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Real Estate investment firm, Terrace Africa’s newly completed US$20 million Highland Park Mall project, whose first phase was officially opened by President Mnangagwa in Harare on Wednesday, is expected to create at least 450 jobs when the second phase is completed.
The shopping mall adds to an existing impressive property portfolio in the country, with space at the new emporium fully booked by tenants eager to have access to the mall’s hinterland market, but also confirming growing appetite for investments in Zimbabwe, under the Second Republic.
Terrace Africa has already embarked on the second phase of the project to expand the mall amid huge interest from retailers who failed to secure space under the first phase and asked the developer to create additional capacity, which will see the firm investing a further US$20 million.
President Mnangagwa, who was guest of honour at the official opening of the exquisite shopping mall, commended the investment saying it happened at a time the country was witnessing massive investments in infrastructure, including by the Government.
The President hailed the project’s potential for growth of employment opportunities in the country saying the emporium would spawn about 400 jobs directly and at least 50 more indirectly.
Terrace Africa said it made the investment spurred on by encouragement from the Second Republic’s “Zimbabwe open for business” mantra.
The real estate investment firm’s managing director, Brett Abrahamse said; “We know the country has been on a tough economic road, but this Government has been supportive to investment through their open for business initiative.”
Further, the firm indicated it intends to continue investing in Zimbabwe to contribute towards growth of the economy.
Mr Abrahamse added; “It is on these background that Terrace Africa will continue to invest and reinvest profits in this country”.
Terrace Africa is set to complete the construction of another massive property before the end of July this year, as it seeks to play a significant role in helping the realisation of the Government’s Vision 2030 goal of transforming the country to middle income status.
“We are going to witness another 18 shop complex soon and also move to unveil three more complexes in the next 18 months.
“This is a way for us to contribute to the Vision 2030 that the President has set for us,” Mr Abrahamse added.
In addition, Terrace Africa is set to launch a Real Estate Investment Trust before the end of the year under Tigere Real Estate.
A real estate investment trust is a company that owns, and in most cases operates, income-producing real estate.
REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping centres, hotels and commercial forests.
“Before the close of the year, we are going to list a REIT on the Zimbabwe Stock Exchange (ZSE) which will help pension funds such as NSSA,” Mr Abrahamse concluded.
Industry and Commerce Minister, Dr Sekai Nzenzai, who was part of the Presidential entourage that toured the Highland Park mall told President Mnangagwa, as he toured the mall’s anchor client Pick n Pay Supermarket that 80 percent of goods on the local supermarket shelves were from local manufacturers.
Said Dr Nzenza; “Your Excellency, I understand that this complex is already full and mostly by SMEs. As you have seen moving around as the first consumer here, 80 percent of goods in this complex are homemade — that are from local industries.”
Commenting on the investment President Mnangagwa said; “This comes as the country is going through various infrastructure development via dams, clinics, roads and many more in order to reach our vision 2030.”
He acknowledged that the investments in infrastructure development would give impetus to the growth of the economy while the new mall would add to the growth of employment in the country.
“This development will contribute to the growth of this economy and will also uplift the standards of living of our citizens through employment creation,” he said.
Terrace Africa, the surrounding areas will see an influx in high rise residential buildings and offices emanating from its investments.
President Mnangagwa added: “I have been informed that this will bring in high rise residential property, as well as offices around here.”
The Highland Park Mall is the third property by Terrace Africa and adds to the Village Walk in Borrowdale and Marondera Main while additional properties would be developed in the next 24 to 36 months.
“This signature investment in Highland Park by Terrace Africa adds on to their Village Walk property and Marondera Main and they are of high quality meaning that the private sector is moving along with the country in achieving its vision.”
“It is to be noted that among other properties, this property will be listed on the Zimbabwe Stock Exchange as Tigere Real Investment Trust and that is the growth of our markets,” President Mnangagwa said. Business Weekly
