Property sector reels from power, water outages

The construction industry is being adversely affected by power and water shortages
The construction industry is being adversely affected by power and water shortages

The country’s perennial power cuts and water shortage is impacting negatively on the property market, PrimeTime says. Commenting on the property developer’s financial results for the six months that ended February 28, 2014, PrimeTime managing director, Sandy Kelly said while they generally performed well, the economic conditions remain challenging and are now worsened by power and water shortages.

“Our properties performed very solidly during the interim period. Whilst economic conditions remain challenging, and now worsened by power outages and water shortages, we have had to work hard with our tenants to minimise disruption,” he said. 

Kelly’s comments come on the back of the forecast by economists that growth will be restricted to lower than five percent in 2014, in part due to the prevailing water and electricity shortages that have disrupted production across all economic sectors.

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