PrimeTime cuts down vacancy rate

SHARE   |   Monday, 05 December 2016   |   By Staff Writer
Prime TimeManaging Director Sandy Kelly Prime TimeManaging Director Sandy Kelly

By August this year, PrimeTime Holdings Limited vacancies stood at 0.2 percent compared to 1 percent across its portfolio the previous year. The listed property company announced this week in its financial results for the year ended 31 August 2016 in which it describes the vacancy rate as an outstanding achievement given the prevailing market conditions. Currently the property market is said to be going through turmoil as rentals are going down drastically, however the listed property entity said it is looking to expand some of its properties, including addition of space at the Ramotswa Mall and the potential extension to some of its ground lease periods.

PrimeTime, whose property valuation currently stands at P837 million, says it wants to continue with its strategy of growing and diversifying its asset base. It is currently busy with a number of projects. In September the company officially opened its latest property, Pilane Mall which had stalled over a protracted battle with the Ministry of Investment, Trade and Industry over licensing of some tenants who are mostly South African. PrimeTime says its long-term intention of expanding its footprint in the Zambian market is now taking shake with a number of big projects planned for the next few years.

“The medium to long-term prospects of this region remain positive with opportunities to establish a US$ based income stream for the Group. With our Group structure now in place and our increased understanding of the market there we are now poised to proceed at pace,” PrimeTime said. For the year under review, PrimeTime revenue from rentals stood at P86.7 million compared with P84.1 million registered the year before. Just like other property companies operating in Botswana, the company says the economic challenge that has existed over the years are still persistent, but said this will not deter it to go ahead with its plans of expanding and its spreading its footprints.