Pomona City ‘within a city’ project in Harare to cost around US$4 billion
The Pomona City ‘within a city’ project in Harare will be built at a staggering cost of US$4 billion.
Some individuals who bought stands at the development have already started building their properties following issuance of compliance certificates for the respective phases of the development.
West Property has announced a massive US$4 billion investment at Pomona City making the development one of the biggest single infrastructure capital injections in Zimbabwe.
Dubbed a city within a city because of its attributes that bring all urban aspects of live, 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.
World renowned architects were engaged to work on the masterplan and building structures making the development a fusion of cultures and very cosmopolitan.
The lifestyle community development combines use of technology, communal living spaces and unique social amenities that differentiate the estate from the traditional suburban designs. The social amenities are exclusively reserved for the owners of properties to preserve privacy and uphold value.
Infrastructure developments and designs at Pomona City mirror the ones largely found in Dubai with traits similar to the ones in modern world capitals.
West Property chief executive Mr Ken Sharpe who birthed the Pomona City “within a city’ idea is upbeat with the upcoming development.
“We believe Dubai has the quality and excellence that we can bring to Zimbabwe. We are walking our talk. We believe in being disruptive,” he says.
One of the unique features of the Pomona City phase 2 is the introduction of the leasehold model a “completely new feature in Zimbabwe but very common in developed economies”.
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.
The property owner will pay between US$30 and US$50 in land rentals. The leases are valid for up to 50 years and can be renewed.
“The affordability is much easier when one commits resources to the built-up unit only and not the land. The cost of land has been an inhibiting factor in property ownership”, he says.