HARARE – WestProp Holdings, a leading real estate developer in Zimbabwe, has set its sights on an ambitious goal: building not less than 20,000 homes through its One Billion Brick Vision by 2050.
According to Mr. Ken Sharpe, the company’s chief, this vision is a crucial step towards addressing Zimbabwe’s housing backlog, which currently stands at a staggering 1.25 million units.
To achieve this goal, WestProp is pioneering a revolutionary land leasing model, which will enable citizens to lease land for home construction.
This innovative approach frees up funds traditionally allocated for land purchases, allowing for more resources to be channeled towards building homes. By doing so, WestProp aims to reduce the housing backlog by at least 2%.
Speaking at the CEO Africa Roundtable Zimbabwe Wealth and Retirement Summit, Mr. Sharpe emphasized the importance of collaboration in addressing the housing backlog.
“To build a country with one billion bricks, it requires everyone’s contribution and commitment,” he said. “We can’t do it alone; we need all parties in the housing delivery value chain to work together.”
WestProp’s vision extends beyond just building homes. The company aims to create a sustainable and transformative wealth creation model that benefits future generations.
By listing on the VFX exchange and establishing the first land leasing company in Zimbabwe, WestProp is leading the way in innovative housing solutions.
Pomona City, one of WestProp’s flagship projects, is already showing promising results.
Phase one, which spans 100 hectares, is almost sold out, with less than 50 stands remaining out of 700. Phase two, which covers 160 hectares, is being developed on a leasehold basis, offering an attractive option for homebuyers.
By providing affordable and accessible housing solutions, WestProp is not only addressing the housing backlog but also empowering citizens to build wealth and secure their future.
As Mr. Sharpe aptly put it, “Investing in a house is value storage, as the property can either be used as a personal residence or for rentals.”
With property values on the rise in Zimbabwe, WestProp’s vision is poised to make a lasting impact on the country’s housing landscape.
