Established 30 years ago, Phakalane Estates has transformed from humble beginnings to being the country’s leading infrastructure and property developer.
The story of the Phakalane suburb started in 1991 when its Founder and Chairman, David Magang, was handed the first title deed in what would later put a touch of class on the country’s real estate look and feel. Narrating the story, the company’s managers said back then, the property and estate industry was at an infancy stage and banks were sceptical about financing developments. Nevertheless, today the suburb has grown in epic proportions and what was originally a 13-phased development is now divided into three categories of land use, market demand and return.
Among key investments made throughout the course of time, the estate boasts of Mowana Park which was developed in Phase One, Acacia Park which was developed in Phase Two, and the prestigious Phakalane Golf Estate Hotel Resort, which was the first of its kind in Botswana.
Says Group CEO, Subramaniam Parthiban: “Phakalane is a suburb that has been created for both citizens and non-citizens of Botswana and it is the best place to live in.” Speaking to The Business Weekly & Review at the Golf Estate this week, Parthiban said the developments at Phakalane are self-contained and were done by the company.
Previously, perceptions were that the suburb was for rich people, he noted. The company is now trying to break this perception and is in the process of building apartments and 2-beds to cater for everyone.
According to the Director of Phakalane Estates, Lesang Magang, the presence of Phakalane has brought about life to the real estate industry as well as the economy as a whole. “Its immediate contribution to the GDP was that it first employed town planners and engineers,” Lesang said. “In the course of time, we managed to attract foreign direct investors who come directly to Phakalane because of the availability of serviced land.”
He added that local manufacturing companies have expanded to Phakalane and other factories were built there, which adds to the growth of the economy. “The collective addition to the GDP is banks giving people loans, insurance companies, security companies and maintenance contractors who benefit from the entire value chain,” Lesang pointed out.
The company’s management is confident that expansion of Gaborone will create further business for Phakalane Estates. The company is celebrating 30 years of its existence this year and currently employs 160 people .
According to the CEO, plans to mark this milestone are well underway and will be communicated to the public alongside future strategies and plans. According to Parthiban, plans are to celebrate the anniversary in two months from now. “We have sales targets that we want to achieve in the next two months so as to end the year on a high,” he said.