WestProp Holdings Redefines Urban Living with the Launch of Pomona City Housing Scheme

Review&Mail Writer

WestProp Holdings, a prominent property development company, is leading the way with a groundbreaking housing delivery scheme at its Pomona City project.

Under phases 2 and 3 of the development, WestProp is pioneering the leasehold model, which is a novel concept in Zimbabwe but widely adopted in developed economies.

During the official launch of the US$630,000 multi-purpose gate house in Harare, Chief Executive Ken Sharpe unveiled this “disruptive, futuristic, innovative, and unique” scheme to the guests in attendance.

He highlighted that one of the distinguishing features of Pomona City’s phase 2 and 3 is the introduction of the leasehold model, which significantly reduces the cost of property acquisition by separating the cost of land from the building.

Under this model, property owners will only need to pay monthly land rentals ranging from US$30 to US$50. The lease agreements are valid for up to 50 years and can be renewed. By focusing resources on the built-up unit rather than the land, the affordability of property ownership is greatly enhanced, removing the obstacle posed by high land costs.

Sharpe emphasized that while the leasehold model is new to Zimbabwe, it is widely prevalent in Europe and gaining momentum in South Africa.

This innovative approach allows prospective homeowners to allocate their investments primarily towards constructing their houses, while leasing the land at highly favorable rates.

The introduction of the leasehold model addresses the common issue of individuals being unable to build their properties due to significant investment in land purchase.

This new scheme represents a reversal of the norm, enabling aspiring homeowners to invest in their structures while leasing the land, providing a more affordable path to property ownership.

Moreover, the leasehold model implemented by WestProp Holdings offers a promising solution for reducing the housing unit backlog.

Additionally, it facilitates the utilization of innovative, cost-effective, and resilient building materials, further enhancing the overall quality and sustainability of housing developments.

With its trailblazing approach, WestProp Holdings is revolutionizing the housing market in Pomona City, offering a novel and accessible path to homeownership while fostering innovation and efficiency in construction practices.

 

 

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