CBZ unveils a $12 million housing project
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.