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Prime Time showcases new home décor shopping mall

Setlhoa Village is up and running PIC: KENNEDY RAMOKONE
Prime Time Projects has opened the first of its kind home décor shopping mall at the group’s Setlhoa Village, located adjacent to Airport Junction. The property investment firm’s executive director, Turnie Morolong told BusinessWeek that the P29.3 million mall, known as Design Quarter, opened recently and is currently 70% occupied.

“We wanted a unique shopping mall catering for home décor, furniture shops, interior designs to mention a few and there are other upcoming developments at Setlhoa,” he said. Design Quarter shopping mall was built by Time Projects and completed within the set 12 months.  More developments are expected at Setlhoa as Prime Time is planning commercial extensions at the Village starting from the first quarter of 2019.

Meanwhile, Prime Time managing director (MD), Sandy Kelly said the widening of the road accessing Sebele Centre and Setlhoa off the A1 road is underway.

The expansion is expected to be complete by the end of the year. Writing in the group’s financial results for the year ended August 31, 2018, Kelly said the widening of the road will improve the flow of traffic to their properties.

The group’s total property portfolio value stood at P1.4 billion at the end of August 2018, a slight improvement from the P1.1 billion recorded last year.

Prime Time’s portfolio includes landmarks such as Sebele Centre, Prime Plaza, the South African High Commission, Nswazwi Mall and Boiteko Junction in Serowe. “Our strategic decision is to focus

on tenant management, property maintenance and sectoral and geographical diversification which have the combined effect of maintaining the value of the group assets in the longer term,” Kelly said.

At the end of August 2018, the group’s vacancies stood at an average of five percent across the portfolio compared to the three percent that was recorded in the prior year. However, there were notable tenant renewals in the portfolio where three of their five-year lease tenants, Barclays Bank in Gantsi and Alexander Forbes at Independence Place and a three-year lease for Associated Fund Managers at Fairgrounds, were renewed. Boiteko Junction also saw Cashbuild renew a 10-year lease and Pep Stores renew a five-year lease.

In addition, the MD said the group’s tenanting of Pilane Crossing Mall in Mochudi has settled down after its challenging start with retail giants like Clicks, Jet and Ackerman’s opening at the mall.  In addition, he said a second 1,100 square metre extension is currently underway at the Pilane Crossing with a scheduled completion date in the second quarter of 2019.




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