REAL estate developer, Squid Zanzibar Limited (SZL), has embarked on a programme geared at attracting institutional investors after securing strategic investment status from the Zanzibar Investment Promotion Authority (ZIPA) in February.
To execute the strategy, the Ocean Pearl Zanzibar at 236bn/-, has partnered with CBRE Excellerate, a South African Real Estate and Investment Developer.
The SLZ Managing Director, Mr George Alexandru, said recently that they have been pleased to be granted the strategic investment status which brings many benefits and incentives to the developer and more to the investors and buyers.
“With the status now granted, the benefits and incentives spread far and wide for both the developer, buyers, and investors, among which include exemption from all duties and taxes on importation and local purchases of construction goods and materials during the project construction,” he said.
Other incentives are exemption of income tax on interest on capital borrowed from foreign banks, five years of a grace period on payment of land lease, 100 per cent foreign ownership is allowed and engagement of foreign contractors is allowed.
He said buyers who purchase property worth not less than 100,000 US dollars have the opportunity to enjoy incentives such as a resident permit for the buyer and his/her spouse and four children who are under twenty years.
He said also that buyers enjoy 50 per cent exemption on stamp duty in the contract, fifty percent exemption on capital gain on purchased properties, a hundred percent foreign ownership is allowed, a hundred per cent exemption from worldwide income for foreigners, and a hundred per cent allowance for free repatriation of profit after tax.
Moreover, Mr Alexandru said engaging CBRE Excellerate will be a game-changer for the project since it provides integrated and high-quality real estate services across Africa and the Middle East and thus they stand to gain from the company’s invaluable experience.
“Services provided by the company include facilities management, advisory and transaction services, project management, broking, valuations, and property management (outside of South Africa) and will allow us to expand the self-delivery of integrated facilities management services to enterprise clients,” he said.
He added that CBRE Excellerate provides integrated solutions across large multi-discipline property portfolios for occupiers, helping them turn their real estate into real advantage.
“They support predominantly corporate clients who buy services on a contracted basis all across the Middle East and Africa – even globally, depending on their portfolio,” he said.
The project is under construction at Nungwi East in Zanzibar and the developers have already invited local and foreign investors to claim a stake in the project worth over 100 million US dollars (236bn/-).
With an initial investment of 50,000 US dollars (118m/-), an investor can become part owner of the grand project, The Ocean Pearl Zanzibar, which is slated to become one of its kind in the Isles upon completion of the first phase come January 2025.
