CBZ Holdings, through its subsidiary Datvest, has initiated a substantial US$150 million housing project named Northgate, set to deliver 8,000 housing units over the next 18 months. This mixed-use residential park is one of the largest and most rapid property developments in Zimbabwe, according to the group’s managing director, Mr Lawrence Nyazema.
Located 17 kilometres north of Harare’s central business district, Northgate will feature a variety of residences, including upmarket flats, low and high-density homes, cluster houses, and significant amenities such as schools, a large hospital, and a shopping mall.
The civil works, including land clearing and road construction, have already commenced. Mr Nyazema explained that the project would offer plots ranging from 400 to 1,200 square metres, the latter being more typical of medium-density areas. Additionally, several architectural designs will be implemented across the estate to enhance its visual appeal and functionality.
“This project aims to emulate the success of developments like Sandton in South Africa, but within Harare,” stated Mr Nyazema during a site visit. “We are committed to providing quality housing for Zimbabweans globally.”
CBZ Holdings has actively promoted Northgate in the diaspora, particularly in South Africa and the United Kingdom. The project has generated significant interest, with over 100,000 potential clients expressing enthusiasm since its announcement.
“We recently showcased the project in Midrand, South Africa, and Birmingham, UK. The response was overwhelming, with 500 attendees in South Africa and nearly 2,000 in Birmingham, mainly Zimbabweans in the diaspora,” Mr Nyazema reported. “We are collaborating with partners such as Seef, who will handle the sales, and Masimba Construction, which is providing engineering services. Datvest will manage the assets.”
The entire project is projected to cost US$500 million upon completion. For the initial phase, CBZ is offering loan facilities to ease the financial burden on prospective buyers. With a 20 percent deposit, buyers can finance their plots over five years, at US$65 per square metre. Similar loan facilities will be available for constructing the homes.
Mr Nyazema noted that Northgate would serve as a benchmark for future developments. The project is strategically located 10 kilometres from Sam Levy’s Village and will be executed in three phases.
CBZ’s commitment to fostering accessible, high-quality housing reflects a significant step towards enhancing living standards in Zimbabwe.
