Botswana Housing Corporation’s (BHC) low income Tsholofelo projects apartments have been sold, the company’s latest financial results has revealed.
“There is a plan to build similar apartments in Gaborone Block 7,” said the Corporation in its audited financial results for the year ended 31 March 2022.
With 372 houses completed in 2018, the Tsholofelo Housing Development Project was funded by P400 million credit that is payable within a 15 years period and part of a total of 750 houses budgeted under the loan. According to BHC, the project came about as a housing development scheme to bridge the gap between Batswana who are the beneficiaries from the government administered Self Help Housing Agency (SHAA) and those who afford the BHC housing initiatives. The houses cost the buyers approximately half a million, inclusive of Value Added Tax (VAT).
Despite the loan, facilities management income and professional fees being challenged by the prevailing economic conditions, the Corporation has remained financially stable with a strong balance sheet. “The Corporation intends to significantly increase the facilities management income stream by undertaking more third-party maintenance projects.”
In addition, the Acting Chief Executive Officer, Pascaline Sefawe said the Corporation is confident that once the economy improves, professional fees income stream will start growing as some of the suspended third party projects would be undertaken. BHC’s financials indicate total assets amounting to P2.90 billion, with an investment properties portfolio that is at P1.4 billion as of 31 March 2022. The properties represent 48 percent of the Corporation’s total assets.