Leading property developer, Turnstar Holdings, remains upbeat about the prospects of growing its portfolio to reach a staggering P3 billion in asset value.
This follows positive results by the company after the investment property value grew by over P100 million to hit P2.6 billion.
According to the company’s 2023 annual report, the group’s revenue grew by 9 percent to reach P294 million from P268 million in the previous year. From the group’s total revenue, rentals contributed to P291 million while the remaining P3 million came from other revenue streams.
With an 85 percent focus on the retail sector, Turnstar Holdings managed to maintain an overall vacancy ratio of 3 percent in its properties with Botswana portfolio standing at 99 percent, Tanzania 90 percent and only Dubai at 100 percent.
The Tanzanian portfolio with four properties of value of P1.1 billion holds 43 percent of the group’s property investment while Botswana and Dubai are at 57 and 1 percent respectively with seven and one properties each.
Botswana’s investment portfolio remains the group’s leading business side having managed to bring revenue of P158.4 million while Tanzania and Dubai followed with P131.2 and P1.8 million respectively.
According to the Group Managing Director Gulaam Abdoola, in order to support the wider strategic appetite for growth they have invested in staff recruitment in key areas in order fast track the cause.
“In addition exploration, feasibility study and due diligence on new property opportunities are underway. There are notable challenges that affect the property market in which we operate. Competition is high and demand is limited due to small national population .We remain alive to these factors and rather than allowing them to deter us from our growth plans they inspire and propel us to work to navigate and mitigate them,” he said.
The Botswana Stock Exchange(BSE) listed company’s properties in Botswana include: Nzano Mall in Francistown, Supasave Mall in Mogoditshane and Game City Mall in Gaborone .Though with a robust presence in the retail sector ,the group is also available in residential, industrial and office space investment with assets such as Tapologo Estate, Turnstar House in Main Mall and Mogoditshane town houses.