Group chairman, Solomon Tembo, speaking at the groundbreaking ceremony, said the project period was 14 months.
"As developers come up with housing schemes we also need to address infrastructural issues to cater for the increasing population. We need to develop new facilities," he said.
The housing project, Fidelity Life Park, will be built over two phases on a 34-hectare plot in Manresa. The first phase will cost $2,8 million and is already underway. The second phase, to be built on a 33-hectare plot adjacent to Goromonzi Rural District Council, is awaiting regulatory approval. The project will be managed by Zimre Property Investments and developed by Tencraft Construction Company.
Tembo said the group would continue working with the City of Harare and other towns/cities to develop housing in order to ease the national housing backlog.
Fidelity Life managing director, Simon Chapereka, said his management was excited by the project, which was expected to increase the value of the company.
“We are witnessing this housing project today and we are projecting a 400 to 500 percent bottom line to full year and that means a lot for the company,” he said.
Fidelity has done well on the equities to record the biggest gain year to date, earning about 450% from 2c in January to trade at the current price of 13,50c.
Speaking at the same function, Harare Mayor Muchadeyi Masunda said the city had a huge housing backlog and commended the Fidelity Life housing project. He added that while companies came up with housing projects, it was important to also address infrastructural issues that would complement urban expansion.Post published in: Business