­forts to pro­vide houses.

The hous­ing pro­ject that would be im­ple­mented in Chino­timba and Mkhosana sub­urbs will see CBZ avail­ing 1,174 res­i­den­tial stands to low in­come earn­ers in the re­sort town.

Of the 1,174 stands, 1,008 will be high den­sity hous­ing and the re­main­ing 166 stands would be for medium den­sity hous­ing, which is in line with the fi­nan­cial in­sti­tu­tion’s strat­egy to de­liver low cost hous­ing.

Ser­vic­ing of the land is ex­pected to be­gin in De­cem­ber. Speak­ing at the ground break­ing cer­e­mony here yes­ter­day the Deputy Min­is­ter of Lo­cal Gov­ern­ment, Pub­lic Works and Na­tional Hous­ing Cde Christopher Chin­gosho said the coun­try's hous­ing back­log of 1, 25 mil­lion was a to­tal or­der that should be con­fronted col­lec­tively in a thor­ough and ro­bust man­ner by all stake­hold­ers in­volved.

“As you’re aware, hous­ing pro­vi­sion is an en­gine for eco­nomic growth all over, serv­ing as a barom­e­ter to gauge any na­tion's level of eco­nomic growth and de­vel­op­ment.

"This de­mands that we put our heads to­gether, pull in one di­rec­tion, lever­age re­sources from the Gov­ern­ment, pri­vate sec­tor, hous­ing fi­nan­cial in­sti­tu­tions and the hous­ing fra­ter­nity. This joint ven­ture, there­fore bears tes­ti­mony to­wards the tra­jec­tory or ap­proach and bodes well for pos­ter­ity," he said.

To date CBZ has chan­nelled $70 mil­lion to­wards var­i­ous hous­ing projects com­pris­ing low, medium and high den­sity schemes as a pri­vate de­vel­oper or in con­junc­tion with mu­nic­i­pal­i­ties across Zimbabwe.

CBZ de­vel­oped more than 1,000 stands in Gweru and also ser­viced res­i­den­tial stands in the Grange, Harare, Chikanga in Mutare, Mbizo in Kwekwe, while plans for sim­i­lar projects are al­ready un­der­way in Bu­l­awayo and Maron­dera.

CBZ Hold­ings chief ex­ec­u­tive Mr Never Nye­mudzo said the Vic­to­ria Falls hous­ing pro­ject was one of the many hous­ing ini­tia­tives that the fi­nan­cial in­sti­tu­tion was work­ing on as part of its thrust to con­trib­ute to hous­ing de­liv­ery as es­poused in the coun­try’s eco­nomic blue­print, ZIM-AS­SET.

"This early step is one of the many that tes­ti­fies the Group's con­tri­bu­tion to the eco­nomic poli­cies cur­rently in place es­pe­cially un­der the in­fra­struc­ture clus­ter re­gard­ing so­cio-eco­nomic trans­for­ma­tion.

"We en­de­vour to ful­fil the com­mit­ment to use our tech­ni­cal and fi­nan­cial ex­per­tise to al­low for sus­tain­able hous­ing de­vel­op­ment at a cost that cre­ates space for first time home buy­ers in and around the town of Vic­to­ria Falls, " he said.

The hous­ing wait­ing list in Vic­to­ria Falls cur­rently stands at 15.000, while more than 1,2 mil­lion peo­ple are in need of houses through­out Zimbabwe. A SOUTH African pack­ag­ing com­pany Nam­pak has made in­quiries about tak­ing over the coun­try’s sole flint glass man­u­fac­turer, Zimbabwe Glass In­dus­tries (Zim­glass).

The Jo­han­nes­burg Stock Ex­change listed com­pany spe­cialises in glass, plas­tics, pa­per and tin pack­ag­ing.

Zim­glass, a sub­sidiary of the In­dus­trial De­vel­op­ment Cor­po­ra­tion (IDC), has been in­sol­vent since 2010 and vol­un­tar­ily ap­plied for ju­di­cial man­age­ment in 2014 cit­ing lack of cap­i­tal, debt over­hang and mis­man­age­ment.

Its as­sets stood at $19,2 mil­lion as at De­cem­ber 2014 while its li­a­bil­i­ties were at $31,2 mil­lion.

Mr Wins­ley Mil­i­tala, the ju­di­cial man­ager of the Gweru-based glass maker, told Busi­ness Chron­i­cle that Nam­pak had re­quested Zim­glass’ bal­ance and fi­nan­cial state­ment, which he said he has availed to the South African-based firm.

Mr Mil­i­tala said he is now await­ing the com­pany to make a for­mal ex­pres­sion of in­ter­est.

“Nam­pak is the only com­pany which has so made in­quiries on Zim­glass and when they vis­ited they re­quested to look into the com­pany’s fi­nan­cial state­ments and that of its as­sets and cred­i­tors. So it’s af­ter that that they will for­mally make an ex­pres­sion of in­ter­est so at the mo­ment the ball is still in their court,” he said.

The ju­di­cial man­ager said he would go ahead with the liq­ui­da­tion of the glass man­u­fac­turer adding that the firm which will take over Zim­glass “will start on a new slate.”

Mr Mil­i­tala said pref­er­ence of sell­ing off the com­pany’s as­sets would be given to bid­ders with “tech­ni­cal and fi­nan­cial ca­pac­ity” to re­sume op­er­a­tions at the glass­maker.

In Septem­ber last year, a spe­cial cred­i­tors’ meet­ing con­vened by Mr Wins­ley Mil­i­tala voted for liq­ui­da­tion af­ter the glass­maker failed to find an in­vestor to in­ject fresh cap­i­tal.

A phys­i­cal ver­i­fi­ca­tion ex­er­cise of the com­pany’s as­sets has been con­ducted to pave way for liq­ui­da­tion.

Zim­glass was es­tab­lished in 1963 as a sub­sidiary of Consol Glass and be­came an IDC sub­sidiary in 1984.

The firm man­u­fac­tures glass pack­ag­ing ma­te­rial for al­co­holic and sparkling bev­er­ages, food, liquor and phar­ma­ceu­ti­calseg­ments.

It’s ma­jor do­mes­tic cus­tomers in­clude Delta Bev­er­ages, African Dis­tillers, Mutare Bot­tling Com­pany, Straitia Investments, Olivine In­dus­tries, Dat­labs and E. Snell and Com­pany.

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