The project will include the construction of three and four-roomed housing units. The beneficiaries will occupy the houses after paying 50% of the purchase price.
Two primary schools will also be constructed, as well as a shopping mall.
Beitbridge town clerk Loud Ramagkapola confirmed the development but did not give further details.
“We are aware of the development and we hope that work will commence once the COVID-19 lockdown period is over,” Ramagkapola said.
Beitbridge mayor Munyaradzi Chitsunge said the development would ease housing shortages in one of the country’s fast-growing towns.
“It’s a development that will change the outlook of the town for the better. It will indeed reduce our long housing waiting list. We are excited about this because it involves a bank and transparency issues under such circumstances will be broad,” Chitsunge said.
Beitbridge has a population of between 50 000 and 60 000 people, whose livelihoods hinge on border post activities.
Jonathan Gap, director of Alpha International Land Developers said four-roomed units would cost US$16 500 each.
“We are also building a community library and a shopping centre. We are building two primary schools as well,” he said.