RDC Properties Limited, the Botswana Stock Exchange-listed company, said it is pressing ahead with its plans to get an IFSC accreditation and at the same time indicated that its hotel in the Central Business District (CBD) will be complete by August next year.
RDC Properties Limited is one of the few indigenous companies listed on the BSE to expand its operations into the southern African regionÔÇönamely: Botswana and Madagascar in the Indian Ocean.
At its half year results briefing held on Thursday, the company updated market players on progress made on the multi-million pula hotel that is coming up at the CBD that will be called Holiday Inn Gaborone.
“In spite of turbulent property markets in most parts of the world, the Botswana property market is holding up. The property portfolio continues to perform well with overall vacancy at 1.73 percent and the group is working towards doubling its rental role with the development of the Masa Centre.
The Masa Centre will involve a 157 room 4 Star business hotel, entertainment centre, replete with cinemas and a number of shops.
“The Masa Centre continues to attract international retail brands that will delight trendsetters with love for style and glamour.
“A targeted marketing campaign is ongoing to ensure the Masa Centre becomes home for an exciting mix of multinational corporate and international retail brands,” the statement released by the company said.
The hotel venture, Holiday Inn Gaborone, is a division of the giant South African brand African Sun Limited.
The construction of the hotel is being fast tracked to be completed just before the FIFA World Cup games to be held in South Africa mid next year, to take advantage of international tourists that are expected to pour into the southern African region.
RDC said that it was looking forward to the IFSC accreditation, which will see the company paying a concessionary tax at 15 percent as against 25 percent at the moment.
“In order to cost effectively manage offshore investments, in particular the Madagascar assets, RDC Properties Limited is in the process of acquiring a Botswana International Financial Service (IFSC) company,” it said.
Further, the company indicated that Isalo Rock LodgeÔÇöin Madagascar ÔÇô is for completion in November this year adding that the management of the lodge has been awarded to Signature Life.
In its half year results, gross income was five percent better to P 14,429 million while profits from operation jumped up by 10.67 percent. However, the company suffered from exchange rates loses ÔÇô in the Madagascar operations –as the Pula strengthens against the US dollar.
Linked unit holders v strengthened 17.95 percent due to cost reduction and increase in turnover.
RDC Properties share stood at 350 thebe per share at Friday close.