By Linda Kwanjana
The K128 billion price tag offered by Yusuf Investments Limited to the Public Service Pension Trust Fund (PSPTF) for the purchase of Amaryllis Hotel in Blantyre has been described by property experts as reasonable, despite public controversy surrounding the transaction.
A valuation report by Knight Frank Malawi in July 2023, which we have seen, pegged the hotel’s gross replacement cost at K87.81 billion and its market value at K50.05 billion.
An experienced valuer, who opted not to be identified, said that with multiple currency devaluations in the past three years, the K128 billion offer should not raise alarm.
“Estate property appreciates steadily over time, and considering this is the only five-star rated hotel in Malawi, the figure reflects both scarcity and future potential,” the valuer explained.
Amaryllis Hotel, a freehold property, is a 91-room facility boasting two restaurants, six conference halls, a rooftop swimming pool, a bar, and panoramic views of Blantyre city. The multi-storey building, which includes four basements and seven upper floors, is fitted with modern amenities such as escalators, lifts, CCTV, solar panels, air conditioning, and elegant finishes.
It currently yields monthly rental income of K24.6 million from shops let to tenants, according to the Knight Frank’s valuation report translating into K246Million rentals annually.
Legal experts have clarified that PSPTF is not a government entity but a standalone trust. One lawyer familiar with the matter but opted for anonymity noted that Attorney General (AG) Frank Mbeta only became involved after the Malawi Law Society requested his intervention.
“The AG did not authorise the sale. He has no such authority. He merely advised PSPTF to relook into issues raised by the Malawi Law Society before proceeding,” the lawyer said.
The Anti-Corruption Bureau (ACB) earlier cleared the transaction of bribery or corruption allegations. However, the Reserve Bank of Malawi has ordered a reversal of the deal.
In a letter dated February 2026, the registrar of financial institutions George Partridge ordered the trust to reverse its decision within seven days to avoid administrative penalties.
Legal experts have since cautioned the central bank to tread carefully: “This is a matter involving huge sums of money and a binding agreement. Any intervention must be handled with utmost caution to avoid destabilising both the financial and investment environment,” one lawyer added.
The Amaryllis Hotel remains the only five-star rated hotel in Malawi, strategically positioned for both business travelers and holidaymakers. Its prime location, architectural design, and trading potential continue to make it a rare asset in the country’s hospitality sectors
