{"id":18245,"date":"2022-12-11T06:01:34","date_gmt":"2022-12-11T06:01:34","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/property-sector-still-recovering-from-covid-19-shocks"},"modified":"2022-12-11T08:55:11","modified_gmt":"2022-12-11T08:55:11","slug":"property-sector-still-recovering-from-covid-19-shocks","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/property-sector-still-recovering-from-covid-19-shocks","title":{"rendered":"\u2018Property Sector Still Recovering from COVID-19 Shocks\u2019"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The property sector is still in recovery from aftershocks of the COVID-19 pandemic which constrained economic growth, dampening consumer and business confidence, the Chairman of PrimeTime, Paul Masie, has said.<\/b><\/p>\n

Noting that it will take some time for the property sector to fully recover, Masie says PrimeTime has proven its resilience and defensiveness despite these current headwinds.<\/p>\n

\u201cThankfully, we have experienced a return to normality since COVID-19 restrictions were lifted, thereby enabling us to remove all tenant rental concessions, which, along with lease regears, helped PrimeTime to retain its tenants and achieve excellent occupancy levels amidst tough trading conditions,\u201d he says in the company\u2019s financials for the year that ended 31 August 2022.<\/p>\n

\u201cOur projections indicate a return to income growth off a re-based platform.\u201d<\/p>\n

Property portfolio<\/b><\/p>\n

According to Masie, PrimeTime\u2019s portfolio in Botswana, consisting of 21 properties representing 64 percent of the Group market value, saw a reasonable uplift in value of 9 percent at the year end.<\/p>\n

\u201cRental income was up 11 percent on the prior year and vacancies were just 2 percent by the end of the year,\u201d he notes in the financials.<\/p>\n

\u201cLobatse Junction Shopping Centre was 100 percent let when it opened in October 2021. Valued at P114 million, it comprises 9 000m2 and 39 tenants with Spar as its anchor tenant plus a good spread of national retailers.\u201d<\/p>\n

The company completed a long planned refurbishment of South Ring Mall in Gaborone at a cost of P2.9 million, forming part of its ongoing commitment to maintain and enhance the attractiveness of PrimeTime assets to ensure long term tenant retention.<\/p>\n

The future<\/b><\/p>\n

According to Masie, during the year under review, the company disposed of its Ghanzi and Ramotswa retail properties for a combined consideration of P45 million.<\/p>\n

\u201cThe funds raised have been redeployed into our Prime Plaza II Motswere Building development, which is progressing well,\u201d he says.<\/p>\n

\u201cWe expect the first building to be completed in August 2023 and are in advanced negotiations with potential occupiers for the building, which offers a new level of tenant experience in the Botswana market.\u201d<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. The property sector is still in recovery from aftershocks of the COVID-19 pandemic which constrained economic growth, dampening consumer and business confidence, the Chairman of PrimeTime, Paul Masie, has said. Noting that it will take some time for the property sector to fully recover, Masie says PrimeTime has proven its resilience and […]<\/p>\n","protected":false},"author":84,"featured_media":18244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,237,234],"class_list":["post-18245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\n\u2018Property Sector Still Recovering from COVID-19 Shocks\u2019 - Botswana<\/title>\n<meta name=\"description\" content=\"The property sector is still in recovery from aftershocks of the COVID-19 pandemic which constrained economic growth, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/property-sector-still-recovering-from-covid-19-shocks\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Property Sector Still Recovering from COVID-19 Shocks\u2019\" \/>\n<meta property=\"og:description\" content=\"The property sector is still in recovery from aftershocks of the COVID-19 pandemic which constrained economic growth, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/property-sector-still-recovering-from-covid-19-shocks\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-11T06:01:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-11T08:55:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/12\/postQueueImg_1670726379.53.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/property-sector-still-recovering-from-covid-19-shocks#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/property-sector-still-recovering-from-covid-19-shocks\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"\u2018Property Sector Still Recovering from COVID-19 Shocks\u2019\",\"datePublished\":\"2022-12-11T06:01:34+00:00\",\"dateModified\":\"2022-12-11T08:55:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/property-sector-still-recovering-from-covid-19-shocks\"},\"wordCount\":354,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/property-sector-still-recovering-from-covid-19-shocks#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/12\/postQueueImg_1670726379.53.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/property-sector-still-recovering-from-covid-19-shocks#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/property-sector-still-recovering-from-covid-19-shocks\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/property-sector-still-recovering-from-covid-19-shocks\",\"name\":\"\u2018Property Sector Still Recovering from COVID-19 Shocks\u2019 - 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