One of the players in the real estate sector, Icon Properties, has unveiled plans to invest $31 million (about K33.1 billion) in construction of a seven-story office complex in Lilongwe.
This came out during the company’s stakeholder engagement on Thursday in Blantyre.
Icon Properties Chief Executive Officer Ellen Nyasulu said the company is working on two tier projects, which are a parking management system at Chichiri Shopping Mall and participation in a four-star hotel project at the Lilongwe Golf Club, where it has already invested K8.5 billion.
Nyasulu said the business has taken off on a good note despite challenges facing the economy.
“We have also seen that the share value or the capital growth of the investments is also growing.
“We are experiencing vacancies but at a minimal level below the market average. Our rate is at 96 percent because that is the source of income but at the same time some properties have been refurbished to a point where they are driving income up to 200 percent,” Nyasulu said.
One of the minority shareholders, Emmanuel Chinunda, said he was impressed with the firm’s performance.
“We are looking for growth in the value of our investments and all we urge management is to be proactive, in terms of looking at the opportunities that are there in the market, and that they should also focus on the future to grow the company further,” Chinunda said.
