Last Updated
Wednesday 22 October 2014, 07:00 am.
Turnstar decries property undervaluations

Turnstar Holdings Property Limited Managing Director Abdoolah Gulaam has complained that their properties have been undervalued.
By Boitshepo Majube Fri 01 Nov 2013, 15:23 pm (GMT +2)
Mmegi Online :: Turnstar decries property undervaluations








 

Currently Turnstar property assets are valued at over P1.4 billion. The company’s diversified property portfolio comprise of 13 properties, six in Gaborone, two in Mogoditshane, one in Francistown, and four in Dar-es-Salaam. These include shopping centres - Game City in Gaborone and Mlimani City in Dar-es-Salaam.   At the company’s interim results presentation recently in Gaborone, Gulaam said they expect an uplift in their property prices after revaluation.  “We are expecting huge uplift of value after revaluation of our properties,” he said.  Game City, the largest Turnstar Holding’s shopping centre in Botswana, is currently valued at P614 million, while Mlimani City, the largest and only purpose built indoor shopping centre in Tanzania is valued at P308 million. 

The company’s offices in Botswana and Tanzania are worth P149 million and P256 million respectively, while residential properties in Botswana and Tanzania are valued at P24 million and P39 million respectively.  Turnstar industrial property in Botswana is valued at P16 million while its specialised properties in Tanzania are valued at P27 million.  Gulaam cited Tapologo Estate saying its current value of P23.9 million is not a true reflection of the property.  Meanwhile, Gulaam said Turnstar has set its sights on capitalising on the property boom in Tanzania. The company’s interests in the Tanzanian property market are driven by huge demand for both office space and retail space.  “Return on investment in the Tanzanian property market is 100% higher than locally,” he said. He stated that they intend to grow their office component in Tanzania in order to capitalise on the huge demand there.  “Currently our properties in Tanzania are 100% let, and we cannot ignore the demand that is there, coupled with high returns,” he said, urging Batswana to take opportunities in the African market.  “Rental income from Turnstar’s Tanzania portfolio increased by 49.6%,” he said.  He said that they will extend Game City shopping centre to accommodate the largest food court in the country.  “The development will also include triple deck parking,” Gulaam said.

“Over-supply of office space in Gaborone doesn’t much concern us, as our vacancies are very low, and we are offering our customers space at good rates”, he said, adding that total rental income from the Turnstar’s Botswana office portfolio increased by 13.6%.  For the six months highlights, Gulaam said they have had 18.4% return to investors, whilst group revenue income went up by 23.3% from prior year interim period of P110.1 million. He stated that the group’s operating profit is up by 1 percent, whilst group profit before tax went up 33% from the prior year interim period to P53.9 million.



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