BR Properties on track to build mall in F/town
Chakalisa Dube | Wednesday November 1, 2017 14:23
Late last year BR Properties, a 100% subsidiary of Botswana Railways (BR), released an expression of interest for companies to partner in developing a mall within the company’s lease area.
“Companies that are interested in partnering (with) BR Properties for the construction of the mall will submit their final proposals in December.
We will assess the right proposal and choose the most suitable partner,” BR Properties managing director, Oarabile Zhikhwa told Mmegi Business recently.
Zhikhwa would not be drawn into naming the companies for confidentiality reasons.
“After choosing the right partner we will go into intense negotiations and sign an agreement to start developments.”
Zhikhwa said the construction of the mall will start sometime next year depending on the pace of engagements with their strategic partners.
She added that BR Properties might be forced to change the scope of the mall project as a result of the depreciating property market prices.
“We have noticed that the commercial property sector in Francistown is going down. We are closely monitoring the situation. If the situation does not improve we will consider options, which amongst them will include scaling down the project,” she said.
Since the closure of Tati Nickel Mine in October last year, the property market here has been relatively on a downward spiral.
The mine, which employed over 700 people directly and indirectly, benefited many businesses in the city. Many commercial and residential places in the city have been experiencing a high vacancy rate since the closure of TNMC.
BR Properties announced plans to build a mega mall in Francistown in 2015. At the time the director of Human Capital at Botswana Railways, Letlhogonolo Bantsi said the mall would resemble the Rail Park in Gaborone. Rail Park mall is one of the major projects to have ever been undertaken by BR Properties.
BR Properties was established in 2007 as an investment vehicle that would extract value from the prime land owned by BR through partnering with private sector companies, individuals and public institutions.