GENERAL NEWS
From the MD ’ s desk
By Sandy Kelly
As we approach the end of one of the most dramatic years that most of us have ever experienced , what can we reflect on and what can , or should we look forward to next year ?
I ’ m not going to say anything about Covid-19 and its effect on our lives or the property sector , as it has all been said before and we ’ re tired of the rhetoric that preoccupies the media and our personal conversations . The only thing I will say is to commend our staff and management along with our associates for taking the most positive approach to our business , projects and clients to achieve the best results possible . And with them , every other citizen , whether in the public or private sector , who has done his or her bit to keep the economy and our lives on track as best they could .
So what would you like to hear from me this Christmas : no more about Covid , no more Trump and Biden ( what does that matter for us Africans anyway ), no more about state capture in South Africa and what may or may not happen to the culprits . How about corruption and state capture here in Botswana – well , it ’ s doubtful that the perpetrators will be brought to book by all accounts .
What will Father Christmas bring us ? ‘ Hope ’, that ’ s what he ’ ll bring us as something we can work with in trying to achieve the best we can . But hope alone can ’ t do it – we have to work hard at what we do to achieve what we hope for .
Whilst there is much talk about businesses needing less office space as people reconfigure their lives to work from home and that the swing to online shopping is taking a grip of even our relatively unsophisticated market , we don ’ t see that happening just yet in Botswana . Not that we shouldn ’ t be aware of it and take cognisance of it and plan accordingly in our strategy going forward .
We see the Botswana industrial , commercial and retail property market being resilient through the short and medium term . It will continue to provide solid returns for investors and is unlikely to lose any significant value such as what has happened in the South African listed property fund space .
Where we see a shift in values is in the residential , small commercial and industrial property markets where the 30 % transfer duty applicable to non-citizen buyers will mean that they will not invest . Speaking with the local property agents , there is already virtually no activity in the residential market over P1.5m . Whether banks are prepared to support the market remains to be seen . What loan to value will they offer and , what will the new market values be ?
Here at Time Projects , we have some exciting new projects in the pipeline , including residential developments which will be virtually solely targeted at the citizen market .
In the commercial space , we are busy with the following developments :
• P110m Lobatse Junction shopping centre which is well underway .
• Prime Plaza II , in the Gaborone CBD , is due to commence shortly .
• Teemane Centre in Letlhakane – a 10,000m ² retail shopping centre at over P150m plus a residential component to support the strong rental demand by contractors working on the Orapa expansion project is also due to start in the new year .
• Our sectional title office development in the Showgrounds is also well underway , due for completion mid 2021 with the second phase available for sale or to rent .
• Sebele Lifestyle Centre , a 15,000m ², P200m development is in the final planning stage .
Further afield , we are not forgetting our Zambian colleagues , even though we haven ’ t been able to physically see them , we have had regular Zoom meetings . We were very happy to have finally completed the Kabwata Mall after many years of land tenure issues . We have a number of very exciting projects there , including the development on the Lusaka Golf Club and an office site development on the ZICA site in the Arcades node . Zambia , as a country , is experiencing economic difficulties with default on foreign loans , but the fundamentals remain strong with the copper price holding up , good rains has meant a great harvest last year and this year compared with the prior years and , with the Zambezi having filled Kariba Dam considerably , power outages are somewhat less , but still an issue .
So , as you can see ‘ hope springs ’ from the shoots that we continue to sow , nurture and finally reap . From all of us at Time Projects , we wish you and your families a very peaceful and enjoyable festive season . Do come back in the new year , refreshed with vigour to put in the hard work that will bring you what you ’ d hoped for .
ABOUT TIME , the quarterly newsletter of Time Projects Editor : Brett Marlin
Managing editor : Faye-Marie Cloete Email : faye @ novacomms . net Cell : + 267 7137 6232
Contributors : Brett Marlin , Mmika Selei , Michael Hughes , Tapiwa Modise , Roy Mapharing , Kagiso Sebetso & Turnie Morolong
Tel : + 267 395 6080 | Fax : + 267 390 0160 | Email : time @ time . co . bw | Website : www . time . co . bw
ABOUT TIME is published on behalf of Time Projects by Nova Communications ( Pty ) Ltd . The opinions expressed in this newsletter are those of the authors and people interviewed and do not necessarily reflect the views of the editor , publisher or Time Projects . While all precautions have been taken to ensure accuracy of information , the editors and publisher cannot accept responsibility for any inaccuracies which may inadvertently have occurred .
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ISSUE 44 - DECEMBER 2020