Prime Time anticipates stable 2024
Botswana Stock Exchange (BSE) listed property giant, with a panAfrica footprint, Prime Time anticipates a stable environment over the medium term.
PrimeTime’s forecast comes on the backdrop of the 2023 financial year punctuated by economic volatility as endeavours to curb inflation globally, resulted in the implementation of stringent monetary policies and targeted fiscal stimuli.
According to the company, the resultant challenging operating environment was further exacerbated by persistent supply chain disruptions, mainly because of the Russia/Ukraine conflict, which prompted aggressive price adjustments and a contraction in the supply of commodities to the African continent. However, the company’s latest annual report for the year 2023 paints an optimistic picture into the future despite market volatility remaining a risk.
“Going forward, we will continue to assess real estate prospects and opportunities across the region. As a Board, we are confident that the underlying fundamentals of population growth and urbanisation in southern Africa will continue to fuel demand for our product over the medium to longer term,” said PrimeTime Chairman, Paul Masie.
Masie said the company’s quality built and its portfolio of properties, gives PrimeTime good base to achieve consistent solid returns in its markets of operation – South Africa, Botswana, Mauritius and especially Zambia.
“We remain bullish on the medium- to longer-term prospects of the Zambian office market, despite rising interest rate impacts,” said Masie citing that the group is well positioned to benefit from the Zambian economy yet to reach its full potential, supported by a positive longer-term political and demographic outlook and strong global demand for its resources.
On the local market, PrimeTime says it’s fortunate to have a land bank of exceptional quality which will be developed over time to add substantial value to the portfolio.
“There are opportunities in areas that we have strong tenant demand for, such as further phases of the Prime Plaza II development in the CBD and an extension to the Boiteko Junction development in Serowe,” said Masie.