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ZB puts project on hold

ZB Financial Holdings has put on hold its Plumtree housing project due to escalating costs.

In 2017 the financial services group said it wanted to complete the project by April last year and held a ground-breaking ceremony for the construction of 708 houses.

The bank said it was building 366 houses in the border town.

However, ZB group CEO Ron Mutandagayi told journalists in Bulawayo on Friday that the project had been set back by the economic problems facing the country.

“The project has been dogged by the currency issues and costs escalations,” he said.

“The costs escalated to a level where at the moment we have just said let’s put this on hold. Let’s assess how the situation turns out and we can proceed when the situation is stable.

“So from a commitment point of view, we want to see it through at reasonable costs so that the uptake of the residential stands or houses rises because we are offering to servicing
stands for those that would like us to contract on their behalf we offer mortgages.

“Some are assessing the affordability and we are discussing with contractors to see how best we can get that through,” he added.

In June, Zimbabwe ended the decade-long dollarisation of the economy and this triggered an escalation of prices as the local currency lost value rapidly.

— BY SHARON SIBINDI

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