Pearl yet to secure funds

HARARE - Listed property developer Pearl Properties (Pearl) says it is yet to secure about $35 million from offshore funders for the construction of a state-of-the-art bus terminus at Fourth Street Station.

The company’s managing director, Francis Nyambiri, yesterday said Pearl had been unable to secure “competitive money” to finance the construction of bus terminus.

“…little progress has been recorded and we are still talking to funders. There are steep conditions accompanying competitive funding so we are now looking into alternative ways to fund the project,” he said.

However, the Pearl boss was quick to point out that he could not discuss the alternatives as the property developer’s partner, the Harare City Council (HCC) was still reviewing the new plan.

The project — a $50 million bus interchange —  is to be constructed at Fourth Street bus terminus in Harare following Pearl’s joint venture agreement with the HCC.

Nyambiri also said the group’s George Square Mews (Kamfinsa Cluster Homes) had failed to whet market interest as uptake had been very low in the year to December 2015.

“Therefore, we have re-looked the project with regards the initial stance of developing then disposing the properties...We had 16 shell units that are being worked on targeted to be installed by end of the first quarter for leasing, we are doing this to arouse interest,” he said, adding that the units to be leased were going to be sold off eventually,” he said.

Meanwhile, the property developer posted a 3,5 percent drop in revenue in the year to December 2015 from $8,7 million to $8,4 million on the back of a 4,1 percent decline in rental income to $8,3 million from $8,6 million.

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