News / National
US$43 million Victoria Falls project takes shape
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ZIMRE Holdings Limited (ZHL), through its Eagle Real Estate Investment Trust (REIT), has commenced construction of the much-anticipated US$43 million Eagle Heights Mixed-Use Development in Victoria Falls. The project is set to transform the resort city into a modern investment precinct, blending tourism, healthcare, retail, and residential infrastructure in line with Zimbabwe's broader economic ambitions.
Spanning 12.3 hectares, Eagle Heights is one of the largest private sector-driven developments in Victoria Falls to date. Civil works - comprising roads and stormwater drainage - are already 95 percent complete, and the development is on track to progress to superstructure construction within budget and timeline.
Unveiling the progress during the listing of the Eagle REIT on Friday, ZHL Chairman Mr Desmond Matete described the project as a milestone in both national infrastructure rollout and investment mobilisation. He said the development is being executed without delays or incidents, and is expected to be completed within 36 months.
Mr Matete noted that Eagle Heights supports the Government's strategic vision to position Victoria Falls as a Special Economic Zone for tourism and offshore financial services. He said the REIT structure has enabled ZHL to attract early-stage investor commitments of US$24 million, pooling resources and encouraging broader participation from the private sector.
The Eagle Heights project is designed to meet the growing demand for hospitality and medical services in the region. It will include an internationally branded 120-room mid-scale hotel, a 36-bed high-end tourism hospital, a service station, and 154 mid-range residential units. These facilities will cater to tourists, business travellers, and patients seeking top-tier healthcare, further enhancing Victoria Falls' standing as a global destination.
Mr Matete emphasized that the development fits squarely within national priorities. "We are responding to the Government's policy of designating Victoria Falls as a Special Economic Zone for tourism and offshore financial services. The REIT enables us to pool resources and crowd in other investors to realise this vision," he said.
ZHL Chief Executive Officer Mr Stanley Kudenga said the Eagle REIT is already delivering social and economic value. He highlighted that during the civil works phase, the Eagle Heights project provided employment to 275 locals, and is expected to create between 500 and 900 construction jobs overall. Upon completion, it will sustain approximately 450 permanent jobs.
Mr Kudenga also reflected on the success of the Eagle REIT's first venture, the US$12.7 million Mazowe development, which includes a shopping centre and residential apartments. That project is now being handed over to tenants and is projected to yield six percent annually.
He said Mazowe is emerging as a key satellite town for Harare, while Eagle Heights will become a new urban precinct for Victoria Falls. The residential component, comprising 108 villas and 54 apartments, will add more than 550 hospitality beds to the city's capacity, aligning with the needs of a growing tourism sector.
A Zimpapers visit to the Victoria Falls site revealed other complementary projects underway in the area, including a new cricket stadium being built in Masuwe as part of Zimbabwe's preparations to co-host the ICC Cricket World Cup in 2027. The Government has allocated 271.5 hectares from a broader 1,200-hectare reserve in Masuwe to stimulate upmarket tourism and support infrastructure investments.
Mr Kudenga said these developments are well aligned and that Eagle Heights will play a pivotal role in supporting demand for hospitality and health services in the city. He also reiterated ZHL's commitment to Vision 2030 and the National Development Strategies, saying the Eagle REIT was playing a critical role in building infrastructure that contributes to Zimbabwe's goal of becoming an upper middle-income economy by the end of the decade.
Victoria Falls was granted city status in 2019, largely due to its growing investment profile and strategic importance in the tourism sector. The Special Economic Zone designation followed in 2020, with a focus on enhancing infrastructure and attracting international capital.
ZHL has previously contributed to the city's growth through developments such as Sawanga Mall, which houses banks, office spaces, and retail businesses. That project played a significant role in the city's elevation to municipal status.
With Eagle Heights now underway, Victoria Falls is set to undergo a new phase of urban transformation, supported by strategic private investment and aligned with Zimbabwe's broader economic development agenda.
Spanning 12.3 hectares, Eagle Heights is one of the largest private sector-driven developments in Victoria Falls to date. Civil works - comprising roads and stormwater drainage - are already 95 percent complete, and the development is on track to progress to superstructure construction within budget and timeline.
Unveiling the progress during the listing of the Eagle REIT on Friday, ZHL Chairman Mr Desmond Matete described the project as a milestone in both national infrastructure rollout and investment mobilisation. He said the development is being executed without delays or incidents, and is expected to be completed within 36 months.
Mr Matete noted that Eagle Heights supports the Government's strategic vision to position Victoria Falls as a Special Economic Zone for tourism and offshore financial services. He said the REIT structure has enabled ZHL to attract early-stage investor commitments of US$24 million, pooling resources and encouraging broader participation from the private sector.
The Eagle Heights project is designed to meet the growing demand for hospitality and medical services in the region. It will include an internationally branded 120-room mid-scale hotel, a 36-bed high-end tourism hospital, a service station, and 154 mid-range residential units. These facilities will cater to tourists, business travellers, and patients seeking top-tier healthcare, further enhancing Victoria Falls' standing as a global destination.
Mr Matete emphasized that the development fits squarely within national priorities. "We are responding to the Government's policy of designating Victoria Falls as a Special Economic Zone for tourism and offshore financial services. The REIT enables us to pool resources and crowd in other investors to realise this vision," he said.
ZHL Chief Executive Officer Mr Stanley Kudenga said the Eagle REIT is already delivering social and economic value. He highlighted that during the civil works phase, the Eagle Heights project provided employment to 275 locals, and is expected to create between 500 and 900 construction jobs overall. Upon completion, it will sustain approximately 450 permanent jobs.
He said Mazowe is emerging as a key satellite town for Harare, while Eagle Heights will become a new urban precinct for Victoria Falls. The residential component, comprising 108 villas and 54 apartments, will add more than 550 hospitality beds to the city's capacity, aligning with the needs of a growing tourism sector.
A Zimpapers visit to the Victoria Falls site revealed other complementary projects underway in the area, including a new cricket stadium being built in Masuwe as part of Zimbabwe's preparations to co-host the ICC Cricket World Cup in 2027. The Government has allocated 271.5 hectares from a broader 1,200-hectare reserve in Masuwe to stimulate upmarket tourism and support infrastructure investments.
Mr Kudenga said these developments are well aligned and that Eagle Heights will play a pivotal role in supporting demand for hospitality and health services in the city. He also reiterated ZHL's commitment to Vision 2030 and the National Development Strategies, saying the Eagle REIT was playing a critical role in building infrastructure that contributes to Zimbabwe's goal of becoming an upper middle-income economy by the end of the decade.
Victoria Falls was granted city status in 2019, largely due to its growing investment profile and strategic importance in the tourism sector. The Special Economic Zone designation followed in 2020, with a focus on enhancing infrastructure and attracting international capital.
ZHL has previously contributed to the city's growth through developments such as Sawanga Mall, which houses banks, office spaces, and retail businesses. That project played a significant role in the city's elevation to municipal status.
With Eagle Heights now underway, Victoria Falls is set to undergo a new phase of urban transformation, supported by strategic private investment and aligned with Zimbabwe's broader economic development agenda.
Source - zimpapers
