eBusiness Weekly
Michael Tome
HARARE – Zimre Property Investment’s (ZPI) US$13 million Sawanga Mall is set to officially open during the last quarter of 2019 amid feeble demand of real estate sector’s offerings.
The mall opened shop (unofficially) earlier this year in March and is presently functioning at 60 percent capacity which is expected to improve and reach 90 percent by end of this month.
Anchored by Pick n Pay, seven other shops have since opened with an additional eight expected to open for trading to the public by September, including the much awaited food courts and fuel service station.
Providing above 5 000 square metres of lettable space, the mall consists of 23 shops of various sizes, banks, concept houses, restaurants, coffee shops and curios shops.
Zimre Property Investments board chairperson Jean Maguranyanga revealed that the anchor tenant had already moved in while some occupants were now centering their attention on remaining civil works.
“Construction of Sawanga is complete and the official opening of the shopping mall is expected during the fourth quarter of this year.”
“Currently the mall is trading at 60 percent of its lettable space and is expected to reach 90 percent.
“The mall began trading in March this year and the anchor tenant Pick n Pay has officially opened for business ,Shop fit outs by other tenants are at different stages, while a few outstanding works remain on the main contract which include skylights, water features, landscaping and some civil works,” said Mrs Maguranyanga.
The mall is one of ZPI’s major projects as the company also converted Nicoz House in the heart of Bulawayo from offices to student accommodation housing 190 beds.
In the period under review a profit after tax of $116, 6 million was recorded from $197,397 in the prior comparable period translating to 58,962 percent in the positive.
Total revenue for the year grew by 124 percent to close the half year at $3,37 million from $1,51 million in the same period last year.
The property firm declared basic and diluted earnings per share of $6, 79c.
