First Mutual invests in properties across Zimbabwe

Source: First Mutual invests in properties across Zimbabwe – herald

Sikhulekelani Moyo, sikhu.moyo@chronicle.co.zw

ZIMBABWE Stock Exchange-listed First Mutual Properties is investing in prime properties in major towns and cities across Zimbabwe to enhance shareholder value. This comes as Zimbabwe’s property sector continues to attract significant investor interest, driven by the widespread use of the US dollar in the economy.

In the fourth quarter of 2024, the real estate sector had the highest projected investment value of US$2 billion.
In a statement accompanying First Mutual Property’s audited financial results for the year ended December 31, 2024, board chairman Mr Elisha Moyo said Zimbabwe’s real estate sector was navigating both challenges and opportunities.

He noted that both public and private sector investments were driving growth in the sector. However, he emphasised that more investment in infrastructure was required to sustain the property market.

“The group is strategically advancing shareholder value through various projects at different execution stages. The flagship development, the Arundel Office Park extension, features a double-storey building with a basement, providing 2  616,5 square metres of total lettable space.

“This project has been completed and is valued at ZWG131 422 920. In Zvishavane, First Mutual Properties is a co-investor and project manager of the development of mixed-use duplex cluster houses, three to four-storey apartments, and student accommodation,” said Mr Moyo.

He said that the Zvishavane project’s first phase comprised six duplex flats, which are 90 percent complete, and 20 blocks of double and triple-storey flats, which are ready for commissioning.

“Construction of the student accommodation is progressing well,” he said.
Meanwhile, Mr Moyo reported that the group’s net property income increased to ZWG84  109  331 in 2024 compared to ZWG40 474 388 in 2023, while revenue increased to ZWG152 660 911 from ZWG93  524 051 the previous year.

Rental income remains the main source of revenue. He said that revenue growth was driven by an increase in property services income, predominantly project management fees, an upsurge in pure US dollar rentals and timely rental reviews.