Botswana Stock Exchange (BSE) listed property company-RDC Properties is confident that by the end of the current financial year, the up market Masa Centre shall constitute over 40 percent of its rental income, jumping to 61 percent by end of 2013.
In an interview with BG Business, Finance Manager France Mabiletsa said in the half year ended 30 June 2012, Masa centre alone contributed 15 percent of the total RDC rentals. “This was because we began having some tenants occupying the place by April this year, and the prime building which is the Lansmore Hotel was not operational by then,” he said.
However, with the 5-star hotel now operational, Mabiletsa said that by end of this financial year (30 December 2012), Masa Centre’s rental revenues would contribute about 40 percent of RDC’s total rental revenue. “However, by the end of December 2013 and onwards, we expect Masa Centre to contribute over 61 percent of RDC’s total rent collections, which would be equivalent to 15 percent of the group’s total portfolio,” he said.
Masa Centre has finally come to life with the majority of the retail gallery boutiques, restaurants, the hotel and some of the offices being operational. Lansmore Masa Square hotel opened its doors to the public mid July 2012. The hotel has a restaurant and coffee lounge bar (Espretto) adding to the other two existing restaurants, Cappello and Ribs and Rumps. The retail gallery has high end and well-known international brands.