Chief Executive, William Nyemba, said the project would be undertaken by subsidiary company Transtobac.
"Design models have been done by Osborne Lange of South Africa for both the commercial and Retail Parks," said Nyemba.
The project will require significant funding, and once the design models are approved, the parties will be on the market to raise the required funding.
Trust Holdings says the Retail Park will offer "the biggest and most convenient shopping mall in Zimbabwe" today.
Market watchers said the project was conservatively valued at about $8,5 million as at December 31, 2010.
They said TFHL had purchased an additional 9 000 square metres of commercial land in this "highly sought after site in 2008", duped to become the "second CBD".
Speaking to VIPs at the AGM, Nyemba said he was happy that the dark "clouds over the nation's financial services sector were finally over".
"The last time that I talked in this room was when I was telling members of staff that we had been asked to pack up and close shop,” he said.
He thanked shareholders for their tenacity at a time when Trust Holdings had been unceremoniously delisted from the Zimbabwe Stock Exchange.
The Group had its commercial banking licence withdrawn by the Reserve Bank of Zimbabwe Governor, Gideon Gono, and closed doors to form the hastily composed Zimbabwe Allied Banking Group
The ZABG then took over the Trust Towers high rise buildings along Samora Machel Avenue which was built using insurance funds. The building has now been grabbed back by Nyemba and his team led by Josh Sachikonye.
"I am also very glad that the cloud surrounding the problems at Renaissance Financial Holdings has almost been solved and we are now into a more positive era," Nyemba said.
"We will soon ask all of you for more funds to recapitalise Trust Bank in-order for us to get into more financially rewarding projects this year."
Nyemba said "personally" he could now breathe a sigh of relief. He had relocated to South Africa but returned to his post as CEO in December last year.
"It's good to be back," Nyemba said in an exclusive interview.
Post published in: Business