LISTED property investment holding company, Dawn Properties Limited has acquired a 3, 7-hectare land for new property developments in the resort town of Victoria Falls.
The land acquisition comes at a time when a number of companies have shown renewed interest in infrastructure development in the resort town. The move will add on to the company’s properties dotted around the country where it has interests in Kariba, Nyanga and Mutare.
The expansion to Victoria Falls is set to position the group to capitalise on the anticipated boom in the tourism sector driven by the expected growth in tourist arrivals.
ZIMRE Property Investments is constructing a $13 million worth Sawanga Shopping Mall while African Sun is enhancing its hotels and properties in the area, among other corporate infrastructure projects being undertaken in the town.
In a statement accompanying the Group’s results for the year ended December 31, 2018 Dawn properties indicated that their investment prospects were eyeing the Hwange and Victoria Falls areas, with a number of infrastructure construction projects up the sleeve.
“Investment portfolio focus remains on increasing our exposure to Victoria Falls and Hwange. To that end the company has purchased additional land in Victoria Falls (3,7 hectares) exciting new projects are being planned for the two areas and will be announced as and when construction commences,” it said.
“Property development continues to enhance internal capacity and execution of a number of pipeline projects. Our land bank gives the company the ability to create a sustainable business unit going forward.”
The company is on the purple patch as it recorded a 117 percent growth in revenue in the period under review by US$6, 1 million to US$11, 2 million from US$5, 1 million realised the same period in 2017.
The steady growth was credited to mixed portfolio performance as overall properties performed better than 2017 by 36 percent stemming from rentals, which were increased by 46 percent at Elephant Hills Hotel and conference while Troutbeck Resort and Holiday Inn Mutare increased by 40 and 36 percent respectively.