“Real estate market overview; commercial property segment”
Carsons Management Services (Pvt) Ltd has sent a clarification to the above story published in the Business Times on January 19.
The letter said that “Carson Cumberbatch PLc” does not own any properties in its name and neither does it carry out any property development or rental business in its own name. The property development and rental business is carried out by its subsidiaryEquity One Plc and the latter’s subsidiaries, namely Equity Two Plc and Equity Three (Pvt) Ltd. The letter said:
“The occupancy level and the Gross Rentable Area stated under ‘Carsons’ are both incorrect and are misleading. It appears that the writer has taken the Equity Two PLC’s occupancy data and total Equity One PLC group’s floor area (approximately) and arrived at his conclusions as published. Therefore, the figures do not correspond thereby giving the reader a completely distorted image.”
“Furthermore, the statement ‘The only outlier being the Carsons development and the reason for the low occupancy can be explained with reference to the fact that they only recently started to offer office space to outside parties’ is incorrect. Our real-estate sector has been renting space to outside parties from inception which is a well-known fact in the property market.”
Business Editor says: The article was written by Roshan Madawela, CEO Research Intelligence Unit, based on research conducted by his company.