Zimre Property Investment Project has revealed that the NICOZ House which is at Selbourne Park in Bulawayo has started accepting students for accommodation in an Abridged Audited Results for the Year Ended 31 December 2018.
The NICOZ building is expected to provide with over two thousand beds for students accommodation in Zimbabwe’s second largest city.
The Zimre chairman, Jean Maguranyanga in the Abridged conversion and refurbishment of NICOZ House is complete and the facility has started accepting students.
Zimre chairman, Jean Maguranyanga, says, “The conversion and refurbishment of NICOZ House Bulawayo to student accommodation is complete and the facility has started accepting students.”
“The facility is expected to be fully occupied by the second quarter of the year. The total cost of this refurbishment was US$1,8 million including furniture and fittings.”
Zimre Investment managed to refurbish the NICOZ House despite challenges in the property sector experienced last year.
“Construction projects itnessed significant cost increases as suppliers of building materials and contractors adjusted prices,” Muguranyanga says.
“Most suppliers insisted on being paid in foreign currency for all imported building materials.”
“In order to manage the risk of exchange rate induced escalations, the company pre-purchased the majority of the required materials for the Swanga Shopping Mall and Nicoz House Bulawayo projects,” he explained.
The company’s Sawanga shopping Mall in Victoria Falls is scheduled to to open for trading in this month according to the Chairman.
Zimre’s Ruwa project, which was completed in 2017has also more than half of the units have been sold.