• The occupancy rate of residential units’ sees a 33% increase, with units being 60% occupied for the year under review.
  • Group anticipates an 80% occupancy rate by quarter two of 2022.
  • Meanwhile, Select Limited, an entity that falls under SBC Limited Group disbursed E179 million for the year under review.

Photo Credit:

Ntokozo Nkambule

The state-of-the-art Malkerns Square development which comprises 147 residential units, eight embassy units, and retail outlets has reported a revenue of E8.7 million for the year ended 31 December 2021.

This is contained in the SBC Limited Group Annual Report for the year ended 31 December 2021. The Malkerns Square project falls under the SBC Limited Group. The group notes that their retail offering is fully leased with the residential offering seeing an increase in occupancy rate. “Revenue generated from the retail and residential rentals amounted to E8.7 million. Although the retail portion of the development was fully leased during the year under review, the residential portion was approximately 60% occupied as of 31 December 2021, equating to a 33% increase in occupancy since June 2021” notes the group report. The group’s other financial services division, which houses  Select Limited and Lesana, a similar brand in Lesotho noted an increase of 5.7% in consumer lending revenue to E325 million (2020: E307m). The group states that the increase is attributable to a loan book growth in Eswatini, and a higher yielding short-term product, resulting in the overall Eswatini yield ending strongly at 28.5% (2020: 27.1%). Loan disbursements on the other hand were not as impressive, particularly for Lesana. “Disbursement in Lesotho performed below expectations from January to May 2021, due primarily to the advent of a new competitor, who introduced a more aggressive pricing and tenor approach to the market. This was subsequently corrected by providing a more aggressive loan pricing and tenure in Lesotho which resulted in the yield.

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