REVIEW OF OPERATIONS

PROPERTY DIVISION (80% SHAREHOLDING)

  • High quality real estate portfolio strategically located in high growth zones.
  • Low gearing on property assets.
  • Significant returns to shareholders over many years.
  • Specialised and professionally qualified employees.
  • High growth potential due to national serviced land shortages.

The property division has proven its resilience and adaptability, maintaining its status as one of the largest private property development companies in Namibia. The company’s flagship project, the Elisenheim Lifestyle Estate, is regarded as one of the most unique and successful privately developed lifestyle estates within Namibia.

The acute shortage of serviced land in the country remains a priority and the most important constraint is the mismatch between the supply of developed land and the demand therefor. Although a depressed economy negatively impacted almost all sectors within Namibia, property sales experienced a reinvigoration during the reporting period with higher property transfers recorded compared to previous reporting periods. This was attributable to the quality of the value proposition offered by the lifestyle estate, the accommodative national monetary policies increasing affordability as well as work-from-home related consequences of the COVID-19 pandemic where consumers have often been willing and able to upgrade their primary residences.

At the reporting date:

  • Trustco Properties owned an estimated 4 092 hectares of high-quality real estate
  • the total land bank creates an opportunity for the provision for over 25 000 mixed-use erven
  • to date Trustco Properties has successfully serviced over 600 erven and
  • revenues generated during the reporting period amounted to over NAD 130 million.

More information about Trustco Properties is available at: www.trustcoproperties.na