GRIT AND GLORY: Unveiling the Essence of Property Development in Zambia

By Nkondo Mudenda MRICS, PrQs, PMAQS, CAIB(SA)

Connect with Nkondo Mudenda on Twitter: @nkondomudenda

In the landscape of Zambia’s burgeoning property market, the role of property development emerges as a cornerstone, poised to navigate the wave of expected economic growth. As articulated in the 2020 Infrastructure Report by The World Bank, the symbiotic relationship between economic expansion and infrastructure investment is undeniable. With an eye on this trajectory, property investment becomes intrinsically linked to the prospects presented by property development.

To delve into the intricate dance of securing project financing and attracting the right investors, it is imperative to understand the nuances of the property development process. In this exploration, we aim to unravel the layers of this complex journey, spotlighting the pivotal role it plays in shaping Zambia’s real estate landscape.

The Integrated Tapestry of Property Development

Property development, at its core, is a holistic and integrated process, weaving together the vision of the initial opportunity owner, the developer, the financier, and the end investor. This intricate tapestry extends to encompass the public and tenants, creating a symbiosis that defines the success of development projects. The stages involve meticulous planning, permitting, financing, construction, and marketing, each requiring professional guidance to navigate the complexities and avoid costly pitfalls.

The guiding principles of successful property projects hinge on legal permissibility, physical suitability, and financial feasibility. This entails adherence to zoning regulations, building permits, and environmental permits, coupled with comprehensive site assessments encompassing geotechnical surveys, traffic impact assessments, and topographical surveys. Meeting or exceeding the development objectives involves a delicate balance, ensuring financial gains and the delivery of quality products and services desired by tenants.

Phases of the Development Symphony

The property development process unfolds in five distinct phases, each building upon the other to create a harmonious symphony:

1. Initiation and Conceptualization: The inception of a vision, laying the foundation for the development journey.
2. Project Feasibility Synopsis: A thorough analysis of feasibility, evaluating the viability and potential obstacles.
3. Commitment (Financial Close): The crucial phase of securing financial backing, marking the commitment to the project.
4. Design Development, and Construction: Translating vision into reality, bringing the project to life through design and construction.
5. Management and Operation: Ensuring the sustained success of the development by effective management and operation.

Interrelationships between these phases and the cyclical nature of the first three phases underscore the importance of careful planning and comprehensive feasibility assessments. Rushing through these early stages can result in projects that fall short of expectations, underlining the critical need for meticulous attention at every step.

The Developer-Investor Symbiosis

For developers and investors, a deep understanding of the development process is paramount. Knowing when and from whom to seek professional advice and seamlessly integrating the skills of the development team are key to project success. Early engagement of professionals, such as Construction Project Managers, Architects, Quantity Surveyors, and Engineers, is vital for a project’s quality and success. The emphasis on “function before form” at the conceptual stage underscores the importance of aligning the space with the intended business or function.

Despite uncertainties and ever-shifting market dynamics, property development presents both a challenge and an exciting prospect. With logic, science, and discipline, risks can be minimized, and successful ventures can emerge, contributing not only to business but also to real estate endeavours.

In Conclusion

As we navigate the dynamic terrain of property development, understanding the interconnected phases and the need for meticulous planning becomes paramount. Nkondo Mudenda, a stalwart in the field with over 30 years of experience, illuminates the path forward. Connect with him on Twitter (@nkondomudenda) to delve deeper into the world of real estate development and investment.

About the Author:

Nkondo Mudenda PrQs, MRICS, CAIB(SA) is a Co-Founder and Commercial Services Director at Sadan Developments, an Infrastructure Development Company based in Lusaka. A Chartered Quantity Surveyor and specialist in Property Finance & Development Management, Nkondo has left an indelible mark on the built environment across sub-Saharan Africa. For comments and responses, reach out to him via email: nkondo@sadan-dev.com.