RIC pumps P82m into Old Naledi real estate development project
Otlarongwa Kgweetsi - Lewanika Timothy | Tuesday August 27, 2024 11:09
The development aims to transform Old Naledi area with state-of-the-art residential units and retail establishments comprising a mall and dwellings. Permanent Secretary in the Ministry of Environment and Tourism, Boatametse, Modukanele, said the development will facelift the appearance, revive the economy and social status of Old Naledi. “We anticipate that Eco City Precinct One will offer high-quality residential and shopping environments,” he said at the ground breaking ceremony last week, “Additionally, the development promises to create employment opportunities for local residents of Old Naledi, boosting the area’s economic growth,” Modukanele added.
The Eco City Precinct One project will include 300 townhouses and apartments, addressing the increasing demand for housing. It will also feature student accommodation, a shopping mall, a fuel station, and other commercial facilities. In addition, serviced plots will be available for purchase, catering to a range of residential needs. RIC Development’s Eco City Precinct One promises to be a significant asset for Gaborone, delivering modern infrastructure, creating job opportunities, and contributing to local community development. The project comes at a time when the local property market continues to be robust, mainly driven by growing demand especially in the residential segment.
A property report by First National Bank Botswana (FNBB) established that Gaborone stood head and shoulders above the rest in terms of higher rental rates, as urbanisation continues to drive many people to towns and cities, creating aggressive demand for property. FNBB is the country’s largest commercial bank by both balance sheet and number of customers, while also being the biggest property financier through various products including mortgages, refinancing tools, and property loans. The report showed that the capital city is followed in strong rental rates by Jwaneng, which is an economy supported by the presence of Jwaneng Diamond Mine.
“Gaborone stands out with a significant surge in rental rates, particularly in the three and four-bedroom segments possibly driven by families seeking spacious and accommodating living arrangements during times of transition. “This specific trend warrants a closer examination to understand the unique factors influencing the rental landscape in the capital city,” the report stated.