MBABANE – SBC Limited is strengthening its foothold in Eswatini’s financial and property sectors with plans to expand housing delivery, retail development and innovative financial services.

According to the company’s 2024 Annual Report published on the Eswatini Stock Exchange (ESE) website, SBC’s long-term strategy is anchored on broadening its loan-book by offering ‘mortgage-type’ financing through a Lease-to-Own housing model.

This strategic offering aims to serve customers often excluded from mainstream mortgage lending due to affordability constraints or risk profiling.

“A key advantage is that each loan is secured by an underlying property, which remains under the group’s ownership until the final instalment is settled,” the report states.

The Lease-to-Own model provides flexibility by allowing clients to enter long-term rental agreements, where ownership of the housing unit transfers to the tenant upon completion of all instalments. This structure, SBC explains, carries a different lending risk profile that is secured and asset-backed, unlike unsecured consumer credit.

In 2025, the group commenced the construction of approximately 150 residential units under this model, significantly increasing the Pine Acres-led Malkerns housing development to over 300 homes. Management envisions that up to 600 units will be completed within the next three to four years — making Pine Acres one of the largest private-sector housing developers in the country.

Alongside the housing development, the group is also investing in recreational infrastructure. A notable addition is the construction of Eswatini’s first professionally built Padel Courts, which are now underway at Malkerns Square. These courts are expected to be completed by June 2025 and will add to the attractiveness and amenity profile of the growing Pine Acres development.

“Management continuously strives to enhance the existing amenities,” the group noted, highlighting its commitment to community-oriented living spaces.

… retail expansion: Phase II to be 3.5x bigger

MBABANE – SBC Limited also announced the launch of the second phase of its retail expansion strategy, with a project that is expected to be 3.5 times larger than its current retail offering.

This major development phase is targeted for completion in Q4 2026 and is projected to transform the retail landscape at Malkerns Square and surrounding areas.

Meanwhile, the company, through its subsidiaries Select Limited (Eswatini) and Lesana Lesotho Limited, has spent the past 25 years focused on consumer lending — especially for customers often overlooked by traditional banks.

These include teachers, police officers, nurses and other civil servants who previously lacked access to affordable credit. The Group mitigates risk by using payroll deduction models to ensure timely collections and reduce defaults.

“Select Limited and Lesana have been at the forefront in providing the financial means to its customers to access credit while contributing to the enhancement of local community development,” the group reported.

SBC Limited is listed on the Eswatini Stock Exchange and operates within the regulatory framework of the ESE, maintaining a 20 per cent free float requirement. This transparency, the group says, offers comfort to existing and prospective investors, while also positioning the company uniquely among its peers.

Opportunity

“The performance of the share price continues to support the opportunity to develop the capital markets and we remain confident that SBC will continue to be a desirable investment opportunity,” the report added.

With diversified operations across lending, property development, and retail expansion, SBC Limited is demonstrating strategic intent to reshape Eswatini’s economic and financial landscape, while supporting inclusive growth and urbanisation.