Property development company WestProp Holdings is pioneering a novel housing delivery scheme at its Pomona City project under phases 2 and 3 – the leasehold model.

Addressing guests at the official launch of the US$630 000 multi-purpose gate house today Chief executive Mr Ken Sharpe announced the new “disruptive, futuristic, innovative and unique” scheme.

One of the unique features of the Pomona City phase 2 and 3 is the introduction of the leasehold model a “completely new feature in Zimbabwe but very common in developed economies”.

The leasehold model makes acquisition of property much cheaper as it removes the bulk cost of the land. The property owner only acquires the building and leases the land from the developer.

The property owner will pay between US$30 and US$50 in land rentals. The leases are valid for up to 50 years and can be renewed.

“The affordability is much easier when one commits resources to the built-up unit only and not the land. The cost of land has been an inhibiting factor in property ownership”, he says.

Mr Sharpe said the scheme that is new to Zimbabwe is very common in Europe and is gathering momentum in South Africa.

“One of the unique features of the Pomona City phase 2 and 3 is the introduction of the leasehold model a completely new feature in Zimbabwe but very common in developed economies,” he said.

Many people have been failing to build their properties after spending much of their investment in purchasing the land. The new scheme is a reversal of the norm which now allows prospective home owners to spend on the structure and lease the land on which their house is built and very concessionary rates.

The scheme is one of the best ways of reducing the housing unit backlog.

WestProp allows for the use of innovative and cheaper and robust building materials.