Turnstar Holding Limited, the goliath of property development, is in a buoyant mood about its future prospects as it positions itself to officially open the second phase of┬á Game City Mall that is being supported by Bifm House in the Main Mall.
The Botswana Stock Exchange (BSE) listed company, which is bracing┬á itself for exciting┬á developments,┬á said its performance for the┬á six months to July 31,┬á was flat┬á for both revenue and realizable profits compared to the same period┬á last year.
Revenue stood at P41.9 million while┬áprofit after tax was at P 25 million, reflecting the stability and the quality of its tenant baseÔÇöwho┬á managed to withstand the┬á impact of the unforgiving┬á recession that was the worst since the Great War.
The┬á move comes at a time when appetite for accommodation in the market, for both┬á commercial and retail┬á space, is still high┬á as per what industry sources have indicated.
The┬á company is aiming to open the Game City Mall┬á phase two┬á by the end of┬á November while the Bifm House that has been given a facelift is now ready for occupation. The new┬á face of Game City┬á Mall is also expected to have┬á some high quality tenants such as┬á an international┬á jewellery outfit, American Swiss.
“It has been a busy and exciting┬á time┬á for the company, with the extension of Game City and the refurbishment of Bifm House in the Main Mall.
“The extension of Game City is at a practical completion stage and the tenants┬á have┬á started taking┬á occupation and trading. The old wing is now┬á currently undergoing refurbishment,” the company said in a statement, co-signed by┬á Managing Director, Gulam Abdoola┬á and Chairman, Moses Lekaukau.
It added: “Bifm House renovation┬á has been completed and tenants have┬á started moving in.”
The BSE listed property outfit stands solid┬á with assets┬á valued at P 631 million, has some other interest┬á at Supa Save Mall and Nzano in Francistown.
The┬á company also made some surprise announcement to the market┬á in its half year┬á results┬á pointing out that┬á it has taken “decision”┬á not to renew the property and assets management contract with Khumo Properties,┬á a property management arm of one of the┬á biggest institutional investors in the company.
Khumo is currently┬á serving a six month notice that is due to expire at the end of February.
“Currently, Khumo is serving┬á a six months┬á notice┬á period until end of February 2011 when all property and┬á asset management┬á functions will revert to Turnstar.
“Plans are┬á at an advanced stage for the internationalization┬á of the property and asset management functions,” the company said.
The┬á company announced┬á a dividend of┬á 0.50┬á thebe per share and┬á an interest of 5.50 thebe per debenture┬á to linked unit holders┬á registered by November 26, 2010. The move is a shot in the arm compared to last year and will be financed through a bank loan.┬á