Blow To WestProp's Plans To Build Pomona City
WestProp’s plans to build Pomona City have suffered a major blow after the High Court in Harare ordered the Registrar of Deeds to cancel the transfer of Stand 654 Pomona Township to West Properties Holdings due to a debt dispute.
The stand was attached over a US$4.8 million debt owed by Augur Investments to Fairclot Investments. The attachment had been uplifted by the sheriff after Augur paid Z$4.8 million and another Z$1.1 million as interest and claimed that it had fully repaid its debt at the rate of US$1 to Z$1. Fairclot, however, challenged the upliftment and won the case yesterday.
The cancellation of the transfer of the stand comes after WestProp had excluded the case from its prospectus when it sought to list on the Victoria Falls Stock Exchange, and the listing was postponed until WestProp complied by publishing a supplementary prospectus. In money markets, a prospectus is a legal document that companies must file before offering securities to the public. The prospectus provides detailed information about the company, the securities being offered, and the terms and conditions of the offering for investors to make informed investment decisions.
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WestProp described Pomona City as a sustainable, gated, premium lifestyle development over a 273-hectare land bank. Other details were:
- Phase 1A was completed with 140 stands measuring 2,000sq.m and US$11.00/sq.m development costs.
- Phase 1A 93% sold, with local authority compliance achieved.
- Phases 1B & C comprise 592 stands measuring 500-1,000sq.m under servicing.
- Expected infrastructure development costs for the 72-hectare parcel are US$6,400,000.
- Phases 1B & C include 4Ha zoned for flats and 2Ha for a retail mall.
- Phases 2 & 3 comprise 160 hectares and will bring sustainable living amenities.
- Funding of US$4,000,000 is required for Phase 2 & 3 infrastructure services.
- WestProp has not sold any shares yet.
WestProp Holdings is a publicly listed Zimbabwean property investment and development company. The ownership structure of the company and its shares may be publicly traded and owned by various investors and shareholders. The company is headed by Kenneth Sharpe who is its CEO.
