West Prop on course to deliver regional mall

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WEST Property (West Prop) says it is in the final stages of negotiations for the country’s first-ever regional mall, The Mall of Zimbabwe, which is expected to go to ground by mid-2024.
The Victoria Falls Stock Exchange-listed firm has vowed to grow the local economy, promote the local brand, attract tourists and make Zimbabwe the ideal investment destination.
According to the company, The Mall of Zimbabwe will be the country’s first fully enclosed regional shopping mall with top regional retail brands taking up tenancy. The tenants will be a mix of both international and local retailers

McCormick Property Development Group, a highly-experienced and respected shopping centre developer in southern Africa, will construct the mall.
The project value is more than US$100 million, with a peak of 90 000 square metres of gross lettable area upon completion.
It will be a major catalyst for economic growth for Zimbabwe with over 3 000 direct and indirect jobs expected to be created.
“We are also pleased to confirm that we are in the final stages of negotiations for Zimbabwe’s long-awaited first-ever regional mall, which we expect to go to the ground by mid-2024,” the group said in a statement accompanying its financials.
The group has also committed to its rollout of two multi-billion-dollar developments, which include Pomona City a “city within a city” development as well as one of Africa’s premier golf estates, The Hills. Both developments are already actively engaged and being developed to launch in 2024.
During the half year ended June 30, 2023, the group’s revenue increased marginally to US$11,770 million compared to US$11,656 million for the same period last year.
Despite the marginal growth, the board approved current projects to a value of US$147 million in sales and an anticipated gross profit of US$68 million.
According to West Prop, this is confirmation that the group is on track to deliver a gross profit of over US$20 million per year for the next three years.
The group recorded a net profit after tax of US$2,721 million for the period under review.
A market-based valuation of the group’s land banks inclusive of its 70 percent interest in Sunshine Developments (Private) Limited done during the period gave an aggregated fair value of US$201,75 million.
Operating expenses for the half year under review amounted to US$2,374 million compared to US$1,249 million for the same period last year, representing a US$1,124 million increase.
West Property’s liquidity improved by 248 percent, with the group having cash and its equivalents of US$1,495 million as of June 30, 2023 compared to US$430,091 as of June 30, 2022 while the current ratio as of June 30, 2023 was 4,7 times.
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