FINCORP’S E73M OFFICE PARK AT GWAMILE STREET

MBABANE – The FINCORP five storey building worth E73.4 million to house their operations and has two underground parking levels is expected to have been completed by the second quarter this year.

The ongoing development, which commenced during the first week of July 2017, is being erected along Gwamile Street on Lot 663 by Aveng Grinaker, Du Van and Roots (ADR) joint venture. 

Swaziland Finance Development Finance Corporation (FINCORP) Managing Director Dumisani Msibi is on record stating that the building was part of their strategic plan and organisational development.

Msibi pointed out that it had always been FINCORP’s long term plan to one day build its own offices considering that they were 21 years old and the organisation had grown tremendously over the years and in the process establishing two subsidiaries namely FIRST FINANCE Company and FINSURE Insurance Brokers.

Msibi said the development was envisaged to strengthen their balance sheet and assist the company to use same as leverage on future financing transactions.

“The project cost is E73.4 million financed as a TURNKEY PROJECT through SANLAM (SWAZILAND),” said Msibi when initially issuing details about the multimillion project.

The MD explained that this effectively meant SANLAM was given the responsibility to go to the market and find funding for the office building project and also assume full responsibility for the construction.

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