Botswana property market becomes more competitive

The property market in Botswana is becoming more competitive especially within Gaborone as a result of the increased supply of available office and retail space. This was said by RDC Properties Limited Group financial controller, Ms Priscilla Marukutira, when presenting the company’s abridged un-audited financial results for the half year ended June 30, 2013. Ms Marukutira said there was a growing interest from stakeholders in relocating from the Main Mall and other areas to the new Central Business District (CBD).
“The strategic positioning of Masa Centre in the new CBD and its mixed-use nature will enable the group to benefit from this concentration of businesses in the new CBD,” she added. The centre, she said had now established itself as a preferred destination for business travellers in Botswana looking for a one stop environment to meet their business and entertainment requirements.

Presenting the financial highlights, RDC Properties Limited Group financial controller said the results of the Group were influenced positively by Masa Centre, adding that “this trend would continue as the centre strives for 100 per cent occupancy.” The company’s revenue, she said increased by 59 per cent from P19 154 million in 2012 to P30 462 million. She also said the profit from operations also increased by 74 per cent from P14 564 million in 2012 to P25 350 million.

Furthermore, Ms Marukutira said the company’s profit before tax also increased by 13 per cent from P11 530 million in 2012 to P13 007 million. In addition, she said, the investment and property portfolio increased by 14 per cent from P669 019 million in 2012 to P764 102 million, “with Masa Centre being recognised as an investment property at fair value.”

RDC Properties Limited is the first variable rate loan stock company listed on the Botswana Stock Exchange since 1996. The company selectively develops and invests in modern commercial and industrial buildings in prominent locations in Botswana and Madagascar. The Group’s main strategic objective is to be developers and investors in prime properties, contributing to the improvement of the quality of life in developing countries. ENDS

Source : BOPA Author : Lorato Gaofise
Location : Gaborone Source : Daily News,
Date : Sep 26 Thu,2013

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