First Mutual Properties will start developing its Golden Stirs mixed project in Mt Pleasant, Harare in the next two years as it believes there would be enough tenants for the upmarket , MD Mr Christopher Manyowa has said.
FMP bought the prime land five years ago and will require at least $50 million to develop the project, which will have among others, residential properties, a medical centre and a shopping mall.
“When we bought the land, it was on the basis that we will exploit it at an appropriate time when we have sufficient demand,” said Mr Manyowa. “We believe the economy is on recovery path and we will start working on a concrete plan which we think will have in the next two years.” He said potential developers had been making enquiries, seeking to develop part of the land.
“But we would want to come up with a co-ordinated project driven by high quality tenants,” he said. First Mutual Properties, formerly Pearl Properties is a real estate company listed on the Zimbabwe Stock Exchange listed property. It invests in prime properties in the major towns and cities of Zimbabwe. Its current portfolio comprises about 117 250 square metres of lettable space made up of office parts, retail shops, commercial and industrial space.