Madokero Estate, a mixed-use land development project, is now at an advanced stage of completion after construction of the backbone infrastructure, promoters have said.
BY OUR STAFF
The project comprises medium density residential stands, apartments, light industry, commercial stands and provision for social amenities is now at an advanced state of completion.
The Estate, which has been developed by Exodus & Company (Pvt) Ltd, is located 10 km from Harare City Centre and 4,5km from Westgate Shopping Centre.
The project promoters say backbone infrastructure comprising roads, water and sewer reticulation is now in place and some families have already developed their stands.
Exodus & Company’s chief executive officer Progress Mambo told Standard Business that at least 500 people had already occupied their properties at Madokero Estate while a number of families were at various stages of constructing their houses.
He said the construction of the garden apartments in Madokero Estate was at an advanced stage and the first phase of the project comprising 190 units was expected to be complete by March 2015.
Mambo said the project had created employment for more than 500 workers and more would be absorbed on long term basis when the sub-projects become fully functional.
He said the company obtained most of its supplies from individuals and small scale enterprises “in order to empower the surrounding community”.
The project targets middle to low income earners with the company offering payment terms commensurate with the earnings for the target market.
“Due to the low salaries that most home seekers get and the challenges they face to access mortgage loans, the company has sold the stands on very flexible payment terms in order to enhance affordability from a wider spectrum of home seekers. The buyers are paying a deposit of 10%, and pay the balance over a period of 5 years for the stands and 10 years for the apartments,” Mambo said.
Last month, the company issued out the first batch of freehold title deeds exactly 27 months after the commencement of infrastructure construction.
Mambo said the company would continue to scout for viable projects in and around major cities in the country pursuing its vision of building communities.
Exodus & Company (Pvt) Ltd is a Zimbabwean registered real estate company and infrastructure developer. Former Premier Finance Group CEO Exodus Makumbe is the executive chairman of Exodus & Company.
The development of the Estate was started in August 2012 and comprises 1 700 medium density residential stands ranging from 368 square metres to 800 square metres; residential flats on 10 hectares, a regional shopping centre, three primary schools and two secondary schools.
It will also have a neighbourhood shopping centre incorporating retail shops, a public clinic, a police post, and a community hall. The Estate has also provided land for a suburban medical centre, a private surgery, churches, schools, and a light industrial zone.