PROPERTY NEWS Friday February 19 2016
Landlords discover the better way to manage parking lots
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new cashless, ticketless, user-friendly parking app is set to take the hassle out of parking and give forward-thinking landlords a competitive edge. KaChing Parking uses licence plate recognition (LPR) technology to open the boom when users enter and exit a parking lot. It also automatically deducts the parking fee from their credit cards or pre-paid accounts upon exiting. The service first launched on a commercial pilot basis in 2015. It is already available at Melrose Arch, Campus Square and Morningside shopping centres, and will be available at Pavilion (Durban) and Thrupps (Johannesburg) soon. There are also plans to expand to SA’s other top shopping destinations.
THE PRICE TAG OF LUXURY HOMES
News that the Playboy mansion went on the market for a cool $200m made headlines around the world. But the downside — or upside, depending on your point of view — is that current owner Hugh Hefner is included in the deal. The good news, if you happened to be in the market, is that other equally if not more impressive properties are on the market, often at a lower price.
able to provide for visitors. There is also a cost-saving element to implementing KaChing’s setup. Marais says that because it is homegrown and serviced in SA, the KaChing parking solution can be installed at 10%-20% of the cost of a conventional pay station system. The KaChing system also constitutes reduced operational expenditure by eliminating the need for tickets, as well as reducing theft and cash
Says co-founder of KaChing, Jaco Marais: “We understand the frustration of waiting in queues to pay for parking and to get through the boom. We figured there had to be a better way, and decided to create a solution that not only takes the hassle out of parking for users, but has tangible benefits for landlords too.” An added benefit is the high-level security and convenience the landlord is
“We figured there had to be a better way, and decided to create a solution that not only takes the hassle out of parking for users, but has tangible benefits for landlords too” Jaco Marais, co-founder, KaChing
Le Palais Royal, Florida, $159m
handling costs dramatically. According to Marais the service also presents landlords with a “watchlist” of suspicious vehicles. “As soon as a vehicle enters
with a licence plate flagged as suspicious, we send out alerts on various channels to the landlord, allowing proactive handling of the situation,” he says.
Measuring roughly 6,000m2, this property was modelled on various European palaces, and features 11 bedrooms and 17 bathrooms. Situated in Hillsboro Beach in Florida, Le Palais has a private IMAX theatre, an air-conditioned kennel for the dogs and a 400m2 infinity pool.
The Manor, Los Angeles, $150m
House prices stable but home loan approval rates dip
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roperty statistics for Q4 2015 released by bond originator Ooba show house prices continued to grow in excess of inflation as demand for residential property remained buoyant despite a weakening economy. Compared to Q4 2014, average purchase prices increased by 7.5%, surpassing the R1m mark from R978,502 to R1,051,809. The average purchase price of first-time buyers also continued to
climb, increasing by 5.6%. The average deposit paid by first-time buyers dropped by 21%, compared to Q4 2014, which is indicative of firsttime homebuyers’ continued ability to access finance in a competitive home loan market. Says Ooba CEO Rhys Dyer: “Ooba’s approval rates in Q4 2015 are 1% down on Q3 2015, alluding to the financial constraints that homebuyers are starting to face as a result of SA’s current tougher economic
“Ooba’s approval rates in Q4 2015 are 1% down on Q3 2015, indicating the financial constraints that homebuyers are starting to face” Rhys Dyer, Ooba CEO
conditions. “On the home loan front, an increasing inflation environment off the back of the rand’s decline will intensify affordability pressure on homebuyers, which will likely increase home loan decline rates across banks.” Dyer envisages that the mix of home loan applicants will change in 2016. He expects a lower percentage of first-time homebuyers, as they will likely delay their decision to enter the
market until the economic environment improves. Says Dyer: “We anticipate that more buyers will purchase within their affordability constraints and at lower levels, and that banks will drive buyers to put down larger deposits. Banks will be watching the consumer affordability position very carefully and will tailor their lending approaches, both in terms of the homebuyer and the property itself, to contain risk.”
Demand for contemporary, well-located retirement homes
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“A key differentiator for Lazuli is the fact that it caters for an active market, as well as those in the later stages of their retirement and looking for more specialised facilities” Glen Hesse, Cenprop CEO
worldwide trend has seen baby boomers become a significant residential market. SA specifically has seen enormous growth in this segment, with empty-nesters and those in their early 50s, heading from conventional residential neighbourhoods to secure retirement estates. This is according to Glen Hesse, CEO of Cenprop. It was the impetus behind the development Lazuli Coastal Lifestyle Estate in Port Zimbali on the KwaZuluNatal North Coast. Hesse says the location of Lazuli Coastal Lifestyle, which is close to King Shaka International Airport and Gateway Theatre of Shopping, as well as the game reserves to the north, has ensured that the response prior to launch has been extremely positive from potential buyers in KwaZuluNatal, Gauteng and even abroad.
The 126-unit estate will offer a clubhouse with a heated lap pool, business suite, fitness centre, porter and shuttle services, restaurant, 24-hour security and assisted living with 24hour supervision. There will be additional guest suites to hire for family gatherings. Hesse says: “A key differentiator for Lazuli is the fact that it caters for an active market, as well as those in the later stages of their retirement and looking for more specialised facilities.” The first phase, which launches this month, will include 72 two-, threeand four-bedroom luxury apartments. Units are priced from R2,895,000. Cenprop has developed a number of estates including Dunkirk Estate in Salt Rock, St John’s Village in Howick, Mzingazi Golf Estate in Richards Bay and Redlands Estate in Pietermaritzburg.
This property in the exclusive Holmby Hills suburb of Los Angeles has its own Wikipedia page. The home, boasting 123 rooms, was built by the late television producer Aaron Spelling. It was then sold to Petra Stunt, daughter of Formula One billionaire Bernie Ecclestone, for $85m in 2011. Word is the megamansion is on the market again.
Tour Odeon, Monaco, €300m
The recently completed five-storey sky penthouse sits atop a double skyscraper, the first to be built in Monaco since the 1980s. Measuring nearly 3,300m2, the penthouse and its €300m price tag is what has attracted the most attention. The rooftop apartment boasts a water slide that extends from an upper dance floor down to a circular infinity pool. When the property was launched, Tour Odeon’s developer Groupe Marzocco SAM’s MD Daniele Marzocco speculated that the final price might even be “a little more”. A vehicle parking space was rumoured to cost €250,000.