NMBZ diversifies in to the property market

RUFARO STADIUM UNDERGOES LIGHTWORKS REFURBISHMENT

Banking giant NMBZ has recently diversified in to the local property market. Up until now the NMBZ Holdings had just one subsidiary – NMB Bank. Under the guidance of Group CEO Mr Gerald Gore, NMB has ventured into real estate, as well as a portfolio of cutting-edge technology subsidiaries specialising in AI, data analytics, blockchain technology, cloud computing and cybersecurity. This will benefit its existing client base and allow the NMBZ Holdings Group to compete with its peers as well as increasing shareholder value. The property development company will be a subsidiary of NMBZ Holdings, and sister company to NMB Bank. Apart from real estate and housing developments the property subsidiary’s services include property evaluations, facilities and feasibility studies for new projects. NMB Properties will include commercial, industrial and residential endeavours across Zimbabwe.

Some of their current projects include St Ives in Chinhoyi (137 medium density stands), Amalinda in Harare (105 high density stands), Brokedale in Bindura (10 two-bedroom core houses) and 2,000 planned high density stands in Nkulumane in Bulawayo among others.

One of their latest developments is the Reoville Estate situated along Adylinn Road in Marlborough, Harare. It’s comprised of 26 luxury cluster homes of 3 or 4 bedrooms, conveniently close to Westgate Shopping Mall and the Harare

CBD. It’s close to both Harare Drive and Lomagundi Road which are major transport routes to and from the city and the surrounding areas. There are also a number of good schools, churches, clinics and other facilities in the area. The suburbs of Marlborough, Westgate, Adylinn and Madokero are currently enjoying significant property developments in line with a policy to help decongest the City Centre, and it’s close to the proposed New Harare City centred around the new parliament buildings in Mount Hampden.

The project also supports the Zimbabwe National Human Settlements Policy (ZNHSP) to address the shortage of decent and affordable housing options for all the people of Zimbabwe. Government has committed to providing 1 million houses by 2030 through partnerships with the private sector. It’s also in line with government’s policy of densification which will see the development of apartment blocks, cluster homes, town houses, residential estates and the sub-division of previously large low density stands.

In theory densification offers the benefits of efficient and sustainable land use and the best use of resources and services. Speaking at the official launch of the new Reoville

Estate, held on the 5th May, the Honourable Minister of Housing and Social Amenities, Mr Daniel Garwe, praised the role that the private sector is playing in addressing the provision of housing options for Zimbabwe’s citizens. “I would like to appreciate the private sector, particularly the finan¬cial sector, for their participation in providing housing to the people of Zimbabwe,” he said. “In suburbs, towns and cities there are cluster developments by at least one of the financial companies and this is what we call the private sector working with government to ensure that the country is developed by its own citizens. As a ministry, if we are going to be delivering a million houses by 2030, we definitely cannot do it alone and as the government we appreciate NMB’s efforts on the housing agenda.” NMB has over 5000 housing units being considered for development over the next five years. At the same event NMB group chief executive Gerald Gore commented, “Housing is a basic human need. Once people secure food they want a place to stay that they call their own. So, this is us extending the service to our customers to help them acquire properties, both for their own residential requirements but also for their investment properties. This is really an extension of our financial services. We have the ex¬pertise and we also have the financial capabilities to do these projects. So, it was a natural extension for us that we are offering to our customers.”

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Alutech

Reoville Estate is situated on a long narrow plot of approximately 500 square metres on what had originally been a smallholding. There was an existing farmhouse-style residence, of little architectural merit, which was demolished. The previous owners had constructed two housing units, near the gate, which were remodelled and renovated to fit with the new design. The existing houses have three bedrooms and two bathrooms while the new housing units have four bedrooms and three bathrooms. The new units have an independent guest suite with a bathroom near the front entrance. There’s the master bedroom which has its own en suite bathroom and it overlooks the patio and the back garden. There are an additional two bedrooms which share a bathroom. All the units have an open plan kitchen, dining area and lounge which also open to the patio. The master bedroom and the lounge have been situated towards the back of the units for privacy and to minimise the noise from the front facing on to the shared driveway.

The 26 units have been laid out symmetrically on either side of the central access drive with landscaped, shared gardens either side. Communal gardens are maintained by the on-site groundsman meaning that there’s little maintenance or attention required by the householders. Each unit has a small, private backyard ideal for entertaining, relaxing or as a play space for children. There’s also a communal space in the centre of the site where children can play in a safe and secure environment. The central section also has a group of tanks for communal water storage. Water is supplied by the Council but there are also solar powered boreholes to supplement the Council supply. Each unit has its own dedicated parking space and there’s space available for visitors’ parking.

Electricity supply in the area is usually pretty reliable but all the units have solar hot water geysers and there’s provision for individual home owners to install their own solar systems at a future stage. Each unit has its own electricity metre so there’s no confusion about individual usage. Home owners also have the option to install their own internet and DStv or satellite TV systems.

The project was designed by Tapiwa Manditsera from local firm Studio 5 Architects. The design makes the best use of the available space with the units spaced out on moderate grounds with their own private gardens at the back and shared space in front. There are no formal walls or fences between the units – much like the American estate layouts – so the communal space makes the grounds feel bigger and more generous, and there’s a community feel to the whole project. Studio 5 has incorporated high end finishes throughout with granite counters and high end cabinets in the kitchen. The rooms have generous proportions and high ceilings and the bedrooms have upmarket built in cupboards providing ample storage space. The bathrooms have modern, contemporary fittings and tiled floors throughout make for easy maintenance. Manditsera has designed extra-large windows so the interiors are filled with natural light and sliding glass doors open out to the patio and backyard. Tiled roofs, as opposed to

Chromadek sheeting, give the houses a more solid and durable look and feel.

Work on the project started in early 2022 and the official launch was held in May this year, so construction was quite quick. The main contractors were JCBEM Construct and iLanga Construction with Studio 5 taking on the role of project managers for this prestigious development. Low maintenance garden landscaping was supplied by Sue Malloch Brown and there’s an on-site groundsman to take care of the communal spaces. There’s a guarded gate entrance and the property is fully walled all round providing good security for the residents.

To find out more about Reoville Estate and NMB Properties: