Turnstar Holdings Limited said it will soon name a building contractor for its Game City Mall expansion project as it looks to bolster the status of the shopping centre as the biggest in the city and the country at large.
The Botswana Stock Exchange (BSE) listed property outfit announced its plans last year to re-develop the Gaborone mall in a bid to ensure it remains the premier centre as more competitors have entered the shopping mall space.
It said in its results for the 6 month period ended 31st July 2014 that the expansion projects for its two flagship malls namely Game City and Mlimani City properties was imminent. Game City plans have now been given regulatory approval.
“The construction contract of the Game City expansion is in the process of being awarded. The expansions will include additional retail space, a fashion avenue, restaurant areas including a food court, entertainment areas and a parkade. The building plans have been approved by the authorities,” said Moses Lekaukau and Gulaam Abdoola in a statement.
At the time of first announcement, the additional space at Game City is 80 percent pre let, according to the company.
Game City will be expanded by approx. 8,000 sq.m and the works will be completed in 18 months while The Mlimani City retail Mall will be expanded by approx. 10,000 sq. m with basement parking. The Mlimani work is planned to commence in the third quarter of 2014 and take a period of 18 months.
Mlimani City Tanzania is being expanded to include additional retail and commercial space including basement parking, additions to the Conference Centre and a Botanical Garden. Negotiations with the Tanzanian Investment Centre is being finalised, upon completion of which, construction will commence.
“Negotiations are also ongoing with 2 shortlisted contractors, for the award of the construction contract”.
Turnstar’s portfolio include Game City shopping Centre, Nzano Shopping Centre, in Francistown, Fairgrounds Office Park, Mogoditshane, Supa Save Mall, Turnstar House, Main Mall, offices in Commerce Park, Mogoditshane Flats, Hyunda Warehouse, Tapologo Estates, Mlimani city in Tanzania.
According to the results for 6 month period ended 31st July 2014, Mlimani contributed P50 million to the total group revenue of P114.8 million representing a 44 percent contribution. The Tanzanian subsidiary had operating expenses of P16.1 million to total group operating costs of P36.2 million representing 44 percent of group operating costs.
The company has announced the board approval of an interim distribution of 8 thebe per linked unit, split as follows. Debenture interest of 6.62 thebe and Dividends of 1.38 thebe per unit in respect of the six months ended 31 July 2014 to all registered unit holders with the company at close of business on 14th November, 2014. Payment of the distribution will be dispatched by the transfer secretaries on or about the 3rd December, 2014.