By Owen Mandovha
THE state-owned Urban Development Corporation (UDCORP) has lined up several flagship housing and infrastructure projects as part of its transformation roadmap, marking a major turnaround for the parastatal.
For years, UDCORP had struggled with legacy issues and a weak governance framework which eroded public trust.
However, at the corporation’s Annual General Meeting held in Harare this Thursday, Chief Executive Officer Mr Joey Shumbamhini revealed that a robust reform plan has catapulted the organisation into profitability.
“We have an unrealised profit of US$13 million from our Knockmalloch project in Ruwa as part of our recapitalisation plan. Our transformation roadmap is paying off, and we are addressing legacy issues to restore public trust,” said Mr Shumbamhini.
Among the key projects is the Knockmalloch housing development in Norton, which is expected to benefit thousands of residents.
Deputy Minister of Local Government and Public Works, Honourable Benjamin Kabikira, said the government is impressed by UDCORP’s revival.
“The organisation is a key enabler in implementing national development goals, and we are impressed with its transformation, which is bearing fruit as we work towards Vision 2030,” he said.
The Ministry of National Housing and Social Amenities also welcomed UDCORP’s progress, with Director Mr Lexton Kuwanda noting the entity’s contribution to housing targets.
“UDCORP is playing a crucial role in developing urban areas, and we are pleased with projects that align with our housing delivery goals,” he said.
With a new board and management in place, UDCORP has vowed to resolve outstanding housing projects and strengthen its role as a driver of national development.
