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Econet InfraCo says it will develop a multimillion dollar luxury resort in Victoria Falls, adding high end residential villas and a private medical facility as it broadens its investment platform beyond core infrastructure.
The project, to be called Vic Falls Lifestyle, is planned as a gated resort of 40 luxury residential villas supported by amenities that include restaurants, wellness centers and sports facilities, the company said.
Econet InfraCo Chief Executive Officer Fayaz King said the villas are being designed for buyers who want privacy and a hotel level service experience. He described the residences as among the most exclusive properties to be developed in Zimbabwe, with finishes and services aimed at matching what top global hotels offer in their highest end rooms.
The company said the resort will include a 24 hour, 10 bed private hospital with emergency services and dental care, part of a package meant to meet the expectations of a high net worth clientele that travels with security and convenience in mind. Security and privacy are central to the plan, King said, with around the clock security inside the gated complex.
Econet InfraCo, recently listed on the Victoria Falls Stock Exchange, said it has been valued at about $1 billion. The company is positioning the resort as a product for both lifestyle buyers and investors looking for rental income.
Under the model outlined by the company, buyers would own individual villas, but would be required to make them available for rental for up to 11 months each year. The structure is designed to balance occasional personal use with revenue potential, a model used in some resort markets where operators manage units as part of a single hospitality offering.
King said the concept received input from Econet founder and group chairman Strive Masiyiwa, who he described as playing an advisory role in shaping the development. King added that Masiyiwa is expected to be among the property owners. Econet InfraCo said it has already seen interest from local and diaspora Zimbabwean investors as well as international buyers, including people described as friends and associates of Masiyiwa.
The company said land has been secured, planning is at an advanced stage and construction is expected to begin before the end of the year.
Vic Falls Lifestyle would be the second major development announced by Econet InfraCo. Its flagship project, Econet Tech City, is planned as an industrial and technology hub near Robert Gabriel Mugabe International Airport in Harare, with the company saying it expects to host about 300 businesses on more than 800 hectares of land it already owns.
