ZB sets aside $10m for land bank acquisitions
ZB FINANCIAL Holdings says acquisition of land banks remains a focus area for the group as it believes this to be a source of strategic growth in the future.
Speaking at the group’s analysts briefing for the half year ended June 30, 2017, CEO Ron Mutandagayi said the group has budgeted a total of $10 million over the next 48 months for land bank acquisitions.
He said the group has acquired 708 stands in Plumtree and is in the process of finalising the acquisition of 678 stands in Kadoma.
In response to emailed questions sent by The Herald Property Guide, Mr Mutandagayi said the land in Plumtree was bought for $600 000 and that in Kadoma for $500 000.
“Development of infrastructure such as roads, water reticulation, electricity would be $1,2 million for Plumtree and $1,5 million for Kadoma,” said Mr Mutandagayi adding that the group expects a yield of 9 percent per annum from these projects.
At the results briefing, Mr Mutandagayi also said the group is in negotiations with the Bindura Town Council, Zvimba Rural District Council, Marondera Town Council, Masvingo City Council and Kariba Town Council for more land.
Meanwhile the group is assisting local authorities with turn-key solutions for prepaid water and related water augmentation facilities.
“Roll out is underway for a select portfolio of local authorities,” said Mr Mutandagayi at the briefing.
He also said “successful pilot solar lighting projects have been completed at two universities.”
He added that the group will soon be participating in a pilot for solar geysers which will be a national project.