BY MTHANDAZO NYONI
ZB Financial Holdings Limited (ZBFH) is making pricing adjustments for its Plumtree housing project due to cost escalations, chief executive Ron Mutandagayi has said.
“The cost escalations have caused us some difficulties. We are reviewing our costs at the moment so that we can re-budget,” Mutandagayi told NewsDay.
“Regrettably, a lot of contractors are demanding foreign currency and that has really created some issues for us which we are still looking at. So that’s what has become of that (project).”
The project, which was commissioned in September 2017, was initially planned for delivery in April last year, but was delayed because of the unavailability of some raw materials caused by shortages of foreign currency.
The project is aimed at providing affordable housing to residents, with 366 houses earmarked for high-density with 342 meant for the medium density suburbs. Stand sizes range from 250 to 605 square metres.
At the beginning of last year, ZBFH announced that it had set aside $10 million for the purchase of land across the country, which would be serviced for the residential housing market.
Mutandagayi recently said there were plans to purchase more land in areas such as Gwanda, Beitbridge, among others, for housing projects.
The current national housing backlog stands at over 1,4 million and Bulawayo alone has over 100 000 home seekers.
Besides running housing projects, the financial group has also partnered with the Zimbabwe Electricity Transmission Distribution Company to develop electricity infrastructure and so far they have connected over 4 000 households in Marondera.
The group is also installing solar-powered street lights in universities.