Construction and Property Corner ::: 21 August 2023

Mon Aug 21 14:48:42 CAT 2023

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Construction and Property  Corner ::: 21 August 2023 

ü  Zimbabwe reaps fruits of transformed agriculture: U$2 billion splash on
dam projects

ü  Magaya in cheeky Swansea Stadium duplicate project

ü  Official statistics: Construction works up 12% YoY in Romania in H1

ü  Downturn in German housing construction worsens in July - Ifo

ü  Government sets up call centre to tackle construction mafia

ü  Middle Eastern investors plan to inject $120bln in Egypt’s real estate
market: Knight Frank MENA

ü  Samana Developers launches $82mln residential project in Dubai Sports
City

ü  Iraq, World Bank discuss financing for road projects – Minister

ü  GJ Properties launches luxury hotel apartments project in Dubai

ü  Iraq to launch new city project in 2024

ü  Chinese Developers Owe $137 Million to Hong Kong Property Agency

 <https://www.willdale.co.zw/> Zimbabwe reaps fruits of transformed
agriculture: U$2 billion splash on dam projects

THE Second Republic has invested US$2 billion towards construction of dams
and rehabilitation of irrigation infrastructure countrywide since 2019 as
the Government shifts towards climate-proofed agriculture to boost national
food security and nutrition.

The massive investments in the agriculture sector have enabled the country
to shatter records through increased productivity, which is already
impacting positively on downstream industries while creating more job
opportunities.

With adequate grain reserves for domestic consumption, Zimbabwe is now
aiming at exporting excess wheat and maize to the region and beyond as it
restores its bread basket status.

Under the Second Republic led by President Mnangagwa, the Government is
constructing 12 high-impact dams countrywide including Lake Gwayi-Shangani
and Ziminya Dam in Nkayi, Matabeleland North, and Tuli Manyange Dam in
Matabeleland South.

President Emmerson Mnangagwa

Others include Kunzvi Dam in Mashonaland East, Marovanyati in Manicaland,
Muchekeranwa Dam bordering Manicaland and Mashonaland East provinces, Vungu
Dam in Midlands, Silverstroom, Dande, Bindura and Semwa dams in Mashonaland
Central.

Matabeleland South has benefited through the rehabilitation of irrigation
infrastructure including procurement of equipment at Mtshabezi Dam,
Silalabuhwa Dam, Tuli River — Sebasa, and Makwe Dam leading to increased
land under irrigation.

In Matabeleland North, the Government has rehabilitated Bubi Lupane
Irrigation Scheme, which has transformed livelihoods for villagers.

In an interview on the sidelines of the commissioning of Valley Irrigation
Scheme in Kezi, Matobo District in Matabeleland South on Friday, Lands,
Agriculture, Fisheries, Water and Rural Development Dr John Basera said the
country is reaping the benefits of investing in the agriculture sector.

“We have lined up quite a number of programmes to the effect of climate
proofing especially food production sub space so that we still ensure food
security with a slant towards food self-sufficiency and food sovereignty,”
he said.

“Since 2019, we have invested almost US$2 billion towards dam construction,
water harvesting and irrigation development in the country,” said Dr Basera.

“These investments are crucial, especially considering that our country,
like many others, is grappling with the adverse effects of climate change,
manifesting in the form of droughts, floods, and other extreme weather
events.”

He said in terms of cereal production and wheat farming to be specific, the
country is now looking to exporting wheat, something that had never been
done since the introduction of wheat farming in the 1960s.

“Currently we are sitting on a strategic wheat reserve to the tune of 140
000 metric tonnes and projecting about 430 000 metric tonnes. So, all in and
by October we should be having more 500 000 metric tonnes, which is against
the national requirement of 360 000 metric tonnes,” he said.

“We can start to prospect and project potential exports of wheat and this
will be happening for the first time since the land reform programme and, as
well for the first time since the start of the wheat production in the
country. The Government, the Second Republic is smashing every record in
farming.”

Dr Basera said the agriculture sector has grown by up to 35 percent in the
past three years, achieving food self-sufficiency in line with Vision 2030.

He said the Government had to look inward in view of the Covid-19 pandemic
and the Russia-Ukrainian conflict, which has strained global supply chains
with adverse impacts of import reliant states.

“In fact, it is a major strategic crop in the food security basket. So, as
such, two years back we had a plan and our plan was to be wheat and flour
sufficient at all cost and at any cost especially because of the Covid-19
realities, which were disrupting the global supply chains for fertilisers,
for wheat and so on,” said Dr Basera.

“Also, the geopolitics in eastern Europe taught us to look inward as an
economy as Zimbabwe and Africa. We have lined up quite a number of
programmes to achieve wheat and flour sufficiency at any cost.”

The Permanent Secretary encouraged farmers to improve their agronomic
practices as this can result in reduction of poverty. In order to maximise
on productivity, especially on wheat and traditional grains, he said the
Government is taking measures to control quelea birds, which threaten crops.

“Quelea birds feast on traditional grains, the moment we suppress the quelea
population then we stand a good chance to promote the traditional grains
thrust more,” he said,

Meanwhile, over 200 villagers in Kezi, Matobo have benefited from
Government’s measures to climate proof the agriculture sector through
revitalisation of Valley Irrigation Scheme where they are members. The
Government rehabilitated irrigation infrastructure including centre pivots
and water pumping systems to ensure the scheme is back on track.

Valley Irrigation Scheme, a brainchild of the Government was established in
1995 but had failed to operate to optimum due to lack of irrigation
infrastructure despite sitting on 200-hectares of land.

Tuli-Manyange Dam

The irrigation scheme was supposed to be supported by the Valley Dam but for
years the water body was not put to good use as the centre pivot in the area
was dysfunctional. This has seen the Government increasing irrigation land
from 150 000 hectares in 2020 to 203 000 hectares at the end of June this
year with the target being to put 350 000 ha of land under irrigation by
2025.

Dr Basera said the irrigation scheme was rehabilitated with the support from
his ministry and the Smallholder Irrigation Revitalization Programme (SIRP).

“The revitalised Valley Irrigation Scheme stands as a tangible testament to
the visionary leadership and unwavering commitment of our Government to
promote sustainable agricultural practices and overcome the challenges faced
by farmers in this region,” he said.

“With the completion of this monumental project, we are opening up a world
of opportunities for our farmers to increase their productivity, enhance
their livelihoods, and contribute to the economic growth of our nation,”
said Dr Basera.

While in the past scheme beneficiaries struggled due inconsistent supply of
water, he said the tide has been changed through the investment in viable
irrigation infrastructure.

Dr Basera said the scheme will be part of Zimbabwe’s success story that has
seen the country achieve food security in cereals in sync with the
investments that have been made in the sector.

“These investments are crucial, especially considering that our country,
like many others, is grappling with the adverse effects of climate change,
manifesting in the form of droughts, floods, and other extreme weather
events,” he said.

Dr Basera said the development of the Valley Irrigation Scheme is
confirmation that rain-fed farming is no longer sustainable. He said the
scheme will also create local employment beyond the district while
contributing to economic growth.

“The scheme will create employment opportunities, both directly and
indirectly, thus further bolstering the economic prosperity of Matobo
District,” said Dr Basera.-chronicle

Magaya in cheeky Swansea Stadium duplicate project

Yadah Football Club owner Walter Magaya has embarked on the construction of
a 40 000 seater stadium at Yadah Hotel in Waterfalls.

The facility, according to Magaya, is a replica of English Championship side
Swansea Stadium in South Wales.

Construction of the stadium, which will be used for Premier Soccer League
games,  started last month and is fast-moving.

“We are working 24 hours on the site and the plan is to play some games
there before the end of the season. We have followed all the procedures of
submitting the papers to the City Council and all the relevant authorities
who have received them very well,” said Magaya.

“We will also invite the Zifa FIB (First Instance Board) to inspect the
stadium, and any other stakeholders to participate in our endeavour to make
sure we build a world class facility. We are starting with a 5 000-seater
facility but the full capacity when completed is 40 000.

“Our aim is to allow other clubs to use the facility. We are putting
dressing rooms that meet the Premier Soccer League and Caf requirements,”
Magaya added.

Currently, no stadium in Harare is fit to host PSL matches, with city giants
Dynamos and CAPS United resorting to Babourfields in Bulawayo and Bata in
Gweru, respectively.

Rufaro Stadium was flagged down in 2019 and is currently being renovated by
the Harare City Council.

The National Sports Stadium,  which was home to eight of the 18 teams in the
country’s top-flight league when the 2023 season started, is being
refurbished to meet international standards, following Zimbabwe’s
readmission to the international football community.

Official statistics: Construction works up 12% YoY in Romania in H1

The volume of construction works increased by 12% in Romania in the first
half (H1) of 2023 vs the same period in 2022, the statistics office INS said
in its latest report. When adjusted for the number of working days and
seasonality, the YoY growth was 12.8%.

By structural elements, increases were registered in capital repair works
(+36.7%), new construction works (+9.9%) and current maintenance and repair
works (+9.7%).

According to the same report, engineering constructions registered a growth
of 33.1%, while residential buildings and non-residential buildings
decreased by 4.6% and 0.8%, respectively.

In June, the volume of construction works, as a gross series, increased by a
total of 15.2% compared to the same month of 2022. Increases were reported
in engineering constructions (+39.6%) and non-residential buildings (+5.5%).
Residential buildings, however, fell by 14.5%.

Downturn in German housing construction worsens in July - Ifo

(Reuters) - The downturn in Germany's residential construction sector
intensified in July, according to a survey published on Monday, which showed
a record number of companies complaining about dwindling orders in the
sector.

In July, the percentage of companies suffering from a lack of orders grew to
40.3%, up from 34.5% in June and just 10.8% in July 2022, the Ifo economic
institute said.

"A storm is brewing. Following many years of expansion, now higher interest
rates and the drastic rise in construction costs are choking off new
business," said Klaus Wohlrabe, Ifo's head of surveys.

While the percentage of construction companies complaining about cancelled
orders eased somewhat in July to 18.9%, that was still well above the
long-term average of 3.1%.

Many companies are getting by on order backlogs, Ifo said, but its survey
showed 10.5% of companies in the sector reporting financial difficulties -
double the figure a year prior.

Data released last week showed a 27% fall in building permits for apartments
in Germany in the first half of 2023 as the cost of building rises and the
European Central Bank raises interest rates to fight inflation.

-The Thomson Reuters Trust Principles.

Government sets up call centre to tackle construction mafia

The government is setting up a call centre for the "speedy reporting" of
disruptions at construction sites, said Public Works and Infrastructure
Minister Sihle Zikalala.

The minister was speaking at a briefing on Sunday, where he provided an
update on the progress of key infrastructure projects as well as measures to
tackle disruptions at construction sites, instigated by the construction
mafia.

News24 previously reported on how the construction mafia - which grew out of
two militant groups in KwaZulu-Natal and has since spread to all provinces –
terrorise building sites, demanding a 30% stake in projects. They often rock
up at these sites, armed and presenting themselves as business forums. 

But on Sunday, Zikalala said that law enforcement agencies were prioritising
these crimes. "There is a glimmer of hope that eventually we will win the
war against those involved in extortion, hijacking and disruption of
construction sites," he said.

"To assist the construction sector, we are establishing a call centre for
speedy reporting of construction disruptions, and this will support the
assigned law enforcement units to this priority crime," said Zikalala.

He said the call centre would ensure that information would be received as
quickly as possible and those who reported disruptions, as well as
contractors and their families, would be protected.

In July, Zikalala said that at least 605 suspects linked to the construction
mafia had been arrested, City Press reported.

Blacklisting service providers

During the briefing, Zikalala also shared steps the government was taking to
introduce consequence management for contractors "short-changing" the state
with their "shoddy workmanship and deceitful liquidation".

The department has appointed a Restriction Committee and Authority (RCAA) –
consisting of people with expertise in legal services, construction, supply
chain and security service, among others. The RCAA would consider cases
brought to it to restrict certain service providers from doing business with
the state over their failed performance on government contracts and also
abusing the supply chain system.

If branches of the department were to face issues with a contractor, they
would have to submit a motivation for restriction to the RCAA, who will then
evaluate the case and make a decision. A contractor would also be allowed to
make representation or give an explanation as to why they should not be
restricted or blacklisted.

The Department of Public Works and Infrastructure will then recommend the
restriction to the National Treasury. The Treasury would then consider the
matter and make a final call.

"The periods for which a service provider can be restricted from doing
business with government is up to a maximum of 10 years," Zikalala said.

So far, the department has recommended seven service providers to the
Treasury for restriction. Some had successfully appealed their restrictions.

As an additional step to limit the risk of poor performance by some
contractors, the department has recommended that the Construction Industry
Development Board (CIDB) – which all contractors have to register with to do
business with the state – strengthen requirements for its registration
processes.

This is to whittle out "bogus" companies, as Zikalala described it.

"Some of the companies hold the registration certificate from the CIDB but
are not qualified or at a level to undertake the scope of infrastructure
work they are doing," said Zikalala.

The CIDB will have to also consider the technical capabilities of
contractors to undertake work for the state. Zikalala said underperforming
contractors and those involved in corruption must be removed from the CIDB's
register of contractors.

The department has also asked that the CIDB establish an ombudsman office to
resolve disputes in the construction industry.

Reclaiming property

The department is also looking to recover its lost, stolen and "illegally
occupied" properties in a project known as Operation Bring Back.

The department is working with the Special Investigating Unit, the National
Prosecuting Authority, and the SA Police Service and will make use of the
courts to prosecute those that have stolen state land.

"We will investigate, detect, prosecute, recover and resolve the potential
misappropriation of state land and buildings," said Zikalala.

Middle Eastern investors plan to inject $120bln in Egypt’s real estate
market: Knight Frank MENA

Knight Frank MENA, a global real estate consultancy, has issued the Africa
Horizons 2023/24 Report, a comprehensive analysis showcasing Africa’s
remarkable post-pandemic recovery. With a focus on Egypt, this report
reveals a renewed surge in global interest in the continent, underscored by
substantial investment commitments from major global powers including the
US, UK, South Korea, UAE, Saudi Arabia, Turkey, and China.

Amidst the post-pandemic landscape, a revitalized global interest in Africa
has emerged, underscored by significant investment commitments from major
players. The UK’s $2bn commitment to sustainable projects spanning the
continent, alongside engagements from other global powers, highlights the
renewed allure of key hub cities such as Lagos, Nairobi, Cairo,
Johannesburg, and Accra.

The report spotlights Egypt’s real estate market, particularly Cairo, as an
outstanding prospect for investment. Recently added to Knight Frank’s Africa
network, Egypt’s market shines as North Africa’s rising star. Middle East
sovereign wealth funds have plans to inject up to $120bn investment in the
country, indicating their strong confidence in Egypt’s market growth.

Zeinab Adel, Head of Egypt Office of Knight Frank, said: “With a population
exceeding 109.3 million, Egypt stands as an alluring prospect that beckons
us. In the heart of this historic land lies an extraordinary opportunity,
one that resonates strongly with the GCC market and Middle Eastern buyers
alike. Egypt’s magnetic blend of rich heritage, strategic geographical
location, and burgeoning economy propels it to the forefront of investment
destinations.”

The vibrant city of Cairo alone is home to over 20 million people, making it
a bustling metropolis. The country’s impressive portfolio of approximately
2bn square feet of active real estate, offers immense potential for growth.

Cairo’s real estate landscape centers on a thriving residential sector. In
2022, total real estate investments in Cairo soared to $20bn, with $16bn
dedicated to the residential sector, attesting to heightened demand for
housing. Simultaneously, average residential property prices increased
around 10% during the same year, affirming the sector’s burgeoning interest.

During 2021 alone, the UAE invested in 71 projects worth $5.6bn, with the
most significant being The Agtech Park in Egypt, where UAE’s Abu Dhabi Fund
for Development (ADFD) supported the establishment of an agricultural
technology (agtech) park to enhance Egypt’s agricultural productivity and
promote innovation in the sector.

Egypt’s North Coast captures attention as a second homes market, projecting
sustained demand. Capital appreciation potential, attractive rental yields
in foreign currencies, and surging GCC buyer interest fuel this demand.

Faisal Durrani, Head of Middle East Research at Knight Frank, commented:
“Egypt has always held a special place in the minds of GCC investors and we
are starting to see a demand renaissance of sorts, with GCC buyers
increasingly looking at the Egyptian second homes market, particularly on
the north coast of the country. Clearly the weakness of the Egyptian pound,
the relatively affordable home values when compared to major cities in the
Gulf and the pleasant summer climate on the Mediterranean coast are adding
to the country’s attractiveness. And this renewed demand comes hot on heels
of the $78bn in investments committed by public and private sector entities
from the GCC over the last 18-months or so.”

Samana Developers launches $82mln residential project in Dubai Sports City

Dubai-based Samana Developers on Monday launched a 300 million UAE dirhams
($81.68 million) residential project, ‘Samana Golf Views’, in Dubai Sports
City.

The 14-floor project, covering over 298,936 square feet, is the eighth out
of the 12 slated to be launched this year, the developer said in a
statement. 

The building will have 243 apartments with options of fully furnished or
unfurnished. 

“The newest addition to our growing portfolio is built around the concept of
healthy, sustainable and futuristic living,” said Imran Farooq, Chief
Executive Officer of Samana Developers. 

Samana Golf Views is scheduled for delivery in the second quarter of 2026,
the statement added. 

Iraq, World Bank discuss financing for road projects – Minister

Iraq’s Minister of Construction and Housing, Bankin Rikani, announced that
negotiations are underway with the World Bank for a $700 million loan to
finance for road projects in the OPEC member.

He told Iraqi News Agency that the Ministries of Planning and Finance are
parties to the negotiation with the World Bank.

Rikani said work on seven projects to address traffic congestion have
started and a total of 13 projects would be awarded in soon with three
projects to be awarded during the next two weeks.

He added that a 10-year programme to build new cities in the outskirts would
contribute to reducing crowding in the city centres and address endemic
shortage of housing in the country.

GJ Properties launches luxury hotel apartments project in Dubai

GJ Properties, a UAE-based real estate developer, has launched Biltmore
Sufouh Residence, a luxury hotel apartments project in Dubai.  

The project is located on Sheikh Zayed Road, adjacent to the Al Sufouh
community, the developer said in a statement on Monday. 

The 44-storey tower will house 480 apartments and is expected to open its
doors in 2025.

The cost of the project was not given.

New York-based Gary Greene Design has done the project's interiors, the
statement added.

GJ Properties has delivered 16 real estate projects in Ajman and the
Northern Emirates.

Iraq to launch new city project in 2024

Iraq intends to kick off a project to build a new residential town in the
capital Baghdad in 2024 after designs are completed, an official has said.

A consortium of three Arab firms will prepare the designs for ‘Sadr City’
and they will be ready within 480 days, said Mohammed Al-Rabei, information
director at Baghdad Municipality.

Rabei told Aliqtisad News network that Phase 1 of the project, which is
intended to reduce residential congestions in the capital, includes the
construction of 60,000 houses.

He said the new city comprises vertical and horizontal residential
neighbourhoods besides schools, hospitals, infrastructure and services.

“The new city will be constructed near the old Sadr City
the Prime Minister
has approved preliminary designs for the project prepared by a consortium of
three Arab companies,” he said.

“A detailed design and execution study is under way and will be ready within
480 days after which the project will be launched.”

The old Sadr City, formerly known as ‘Saddam City’ is one of Baghdad’s key
district suburbs with a population of nearly one million.

Chinese Developers Owe $137 Million to Hong Kong Property Agency

New home sales for the top 100 developers in China dropped by about a third
in June and July from a year ago, after double-digit growth earlier in the
year, according to S&P Global Ratings.

China's real estate troubles are accelerating. Prospective home buyers are
holding back on making purchases, leading to weak sales that compound the
urgent need for policymakers to step up support for the industry.

New home sales for the top 100 developers dropped by about a third in June
and July from a year ago, after double-digit growth earlier in the year,
said Edward Chan, a director at S&P Global Ratings. With most apartments in
China sold before they are completed, weak new home sales will likely lead
to significant cash flow issues for developers.

"We think the situation is probably getting a little bit worse because of
this Country Garden incident," Chan told CNBC in a phone interview Thursday.
He added he hasn't seen any improvement in new home sales so far.

At a time when rafts of data are pointing to a rapidly slowing economy, this
lack of improvement, along with Country Garden

's looming default, is making it more difficult for property developers to
raise funds.

Late Thursday in the U.S., the world's most indebted property developer
Evergrande filed for bankruptcy protection, further shaking up investor
confidence.

The deepening crisis of confidence is adding to pressure on the world's
second-largest economy.

China's real estate sector is estimated to directly and indirectly account
for up to a quarter of economic activity in the mainland. JPMorgan raised
its global emerging markets corporate high-yield default forecast on
Tuesday, largely due to rising contagion fears in China's property sector
from a possible Country Garden fallout.

Country Garden, China's largest non-state-owned developer by sales, has less
than 30 days to make coupon payments it missed Aug. 7 on two dollar bond
coupons worth $22.5 million.

Last week, the property company suspended trading in 11 domestic bonds and
warned it expects to post a half-year annualized loss of up to 55 billion
yuan ($7.5 billion).

The debt troubles at Country Garden and the uncertainty of government
support are feeding into broader unease in the Chinese housing market.

OXFORD ECONOMICS

The Chinese property sector has been reeling since 2020, when Beijing
cracked down on the debt levels of mainland property developers.

Years of exuberant growth led to the construction of ghost towns where
supply outstripped demand as developers looked to capitalize on the desire
for home ownership and property investment.

These measures, known as China's "three red lines" policy, point to three
specific balance sheet conditions developers must meet if they want to take
on more debt.

The rules require developers to limit their debt in relation to the
company's cash flow, assets and capital levels, with highly indebted
developer Evergrande

the first headline-grabbing default in late 2021.

Country Garden's woes

A default by Country Garden could add $9.9 billion to the year-to-date
global emerging markets high-yield corporate default tally, taking the total
default volume for the Chinese property sector to $17 billion to-date in
2023, JPMorgan said in a note dated Aug. 15.

The U.S. investment bank expects China property to account for nearly 40% of
all emerging market default volumes in 2023.

Much of Country Garden's problems have to do with its outsized exposure to
less developed parts of China known as lower-tier cities. About 61% of
developments, according to the company's 2022 annual report, are in these
lower-tiered cities, where housing supply outstrips demand.

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2023

Company

Event

Venue

Date & Time

Padenga

EGM

Royal Harare Golf Club

August 16 – (10am)

Border Timbers

EGM

4 – 12 Paisley Road, Southerton, Harare, or virtually
:https://escrowagm.com/eagmZim/Login.aspx” 

August 18 – (10am)

zIMBABWE

2023 harmonised elections

August 23

Companies under Cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

 <mailto:info at bulls.co.zw> 

DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
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been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
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any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
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