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Shivo Towers granted investment certificate by ZIPA – The Project Commences

Paje, Zanzibar.Shivo Towers had a momentous last week having been granted an investment certificate by the Zanzibar Investment Promotions Authority (ZIPA), marking another significant milestone in its journey to becoming a transformative force in the region.

Shivo’s Managing Director Richard Ashby expressed his excitement, stating that the approval of the certificate signals the commencement of construction for this iconic landmark.

“All the team at Shivo are extremely delighted to have finally received this approval certificate which signals the confidence the Zanzibar Investment Promotions Authority has in our ability to deliver this land mark project and the difference it will make to the people around and economy” said Mr Ashby. 

Shivo Towers' roof top

Shivo Towers Luxury Apartments for sale in Zanzibar will transform Paje’s shores into an architectural gem. $35 million is the construction budget reshaping high-end real estate on the island, a feat that many do not believe is possible but that Mr Ashby and Shivo are set to lead the way in lifting the standards of property development investments in the Zanzibar archipelago.

This monumental project is set to enhance tourism accommodation options, support local employment while significantly contributing to government revenue and economic prosperity.

During the construction phase, Shivo Towers will create over 300 job opportunities for skilled and unskilled workers, providing a vital source of income for families in the region. This influx of labour is expected to inject millions of dollars into the economy through wages and consumption, fostering a ripple effect of prosperity.

One bedroom apartments

With 162 units spread across 10 floors and a total sales value of $50 million, Shivo Towers is projected to generate $7.5 million in VAT revenue. Pre-sales have already surpassed $3,900 per square meter, indicating strong market demand and potential for exceeding revenue targets.

The sale of luxury residences and operation of commercial spaces within the towers will also contribute significantly to tax revenue, making the development one of the highest tax-earning properties and apartments for sale in Zanzibar. Additionally, import duties on materials and furnishings for the construction and outfitting of the towers will further bolster government revenue.

Investors will be fascinated by the meticulously landscaped grounds, artfully illuminated pathways and huge pool with adjusting lighting programs from dawn to dusk, and lavish on-site amenities surround the towers, crafting an alluring oasis that transcends mere accommodation.

This opulent tropical environment entices investors seeking not just a place to reside, but an immersive luxury habitat tailored for both discerning tourists and those in search of a permanent, indulgent sanctuary where conveniences are catered for with impeccable service. The amenities alone and landscape design build cost is $3.3 million.

Richard Ashby has also addressed concerns about importation versus local production, emphasising the project's commitment to exceptional quality and longevity. He highlighted the extensive job creation and skills development opportunities associated with Shivo Towers, underscoring its broader positive impact on the local community.

Mr Ashby stated “My vision for this project in relation to the local labour force is the same for the rest of our brand, wherein the workers who have taken part in the project will have something they can really hold on to for life in terms of work experience for the future jobs they do in Tanzania and indeed beyond, we aim to have a level of specialist supervision and materials technology that will really set many workers careers up for life thereafter with the knowledge and instruction they can gain on the project.”

Even after completion, the development will continue to be a significant source of employment, with over 75 full-time staff employed in various roles, ensuring its sustained contribution to the local economy.

As Shivo Towers begins its construction journey, it stands as a testament to the potential for transformative developments in Zanzibar from faith, big vision and the passion, skills and experience to bring it to life. Founding a landmark for Zanzibari’s and guests to Zanzibar alike to show pride in whilst offering both economic prosperity and architectural excellence for generations to come.

Follow Richard’s journey and connect with him on Instagram @Shivo_Tanzania

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