“Property development and investment will remain a key focus area of the Trustco group in the future and we are confident that property will remain an important sector in years to come,” Corne Powell, MD: Trustco Properties.
‘Trustco Property Extends Into South Africa’.
At an estimated value of N$ 140 million with acquisitions in the last financial year in excess of N$ 17 million, the portfolio of Trustco Holdings real estate division Trustco Property Holdings (Pty) Ltd, is impressive to say the least.
Trustco Property Holdings (Pty) Ltd was established in 1992 as a division within the Trustco group. It deals in the management and maintenance of its existing property portfolio as well as the management of any new developments.
The firm is currently concentrating on the development of 1800 new residential properties in Windhoek North, the maintenance and management of Trustco offices and existing residential properties, and has recently begun purchasing property in South Africa. This latest venture has proven a great means to introduce and establish the Trustco brand within the South African market.
Trustco Properties’ initial focus was on residential property, but due to immense growth of the Trustco Group as a whole and the subsequent need for employee expansion, additional office space became a priority. To accommodate, an old building in a prime location in Windhoek City Centre was purchased and transformed into the modern Trustco Head Offices that exist today.
The two main buildings that define the Trustco Head Office are currently almost exclusively occupied by the Trustco Group and its subsidiaries. The opening of several regional offices across Namibia, most recently in Ongwediva and Walvis Bay, saw the attainment of several other commercial properties under the Trustco Property banner.
Currently Trustco Property’s portfolio consists of residential and commercial properties both here in Namibia and more recently in South Africa. The portfolio’s total value is currently estimated at N$ 140 million. This represents a growth of 15% over the 2007/2008 financial year. Property acquisitions in the last financial year were in excess of N$ 17 million.
Managing Director of Trustco Property Holdings (Pty) Ltd, Mr. Corne Powell said “The most exciting development on the horizon for Trustco Property Holdings (Pty) Ltd is the ‘Trustco Hills’ project. Trustco recently acquired about 360 hectares of untouched land just 15 minutes north of Windhoek City Centre. The development will ultimately consist of approximately 1800 residential units”, Powell says.
The first two phases consisting of 500 residential units will be valued at approximately N$ 200 million. The development project is the first of its kind in Namibia. The projects aim is to provide high quality, affordable housing to the medium income sector. The estate will provide families with housing in a secure location with access to shops, schools, business facilities and recreational and sporting facilities within walking distance of their homes. “Infrastructure
