Turnstar Holdings, the Botswana Stock Exchange listed property outfit said it has earmarked 2014 for redevelopment and further expansion of Game City shopping centre.
The shopping centre will have additional 8,500sqm of letable space which will comprise a fashion avenue for brand savvy clients, a well-designed restaurant area with terrace sitting, a multi-function entertainment area and kids play area.
“The restaurant area will be the destination of choice for fine dining, and will cater for night life with a safe and retro urban environment overlooking the panoramic Kgale hill,” Turnstar Managing Director, Gulaam Abdoola said.
The new developments will include a multi-level, safe and secure parking which will accommodate up to 400 cars.
“We intend to ensure that we remain the premier mall in Gaborone. Our shoppers are in store for a wonderful surprise,” he added, saying Game City is still the largest and busiest shopping centre in Gaborone.
Turnstar is the most diversified property company on the BSE with property assets valued at over P1.4 billion.
“Some of the portfolio’s corporate highlights are that approx. 42 percent of group’s rental income is in US Dollars, limited exposure to the Botswana office sector and significant operating and structural potential for positive re-rating, relative to our peers,” Abdoola added.
Turnstar revealed that there are also expansions marked for Mlimani City complex in Tanzania where contrary to the cautionary stance to office market here in Botswana, the group has taken an aggressive stance to develop quality office accommodation of 5000sqm, due to high demand.
Mlimani City Mall will be extended to comprise of an additional 10,000sqm retail space with basement parking of approx. 300 car spaces. There will also be expansions to the Mlimani Conference Centre and a Botanical Garden, the first of its kind in Dar es Salaam will be established. Mlimani is fortunate to have access to a significant land bank to meet its tenancy demand.
“Turnstar’s objective is to build a quality portfolio of properties with strong contractual cashflows in order to achieve value enhancement and sustainable growth in distributions to unit holders.”
Abdoola added that the group’s strategy is to constantly be in pursuit of opportunities to enhance return on investment including expansion, acquisitions, or sale of existing properties as and when appropriate.
“We have many opportunities offered to us in other countries which we will consider, including diversification into the leisure and industrial sectors. The Mlimani City project has given Turnstar an excellent reputation in Africa,” he said.
Construction on both projects should start mid-2014 and be completed by the end of 2015. These projects will boost revenue by approximately 25 percent.