THE last batch of stands at Pomona City is selling fast ahead of the introduction of the novel leasehold scheme to be launched next year, WestProp Holdings said yesterday.
“The site is taking shape. The road works are progressing well. We now have less than 120 stands remaining,” WestProp chief sales and marketing officer Marilyn Mosha said in a statement.
Mosha said she was happy with the sales and progress on the construction of asphalt roads at Pomona City that will pave the way for close to 600 stand owners to start building their homes in the live, work, shop and play themed estate.
WestProp Holdings last month introduced the winter warmer promotion that lapses end of August to promote sales and afford prospective home owners an opportunity to own a home in one of Harare’s prime spots.
Mosha attributed the surge in sales to the roadworks currently underway and the winter promotion.
She said the customer-centric real estate company responded to customer demands for flexible payment terms — that include a five-year payment period.
“The five-year mortgage payment plan has eased payments and attracted more customers. We are customer centric. We respond to customer demands. The winter promotion was in response to customers,” Mosha said.
She revealed that after the current phase is sold out — the next property sales will be “finished homes” on a leasehold scheme.
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“The land on which the properties sit on would be on long term leasehold. It is a scheme where one has title to the improvement on the land but leases the land,” she said.
WestProp Holdings CEO Ken Sharpe said the discount offer “was to promote home ownership and acknowledge the massive support by customers”.
He described the scheme as “disruptive, futuristic, innovative and unique.”
Sharpe said in line with the company’s quest for quality, a decision was made to abandon the chip and spray road construction which would have cost US$500 000 and instead opted for the asphalt at a cost of US$2 million.
“We looked at the longevity and ambience of the roads. This is in line with our strategy to under-promise and over deliver bringing our customers world-class and high quality developments that are affordable. We cut no corners and will not compromise on quality because we are a developer of the future with 2050 and beyond as our goal,” he said.
The leasehold model makes acquisition of property much cheaper as it removes the bulk cost of the land. The property owner only acquires the building and leases the land from the developer.
“One of the unique features of the Pomona City phase 2 and 3 is the introduction of the leasehold model, a completely new feature in Zimbabwe but very common in developed economies,” he said.
Many people have been failing to build their properties after spending much of their investment in purchasing the land. The new scheme is a reversal of the norm which now allows prospective home owners to spend on the structure and lease the land on which their house is built and at concessionary rates.
Dubbed a city within a city because of its attributes that bring all urban aspects of life, work, shop and play into one community, Pomona City is set to be a major prototype development that would be copied and replicated by other developers, according to promoters.
World renowned architects were engaged to work on the master plan and building structures making the development a fusion of cultures and very cosmopolitan.
