Construction and Property Corner ::: 24 July 2023

[Bulls n Bears]

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Construction and Property  Corner ::: 24 July 2023 

 


 

 


 <https://www.hyundai.co.zw/> 

 


 

 


 

ü  US$40m lithium plant takes shape . . . as global business community embraces Zim open for business mantra

ü  Real estates interim board unveiled

ü  Real Estate Investment Trusts get Ministry of Finance backing

ü  Construction faces ‘acute’ recession

ü  Remote construction monitoring firms face uphill battle for new jobs  

ü  Residential Construction In Clare Up Almost 50%

ü  Another Perth construction company collapses

ü  Construction firms borrow N21tn in four years – Report

ü  Pessimism over Osaka Expo opening grows after construction head criticizes organizers

 

 


 

 


 <https://www.willdale.co.zw/> US$40m lithium plant takes shape . . . as global business community embraces Zim open for business mantra

 

One of China’s biggest companies specialising in battery recycling, Shengxiang Investments (Pvt) Limited, is building a US$40 million modern lithium processing plant in Goromonzi District, Mashonaland East, as Zimbabwe continues to reap the benefits of its “open for business” mantra.

 

Lithium is the booming mineral in the Zimbabwean mining sector, with world demand rapidly rising as manufacture of lithium-ion batteries soars, and Zimbabwe holds one of the largest reserves in Africa of the preferred hard rock deposits and the most easily accessible. 

 

Government policy is to do at least the initial processing in Zimbabwe and lithium miners can in any case, cut transport costs significantly by doing so as well as adding a lot of value to the product before they ship it out. 

 

Because lithium metal is so highly and dangerously reactive,  and will even burst into flame in the presence of moisture, lithium is normally traded, transported, stored and delivered to factories as lithium carbonate or lithium hydroxide. Battery manufacturers normally buy the metal in the form of these salts, but want them with almost zero impurities.

 

President Mnangagwa announced the policy of “Zimbabwe is open for business”  in 2017, and the global business community has embraced it, resulting in numerous new investments cutting across all sectors of the economy while old companies that were operating in the country are expanding their operations.

 

The development has seen more jobs being created, in line with Zanu PF’s 2018 election manifesto that promised to create thousands of jobs for the people.

 

 

Construction of the new plant by Shengxiang Investments, started in January this year and is expected to be completed this September. The plant has a capacity to produce 2 000 tonnes of pure lithium carbonate per day.

 

During a media tour of the construction site recently, workers could be seen going flat out to ensure timelines were met.

 

Shengxiang Investments director of operations, Mr Terence Ncube, said once operations start, they will employ over 300 local people. The company has operations in Mberengwa, Goromonzi and Mutoko.

 

“Here in Goromonzi, we are constructing a lithium processing plant which will produce lithium carbonate in Zimbabwe. This is the first company to have this plant in Zimbabwe,” said Mr Ncube. “So here, we will be processing lithium ore into lithium carbonate, which is a critical component in the manufacturing of batteries and ceramics. This plant has the capacity to produce 2 000 tonnes per day.

 

“Currently, we employed over 60 local people and once operations start, we will employ between 300 and 400 local people. We are working hard to ensure we meet our target so that processing begins for the benefit of the nation.”

 

Shengxiang Investments assistant chairman Mr Eric Chen said they will continue to have good relations with the Government and local people. The company was happy to be contributing to Zimbabwe’s development.

 

Mashonaland East provincial Environmental Management Agency’s education and publicity officer, Mr Astas Mabwe, said Shengxiang Investments was adhering to all requirements and expectations. He said at one point, the company was ordered to stop operations until it obtained its Environmental Impact Assessment certificate.

 

“We ordered them to stop and they complied. Now here we are as EMA we are happy that we issued them with an EIA certificate and they are complying.

 

“The EIA certificate is not an impediment to development, but is there to enhance investment in a country. So here, we can see that they have complied with EMA; that is why we issued them with a certificate.”

 

Mr Mabwe called on other potential investors to see EMA as a friend, not enemy since it enhances the sustainability of every investment. “The worries of the community here were addressed. The community raised their concerns and were addressed. We want to implore the company to keep on complying to environmental laws,” he said.

 

Zimbabwe has a large occurrence of lithium resources, with a number of mining operations already started in Insiza, Goromonzi, Bikita and Mberengwa with more to follow.

 

The lithium subsector is expected to contribute US$500 million to the country’s US$12 billion mining economy by end of this year.-herald

 

 

Real estates interim board unveiled

THE Zimbabwe Stock Exchange has appointed a 13-member interim board of the newly constituted Real Estate Investment Trust (REITs) Association of Zimbabwe to be led by Integrated Properties chief executive officer Dr Mike Juru

 

The association held its inaugural two-day conference in Bulawayo this week where stakeholders and players in the REITs sector were represented.

 

In a statement, ZSE said the newly established REITs Association was a result of the growth of interest in real estate securities.

 

“The Zimbabwe Stock Exchange Limited (ZSE) is pleased to notify stakeholders of the establishment of the Real Estate Investment Trusts (REITs) Association of Zimbabwe (ZIMREIT). The ZSE together with other capital market participants have come together to establish a REITs Association following the growth of interest in this security.

 

“The main objectives of the REITS Association include promoting the growth of the REIT market, educating investors about REITs, and advocating for the interests of REITs with regulators and policymakers,” said ZSE chief executive officer Mr Justin Bgoni in a statement.

 

He indicated that the interim board is composed of experienced and knowledgeable individuals who are committed to the growth of the real estate industry.

 

Integrated Properties chief executive officer Dr Mike Juru was appointed the chairman of the interim board, with the Zimbabwe Association of Pension Funds director general Mrs Sandra Musevenzo as the deputy chair and Terrace Africa group legal manager.

 

Miss Christabel Shava was appointed the secretary.

 

Some of the board members include Dr Alfred Mthimkhulu executive director of Bard Santner Investors (Private) Limited, Mr Bevin Ngara, managing director of Fidelity Life Asset Management, Mrs Chipo Hlabangana- deputy principal officer NRZ Contributory Pension Fund, Mr Isaac Isaki who is the head Structured and Corporate Finance at National Building Society.

 

Others include Mr Farai Chizengeni senior manager at Enerst and Young, and Mrs Patience Dhliwayo principal officer at NRZ Contributory Pension Fund.

 

“The ZSE is confident that the establishment of the REITS Association will go a long way in promoting REITs in Zimbabwe. The ZSE remains grateful for the continuous support from various market participants in the establishment of the Association and wishes the interim board a successful tenure. For and on behalf of the Zimbabwe Stock Exchange Limited,” added Mr Bgoni. -chronicle

 

 

 

Real Estate Investment Trusts get Ministry of Finance backing

THE Ministry of Finance and Economic Development has pledged its support towards the growth of the Real Estate Investment Trusts (REITs) initiative through the implementation of different regulatory frameworks that promote its expansion.

 

The Zimbabwe Stock Exchange (ZSE) has established the REITs Association of Zimbabwe following the growing demand for real estate securities.

 

The association held its inaugural conference last week in Bulawayo where the inaugural interim board was announced.

REITs are investment securities that enable the issuer to pool investors’ funds for the purpose of investing in real estate. In exchange, the investors receive units in the trust and as beneficiaries of the trust share profits from the real estate assets.

 

In his presentation during the conference, the Ministry of Finance and Economic Development financial inspector Mr Matthew Sangu said the Government commends the ZSE and capital market players for the vital initiative to establish a REITS Association that will ensure an orderly engagement of investors, issuers, and market participants in the REIT market.

 

He said the ministry is impressed by the performance of the only listed REIT, Tigere Properties, and its contribution to the property sector.

 

“Government recognises the role of REITs in deepening capital markets through diversification of financial instruments available to investors, improving financial inclusion, mobilising resources for infrastructure development and inflation hedging.

 

“In that regard, I reaffirm Government commitment and support on establishing robust and stable capital markets platforms in line with the aspirations of the National Development Strategy and the country’s Vision 2030,” said Mr Sangu.

 

“The Government is determined to support the expansion of the country’s REIT market through various initiatives, which include regulatory support, issuance of prescribed asset status, and liquid assets status as incentives for capital raising in the REITs market.”

 

He said to address liquidity challenges faced by pension funds and life assurance companies in paying Capital Gains Tax when real estates are transferred to REITs class, the Government will continue considering offering tax incentives to such funds and companies.

 

Giving an example of the National Railway of Zimbabwe (NRZ) Contributory Pension Fund Mr Sangu said they were exempted from paying Capital Gains Tax when it transferred its assets to a REIT through SI 167 of 2022.

 

Mr Matthew Sanga

 

“We envisage that such incentives will encourage investments into the REITSs markets and ultimately contribute to economic development by providing an alternative source of financing, supporting job creation and economic growth, and playing a role in economic recovery efforts,” he said.

 

“Vision 2030 is real, we are hopeful that the growth prospects on the REITs market continue on a positive trajectory, creating investment resources for the development of the real estate sector and ultimately economic growth and development.”

 

The first REIT to list on the ZSE in December last year was Tigere REIT affiliated to Terrace Africa Asset Management.-chronicle

 

 

 

Construction faces ‘acute’ recession

The construction industry is headed towards an “accute recession” this year, according to the Construction Products Association (CPA).

 

CPA blames huge falls in the two largest construction sectors, namely private housing new build and private housing repair, maintenance and improvement (RM&I).

 

The prediction is set against a backdrop of a flatlining UK economy, falling real wages and rising mortgage rates that will hit demand for new housing and home improvement works.

 

The CPA forecasts construction output to fall by 7% in 2023 before recovering slowly in 2024 with growth of just 0.7%.

 

Private housing output is worth £41 billion a year to the UK economy and is forecast to be the worst-affected construction sector in 2023.

 

Private housing RM&I is worth £29 billion to the UK economy each year. The sector reached “historic highs” between 2020 and early 2022 due to increased working from home and a “race for space”. But since March 2022, activity has been falling due to persistent inflation, rising interest and mortgage rates, and falling real wages.

 

Infrastructure activity is expected to remain at high levels due to ongoing projects such as HS2 and Hinkley Point C. However, the CPA said output is likely to fall marginally compared to last year following the government announcing delays to road and rail projects.

 

‘Essential government invests in construction’

Commenting on the forecast, CPA economics director Professor Noble Francis said: “More than half of construction activity is provided by the three largest sectors: private housing new build, private housing RM&I and infrastructure. Both housing new build and RM&I had already taken a hit in 2022 Q4 due to falling real wages, the rising cost of living, economic uncertainty, and the effect of the government’s calamitous Mini Budget on mortgage rates.

 

"Further interest rate and mortgage rate rises this year, as well as falling real wages, are likely to lead to sharp falls in demand within the housebuilding and improvements sectors. Exacerbating this for the construction industry are government announcements of delays to road and rail projects, despite infrastructure activity remaining relatively high.

 

Francis added that the government’s previously stated ambitions – building 300,000 net additional homes per year, investing £600 billion in an infrastructure pipeline, delivering levelling up, and transitioning to net zero – “all sound like hollow soundbites now given its lack of commitment and investment”.

 

“It is essential that government uses its autumn statement later this year to invest in UK construction – an industry which employs more than three million people across its supply chain and provides the homes and infrastructure that are so vital for the country’s near-term needs and long-term productivity growth.”

 

 

 

Remote construction monitoring firms face uphill battle for new jobs 

KUALA LUMPUR: Digitalisation and data visualisation sweeping through the Malaysian construction industry in recent years have enabled industry players to streamline operations, lower expenses and increase productivity.

 

The use of modern technologies and techniques has kept them one step ahead of the competition.

 

However, companies that are bidding for construction monitoring contracts in Malaysia still face an uphill battle in securing new contracts. 

 

"One of the greatest obstacles we face during the tendering process is a lack of comprehension of the technology and the cost associated with remote construction monitoring solutions," Sivdio Imaging Sdn Bhd managing director Azhan Maidin told the New Straits Times.

 

"In reality, remote construction monitoring has incredible potential and can be utilised to boost productivity, consistency, safety and accountability. 

 

"It can be used to assist in identifying and eliminating bottlenecks in the construction process, give data to support better project management decisions, and improve overall safety measures," he added.

 

Azhan said to handle these challenges, the Sivdio team always takes a partnership approach to understand better each client's specific expectations and requirements, which helps them customise the right package for each project. 

 

Sivdio has completed a number of digitisation and data visualisation projects in the construction industry in Malaysia. 

 

Its most successful projects include a large-scale solar (LSS) for Tenaga Nasional Bhd (TNB), Menara 108 at the Tun Razak Exchange (TRX) and most recently, a data centre at Sedenak Tech Park in Johor Bahru, which required an effective monitoring and management solution for its construction.

 

"We are optimistic about the prospects and opportunities that lie ahead for our business. We have recently begun work on a data centre at Sedenak Tech Park and are in talks with them about their planned development of Bandar Sunway. 

 

"We are also currently engaging with various government agencies and

 

departments, such as the Construction Industry Development Board (CIDB), the Ministry of Works and Ministry of Local Government Development. 

 

"Through this knowledge sharing, we want to showcase how our solutions can enhance the project oversight and contribution to the digital transformation of Malaysian construction and engineering sectors, in line with the National Construction Policy 2030 and National Fourth Industrial Revolution (4IR) Policy," Azhan said.

 

In addition to providing remote construction monitoring services to businesses, Sivdio provides services directly to consumers through the retail market.

 

There is a significant unmet need due to problems like renovation delays, subpar results, and contractors who do not stick to their end of the bargain, Azhan said.

 

He said integrating these technology solutions with remote construction monitoring, construction managers and stakeholders will have a better understanding of the entire

 

process and can make more calculated decisions. 

 

Ultimately, it will help improve project efficiency by reducing errors, enhancing coordination, providing real-time progress insights, enabling remote collaboration, and facilitating better decision-making throughout the construction lifecycle.

 

 

Residential Construction In Clare Up Almost 50%

Almost 50% more residential construction took place in Clare in the first half of the year compared to the same period last year.

 

New data reveals more residential commencement notices were issued here from January to June than in Kerry, Tipperary or Galway City.

 

Since the beginning of the year, 286 residential commencement notices have been issued in this county.

 

This represents are rise of 49% on the figure for the same period last year which was 191.

 

A commencement notice is issued to make a building control authority aware of the construction, alteration or extension of a building by an individual or a company.

 

In terms of one-off residential developments, 88 notices have been issued so far this year which is down marginally on 108 last year.

 

Similarly, overall commencement notices are down from 116 in the first six months of 2022 to 99 in the same period of this year.

 

Construction has remained consistent since the beginning of the year, with 77 general residential notices and 14 one-off residential notices issued in June alone.

 

 

 

Another Perth construction company collapses

 

Another Western Australian construction company has collapsed blaming increased material costs and labour shortages as well as "distrust" amongst the business' stakeholders.

 

Modco Residential, owned by Yusuf Khan and Cynthia Lu, is a Perth-based construction company specialising in building steel-framed homes and was launched in 2020.

But the business entered voluntary administration on Monday.

 

"Despite our efforts to overcome adversities expected in building a growing business, the rapid and unforeseen external challenges ranging from unprecedented industry challenged, perpetuated by a series of controversial articles that created distrust amongst stakeholders became an insurmountable challenge," director Damien Clancy said.

 

"What initially started as a nation-wide industry challenge of increased costs of materials and labour and shortage of skilled trade forcing many builders into administration in the past financial year was then exacerbated by the intense media scrutiny targeting Modco Residential creating distrust among our trades, vendors, staff, shareholders, clients and the industry insurer QBE."

 

Clancy said the business has struggled to acquire skilled tradespeople and retain staff as a result.

"In the face of adversity, we say goodbye with heavy hearts," he added.

GTS Advisory has been appointed as administrators of the business.

 

It comes as Western Australia's building regulator issued a warning in May this year Modco appeared to be under 'significant financial stress'.

 

Building and Energy said when Modco entered external administration - which it now has - impacted homeowners can make a claim on their policy of home indemnity insurance.

 

 

Construction firms borrow N21tn in four years – Report

Real estate and construction firms in the country were able to secure loans totaling N21.89tn in four years, findings by The PUNCH have shown.

 

The sector also contributed N93.14tn to Nigeria’s Gross Domestic Product during the period, according to an analysis of the GDP report released by the National Bureau of Statistics between 2019 and 2022.

 

According to the Sectoral Analysis of Deposit Money Banks’ Credit by the Central Bank of Nigeria, the real estate sector secured a loan of N8.22tn, while the construction industry obtained even more impressive credit facilities worth N13.77tn.

 

Recall that, the apex bank increased the benchmark interest rate from 11.5 per cent earlier last year to 18.5 per cent in May this year, across seven consecutive rate hikes as part of strategies to reduce inflation and mopped up liquidity from circulation.

 

 

 

Between May 2022 and May this year, Nigeria’s interest rate rose by about eight per cent.

 

However, data from the CBN revealed that borrowing by real estate firms rose from N15.16tn to N21.89tn, representing an increase of 44.4 per cent between January 2019 and December 2022.

 

Further analysis showed that the firms borrowed the sum of N18.26tn in 2020 and N20.861 in 2021

 

 

Reacting, the Executive Secretary of the Association of Housing Corporation of Nigeria, Toye Eniola, said higher interest rates on loans would hamper housing development.

 

He said, “This will obviously increase interest rates on loans, which will make it unattractive for housing development. Development loans require patient funds and if you are getting such loans at above 20 per cent, how would such a development be lucrative? It will be suicidal to go for such a thing, as houses developed are not going to be sold in one day.

 

“Before now, the interest rate on commercial bank loans was between 25 per cent and 30 per cent, and with the increase in Monetary Policy Rate, the interest rate will definitely go above 30 per cent. And this will obviously reflect an increase in the high cost of building materials and apparently lead to many abandoned projects. It is not looking good for the housing sector.”

 

Also, the International Monetary Fund in a report stated that tightening financial conditions, such as interest rate hikes, had affected commercial property prices by making it more expensive for investors to finance new deals or refinance existing loans.

 

The report, titled ‘Commercial Real Estate Sector Faces Risks as Financial Conditions Tighten’, said that trend was lowering investment in the sector.

 

It added that the stringent financial conditions would also have an indirect impact on the sector by slowing economic activity and reducing demand for commercial property such as shops, restaurants, and industrial buildings.

 

The IMF said financial conditions were important drivers of commercial real estate prices.

 

 

Meanwhile, infrastructural activities in the housing and construction sector grew from N18.13tn in 2019 to N28.94tn in 2022, representing an increase of 59.6 per cent.

 

The sector also raked in N20.32tn in 2020 and N25.84tn in 2021.

 

The NBS calculates the sector’s contribution by adding up gross outputs such as a sum of fees, the value of work done, commissions receivable for the services rendered and other incomes.

 

It also considers intermediate consumption, such as details of the cost structure, including transportation fees, operational expenditures, minor repairs and maintenance, etc.

 

Further analysis revealed that the annual growth rate of the real estate sector was 10.75 per cent in 2022, higher than the -3.45 per cent reported in 2019.

 

The report read, “The annual growth rate of the sector was 10.75 per cent in 2022. The total contribution of the sector in real terms in 2022 stood at 5.64 per cent, higher than the 5.60 reported in 2021. Overall, a growth of 3.95 per cent was recorded in 2022.

 

“In contrast, real GDP growth in Q4 2019 stood at -3.45 per cent, higher than the growth recorded in Q4 2018 by 0.40 per cent points, but lower by –1.13 per cent points relative to Q3 2019. Quarter-on-quarter, the sector grew by 5.67 per cent in the fourth quarter of 2019. It contributed 6.21 per cent to real GDP in Q4 2019.”

 

 

The report stated that contributions from construction services were 12.72 per cent in 2022, higher than the 3.72 per cent reported in 2019.

 

The NBS stated, “Overall, the sector grew by 12.72 per cent in 2022. Construction contributed 10.16 per cent to nominal GDP in the fourth quarter of 2022, higher than the 9.99 per cent it contributed a year earlier and higher than the 9.50 per cent contributed to the third quarter of 2022. The total contribution of the sector in nominal terms in 2022 stood at 9.38 per cent.

 

“In 2019, construction contributed 3.72 per cent to real GDP. The sector accounted for 3.44 per cent of real GDP in the fourth quarter of 2019, lower than its contribution of 3.48 per cent in the same quarter of the previous year, but higher than the preceding quarter’s 3.01 per cent.”

 

Reacting, the Chairman of the Real Estate Developer Association of Nigeria, Aliyu Wamakko, stated that the contributed amount revealed what the private sector could achieve if given the necessary support.

 

He said, “When you talk about real estate, it is driven by private investors. This means for any economy to strive the private sector must be given a platform and a level playing ground for them to perform.

 

“For example, creating jobs in real estate does not require an incubation period. Anytime you start building a house, at least 25 people will get a job. So, if the government wants to support the economy of the country, more opportunities should be given to the private sector.”

 

 

 

Pessimism over Osaka Expo opening grows after construction head criticizes organizers

Doubts that pavilion construction for the Osaka Kansai Japan Expo 2025 will be completed in time for the April 2025 opening grew stronger last week following critical remarks by the head of the Japan Federation of Construction Contractors.

 

There is growing pessimism about the fate of the expo, with speculation that postponing the starting date might now be necessary in order to get everything completed.

 

At the moment, no other countries have submitted construction bids for the expo, which is scheduled to take place on Yumeshima island in Osaka Bay and run from April 13 to Oct. 13, 2025. With only a year and nine months to go, Osaka Gov. Hirofumi Yoshimura has warned that the schedule for completing pavilion construction is now very tight.

risks, from the moral hazard of bailing out the privileged to propping up the equivalent of corporate zombies whose business model only survives in low-rate environments. Ideally, measures will be targeted — and if any demographic deserves help, it’s those who aren’t yet on the property ladder. Either way, exiting a fool’s paradise will have messy consequences.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


POSB

AGM

Chapman Golf Club

July 25 2023 |10am

 


Afdis

AGM

Virtual | St Marnocks, Lomagundi Road, Stapleford

July 26 2023 | 12pm

 


RTG

AGM

Rainbow Towers Hotel

July 27 2023 |12pm

 


ZHL

AGM

206 Samora Machel Avenue

July 28 2023 | 10am

 


Delta

AGM

Virtual | Head Office, Northridge Close, Borrowdale

July 28 2023 | 12:30pm

 


 

Heroes’ Day

 

Aug 14

 


 

Defence Forces Day

 

Aug 15

 


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 constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has 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 contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of 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:  <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell: +263 77 344 1674

 


 

 

 

 

 

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