US$43million Victoria Falls project takes shape

 ZIMRE Holdings Limited (ZHL) has commenced construction of the highly anticipated US$43 million Eagle Heights Mixed-Use Development in Victoria Falls, under the Eagle Real Estate Investment Trust (REIT).

This project is expected to create numerous job opportunities for the local community in the resort town.
Located on a 12,3-hectare site, Eagle Heights is set to transform the tourism capital into a modern investment precinct with a combination of hospitality, medical, retail, and residential infrastructure.

Civil works comprising roads and storm-water drainage are nearing completion, with 95 percent of this phase already done.
The project is a major milestone in the country’s drive to position Victoria Falls as a Special Economic Zone for tourism and offshore financial services. Backed by early-stage investor commitments of US$24 million, Eagle Heights is set to redefine the city’s urban landscape with a blend of tourism, hospitality, health, retail and residential developments.

Unveiling the progress during the listing of the Eagle REIT on Friday, ZHL Chairman Mr Desmond Matete said the development marks a key step in the company’s infrastructure rollout strategy while supporting national priorities.

“The civil works are currently underway, roads and stormwater drainage works are already being executed, and they are at 95 percent completion. These are within budget and with no loss of time or injuries. This development is targeted for completion in 36 months from the commencement of work on superstructures,” he said.

Mr Matete said the Eagle Heights project aligns with the Government’s vision for Victoria Falls as a high-impact investment zone.

“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.
Eagle Heights development sits on 12,3 hectares and includes a 120-key internationally branded mid-scale hotel (US$25,5 million), a 36-bed high-end tourism hospital (US$8,1 million), a service station (US$1,5 million), and 154 mid-range residential units (US$7,7 million)

These developments are tailored to serve tourists, business travellers, and patients seeking top-tier medical services.
This project follows the successful completion of the US$12,7 million Phase One of the REIT’s Mazowe development.
That phase includes a shopping centre and residential apartments, currently being handed over to tenants with an anticipated yield of six percent.

Zimpapers visited the Victoria Falls construction site and observed several complementary developments underway in the vicinity, including a new cricket stadium in Masuwe, part of preparations for hosting the ICC Cricket World Cup in 2027.
The Government has allocated 271,5 hectares in Masuwe, from a total of 1  200 hectares, to stimulate investment in upmarket tourism and support infrastructure.

Mr Matete said these ongoing developments dovetail well with the Eagle Heights project.
He said their mid-scale hotel and tourism hospital will support the area’s growing demand for hospitality and health services.
ZHL chief executive officer, Mr Stanley Kudenga, said the Eagle REIT projects are already delivering social and economic value.

“Mazowe Project has created 120 local jobs, while Eagle Heights peaked at 275 local jobs during the civil works phase alone. In total, the Eagle REIT will create between 500 and 900 construction jobs, including 450 post-construction jobs,” he said.
Mr Kudenga noted that Mazowe is evolving into a key satellite town for Harare, while Eagle Heights will become a new precinct in Victoria Falls.

“The residential offerings at Eagle Heights are premium and tailored to support the hospitality sector. The combined developments — 108 villas and 54 apartments — will add at least 550 new hospitality beds to the city,” he said.

Mr Kudenga said through the Eagle REIT, ZHL is playing a critical role in shaping Victoria Falls’ future by delivering catalytic developments that align with National Development Strategy 1 (NDS1: 2021–2025), the upcoming NDS2 (2026–2030) and Vision 2030, which aims to position Zimbabwe as an upper middle-income economy by the end of the decade.

Victoria Falls was granted city status in 2019, driven largely by its tourism potential and growing investment profile. To accelerate growth, the Government designated it a Special Economic Zone in 2020, focusing on tourism, finance, and infrastructure development.

The Eagle Heights project comes as part of this broader vision to transform the city into a smart, globally competitive urban hub.

Mr Kudenga said the tourism hospital would fill a critical gap in medical services in the region, while the overall development would enhance Victoria Falls’ appeal as an international investment and tourism hub.

ZHL has previously contributed to infrastructure in Victoria Falls through projects such as the Sawanga Mall, which houses banks, offices and retail firms, and played a major role in the city attaining municipal status.

Source: US$43million Victoria Falls project takes shape (20/05/25)

See Also

Victoria Falls Bits and Blogs (8th May 2025) New Vic Falls hotel anchors Fidelity’s new VFEX property fund.

Victoria Falls Bits and Blogs (21st May 2025) US$43million Victoria Falls project takes shape.

Victoria Falls Bits and Blogs (21st June 2025) Accor enters Zimbabwe with Novotel Victoria Falls deal.

Victoria Falls Bits and Blogs (24th June 2025) New Novotel Hotel in Vic Falls Set for Completion in 2028.

Read more on the Keep Victoria Falls Wild website.