Real Estate November 2017 ( Issue 49 )

S A’ S L E A D I N G L I F E S T Y L E A N D P R O P E R T Y M AG A Z I N E

ISSUE 49 • NOVEMBER 2017

new wave

2018 CAPE TOWN ART FAIR | TOP LEISUREII

TRENDS: WINE, WATER, SPORTS AND TRAVELII RYK NEETHLING OUT OF THE POOLII

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PLUS:

Property

investment

in Africa 20/10/2017 09:18

hand-chiselled with WOCA Denmark UV White Oil - 20/6 x 260 x 2200

Bishopscour t Drive, Cape Town. Oggie FSC European Oak Cerato Danish White,

...wide plank oak floors hand-crafted to your specific design needs.

Cape Town: 021 510 2846 | Paarden Eiland Johannesburg: 011 262 3117 | Sandton Durban: 031 000 1000 | Umhlanga nick@oggie.co.za www.oggieflooring.com

DISCLAIMER The publisher of this magazine gives no warranties, guarantees or assurances and makes no representation regarding any goods or services advertised within this edition. © The Advertising Joint Venture. All rights reserved. No portion of this publication may be reproduced in any form without prior written consent from the publisher. The publishers are not responsible for any unsolicited material.

COVER IMAGE Copyright @Maïmouna Guerresi, courtesy Officine Dell’Immagine. Aisha, 2015, Lambda print, 200 x 125 cm PHOTOGRAPHS Ruvan Boshoff, Lar Photography, supplied

CONTENTS

am not a car person. I don’t know anything about vehicle specs and design details. My second-hand Mercedes A170 is a means to an end. I try to keep to the speed limit, don’t travel too far, take it for its services. But it is getting old.

Recently, a yellow warning light started flashing on the dashboard and I thought it was time for a trade-in. So I keenly perused our feature on cute, practical and affordable small cars (p 14), but when the Jaguar on the right caught my eye, the collectable kind the super-wealthy invest in (p 32), I realised my taste in cars will forever remain outside the scope of my budget and had my old car fixed.

But if not collectable Jaguars, what else is there to invest in? Our insightful feature on the ins and outs of doing business and investing in Africa on p 48 is captivating reading. And, for those who’d rather play it safe and instead upgrade their homes, turn to p 24 for a look at the latest in flooring trends.

For me, well, I keep turning back to our small car feature. There’s a swanky new Audi A1 that’s set to hit our shores in late 2018. Its specs and design features seem impressive. Maybe I’m a car person after all.

32 09 WORD ON THE STREET

38 HOT PROPERTY

Things to see, trends to spot and places to be this summer

Inspiring design and architectural trends that shape the future of property here and all over the world

14 CAR REVIEW

Our pick of the best small cars on the market in four price brackets

16 SHOW HOUSE

The simple yet elegant design of a KwaZulu-Natal North Coast house allows for easy living

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Debbie Loots, editor, REAL ESTATE LIFE

PUBLISHED BY THE CREATIVE GROUP FOR BLACKSTAR PROPERTY PUBLISHING Old Castle Brewery, 6 Beach Rd, Woodstock, Cape Town, 7925 estatemagazine.com | 087 828 0423 | 021 447 7130

47 PROPERTY INVESTMENT

What the latest property indices tell us about residential and commercial property investment trends

48 SPECIAL REPORT

We take a look at property investment opportunities and challenges on the African continent

60 BACK CHAT

Olympic swimming champion and entrepreneur Ryk Neethling on the place he calls home

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MANAGING DIRECTOR: THE CREATIVE GROUP Terence Hewitt | terence.hewitt@thecreativegroup.info

EDITORIAL TEAM Editor Debbie Loots | debbie.loots@thecreativegroup.info Creative director Leah de Jager Deputy editor Julia Freemantle Copy editor Kay-Ann van Rooyen Group digital editor Lauren Joubert Accounts and finance Katrien Bezuidenhout Printing Paarl Media Contributors Candice Botha, Patrick Cairns, Lauren Groenewald, Genevieve Putter, Terence Steenkamp, Meg Wilson

ON THE

COVER

ADVERTISING SALES Michèle Jones | Group sales and marketing manager michele.jones@thecreativegroup.info | 084 246 8105 Yvonne Shaff | Business manager shaffy@timesmedia.co.za | 082 903 5641 Letitia Louw | Senior key account manager (lifestyle) louwl@timesmedia.co.za | 083 454 1137 Gina van der Wall | Senior key account manager (lifestyle) vdwallg@timesmedia.co.za | 083 500 5325 Susan Erwee | Senior key account manager (property) susan.erwee@thecreativegroup.info | 083 556 9848 Jimmy Balsaras | Senior key account manager (property) jimmy.balsaras@thecreativegroup.info | 083 387 2227

24 FLOORING TRENDS

Tiles in the bedroom, the new terrazzo, a riff on chequerboard – here’s the latest flooring trends

ADVERTISING BOOKINGS AND SUBMISSIONS Jackie Maritz | Advertising coordinator jackie.maritz@thecreativegroup.info | 078 133 5211

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Love the environment!

Please recycle this copy of REAL ESTATE LIFE after you have read it.

36 SPECIAL FOCUS

Introducing SOLO, a new section celebrating women artists at the 2018 Cape Town Art Fair

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HOME DESIGN INSIGHT

IN GREAT

SHAPE Designed for optimum flexibility, the tand model home demonstrates how the configuration of a house can impact the way you li e

W

hen Saint-Gobain and Val de Vie were planning the Stand 51 model home, the aim was to create a structure and environment that offered the best possible living experience for its occupants. And based

on the feedback and research they were working with, flexibility was one of the biggest priorities for homeowners. This meant factoring many things into the design – things that would affect short-term enjoyment as well as long-term investment.

VERSATILE SHAPE The H-shaped layout maximises space within the footprint by connecting the services wing and bedroom wing by way of semi-private outdoor “rooms” that shelter the house from the street. The outdoor spaces increase the functional size of the house, and the internal spaces double up for different uses, making the home easy to live in any time.

LONG-TERM FLEXIBILITY Need fewer or more rooms? The use of Gyproc drywalling without major structure-related costs.

ADAPTABLE SPACES The structure of the house allows for spaces to be extended, for example, the living area can be doubled in size by opening the doors to patios on either side. And multiple bedrooms allow for the creation of a permanent or temporary home office, an essential feature considering how people work now.

FOR MORE INFO stand51.co.za

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PHOTOGRAPHS iStock by Getty Images, supplied

materials allows for future renovations within the home

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WORD ON THE STREET THINGS TO SEE, TRENDS TO SPOT AND PLACES TO BE

Sunshine style

LIFESTYLE

Inspired by global destinations, the new Poetry Spring/Summer 2018 collection is made up of a base of classic nautical hues, livened up by accents of this season’s hottest shades of yellow, cerise and coral, as well as more subtle olive, pink and pistachio variations.

There is a profusion of shoulder and ruffle details (big this season) and the classic summer stripe. Also check out Poetry’s gorgeous range of homeware, the perfect complement to entertaining al fresco. poetrystores.co.za

TWICE AS NICE Twelve years since he opened the first Reuben’s restaurant, Reuben Riffel finally is chef proprietor of his own establishment – not far from the original in Franschhoek.

The new Reuben’s is still as unpretentious as the man himself: a family-friendly, casually elegant space serving his signature sophisticated yet unfussy food. You can have small sharing plates or order from the à la carte menu, and enjoy it in the main section of the restaurant or the courtyard, or by reservation in the private dining room, which seats 16 for special occasions. The menu is hard to pin down, by choice, as Reuben wants to be flexible and creative with dishes. You’ll find local ingredients, from salmon to springbok, and the occasional Asian influence. He has plans for the courtyard area, so watch this space. reubens.co.za

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SLOW DOWN A new addition to the SLOW Lounge family, the SLOW XS at Lanseria Airport by Comair is more compact but as well curated as the others. It is a peacful space with an urban aesthetic created

by Tonic Design, which has done all the SLOW spaces. The sophisticated lounge also features work-conducive facilities and well-considered refreshment options. Find out how you can qualify for access on the SLOW website: slow.co.za

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LIFESTYLE

R ea p w ha t yo u sew

The new Pichulik collection, called Harvest, pays homage to nature’s cycles and various cultural rituals, with reference to bones, beads and shells. The parallel clothing line by Nadya von Stein features classic pared-down tailoring and natural materials like hemp and linen, in line with the sustainable message of the collection as a whole. pichulik.com

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WORD ON THE STREET

Easy like Sunday morning Inspired by “lazy Sunday” vibes, the new brunch offering at Mulberry & Prince on Pepper Street in Cape Town is served on Sundays from 10 am to 2 pm. Chefs Cornel Mostert and Cynthia Rivera demonstrate their love of American cuisine with classics like buttermilk biscuits smothered in house-made sausage gravy, and chicken and waffles with Texas-style hot sauce. You can also opt for the bottomless bubbly add-on. mulberryandprince.co.za

BOTTLE SERVICE A partnership between wine industry veteran Ross Sleet and the Kretzmar family, Rascallion Wine caters to the modern wine lover. By working with a variety of winemakers and emerging wine styles, Rascallion aims to keep the local winemaking landscape dynamic and cater to customer needs. You’ll even be able to commission your own wine. By giving the bottles an exciting visual expression, the brand is all about engaging the senses. Rascallion is offering REAL ESTATE LIFE readers a special discount. Visit the website and order online, and you’ll save 10% on a mixed case for delivery to your door: Just quote “Rascal 10”. rascallionwines.co.za

Latin lesson Fans of Perron, a firm favourite on the Joburg foodie scene and one of the city’s most authentic Mexican restaurants, will be thrilled that there’s a new branch in Melville.

Close to the buzz of the main drag but with its own spacious corner, it is a vibrant space, designed by Studio A along the same lines as the original: moody lighting, a rich colour palette and festive vintageinspired Latin accents. perron.co.za

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WORD ON THE STREET

C a fé &

c ultur e

Go with the flow

LIFESTYLE THE WHOLE NINE YARDS A collaboration between Spice Route founder Abigail Bisogno and restaurateur GP Singh, The Yard in Cape Town’s Silo District is a deli/retail/fine dining destination. The deli and retail sections stock curated homeware and food products ranging from artisanal cheeses and charcuterie to spice mixes and preserves. On the restaurant side are bar, buffet and fine dining options, presided over by GP Singh, who has created a globally inspired menu. This beautifully designed space is conveniently located in the hub of businesses and retail space directly across from the Silo Hotel.

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The Happy Vibes Collective, or HAVVY, is the brainchild of Leigh Cattell and Kristine Leigh, whose mutual love of yoga, the beach and adventure, and experience in buying and design, sparked the brand that aims to channel positivity and a global outlook. Currently a swimwear collection but with plans to evolve into a lifestyle and events brand, it’s all about a holistic, healthy lifestyle. havvycollective.com

TEXT Julia Freemantle PHOTOGRAPHS Niquita Bento, Anke Loots, Myburgh du Plessis, Sarah de Pina, supplied

Hertex Fabrics has just opened a new café at its Bellville branch. With a menu curated by chef Eva de Jesus, 1987 is a casual yet chic eatery in a picturesque setting. There are breakfast, lunch and teatime options, and the cakes and pastries are freshly baked. hertex.co.za

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SMALL IS ALL THE RAGE Starting out, scaling down or looking to buy a safe set of wheels for your child?

These are our picks of the best in four price brackets TEXT Terence Steenkamp PHOTOGRAPHS Supplied

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ig-car features and safety items continuously trickle down to smaller cars, making it appealing to trade in that petrol-guzzling SUV in favour of something nippy. New-generation small cars offer conveniences that were the preserve of luxury cars only 10 years ago, plus they are comparatively light on fuel and inexpensive to maintain – some even come with a comprehensive service plan – and they are easy to manoevre, which is a major advantage if you live in a congested city.

What’s more, 2018 looks set to be a bumper year for the smaller car, with a number of new introductions sure to set the sales charts alight. We highlight the best current buys, plus what you can look forward to if you’re willing to exercise some patience. All our choices have the essential anti-lock braking system and a driver airbag, and they share another characteristic: stellar value for money.

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CAR NEWS

LESS THAN R150 000

LESS THAN R200 000

LESS THAN R250 000

LESS THAN R300 000

SUZUKI CELERIO 1.0 GA

KIA PICANTO 1.2 STYLE

RENAULT CAPTUR 66 KW TURBO BLAZE

VOLKSWAGEN GOLF 1.0 TSI TRENDLINE

Price: R133 900 Power: 50 kW Torque: 90 N·m Acceleration: 0–100 km/h in 14 s Fuel consumption: 4.7 L/100 km Boot capacity: 235 L The undisputed king of the budget segment, as evidenced by the Japanese carmaker’s surprise local sales success, Suzuki can seemingly do no wrong in the eyes of South African consumers.

And this Celerio is one of its finest products, offering a comfy ride; spacious cabin; the essential safety features, including a passenger airbag; and low maintenance costs.

No wonder it consistently ranks as one of Suzuki’s best sellers. suzukiauto.co.za

WORTH A LOOK The Kia Picanto 1.0 Street (R149 995).

The new Picanto is our pick in the next section, but the lower-rung 1.0 Street offers incredible value.

Price: R175 995 Power: 61 kW Torque: 122 N·m Acceleration: 0–100 km/h in 12 s Fuel consumption: 4.5 L/100 km Boot capacity: 200–255 L Leap to the next price bracket and your options extend to chic offerings such as the Toyota Aygo, Volkswagen Up! and Fiat 500. But our favourite here is a newbie that has already made its mark in terms of sales. The Kia Picanto oozes style, from its projector headlights to the solid yet suave interior and various connectivity options. The perky 1.2-litre engine feels as much at home zigzagging through a city as it does barrelling along the N1 to your holiday destination. kia.co.za

WORTH A LOOK Besides the Aygo, Up! and 500, also consider the Ford Figo Hatch. The 1.5 Trend, at R187 900, jumps up a size, making it a worthwhile option for a small family.

Price: R229 900 Power: 66 kW Torque: 135 N·m Acceleration: 0–100 km/h in 12.9 s Fuel consumption: 5.4 L/100 km Boot capacity: 377–455 L Following an update that added bright body colours, C-shaped lighting signatures and new wheel designs, Renault also took the surprising step of lowering the Captur crossover’s base price to R229 900. For a vehicle with a big cabin, lofty ride height, and 0.9-litre three-cylinder engine that punches above its weight class thanks to a turbocharger, duking it out pricewise with less practical offerings should win fans. The clincher?

A standard five-year/150 000 km warranty and three-year/45 000 km service plan. renault.co.za

WORTH A LOOK We’d check out the Kia Rio 1.4 LX (R234 995); new Fiat Panda 4x4 (R229 900), South Africa’s cheapest proper offroader; and Smart ForTwo Proxy (R207 400), the smallest new car you can buy in South Africa.

Price: R289 900 Power: 81 kW Torque: 200 N·m Acceleration: 0–100 km/h in 9.9 s Fuel consumption: 4.8 L/100 km Boot capacity: 380 L The quintessential classless car has never been better. Tweaked earlier this year to incorporate a more upmarket design, enhanced active-safety systems, extensive infotainment technology and a 1.0-litre turbocharged engine, the Golf remains the leader in its field.

Spacious cabin? Check. Refined ride? Check. Frugal drinking habits? Check. Seven airbags and traction control keep you safe, and a five-year/90 000 km service plan ensures your bank balance sticks to the green zone. vw.co.za

WORTH A LOOK Ditch those practicality considerations for a Mini Cooper One (R290 500), or embrace your inner eco-warrior and sign on the dotted line for the newly facelifted Toyota Yaris Hybrid at a smidge over R300 000.

CLASS OF 2018 The start of the new year will be a frenzy of activity as Ford (ford.co.za) introduces its new Fiesta, and Volkswagen (vw.co.za) replaces a South African favourite, the Polo, with the latest iteration. They’ll both have large touchscreens, big-car safety tech and turbo engines, and their prices should fall in the R220 000 to R300 000 bracket.

If you’re willing to nudge that budget slightly north and hit pause until later in the year, the next Audi A1 (audi.co.za) promises to be worth the wait.

Based on the Polo but with a classier interior and the kerb-side appeal of that premium badge, it’s sure to have the fashion-forward set salivating.

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SHOW HOUSE

The raw wood panelled headboard is not only an attractive feature in the main bedroom but it also serves to delineate the closet and provide space for plug points. Leaving the cupboards open gives the room a contemporary minimalist feel, enhanced by crisp white linen and simple side tables.

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SHOW HOUSE

SIMPLE

PLEASURES The elementary design and elegantly simple interior of a KZN North Coast house allow for easy living TEXT Candice Botha PHOTOGRAPHS Lar Photography

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t is not often that you hear of a farm shed being the inspiration behind the design of a house, but this is exactly what was the starting point for Lauren and Craig Glutz’s home on the KwaZulu-Natal North Coast, which they share with their 18-month-old daughter Luca. “We were brave to give it a go,” says Lauren, but it has paid off The idea came from Durban-based architect Lisa Rorich. The Glutzes immediately knew they wanted to work with her.

“Our reason for leaving Cape Town and moving to the small Loxley Estate on the North Coast was a desire for more space and to surround ourselves with nature again – a luxury we couldn’t afford in the ape at this point in our li es, auren says. “Our brief to Lisa was that we want a home that lets the outside in, completely, so that wherever you are, whether it be the guest loo or the kitchen, you would have a sense of the outdoors and the freedom of space.”

Lisa suggested juxtaposing lots of glass with timber treated with the Japanese shou sugi ban technique, which involves charring Japanese cedar (Cryptomeria japonica) to preserve it, gi ing it an interesting textured finish. The timber was sourced from Benvie Farm in the Karkloof, north of Howick.

“The result is the feeling of living in a cedar barn but with the luxurious transparency of the tall windows and over-sized sliding doors,” says Lauren. Their stand is on the edge of a protected wetland, so the glass affords iews of a lush landscape

inhabited by birds and other small creatures. The family delights in watching a resident pair of fish eagles, and a spotted eagle owl that roosts and hunts from above their bedroom every night.

To ensure that the views are the star attraction, Lauren, an accomplished interiors photographer, has kept the decor simple. “We have moved houses, countries and provinces more times than I would like to remember. The only upside of this is that we have whittled down unnecessary clutter and possessions.

The result is refreshing,” she says. Recently, they listed their home on Airbnb for those times when they are out of town.

“It’s the minimalism that allows strangers to feel at home in our space,” she says.

The things they have kept through their nomadic years, not surprisingly, all have sentimental value: a dressing table that was a gift from a friend, a pair of rocking chairs that belonged to Craig’s parents, and artworks that are meaningful to them.

“Some of our most treasured possessions, though, are the plants, both inside and outside,” says Lauren. “We have foraged them from all over, and most of the greenery in the garden has been propagated from cuttings we got from friends and my parents’ farm.”

Lauren’s description of their ideal day at home is as simple as the design and decor: “Music playing in the background, the smell of a freshly lit fire, a crumpled newspaper on the couch, and a little girl chasing around the house with the dogs.”

B env ie F a r m 0 8 2 8 9 8 8 2 0 6 lisa r o r ic ha r c hitec ts. c o . z a

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SHOW HOUSE

FOR SALE This property is on the market for R5.5 million through Pam Golding Properties (web reference NC1334365). Phone Pieter Basson on 072 262 2429 or visit pamgolding.co.za.

OUR BRIEF TO ARCHITECT LISA RORICH WAS THAT WE WANT A HOME THAT LETS THE

o utsid e in COMPLETELY Lauren Glutz, homeowner

CLOCKWISE FROM TOP LEFT A glass garden from Arkivio echoes the architecture of the house. | Large windows and sliding doors blur the boundaries between inside and outside. | The basin and taps in the guest toilet have a sculptural sensibility. | The guest room’s spare decor gives it a tranquil feel.

OPPOSITE The main bathroom combines classic and contemporary design to great effect: The nostalgic feel of the bevelled mirrors and brass taps contrasts with the modern style of counter-top basins.

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SHOW HOUSE

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SHOW HOUSE

THE RESULT IS THE FEELING OF LIVING IN

a cedar barn BUT WITH THE

LUXURIOUS TRANSPARENCY OF THE TALL WINDOWS AND SLIDING DOORS Lauren Glutz, homeowner

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Luca and Whip the German wirehaired pointer in the courtyard. The Japanese cedar cladding was treated with the shou sugi ban technique to achieve the charred finish.

RIGHT, FROM THE TOP Loxley Estate’s communal facilities include a swimming pool with a view of the sea. | The light-filled living area opens to the outdoors on two sides. | Floor-to-ceiling glass in the main bedroom gives the view centre stage.

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SHOW HOUSE

CLOCKWISE FROM TOP LEFT The entrance to the clubhouse reflects Loxley Estate’s industrial aesthetic. | The estate is a stone’s throw from the Indian Ocean in Sheffield Beach, not far from Ballito. | A cabbage tree, staghorn fern and Spanish moss in the Glutzes’ garden. | Lauren has incorporated lots of natural textures in the decor. The PU leather seats of the kitchen stools form a warm counterpoint to the cool concrete counters.

WHEREVER YOU ARE IN THE HOUSE, YOU HAVE A SENSE OF THE OUTDOORS AND THE

f r eed o m

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o f sp a c e Lauren Glutz, homeowner

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CMY

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Tiles in a bedroom may seem counterintuitive, but this sensational application shows how impactful they can be: These hand-made tiles with their retroinspired pattern in shades of blue were designed by Fernando and Humberto Campana for Bisazza’s Cementiles range (bisazza.it). Perhaps best suited to a summer home where cold isn’t an issue, it’s got a really laid-back, lowmaintenance feel.

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TRENDS

Creating interest underfoot lays the foundation for a successful decor scheme TEXT Julia Freemantle PHOTOGRAPHS Roswell & McLean, Peter Krasilnikoff, Emily Bartlett Photography, Antรกrtica Estudio, Bureaux, supplied

GROUND RULES

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TRENDS

CLASSICS UPDATED 01 Black-and-white is always a classic look, but by adding in a third colour you can take it up a notch. In this hallway, designer Sarah Lavoine (sarahlavoine.com) has incorporated a taupe shade, which elevates the effect. Note the pattern too: a riff on chequerboard, but more interesting.

02 The classic herringbone pattern, so perennially successful in period-parquet and country-chic brick applications, looks more up to date when in a pale blonde wood. This hallway by Oggie Flooring (oggieflooring.com) achieves a simple yet sophisticated effect courtesy of the border around the pattern.

03 This more dramatic take on a black-and-white floor

by Devon & Devon (devon-devon.com), using its Elite Mosaic range, plays with scale and shape for effect.

Instead of uniformly sized squares in each colour, the darker marble accents are circular and much smaller, linking the cream squares in a grid. This gives the floor a much more expansive feel.

04 Three-dimensional rugs add interest in a low-key way. Understated in terms of colour but incredibly intricate are The Rug Company’s (therugcompany.com) pieces, works of art that have been painstakingly cut into patterns to create depth underfoot.

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05 The hexagon is a dynamic shape to use in a bathroom, considering this is one of the spaces in a home that is often quite spare. The interesting effect adds interest. Amp it up further, as Nord House (nordhouse.com.au) did, by combining hexagonal tiles with others in a different shape – here, a regular metro tile – for even greater impact.

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06 Concrete floors are not new, but this interpretation

by Studio David Thulstrup (studiodavidthulstrup.com) manages to combine an effect that sits somewhere between matte and polished for something altogether much more sophisticated.

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GIVING CLASSIC PATTERNS AND TEXTURES A

slig ht tw ist

MAKES THEM FEEL FRESH AGAIN estatemagazine.com

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TEXTURE 01 Reminiscent of cobbled streets but with a more practical bent, these pebbled tiles are just the thing to add quaintness to a small garden. The surface is more user-friendly than cobblestones but still organic enough to give it charm.

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TERRAZZO REVIVAL 02 Terrazzo is enjoying a major revival. The surface comes in varying degrees of roughness and a variety of colours. Some applications are wild and retro-inspired, as seen here in a space by Dzek (dzekdzekdzek.com) where a chunky nougat-like pattern has been used on the floor and the splashback for continuity.

03 A low-key terrazzo-inspired application will work for a wider variety of homes. Take inspiration from architect studio Cera Stribley (cs-a.com.au) and the way they’ve used the textured look of the surface to add depth to what is otherwise a minimal space.

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TRENDS

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STEPPING OUTSIDE 04 Patterned tiles in a courtyard can help make a space that would otherwise be quite stark feel furnished. Here, a seventies-inspired design by Tom Dixon for Bisazza (bisazza.it) is the perfect foil for a mix of industrial and mid-century furniture.

05 Oversized tiles in large outdoor spaces are a good way to create balance and scale. The colour is key: Enrico Daffonchio (daffonchio.co.za) has used a really deep charcoal here, which grounds the look, and also offsets the greens of the grass and trees beautifully.

06 Rugs give outdoor spaces a living room feel.

Consider layering rug, picnic-blanket style, for an informal and dynamic effect. Hertex Fabrics (hertex.co.za) has a large range of rugs designed for the outdoors.

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ADVERTORIAL

LOCATION MEETS If you’re looking for a high-end lifestyle a short commute from a central Joburg address, it doesn’t get much more desirable than The Houghton

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LUXURY M

ore and more South Africans are opting for apartment living. Statistics South Africa reported that in 2016, for every 100 plans approved for residential units, 59 were for flats and 33 were for townhouses. In 2013, for every 100 approved plans only 26 were for flats and 25 for townhouses.

At the high end of the market, prospective apartment buyers would be looking for space, luxurious finishes and ample amenities, coupled with breathtaking locations. On Cape Town’s Atlantic Seaboard these are easy to come by,if you have the cash. Luxury and space are easier to find in Johannesburg, but location is tricky.

This is why a nearly complete development in Johannesburg’s Houghton suburb – named The Houghton – is attracting attention. The location is ideal: away from the hubbub and traffic of the Sandton and Rosebank CBDs yet within an easy commute, and close to the city’s top independent schools and colleges.

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A LIFE OF LEISURE Overlooking the Jack Nicklaus-designed Houghton Golf Club, The Houghton offers residents views across the treetops all the way to Sandton and on a clear day the distant high-rises of Pretoria. Looking east, the vista stretches as far as OR Tambo International Airport.

A view is only as good as the quality of the vantage point, and this is where The Houghton comes into its own. Developed in five phases – this was necessary to ensure working capital after the global economic crisis of 2008 – each of the first four phases comprises between 60 and 80 units. They range from three-bedroom apartments starting at R7.9 million to five-bedroom, three-storey apartments for R84 million.

The penthouse suites set the bar luxuriously high. Aside from the expansive rooms (the master bedroom can accommodate an additional lounge area) and the add-on two-bedroom cottage, they feature a cinema room, a gym, two levels of roof garden with swimming pool, jacuzzi, braai area, steam shower and two entertainment levels. They come fully integrated with top-of-the-range kitchen appliances and sound system.

ROOM TO BREATHE All these features have not been crammed into limited floor space.

The Houghton is all about spacious existence. Every living area has been designed to give residents a feeling of openness. Wraparound windows and balconies accommodate views stretching into the distance. Interiors are capacious — the penthouses have triple-volume halls. Kitchens open to entertainment areas, en-suite bathrooms are separated from bedrooms by foldaway screens, and entertainment areas are abundant.

The ground-floor units have gardens with a pool and a Jacuzzi.

All units take advantage of the development’s service features, which include high-end security systems with fingerprint access and 24-hour camera monitoring from a control room. A concierge desk will ensure residents’ shopping or parcels are brought to their unit. A generator and 600 000 L of water storage will take care of any outages.

“When the units first came on to the market, they were selling at roughly R26 000/m2, priced against similar residential developments above shopping centres, which were selling at R45 000 m2,” says David Nagle, the Irish developer and investor in The Houghton.

“Prices have exceeded our expectations given the demand.” He says the specifications have continually been upgraded to present a premium product. “It is now enjoying higher prices per square metre rates than apartments at premium shopping centres, where prices have remained static.”

LIVING THE BRAND Units are available in the final phase. This includes a luxury penthouse suite on one end of the building, allowing for wraparound balconies.

Nagle says a large number of buyers are residents upscaling or converting from renters to owners. Residents living at The Houghton say it feels like being on holiday, a sentiment echoed by David. “Essentially, once you’ve lived here, where else could you go?”

This approach has been embraced by The Houghton’s management team, many of whom live in the development. “We’re living it and we believe in it,” David says.

Although each phase has sold out rapidly, the team believes that demand will be unprecedented once the hotel has been completed.

With the space, views, luxury and services The Houghton offers, it seems unlikely this is an exaggeration.

HOTEL LIFESTYLE On their own, the first four phases of The Houghton are enough to satisfy the most discerning buyers, but when the fifth phase comes into play (planned for late 2018) residents will find themselves in an unparalleled live-work-play destination. Phase five is The Houghton Hotel, part of The Leading Hotels of The World 5 Star Group. It will be closely integrated with the rest of the development.

The hotel will have 61 suites, three business lounges, conferencing for 600 in conference seating and 280 in banquet seating, a slow lounge for guests on their way to the airport, a spa, hair and beauty salon, a private gym, resort pool, sky bar and dining options that include a deli that will offer guests and residents meals delivered to their rooms or homes.

“The hotel, a noteworthy guest destination in its own right, will expand the vision of The Houghton into something like a private club where residents live, exercise, luxuriate and are entertained, all within the property,” says developer David Nagle.

Residents already have automatic social membership of the Houghton Golf Club and full membership is offered at a discounted rate.

Investors will also find a compelling proposition in the hotel itself, with only 10 remaining hotel investor suites available for purchase. The luxury hotel will be in demand by international companies looking for secure, central, quality and short-term stays for their executives.

FOR MORE INFO thehoughton.com

www.realestatemagazine.co.za

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LUXURY LIFESTYLE

The ultimate statement in status and lifestyle, a speedboat or yacht offers a sense of adventure and escape that few other purchases can give. Riva Yachts has a history that dates back to the mid 1800s. The Italian company creates boats ranging from 27 to 115 feet, all designed with unmatched elegance and craftsmanship.

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19/10/2017 20:29

The super-wealthy are increasingly choosing to enrich their lives with unique adrenaline filled or mind-broadening experiences TEXT Julia Freemantle PHOTOGRAPHS Supplied

R

ather than merely adding value to an investment portfolio, increasingly, the luxury “items” that the wealthy are choosing to spend their money on focus on the impermanent – or intangible – pastimes and hobbies that, although expensive, don’t always result in the acquisition of a material asset. Or when they do, involve so much more than just owning the physical object.

The most recent Knight Frank Wealth Report details the importance and rise to prominence of the “experience economy”, exploring how leisure activities allied to investments that enrich one’s lifestyle in a meaningful way are becoming the priority among the super-wealthy.

Aside from the status, capital appreciation and personal enjoyment – the three top priorities when it comes to luxury spending – there are the allied benefits that come with these pursuits and activities, such as social or spiritual enrichment. Indeed, the next most crucial factors include “becoming part of a like-minded community”, “intellectual curiosity” and “becoming an expert”.

NICHE TRENDS SHOW THAT PEOPLE ARE LOOKING FOR

ta ilo r ed ex p er ienc es THAT CATER TO THEIR PERSONAL INTERESTS. estatemagazine.com NOVEMBER 2017 33

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LUXURY LIFESTYLE

THE BEST-PERFORMING COLLECTIBLES The motoring fraternity is one area in which a passionate collector or enthusiast can achieve this sense of community, and acquire and share expertise. shrewd financial in estment as well as a li ing breathing passion, collecting classic cars has consistently topped the Knight Frank Luxury Index for the past decade. Likewise, the other top-performing assets all have some leisure element attached: private jets, yachts, racehorses and sports teams. fter years of playing second fiddle to cars, wine finally knocked them off the top position this year, with alue of the night rank ine ine cons ndex rising by an impressi e in the months to the end of arch . ccording to Roland een, director of fine wine merchants ine ellar, wine as an investment has also seen an increasing interest locally. hen it comes to the wines people are buying, it depends on whom you speak to. Although classic varieties are safe investments, millennial

RE_Nov2017_Luxury lifestyle 3.indd 34

enthusiasts are also weighing in on the direction wine will go in. There’s curiosity about different wines, less ob ious arieties and regions, and a focus on authenticity: the where and how a wine is produced. big change is that consumers want to know the backstory of the wine where it is made, how it is made, and who the characters are behind the wine, says Roland. This means that not ust the big players get a piece of the action.

As far as South African wine and its standing on the world stage goes, the combination of smaller olumes rarity , relati ely low prices and impro ed quality makes it an increasingly worthy contender.

There has been a surge of quality as winemakers ha e disco ered precious old vineyards, vineyard quality has increased, and winemaking in general has been impro ed. outh frica is now producing some of the hottest and most highly sought-after wine in the world,” says Roland.

19/10/2017 20:29

A QUEST FOR UNIQUE EXPERIENCES From the tangible to the intangible, travel is one area with no material outcome. And yet, despite belt-tightening on everyday luxuries, it continues to increasingly be something the wealthy are willing to spend money on. ere, night rank’s findings for experience o er physical possession are most apparent.

Niche trends within the broader tourism spectrum show that people are looking for tailored experiences that cater to their personal interests.

Travel, especially ecotourism and adventure-orientated itineraries, has gained prominence, to the point that the UN World Tourism Organisation designated as the nternational ear of ustainable Tourism for e elopment. This extends further than the roughing it category of tra el to

luxury hospitality. resort such as Tri anka on the shores of oggala ake in ri anka, which is run on fully sustainable principles li ing walls, local building materials, green roofs, solar power and food gardens , offers a luxury experience with a light footprint. ery need is catered to and box is ticked, proof that it’s possible to tra el in the utmost comfort without sacrificing your sense of responsibility. n the ad enture side, once in a lifetime experiences like tracking gorillas in the entral frican ungles or hiking the world’s peaks are becoming more alluring for today’s intrepid tra ellers than beach and city getaways.

These trends highlight the fact that the super wealthy want more than ust the latest tech and run of the mill trips They want the experiences that come with what money can buy.

OPPOSITE, CLOCKWISE FROM TOP Cars have been a purchase of passion for as long as they’ve been built. They’re perennially popular and these days quite lucrative, especially if you’re investing in a brand like Jaguar with its legacy of quality and refinement. | As the wealthy increasingly seek to replace the material with the more intangible, travel companies and hotel groups like Aman with its strong sustainability focus are looking for new ways to keep up in a competitive market, with offerings such as spiritual getaways, health retreats and eco destinations. | Wine has climbed to the top of the luxury index this year. Mullineux Family Wines discerned the appetite of the consumer for collecting and drinking wine and, in 2013, joined forces with Analjit Singh, businessman and founder of Leeu Collection, leading to the establishment of Mullineux & Leeu Family Wines. CLOCKWISE FROM TOP LEFT Bisate Eco Lodge in Rwanda, a Wilderness Safaris destination, offers the rare opportunity to see gorillas in the wild. | The popularity of South African wines for investors comes down to smaller volumes and often more favourable pricing. | Eco-conscious travel has exploded, with luxury hotel groups jumping on the bandwagon as the combination of sustainability and luxury proves irresistible to tourists. Tri Lanka in Sri Lanka offers every comfort and mod con, and is run according to sustainable principles.

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SPECIAL FOCUS

ART FOR HER SAKE

Introducing SOLO, a new section celebrating women artists at the 2018 Cape Town Art Fair

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TEXT Debbie Loots ARTWORKS @Stacey Gillian Abe, courtesy of Afriart Gallery Kampala, Seat of Honour 3, 2017, 100 x 100 cm; @Lhola A.5 – Lhola Amira Narrative, courtesy of SMAC, LAGOM: Breaking Bread with the Self-Righteous V, 2017, giclée print on Hahnemühle; @Maïmouna Guerresi, courtesy of Officine Dell’Immagine, Aisha, 2015, Lambda print, 200 x 125 cm

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UPSETTING THE NORM AND UPSETTING THE

im a g e o f w o m en

T

he 2018 Cape Town Art Fair (CTAF) introduces a new section, SOLO, focusing on the production of woman artists that centers on the per asi e sociopolitical issues affecting women in both the pri ate and public domain. showcase of their arious artistic perspecti es and contribution to the art world, is guest curated by ontobeko tombela, who works with fair curator Tumelo osaka and the T team.

“I’m interested in the concept of what it means as a female artist to ha e this extended self through art, says ontobeko. The artists we are working with ha e explored this in di erse ways. The chosen pieces are all about upsetting the norm and upsetting the image of women . eatured artists include a mouna uerresi taly , represented by cine dell’ mmagine amela hatsimo unstrum otswana , represented by Tiwani ontemporary tacey illian be ganda , represented by friart allery ampala arul Thacker ndia , represented by mar allery ola eyezua ngola , represented by ’ RT hola mira outh frica , represented by ucinda udge outh frica , represented by erard Read R allery imathi afafo outh frica , represented by R T and ngrid olton outh frica , represented by andice erman allery.

The ape Town rt air, in its sixth year in , works with local and international galleries who support both emerging and established artists from outh frica and abroad.

The fair runs from – ebruary at the ape Town nternational on ention entre T . c a p eto w na r tf a ir . c o . z a .

ABOVE Seat of Honour 3 by Stacey Gillian Abe OPPOSITE TOP LAGOM: Breaking Bread with the Self-Righteous V by Lhola Amira OPPOSITE BOTTOM Aisha by Maïmouna Guerresi

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NOVEMBER 2017

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MARKETPLACE

H OT P R O P E R T Y I N S P I R I N G D E S I G N A N D A R C H I T E C T U R A L T R E N D S T H AT A R E S H A P I N G THE FUTURE OF PROPERTY HERE AND ALL OVER THE WORLD

FILLING THE GAP As part of a major redevelopment in London’s legal district, Orms Architecture came up with an innovative and visually arresting solution to connect two of the Victorian buildings in Chancery Lane. Hovering over an open alleyway, a series of contemporary cubes made of aluminium and glass have replaced the bridges that connected numbers 83 and 84 Chancery Lane. We love how the façade of this new in-fill build changes in appearance according to the movement of the sun throughout the day due to its glistening jewel-like quality. orms.co.uk

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HOT PROPERTY

Prefab-ulous design With prefabricated modular housing all the rage at the moment, it’s about time that a business offered more than a shoebox-size prototype. Enter Russian company DublDom with designs ranging from cabins to country houses, installed on site in three days. All models come fitted with electrical wires and water and sewerage connection pipes that only need to be connected to the municipal network.

They also include sanitaryware, furniture and household appliances. Prices start at ¤22 300 (about R350 000) for a 26 m2 cabin. dubldom.ru

A shining ex a m p le

The newest residential developments of JSE-listed Balwin Properties, Kikuyu and The Whisken in Waterfall and Kyalami, respectively, have been fitted out with solar energy systems.

This was done in partnership with SolarAfrica, which specialises in clean energy solutions specifically for the South African residential sectional title market. The company’s latest advancement allows for up to 40% of a development’s total energy requirements to be supplied by solar photovoltaic systems. Each apartment block will be fitted with dual-glass, frameless polycrystalline modules, which have some of the best performance ratings in the industry and blend well with the architectural style of each building. We hope to see more such systems on the roofs of new residential and commercial builds in future. balwin.co.za

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HOT PROPERTY

AWARDING ARCHITECTURAL EXCELLENCE

TEXT Genevieve Putter PHOTOGRAPHS Marcus Peel, supplied

The winners of the first African Architecture Awards (AAAs), presented by Saint-Gobain, were recently announced in Cape Town. The entries came from all over the continent and certainly lived up to the expectations of the patron of the awards, renowned architect Sir David Adjaye. “Now is the time to promote excellence and best practice on the continent,” he says. “The AAAs are particularly important, because this is the moment that a lot is happening on the continent in terms of development, in terms of the architecture that’s being produced.” The winner of the Grand Prix Award is Choromanski Architects for the uMkhumbane Cultural and Heritage Museum in Cato Manor, Durban. It’s an accolade worth much more than the cash prize of US$10 000 (about R133 000), as it is a project that best describes the ultimate objective of the AAAs: to inspire the future of African architecture. africaarchitectureawards.com

A HOME FOR ALL SEASONS The displacement of people due to climate change, war, poverty and other vulnerable living conditions has inspired the creation of the LifeArk, a housing solution for marginalised communities. It is a prefabricated modular building system that includes water purification, solar energy and waste management functionalities. It can be adapted on- or offgrid into a variety of structure types, including community centres, health clinics, schools, hydroponic farms and homes. It has an estimated lifespan of at least 25 years. LifeArk is in the final prototype stage, to be rolled out as a pilot project for residents of Santa Rosa Island on the Amazon River in Peru. lifeark.net

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We also understand that from time to time home owners may experience unforeseen circumstances such as a reduction in working hours or even a temporary loss of income. This could lead to tremendous financial pressure and a situation where home owners may find it difficult to keep up with their monthly home loan repayments.

At Nedbank Home Loans we recognise that there are some unforeseen financial situations, but if you communicate with us, we can help to reduce the anxiety by finding the best way in which you can continue to create beautiful memories in your home.

You can talk to us about a customised payment plan in which you can catch up on your missed payments over time. We assist more than 6 000 families with payment arrangements every month.

Alternatively, you can be assessed to see if your account can be restructured over a longer period should you be able to afford the new reduced instalment. To date, more than 30 000 families have made use of this option and have managed to keep their homes.

At Nedbank we believe that clients who are better informed make better choices. It was with this in mind that we developed the Payment Solutions website, where you’ll find simple descriptions of the options available, and a useful calculator with which to assess the options and the likely financial impact of each one. A significant number of clients who made use of the tool and kept to their course of action were able to recover from the difficult situations in the quickest possible time.

FOR MORE INFO Visit Nedbank’s payment solutions website: nedbank.co.za/homeloanshelp

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YOURS & MINE

What is usufruct, and how does it affect you

TEXT Patrick Cairns PHOTOGRAPH iStock by Getty Images

A

s with many other countries, South African property provides for the concept of usufruct: essentially, the right to use a property you don’t own.

Usufruct is often included in a will and allows the beneficiary long term rights, making it different to a rental agreement. For instance, a man may choose to leave his property to his children in his will, but grant his wife usufruct so she can continue to live there until her death or remarriage.

Importantly, the holder of a usufruct has full rights to use the property and to benefit from any profits it generates. e or she could li e there or rent it out, but may not sell it, transfer it to someone else or change it.

There is the potential for tension between the usufruct holder and the owners of the property, so anyone considering this route should look at the relationship dynamics first.

The holder of the usufruct is responsible for rates and taxes, and ensuring the property remains in good condition. But the owner(s) must cover major maintenance or repairs, as well as insurance. i en these financial implications and the potential disagreements, it is worthwhile reaching an agreement beforehand regarding how these issues will be managed. The person creating the usufruct should also consider leaving enough money to the heirs and the holder of the usufruct to cover whatever needs may arise.

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32717_Harbour Arch Real Estate_FA.indd 1

2017/10/10 3:32 PM

LH 673

The RE/MAX Masters team has been prominent in the residential letting and sales field for the past 15 years, including areas such as Sandton, Randburg, Roodepoort and Johannesburg. We take pride in our exceptionally high service delivery.

BRYANSTON, SANDTON, GAUTENG, SOUTH AFRICA •

R6.6 MILLION

A grand double-volume entrance and a living room with floor-to-ceiling windows are just two highlights of this magnificent residence in a complex of only eight units.

The stylish kitchen adjacent to the dining space features beautiful cabinetry and a gas hob. The house has four bedrooms and staff quarters. The master suite features a dressing room and a luxurious bathroom with a freestanding bath and rain-head shower. There’s a double garage and visitor parking, and a tranquil garden. Other features include home automation, underfloor heating, air conditioning, top-notch security and fibre connectivity.

Bedrooms 4 Bathrooms 3 Garages 2 Living areas 3 Donna Sipman +27 (0)83 299 1575 donna@remax-masters.co.za www.remax-masters.co.za web ref: BRYN-4326

LH 674

LH 675

Catering to the discerning luxury market.

BRYANSTON, SANDTON, GAUTENG, SOUTH AFRICA •

R15.5 MILLION

Exacting attention to every detail coupled with a phenomenal contemporary design and matching finishes sets this automated house apart. Within the secure Hamilton Village security enclosure, the bold contemporary architecture showcases a fluid floor plan comprising a volumed glass-encased entrance; three generous reception areas; an entertainer’s covered patio; and a gourmet social kitchen with integrated appliances.

There are five double air-conditioned bedroom suites with exquisite bathrooms. The main bedroom has a private lounge. Luxury staffing and a dedicated guard house are included. There is garaging for three.

Bedrooms 5 Bathrooms 5 Garages 3 Living areas 4 Regan Harris +27 (0)82 320 6464 regan@hamiltons.co.za Colin Cloete+27 (0)76 536 1529 regan@hamiltons.co.za www.hamiltons.co.za web ref: 13539276

MORNINGSIDE, JOHANNESBURG, GAUTENG, SOUTH AFRICA •

R9.87 MILLION

In this double-storey architect-designed home, elements of modern architecture have been perfectly executed to create a harmonious balance between indoor and outdoor spaces. From the grand entrance, there are four spacious bedrooms, all overlooking the stunning garden, a pyjama lounge that looks down on the double-volume living area, and a guest cloakroom. The downstairs area offers openplan living with vanishing sliding doors to open the home into the garden; a stylish kitchen with a central island, separate scullery and storage; and a generously sized dining and formal lounge area. There are two garages with automated doors and excellent security. This magnificent home needs to be seen to be truly appreciated.

Bedrooms 4 Bathrooms 2.5 Garages 2 Living areas 3 Peter Stroobach +27 (0)83 257 2374 peter@hamiltons.co.za Julie Rabins +27 (0)82 574 5880 julie@hamiltons.co.za www.hamiltons.co.za web ref: 13535734

VIEW ALL THESE LISTINGS AND MORE ONLINE www.homesofdistinction.co.za

BRYANSTON EAST/RIVERCLUB From R6,499 million Traditional family home in beautiful acre garden with pool and court offering 3 spacious reception rooms onto large covered patio overlooking garden with pool, golf putting green and tennis court; then country style eat-in kitchen, study, 5 bedrooms, 3 bathrooms PLUS double garage, covered parking for another 3 cars and double staff suite in ideal quiet location PLUS PLUS easy subdivision for future into wonderful South entry North facing regular shape street frontage stand!

View By Appointment Jonathan Broekman 083 444 1155 Wendy Melville 083 233 7752 Web Ref: RL794

BRYANSTON From R5,999 million Immaculate 4 bedroomed cluster style home in beautiful 2000sqm garden and boomed road offering spacious reception rooms to large covered patio overlooking inviting pool and manicured garden; modern granite kitchen and guest suite. Then upstairs to spacious pajama lounge, master bedroom suite, 2 further bedrooms and full bathroom. Double auto garage, good staff suite and excellent security in secure mini Estate. Asking R6,49million.

View By Appointment Jonathan Broekman 083 444 1155 Wendy Melville 083 233 7752 Web Ref: RL806

BRYANSTON Offers from R5,5 million

BRYANSTON EAST From R4,999 million

Luxury Family Cluster in a secure estate close to Saint Stithians and Brescia offers elegant, luxurious living and superb entertaining in stylish reception rooms and patio overlooking a manicured garden and pool. Divine family living with open plan TV room and state of the art kitchen.

Incredible main suite plus 3 further luxurious suites (one with flatlet potential) PLUS auto double garage and good staff accommodation. Words cannot do justice to this property...viewing essential. Asking R6,5 million.

4 Bedroomed home set in ever popular Devonshire Park boom. Great finishes, private, very secure offering 3 receptions all flowing to delightful covered patio with braai and pool set in established garden.

Stunning open plan “French Feel” granite kitchen, bar area and guest bedroom downstairs. UPSTAIRS to 3 further bedrooms (all en suite), master with outside shower, pyjama lounge opening onto balcony. PLUS double auto garage, staff accommodation.

Generator. Asking R5,399 million

View By Appointment

View By Appointment

Cheryl Cattell 083 327 0511

Christine Brits 083 632 3472

Web Ref: RL801

Web Ref: RL802

LONEHILL R4,5 million

DOUGLASDALE R3,99 million negotiable

Large cluster on double stand in Mykonos with 2 reception rooms and open plan kitchen/dining room to entertainers patio overlooking indigenous garden & pool; upstairs 3 bedrooms all to covered balcony with view, 2.5 bathrooms, study/4th bedroom PLUS staff suite, double auto garage and parking. Walk to Crawford, so perfect for Mum. 495 sqm under roof on a 972sqm stand.

Executive Georgian residence in the exclusive “Green Park” of Douglasdale offers reception rooms onto patio, established private garden and inviting pool; chef’s kitchen, 3 good sized bedrooms, 2 modern full bathrooms & excellent staff and double auto garage PLUS 24 hr security. A must to view.

View By Appointment

View By Appointment

Linda M Smith 082 608 0427

Tracy Thomson 082 454 2639

Web Ref: RL760

Web Ref: RL780

PROPERTY INVESTMENT

T

o be a successful property investor, it is important to know how market prices fluctuate. ou need to ha e an idea of the returns you can expect on your in estment.

This is as true for commercial properties as it is for residential. eing aware of market trends is crucial when identifying the right opportunities for your portfolio.

KNOW YOUR

MARKET ere’s what the latest property indices tell us about residential and commercial property in estment trends in outh frica TEXT Patrick Cairns PHOTOGRAPH iStock by Getty Images

RESIDENTIAL TRENDS ccording to the latest property reports published by ightstone roperty, o er the past fi e years house prices nationally ha e been increasing below consumer inflation. n other words, they ha e been decreasing in real terms. or the first half of , growth has been slowing e en further, and in une it fell below .

Three pro inces are, howe er, bucking the trend. The strong performance of property in the Western Cape is well known, but what may come as a surprise is that prices in the orthern ape ha e shown by far the highest increases since , growing more than last year. impopo has also begun to experience a rise in house price inflation.

Of the country’s metros, Cape Town continues to be the most attractive, with house price growth still increasing in the early part of this year. elson andela ay had started to see a higher rate of property inflation in , but this fell off when one of the city’s ma or employers, eneral otors, announced earlier this year that it would be withdrawing from outh frica. cross the country, between and , the prices of freehold properties experienced higher growth than sectional title units. This trend has re ersed during , with sectional title prices holding up much better.

What is also noticeable is that the prices of luxury homes – those above R . million – en oyed strong growth from to . owe er, this began to fall off last year and slumped to ust . in une .

COMMERCIAL TRENDS ightstone notes that the commercial property market is under pressure due to rising acancy rates and the weak local economy. e ertheless, there is still a fair amount of acti ity in the sector. or the months to the end of uly , there were transactions across the country of between R million and R million. There were a further transactions of between R million and R million. ost of the acti ity has been concentrated in auteng, where about new de elopments are in the works. This includes solar farms, hotel rede elopments and high tech industrial properties. wa ulu atal has the second highest number of new de elopments, with initiati es taking place, many of them around the ube Trade ort pecial conomic one.

NATIONAL HOUSE PRICE INFLATION As at the end of June 2017, the annual house price inflation rate was 4.03% and the monthly rate was 0.24%

Annual vs monthly 10%

0.83%

8%

0.67% 0.50%

6%

0.33% 4%

0.17%

2%

0.00%

0% Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun

-0.17%

2013 Annual (LHS)

RE_Oct2017_Prop Market Stats_KvR.indd 46

2014

2015

Monthly (RHS)

2016

2017

Source: Lightstone Property

19/10/2017 16:55

SPECIAL REPORT

CONTINENTAL SHIFT:

PROPERTY INVESTMENT IN AFRICA RE_Nov2017_Special report.indd 48

19/10/2017 17:05

African real estate has in recent years become a more crowded marketplace, but initial strong growth has slowed down in places. We take a look at investment opportunities and challenges across the continent TEXT Lauren Groenewald PHOTOGRAPHS Lauren Groenewald, supplied

A

question prefaces the Knight Frank Africa Report 2017: “Is Africa still rising?” This is in reference to the phrase “Africa rising”, coined by economists as the continent’s economy saw a steady growth for more than a decade at the start of the millennium. At last Africa was delivering on its promised potential, with an average GDP growth of more than 5% per annum between 2000 and 2014, primarily driven by fastgrowing Sub-Saharan economies. But strong external economic and geopolitical headwinds, including the collapse of commodity prices, have unceremoniously slowed down this growth.

“Within Sub-Saharan Africa, the drop in GDP growth can be largely attributed to the region’s three biggest economies: Nigeria, South Africa and Angola,” according to the annual Knight Frank report on Africa, which provides an overview of the continent’s property markets. “As Africa’s two largest oil exporters, Nigeria and Angola have both seen oil revenues badly hit by lower prices, and this has additionally put strain on government spending, debt levels and currencies. South Africa’s growth has been subdued by weakness in the mining and manufacturing sectors and the effect of a se ere drought on agricultural production.

But there is reason for optimism.

“East African countries, including Tanzania, Ethiopia and Kenya, have all maintained growth rates well in excess of , benefiting from low oil prices and growth in private consumption and investment. The West African economies of Côte d’Ivoire and Senegal have also emerged as two of the continent’s strongest performers, aided by improved political stability, economic reforms and infrastructure investment.” en amidst economic downturns, says fir Rusin, managing director at API Events, “African economies have the ability to change

and adapt almost instantly, allowing for shorter down cycle periods relative to more mature markets. hilst the geopolitical challenges ha e affected most frican markets, we are seeing a solid recovery in 2017, with very positive growth outlooks for 2018.”

REAL ESTATE “The African real estate market has been fairly subdued in 2017, with the effects of a tumultuous taking its toll, says fir. slowdown in the announcement of new developments and the raising of capital has been in line with African property-focused companies readjusting their strategies and managing current assets rather than seeking new business opportunities. Downward pressure on rentals and lowerthan-expected returns have put pressure on project promoters and fund managers, with the focus now shifting to debt restructuring, renegotiation of leases and the lowering of company costs.

“Overall, the major shift in focus is towards products that are better tailored and suited to a particular local market or city. The last two years have been tough, but the appetite for African real estate remains, albeit at a more cautious level.”

The Knight Frank report points out that demographic trends remain favourable to the continent’s longer-term development. The population of Africa is rising faster than that of any other global region, and its demographic profile is both young and increasingly urbanised.

Africa’s population has more than doubled over the past 30 years to more than 1 billion, and the United Nations forecasts that it will surpass 4 billion by 2100, which would be around 40% of the global population.

With other regions likely to be characterised by slower population growth and ageing trends over the coming decades, Africa will be home to an increasingly significant portion of the global workforce.

OPPOSITE The Torres Rani Towers in Maputo, a new residential and office building that reflects faith in Mozambique’s economic future.

ABOVE, LEFT TO RIGHT The Victoria Beachcomber Resort & Spa in Mauritius has 254 rooms, which are let by Grit Real Estate Income Group. | The Egyptian economy continues to firm up, thanks in part to the government’s bold reform agenda. | The Circle Mall in Lekki is a prime retail and office development in Lagos, anchored by Shoprite. It was developed by RMB Westport.

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PROPERTY FUNDS Since a decade ago, when the African property market was largely untapped by global property funds, a series of investment vehicles have emerged that target ub aharan real estate. night rank identifies RMB Westport as an example, which was created in 2008 as a joint venture between Rand Merchant Bank and the Westport Property roup. ts current de elopment pro ects include the ings ce Complex in Lagos, Nigeria, and Muxima Shopping Centre in Luanda, Angola. RMB Westport’s second fund, which has a target of raising US$450 million (about R6 billion), has attracted commitments from global in estment firm and the in estor ros enor.

“I started this journey 25 years ago as a fascination with the opportunities that might exist on the continent, and I am still excited by what can be done,” says Michael O’Malley, director and founding member of RMB Westport. The fund has created value-added real estate developments that are serving to change the African skyline. In Nigeria, hana and ngola, a collection of modern shopping centres and o ce blocks developed by RMB Westport are in various stages of completion. lthough the fund is still firmly in ested in the frican growth story, Michael acknowledges that there is a newfound realism after Angola and Nigeria, two of the previously strongest-growing economies in SubSaharan Africa, were left reeling from the commodity price crash. “All the countries we are investing in go through cycles. We have seen good times and bad times, but these cycles don’t last forever. Two years ago there seemed no end to opportunities, with a growing middle class and a ailable funds. e couldn’t spend enough. Then the oil price fell off the table, and without the necessary di ersification all hell broke loose. igeria has been the worst affected. n it experienced a recession, with the economy contracting by an estimated . . ichael concedes that some of the weaker players in the market have had to bow out, but that the projects that are going ahead are strong in terms of their fundamentals. The landscape has changed, but stressed environments also provide their own opportunities.

RMB Westport has been cautious in the past year in Nigeria and Angola, and would probably be for another year. The fund, which used to be focused on the de elopment of retail and o ce space, is busy creating new opportunities and looking at the logistics sector, industrial property and health-care facilities. It is also broadening its geographic outlook, ichael says, and is interested in what rancophone frica offers, in particular Senegal, Cameroon and Côte d’Ivoire.

Another noteworthy player in the African real estate market is Grit Real Estate Income Group (formerly Mara Delta). Grit is one of the most acquisitive buyers of real estate, growing a portfolio that currently includes assets in Kenya, Mauritius, Morocco, Mozambique and ambia. rit started in with the acquisition of two assets with a combined alue of . million about R . billion nfaplace Shopping Centre in Morocco and the Anadarko building in Mozambique.

Today, rit’s portfolio consists of properties in fi e countries with a combined alue of . million about R . billion and an occupancy rate of . .

“We believe that Africa is absolutely still rising,” says Bronwyn Corbett, founding member and chief executive of Grit. “The number-one misconception is to view the continent as a country. In the global search for growth, in estors ha e learnt to appreciate the different business nuances, economic drivers, risks and opportunities inherent to each

country in Africa. Although many countries on the continent are still dependent on extraction economies, countries with more di ersified economies are seeing growth.” ronwyn contends that the period to saw a lot of hype around the Africa investment case, which led to unrealistic price expectations. hen we started rit in , we walked away from many potential transactions on the back of unsustainable pricing. The subsequent commodity slump has led to a correction and unfortunate shake-out, with several players exiting the continent. On the positive side, this has led to more realistic pricing, and we see ourselves negotiating today on the same assets we had to forgo three years ago, but at much better price levels.”

The relationship with investment on the continent is a long-term one, says Bronwyn. “Most of our tenants are here for the long haul. Focusing on ‘doing it right’ from the start despite bureaucratic challenges and maintaining strong property fundamentals help to mitigate risk.”

Mozambique is a good example of this vision. Despite severe economic headwinds, the Grit team has been focusing on operational risk management and maintaining strong relationships with local authorities, the central bank and tenants. uring the worst periods, rit was flexible and worked with tenants who had delayed payments. As a result, no bad debts ha e been written off, and se eral new long term leases or early renewals have been negotiated. Bronwyn says Vodacom’s lease was renewed early for another years, renewed its lease for years on the same rental terms, and epkor signed a fi e year lease at impeto Shopping Mall in Maputo.

Despite Mozambique’s recent economic challenges, its skyline has been dramatically updated with the completion of the Torres Rani Towers de elopment in downtown aputo, a m2 two-tower structure with o ce space, furnished and ser iced residences, a two storey secured parking garage, and a retail area. ithin the residential tower, one bedroom and studio units will be fully managed by Radisson Blu. EAST AFRICA ON THE RISE The Pam Golding Property Group has also embraced opportunities offered on the continent. The group has been appointed to market luxury apartments and illas in the first phase of the ground breaking anzibar Amber Resort, a world-class beach, golf and hospitality resort situated on the prime north eastern coast of anzibar, ust off the Tanzanian coast. ith a total capital in estment of billion about R billion , when completed, this will be the largest hospitality investment in East Africa.

From a commercial real estate perspective, says Mark Latham, managing director at Pam Golding Commercial Africa, things are still rising, albeit slowly. “East Africa, Kenya in particular, is attracting investment, more so than West Africa. Francophone Africa is starting to see interest, with the first wa e of in estment and de elopment coming into the commercial market.

The market has swung, ark says. e saw significant le els of investment and development in markets like Nigeria and Angola over the past fi e years. umerous premium grade o ce de elopments came on line in , which has put the markets into o ersupply due to falling demand from typical occupiers of this type of space, especially those in or related to the energy sector. The market has reacted by discounting rentals and increasing incentives in order to drive demand, the success of which is debatable.”

OPPOSITE, TOP LEFT AND CENTRE The RMB Westport Wings Office Complex in Lagos, Nigeria. It is located on Victoria Island, an emerging central business district that is home to many hotels, shops, restaurants, banks, and the headquarters of nine out of ten multinational corporations in the country. TOP RIGHT The KPMG Hollard building in Maputo’s trendy business node, anchored by BP, KPMG and Hollard, was acquired by Grit Real Estate Income Group in April 2015. BOTTOM RIGHT The Torres Rani Towers in Maputo was developed by Dubai-based Rani Investment and designed

by DSA Architects International, which has offices in Johannesburg, Dubai and Lisbon. BOTTOM LEFT Pam Golding Property Group was appointed to market the ground-breaking luxury Zanzibar Amber Resort.

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OUR AIM IS TO PROVIDE SUPERIOR WAREHOUSING TO ASSIST

logistics providers

TO IMPROVE TURNAROUND TIMES Mark Truscott, marketing manager, new and existing developments at Improvon

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THE LOGISTICS PROPERTY SECTOR The Knight Frank Africa Report 2017 puts the logistics property sector in the forefront for new development. The past decade has seen a focus on modern commercial property development within Sub-Saharan Africa, with logistics development being more limited. However, there is a growing recognition that the region’s key cities are undersupplied for modern logistics space, says the report. New developments opened in 2016 include York Commercial Park in the Zambian capital Lusaka and Agility Distribution Park at the Port of Tema in Ghana. Both pro ects offer built to suit units of a quality pre iously una ailable in these markets.

The Improvon Group, an industrial and commercial property investment company based in South Africa, along with its private equity partner ctis, is planning to fill the gap in the local warehousing markets in Zambia and Kenya. “There is currently a lack of A-grade

warehousing, which is generally utilised by the larger logistics sector,” says Mark Truscott, marketing manager, new and existing developments at Improvon. “Our aim is to build world-class facilities that will provide for superior operational e ciencies. t present, many logistics pro iders are constrained operationally by the facilities they work from.

“Our two industrial parks, York Commercial Park in Lusaka and Northlands Commercial Park in Nairobi, each spans about 40 hectares.

We can develop about 200 000 m² of bulk in each park. Our intention is for both parks to be long-term investments and provide our fund with rental income.”

On the choice of Zambia as an investment opportunity, Mark says, “Lusaka is a major distribution hub within the region. Its location means that many logistics operators service Lusaka from Johannesburg via road transport. The bulk is then broken up for further distribution within Zambia as well as other central African countries such as the DRC.”

OPPOSITE AND ABOVE York Commercial Park is a logistics, warehousing and distribution centre about 6 km outside the Lusaka CBD in Zambia.

It was developed by South African warehousing and commercial property developer Improvon, in conjunction with growth market private equity investor Actis.

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THE RETAIL PROPERTY SECTOR This sector has been a major focus for development activity within Africa o er the past decade. The frica Report identifies outh frica as by far the largest and most mature retail market in the ub aharan region, with approximately 23 million m2 of shopping centre floor space compared with only about 3 million m2 in the rest of this region.

The outh frican market continued to grow in , most notably through the completion of the Atterbury Property Group’s 131 000 m2 all of frica, the largest single phase mall de elopment e er in ub aharan frica. hoprite oldings operates a total of corporate owned and 388 franchise stores in 15 countries from Cape Town to Accra and the Indian Ocean islands. Christo Wiese, in his Chairman’s Report for 2017,

acknowledges that there’s been a downturn in the economies of the bulk of the commodity linked countries in which hoprite trades. e remains positive, however. “There is no reason at all to turn negative on what frica has to offer. nyone taking note of demographic pro ections knows that Africa will be the world’s most populous region by the turn of the century. We remain committed to being a leading player in this huge market. outh frica and the broader frican region are going through a relatively tough time. But we have been through tougher times before, and it will get better.” hoprite oldings ieter ngelbrecht agrees that the momentum in frica has slowed as economies, including the fast growing igeria and ngola, ha e come under some strain, but, he says, e stand firm on our investment in Africa.”

BELOW Developed by property group Atterbury and opened in April 2016, Mall of Africa in Waterfall City, Midrand is the size of 65 rugby fields.

OPPOSITE, CLOCKWISE FROM TOP LEFT This multi-storey building in Maputo, tenanted by Vodacom, was developed in 2009 by Sociedade de Construções Catemba Limitada and acquired by Grit in May 2015. | Cosmopolitan Mall is a dominant retail centre in Lusaka, anchored by strong multinational tenants, including Game and Shoprite. | Sandton City Twin Towers. Nearly half of all the office development taking place in South Africa right now is happening in Sandton. | Kumasi City Mall in Ghana, an 18 000 m2 shopping centre developed by Ghana Atterbury and designed

by South African-based architects Boogertman & Partners. | Kafubu Mall in Ndola, Zambia is the result of a public-private partnership.

TO ANSWER THE QUESTION… Africa is still rising, but at a different pace than before, and the focus has shifted from Sub-Saharan Africa to other parts of the continent. It’s a bit like a marriage: Investors are having to make a long-term commitment that comes with ups and downs now that the honeymoon period is over. Africa is not a country, and each region has its own set of opportunities as well as challenges.

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BEING FICA-ED NOW MAY BRING SURPRISES Over the past few years, consumers (as natural persons or entities) in South Africa have become used to ”being fica-ed” when they enter into certain transactions. We are not alone in this: our financial intelligence laws were promulgated after South Africa became a member of the Financial Action Task Force, an intergovernmental organization established on the initiative of the G7 countries, to develop policies to combat money laundering and terrorist financing in member countries.

Important amendments to the Financial Intelligence Centre Act were passed recently, many of which kicked into effect on 2 October. The changes are substantial and require from accountable

institutions (such as attorneys, estate agents, financial advisors, banks) to adopt a risk policy when fica-ing clients. The ‘tick box’ approach to collecting a set list of documents from clients, is no longer necessarily adequate.

In addition to this change in approach to compliance, note: • where a company, trust or partnership is involved in a transaction, the accountable institution must ascertain the identity of the beneficial owner of the entity. In layman’s terms this means the identity of the person who ultimately “pushes the buttons” or who “has the final say” must be ascertained; and

• where an individual is a client and that individual is a domestic prominent influential person (or close relation or family member of such person) or a foreign prominent public official, increased due diligence is required and senior management approval must be obtained before one may do business with this person.

Going forward, you can therefore expect changes when you are being fica-ed!

Contact us on www.stbb.co.za should you require assistance or have questions.

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B AC K C H AT A Q & A WITH WELL-KNOWN PERSONALITIES ON THE PLACE THEY CALL HOME

HOME BASE INTERVIEW Debbie Loots PHOTOGRAPH Supplied

In-between travelling the world, Ryk Neethling likes to come home to a place that offers the best of country living WHERE DID YOU GROW UP? I was born and bred in Bloemfontein.

WHERE DO YOU LIVE NOW AND WHY? I live on Val de Vie Estate in the Western Cape, because it offers the best lifestyle in South Africa in my opinion. And I am one of the owners.

WHAT DID YOU WANT TO BE WHEN YOU WERE LITTLE? A lawyer and a rugby player.

WHAT ARE YOU TODAY? Marketing director at Val de Vie, property developer and entrepreneur.

WHAT IS IMPORTANT TO YOU? To always be passionate about what I do. Also, to make the most of my opportunities and make a difference in the lives of others.

WHAT DO YOU DO IN YOUR FREE TIME? I enjoy reading, travelling and spending time in the outdoors.

WHICH MOMENT IN YOUR LIFE WILL YOU NEVER FORGET? Walking into the filled-to-capacity Centennial Olympic Stadium in Atlanta as an 18-year-old and realising that my dream of becoming an Olympian was a reality.

WHERE DO YOU FEEL MOST AT HOME AND WHY? At Val de Vie. It is safe and beautiful, and has every type of amenity I could ever need, including a winery, restaurants, gyms, pools and golf courses.

It truly is country living at its best.

COULD YOU LIVE SOMEWHERE ELSE APART FROM IN THE WESTERN CAPE? At this moment I really can’t think of a better place to live.

WHAT DOES YOUR DREAM HOME LOOK LIKE? I am busy designing it at the moment…

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