Investors snap up shares in WestProp’s apartment hotel

Business Reporter

Investors have acquired 58 percent of the fractional shares in WestProp Holdings’ innovative apartment hotel, Millennium Heights, in Borrowdale West, Harare, chief executive, Mr Ken Sharpe, has said.

The innovative model was launched in November last year, with investors participating with a minimum investment of US$5 000.

The model allows multiple investors to co-own an apartment, which will then be leased out to clients as short-term serviced accommodation.

“In Zimbabwe, we have traditionally been accustomed to owning property outright.

This approach (outright ownership) often requires significant upfront capital and can be a costly endeavour, especially for first time investors,” Mr Sharpe said.

“That is where fractional ownership comes in.

“By pooling resources with like-minded investors, you can own a share of a luxury apartment hotel like Block 5 without breaking the bank.”

Mr Sharpe said WestPop was actively engaged in an educational campaign to inform customers about the benefits of fractional share ownership in the apartment hotel.

He said the market was showing increasing interest in the concept, with a significant number of customers already purchasing shares in the branded apartment hotel.

Investors are particularly drawn to the flexibility of fractional ownership, which reduces risk and makes the investment more accessible

“After the first year of operation as an aparthotel, investors can expect returns of at least 8 percent. However, as the property values increase and the hotel’s occupancy rates grow, so too will be the return on investment,” he said.

Mr Sharpe encouraged potential investors to seize the opportunity to secure their future and that of their families.

He said the investment presents a unique pathway towards long-term financial security.

With guaranteed returns, he described it as a game-changer within Zimbabwe’s property market.

The innovative model, the first of its kind in the country, allows investors to enjoy the benefits of property ownership while simultaneously generating income, effectively enabling them to “have their cake and eat it too”.

“Do not miss out on this opportunity to invest in Zimbabwe’s future and secure a share of the profits,” he said.

WestProp is finalising a partnership with an international hotel brand currently absent from the Zimbabwean market.

The brand possesses significant expertise in the marketing and management of serviced apartments, often referred to as short-term rentals.

Millennium Heights will offer a range of amenities for residents, including concierge services and exclusive recreational facilities. They include a swimming pool, a children’s play area, a gym, among others.