Property developer, PrimeTime Property Holdings Limited has registered an increase of profits after tax from the P24.6 million recorded during the half year ended 31st March, 2017 to P26.7 million recorded during the corresponding period ended 31st March, 2018.
The Group managed rental income of P64.7 million. It noted that the results for financial year under review include revenues from the retail mall Centro Kabulonga in Lusaka, Zambia, an acquisition completed at the end of January 2017. This impacted positively when combined with a strong performance from the rest of the property portfolio and the Group has achieved an 18 percent increase in rental income Year-on-Year.
It said; “Several significant tenants have been able to open at Pilane Crossing after obtaining their trading licences; PEP, Ackermans, Clicks and Jet all opened in Q1 of this financial year. It will still take some time to bed down this centre after its rocky start, but with the new KFC drive-through due to open shortly it is looking more positive.”
“Elsewhere with other tenants in this period; the Alexander Forbes lease was renewed for 5 years, AFA for 3 years, Botswana Life at Marula House for 3 years with increased space and in our Ghanzi centre 5-year leases have been renewed for Barclays Bank, Lewis Stores and Topline. The long-term vacancy at Acacia House has recently been filled as well as part of the PwC Office Park vacant space in Lusaka. The extension at Sebele was completed in time for the Christmas trade with the toy and bike shops both able to open on 5-year leases,” the Group continued.
PrimeTime has drawn a major refurbishment plan which will take place this year. These include the completion of the Sebele Centre and Pilane Crossing extensions, both of which have been done. It said the Ramotswa property is also receiving an external makeover to the parking area and negotiations continue to extend some of PrimeTime’s ground leases in Botswana.
In other developments, PrimeTime last month disposed of Mantlo House in Francistown, with the proceeds being deployed to complete the Design Quarter in Setlhoa.
With regards to the prospects and outlook, the Group shared; “Our immediate investment property pipeline is progressing well. The Chirundu retail centre in Southern Zambia is opening at the end of this month and the Design Quarter at Setlhoa, Gaborone is scheduled for completion in August 2018 followed by the Munali Retail Centre, Lusaka in October 2018. Advanced plans are also in place for Pinnacle Park, a commercial centre planned for our second plot in Setlhoa.”