Malawi’s ICON Properties eyes student accommodation as dividend rises

ICON Properties Plc, the Malawi Stock Exchange-listed property developer, said it has no immediate plans to raise fresh capital, citing sufficient resources to fund its development pipeline over the next two to three years.

Speaking on the sidelines of the company’s eighth annual general meeting in Blantyre, board chairperson Eric Chapola said ICON has a number of property development projects in the pipeline, including exploring investment opportunities in student accommodation.

The company declared a total dividend of 31 tambala per share for the 2025 financial year, up from 29 tambala per share the previous year, reflecting continued earnings growth despite the absence of new equity funding.

Chapola’s comments suggest ICON is opting to fund its expansion through internally generated resources and existing balance sheet capacity rather than turning to shareholders or debt markets in the near term — a stance that will likely be watched closely by investors weighing the company’s growth ambitions against the capital intensity typically associated with property development.

The move into student accommodation, if pursued, would mark a diversification for ICON beyond its existing portfolio, tapping into a segment of Malawi’s property market that has drawn growing interest amid rising demand for purpose-built housing near the country’s universities and tertiary institutions.