The subject property is in close proximity to the

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The subject property is in close proximity to the recently expanded Gables Shopping Centre and Corner Plaza Centre. Recent development indicates that there is a good demand for commercial, retail and residential accommodation in the Ezulwini Valley. Ezulwini is well established with good infrastructure and services in place and capacity for future growth is available. According to a survey conducted by the Ezulwini Town Board the current population of Ezulwini is estimated at 2,455 and it was noted in the survey that approximately 2,000 people commute into Ezulwini Valley on a daily basis for work. The fact that approx. 2,000 people commute into Ezulwini Valley daily, further substantiates the demand that exists for residential accommodation. The developments of the International Convention Centre & Five Star Hotel (ICCFISH), MTN headquarters, Eswatini Revenue Authority (ERA) and the American Embassy indicates there is good demand for development in Ezulwini. According to the Ezulwini Municipality Works and Engineering Department Annual Report 2018/19 the department received building applications for both residential and commercial developments. Investments from private infrastructure development in the 2018/19 financial year totaled an amount of E 313.6 million, of this amount E257.5 million is earmarked for commercial developments. Further the report highlights that there are on-going projects which will likely lead to an increased demand for accommodation within Ezulwini. Major Commercial Developments a) International Convention Centre & Five Star Hotel (ICCFISH) b) SRA Headquarters c) Exams Council of Swaziland Headquarters d) Valley View Complex e) The Crescent 4
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f) SwaziMed 2.2 COMPETITION LANDSCAPE The proposal faces stiff competition from mainly two competitors namely: Eswatini National Housing Board SBC Malkerns Square Housing Project Eswatini Housing Board (ENHB) offers low cost housing to the middle class in areas such as Thembelisha Township nested in the heart of Ezulwini. However, on a positive note the housing units are mostly sold out as a result pose little competition in terms of rental competition. Of note is that these units are of similar size as the Eco project units but are however less expensive and hence more geared towards the middle class. SBC Malkerns Square is a project that is being developed in Malkerns and therefore provides direct competition for the project. Malkerns Square is set to offer apartments from one bedroom to six-bedroom houses thus in direct competition with the project. Of note is that Malkerns Square has plans to build a Retail /Shopping Centre over 3,000 sqm of which it is anticipated will include a supermarket, bottle store, butchery and a recreational eating facility. As the estate develops, incorporation of a wider representation of retail and restaurant offerings will be in the phases that follow.
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