RDC Properties Limited will in the near future complete its retail developments in two sites in Maputo, Mozambique – one of which will launch the local mega grocery store, Choppies in the country, a move that will see the mass retailer continue to break the mould.
At the company’s financial results presentation, RDC properties Limited ‘s Chairman Guido Giachetti disclosed that the tenant lease agreement has been signed. The two sites, one in Zimpeto and the other in Xai Xai where Choppies will be a tenant to RDC are considered to be promising locations. RDC described the economic outlook for Mozambique as ‘although tough in the short term, is very promising in the medium term with the current oil and gas developments taking place.’
Regarding the two developments in Mozambique, RDC anticipates the completion of the projects by the end of 2017, and expects two more to be complete by 2018. Giachetti estimated that the initial investment will cost P75 million, adding that the developments will be funded by the company’s cash balances.
Regarding developments in Namibia, RDC considers the country’s outlook as promising citing a stable political environment and positive economic prospects attributed to the development of new mines and diversification of the economy. “At this stage 14 sites have been identified and two pieces of land have been already reserved for development. The preliminary designs, market research and feasibilities are underway for many centers around the country,” cites the company.
RDC intends to maintain and increase the marketing tools as a way of assisting the growth of the company. The strategies include reducing vacancies by increasing lettings, looking for development opportunities to grow the portfolio and building and maintaining relations with their tenants.
