Staff Writer 
WESTPROP Holdings (WestProp) says it has so far sold 58 percent of fractional shares in its luxurious apartment hotel — Millenium Heights in Borrowdale to investors, just three months after the launch of the scheme in November last year.
Fractional ownership in real estate is when multiple people share ownership of a property by purchasing a percentage of it.
This model, although novel to Zimbabwe, is often used for expensive properties, like vacation homes, luxury cars, and aircraft.
Investors participating in the Millenium Heights project are required to have a minimum contribution of US$5 000.
“In Zimbabwe, we have traditionally been accustomed to owning property outright, which often requires significant upfront capital and can be costly for first-time investors,” WestProp chief executive Ken Sharpe said.
“Fractional ownership changes this by allowing individuals to pool resources and own a share of a luxury apartment hotel like Block 5 without breaking the bank,” he added.
Sharpe projected that the project would garner substantial returns on investment after a year of operation.
“After the first year of operation as an aparthotel, investors can expect returns of at least 8 percent. However, as the property values increase and the hotel’s occupancy rates grow, so too will be the return on investment,” Sharpe said.
He described the initiative as a secure long-term investment opportunity, which also offers investors the flexibility to diversify their portfolios.
WestProp is also engaging in an educational campaign to familiarize potential investors with the benefits of fractional ownership. The concept has garnered interest, with a growing number of customers appreciating the reduced risk and lower entry costs associated with shared ownership.
“This is a game-changer in Zimbabwe’s property space,” said Sharpe. “It’s an opportunity to invest in Zimbabwe’s future while securing returns for yourself and your family.”
The project is set to partner with AirBnB, which is an international hotel brand that will manage the serviced apartments, marking the brand’s debut in Zimbabwe.
Millennium Heights Block 5 will feature high-end amenities, including concierge services, a swimming pool, a gym, and a children’s play area. newsdesk@fingaz.co.zw
