SA developers betting big on Zimbabwe with R1.65 billion shopping mall

McCormick Property Development (MPD) is expanding its African reach with the construction of a $100 million (around R1.65 billion) shopping mall in Zimbabwe.

The time is right for the realisation of the Mall of Zimbabwe in the capital, Harare, together with its project partners, says MPD's Jason McCormick, also CEO of Exemplar REITail.  According to a Business Day report, McCormick will be handling the property development and Exemplar will be assisting with leasing.

McCormick believes that the economic activity happening in Zimbabwe currently is not reflected in the formal GDP figures coming out of that country.

Established in 1983, MPD has focused on developments in previously under-serviced areas of South Africa.

"As developers of especially township retail in South Africa for the last 45 years, we've always kind of gone where angels fear to tread", quips McCormick, "so I'd say we're no more fearful of Zimbabwe."

The retail property developer acquired the land earmarked for the project about 12 years ago already, waiting for the time to be right for the Mall of Zimbabwe.

"There's no doubt in our minds that the time is now right - in much the same way that the formal economic figures coming out of our townships, our employment stats and the rest of it have been a bone of contention...  I think it's very much the same way with Zimbabwe's GDP."

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McCormick also details the reasons why building in Zimbabwe is actually cheaper than in South Africa.

Take a listen in the interview audio at the top of the article