Africa-Press – Eswatini. The SBC Limited Group has revealed an opportunity for home ownership to a sector of the market that has traditionally not qualified due to restrictions in traditional bank finance.
This is according to the SBC Limited and subsidiaries group results for the year ended 31 December 2021.
The Group stated that in Eswatini, the Malkerns Square project, a local housing and retail development, augments the business offering by providing residential rental and retail opportunities to prospective tenants.
It was explained that the residential offering was fully completed in the quarter four of 2020, which incorporated 147 completed apartments in the portfolio.
The results indicated that during 2021, eight Embassy Units were completed and this caters for the higher scale executive market
“Although the demand for rental units was slower than initially anticipated due to the Covid-19 pandemic, we have noted a substantial increase in demand from quarter three and four of 2021, and we forecast to achieve an 80 per cent occupancy by quarter two in 2022,” the statement reads.
occupied
According to the Group, the retail centre is 100 per cent occupied with significant long-term leases in place with Pick n Pay, West Pack and KFC, which has performed in line with expectations. As a result of the success of the initial retail offering, the Group stated that it has initiated the development of retail two, a new development planned for 2022 which will incorporate approximately 7 000 square metre of lettable space and will complement the current retail development.
This development will be designed to enhance the entire SBC estate and offer opportunities to potential tenants, including Shoprite, West Pack, hardware, banks and restaurants.
The Group explained that complementing existing 147 completed residential apartments and the eight embassy town houses will be the new development of affordable one and two bedroom units.
“These will be specifically designed and built for sale (under the sectional title act) and mortgage finance product will be provided by the Select Group to successful applicants.
“This offering will be a first in Eswatini and will provide opportunities for home ownership to a sector of the market that has traditionally not qualified, due to restrictions in traditional bank finance,” the Group revealed.
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