By Marshall Bwanya
Harare – The Urban Development Corporation Zimbabwe (UDCORP), has successfully transformed from a loss-making entity into a thriving profit-generating organization.
The Corporation’s CEO, Joey Shumbamhina, attributed this remarkable turnaround to a focused strategy, “Transformation Restore UDCORP’s Prosperity,” approved by the board in April 2023.
UDCORP reported an impressive inflation-adjusted profit of ZWL$3.79 billion for the year ending December 31, 2023, a stark contrast to the ZWL$2.69 billion loss incurred in 2022.
“The main key drivers for this profit were cost containment, increased revenue from external audits and capacity building services, investment property re-valuation and Knockmalloch stand sales,” Shumbamhina explained.
Beyond financial performance, UDCORP has actively engaged with the private sector to mobilize resources for housing and infrastructure development.
Collaborations with pension funds and private investors have yielded positive results,with several corporations purchasing stands in bulk for their employees.
“Management intensified efforts to mobilise resources for housing and infrastructure development from the private sector.
“UDCORP engaged Pension Funds through the Zimbabwe Association of Pension Funds (ZAPF).
“Private Investors were also engaged through workshop presentations and individual presentations,” said Shumbamhina
“The efforts to engage the private sector started yielding positive fruits in 2024 with at least three Corporates purchasing stands in bulk for their staff members,” added Shumbamhina.
Another significant achievement made by UDCORP has been the revival of stalled projects, notably the Knockmalloch Project, which recommenced in July 2024 after being halted since 2021 due to Covid 19 and financial constraints.
UDCORP aims to complete the first phase of this high-density housing initiative by November 30, 2024.
Furthermore, the Manresa High Rise Flats, currently 92% complete and designated for civil servants, are expected to be sold to the ministry of national housing by the end of 2024.
Shumbamhina emphasized that UDCORP’s transformation strategy is not just about immediate financial gains but also about laying a sustainable foundation for future growth and community development.
As the UDCORP continues to make tremendous strides, it stands as a testament to effective leadership and strategic planning in the public sector.
