Watch:WestProp scores another first; breaks the ground for million dollar Raddison Hotel Project
Business Reporter
VICTORIA Falls Exchange (VFEX) listed fast rising property concern; WestProp Holdings Limited Wednesday scored another first after breaking the ground to mark the commencement of the multi-million dollar Raddison Hotel Construction Project.
The renowned international hospitality brand is set to offer luxurious accommodation and world-class amenities, setting a new standard for luxury living in Harare.
The Radisson serviced apartments are an exciting development that will not only elevate the city’s hospitality landscape but also provide a unique investment opportunity providing a unique investment opportunity for individuals.
Speaking to The Humanitarian Post on the sidelines of the groundbreaking ceremony Wednesday which drew delegates from the property sector, government and business community, WestProp Holdings CEO, Ken Sharpe credited the entity’s teamwork and God’s unending love for another milestone achievement.
“We’re a company of many firsts. So I’ll start by saying that it’s the first time that Radisson Brand has entered Zimbabwe. It’s the first time that Radisson has a hotel in Harare and it’s the first time we as WestProp that are investing into a hotel ourselves.
“I also think for us ,it is the first REIT, a Real Estate Investment Trust of the kind that we’ve brought to the market. And it’s the first time that we’ve allowed entry-level investment at $500 a unitbecause this is a unit trust, it’s managed by an asset manager regulated by the Securities Exchange Commission of Zimbabwe,” he said.
Sharpe said investing in the asset has tax advantages, as unit holders who invest from as little as $500 upwards into this building will be able to receive that rental that’s from the hotel tax-free which is a good structure in place.
He expressed gratitude towards government’s support for the initiative and committed to leave no stone unturned in pursuit of excellence.
In his keynote address to officially mark the groundbreaking ceremony, Local Government Minister, Daniel Garwe commended WestProp for expediting the unimaginable dreams to reality.
He said the vision to come up with projects of this kind was laid down in 2012 when President Emmerson Mnangagwa laid the vision of changing the economy.
“In his words back then, he said by the time we reach into the year 2030, Zimbabwe will be an upper-mid-income economy together. And we know God has allowed us to do that. He needs all of us to put our hands together as Zimbabweans, to join hands with our developers, to join hands with our investors, to join hands with everybody and turn around the fortunes of our economy. Turn around the fortunes of Zimbabwe. That is what the vision is going to be. We are witnessing one of the major developments in the food environment in our country. Everything is coming,” he said.
He implored citizens to inject their money into a building that has a real yield, like the Radisson Hotel, than putting it into a bank or keeping it in a box while it loses value.
Added Garwe, “So I think this is one of the unique ways, the innovative ways, we as WestProp bring innovative solutions continuously to the market.”
