HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA 16 AUGUST 2019 WWW.BUSINESSLIVE.CO.ZA
Beloved Ba-Pita reinvented PAGE 2
Property auctions: the ins and outs PAGE 12
Ecological kudos for Arabella PAGE 15
Vukile expands assets in Spain PAGE 15
Tuynhuys, a new apartment building in Keerom Street, Cape Town, will be ready for occupation in September
All the single ladies (and gents) … There’s a new trend in the local property market that might prove surprising: single people are snapping up homes in SA right now, and most of them are women
DÉCOR AND LIFESTYLE
Middle Eastern magic in Melville A much-loved old Yeoville restaurant has been reinvented in Melville’s vibey 7th Street WORDS: KIM MAXWELL :: PHOTOS: MARK KHOURY
any Johannesburg locals have fond memories of Ba-Pita restaurant in Yeoville’s Rockey Street during the late 1980s and early 1990s. It was an eclectic meeting, drinking and eating place, reflecting the upbeat mood of rainbow nation residents in the build-up to the first democratic elections in 1994. “Rockey Street was the most vibrant place in the country – filled with iconic restaurants and bars, an amazing music scene and artists, a hub of political activity. For Joburg it was the first integrated suburb,” says Gerald Elliott, BaPita’s former owner. “Our restaurant had black, Indian and coloured customers, ahead of its time. Liberal like-minded people frequented it.” Elliott had been a Ba-Pita Yeoville customer before he bought the restaurant in 1994. It traded successfully until 2000, when urban decay and increasing crime in the area caused it to close. Elliot moved on to other businesses and planned to reopen in a better location, but the timing was never quite right. That changed after a chance meeting with former colleague and fellow restaurateur Toerie van der Merwe. “We decided to do a joint venture. Between the two of us we’ve owned about nine restaurants, give or take. When we found the Melville site, we said: this is a Ba-Pita.”
Melville opens The new improved Ba-Pita opened in Melville in late 2018. “It was a huge risk taking on a legacy restaurant but people have responded incredibly well,” says Elliott. “The old Ba-Pita used to be a bit of a late-night jol on your way home from a club. Now we close the kitchen at 10pm. So it’s different but still a great space,” adds Van der Merwe. “Melville today is the closest to what Rockey Street was – the weird and wonderful, from all walks of life. Musicians, poets and politicians. A cosmopolitan and bohemian clientele.”
Décor The old Melville building needed a lot of work, so Elizabeth Joubert of TinLab Design was hired to modernise the space. “I was very much stuck on the old Ba-Pita in my mind – gritty, with unvarnished tables, walls full of postcards and an 1980s or 1990s vibe,” says Elliott. “But Elizabeth’s design blew me away. I realised we’ve all grown up. Our customers no longer want to drink wine out of
Q&A red plastic glasses. The décor had to grow up too.” A tight budget necessitated creative solutions. So tables from one of Elliott’s former restaurants were upcycled; chairs were revived with new upholstery. The partners scoured auctions and negotiated on prices.
Food The menu is Middle Eastern with a Mediterranean twist. “It’s not specifically Lebanese or Turkish or Israeli but our own take on a combination of Middle Eastern countries,” says Van der Merwe. “We have a small kitchen area, so we don’t keep stock. We buy fresh daily and make it from scratch. Our menu is seasonal.” There is a strong emphasis on creative vegan and vegetarian options in dips, sides and delicious salads. These include tabouleh, a quinoa fattoush
Elizabeth Joubert, founding interior architect of TinLab Design in Johannesburg What works about this urban location? Ba-Pita is in a newly renovated building in a bohemian suburb. It’s the location of many restaurants and bars, mostly frequented by students from nearby universities. The developers renovated the corner building, keeping it true to its original style.
How were you involved in Ba-Pita’s interior design? The owners asked TinLab to bring to life
with pistachios and feta, and a cucumber and olive-based Greek salad The vibrant platters are popular with groups. These arrive with dips, sauces and pita bread, and eating with your hands is encouraged. The signature Ba-Pita platter includes baked aubergine baba ghanoush, tzatziki and hummus, alongside homemade falafel and meaty kofta with freshly baked pita and spicy za’atar flatbread. “Everything we do here is fresh. If you order a shawarma, we break off a piece of stoneground-flour dough and bake it in our wood-fired oven to order,” says Van der Merwe. Fillings include beef rump, lamb shoulder and chickpea falafel, each served with the original garlic sauce Rockey Street was famous for. Middle Eastern laffa flatbreads are toasted and
stuffed with hummus, homemade pickles and tahini, plus chickpea falafel or meat. The two meaty options are roast grass-fed lamb shoulder and beef short rib roasted with a special rub. When it comes to dessert, the house baklava has a steady following. Or finish with a chai latte of cardamom, nutmeg, cloves, black pepper, fresh ginger, tea leaves and honey, all infused in milk. It brews for five minutes at the table. “I’m getting people through the doors who tell us they had their first date at Ba-Pita,” says Elliott. “The people who arrived with nostalgia for that time are now bringing their kids. That second generation is coming here independently of their parents too. We’re very happy with our investment. And Melville is on the rise.”
their dream restaurant. As a full turnkey company, we designed everything in the interior, from plumbing and electrical and wet trades to finishes, fixtures and furniture. Part of our service was to consult with a lighting design company to ensure the correct ambiance and focal lighting.
How did you meet your clients’ budget? Because of the tight capital expenditure for the restaurant, we had to find ingenious ways to create the space. Between the three of us we sourced all the elements, suppliers and contractors. We found gems in unexpected places.
How did you implement the design? The brief was a taste of the Middle East enhanced by the exciting flavours of the Mediterranean. We used typical Middle Eastern colours and patterns combined with a Med twist. Beautiful terrazzo tiles were sourced from Union Tiles. Colourful Moroccan pendants of various shapes and sizes were hung in a cluster over the dining area, and soft fabric drapery to the underside of the slab. A bold Moroccan pattern was used for the wallpaper, making a striking feature wall. A mixture of tables and chairs completes the picture.
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HOMEFRONT HOT TOPIC
All the single ladies (and gents) … There’s a new trend in the local property market that might prove surprising: single people are snapping up homes in SA right now, and most of them are women WORDS: TRACY ANN VAN BLERK :: PHOTOS: SUPPLIED
De Velde Estate by Balwin Properties in Somerset West
espite the economic and political doom and gloom that colours the local state of play, single homeowners are the ones to watch when it comes to acquiring property in SA. Undeterred by their unattached status, they are dominating the market, especially in the sectional title segment. “Together, single men and women purchase significantly more property than married couples. However, married couples buy more expensive homes than single men, whereas single men purchase more expensive properties than single women,” says Pam Golding Properties senior research analyst Sandra Gordon. “There has never been a better time for singles to get into the property market,” says Chris
Cilliers, CEO and principal for Lew Geffen Sotheby’s International Realty in the Winelands and Helderberg. “There are many properties to choose from currently and the banks are generous with their offerings of 100% bonds for first-time buyers. In certain areas there has been a large focus on apartment and townhouse developments that can be suitable for single buyers. Security is obviously an issue, as is access to services such as fibre connectivity, laundry, cleaning, gyms and swimming pools. Food delivery – both fast food and supermarket orders – is also in high demand for single people.” Because the market is slowing, says Gordon, many development products are being offered at a good price or extras are added on. “These types of properties often offer built-in appliances, reducing the expense for a single person when they move into a new property. And in new developments there is no transfer duty payable, which reduces the amount of cash the buyer needs to have on hand. “Strand and Somerset West in the Western Cape have many such developments,” Gordon says. “The Somerset West development De Velde Estate has been extremely popular, with easy access to all the major routes.”
WOMEN ON THE RISE
Dogon Group's 1onAlbert in Woodstock, Cape Town
Female buyers, in particular, are coming into their own. Property research group Lightstone reports that single women have bought more property than single men during each of the past five years, but it is only in the past two years
Foreshore Place in the Cape Town CBD, also by Dogon Group
“Underpinned by a growing awareness of the benefits of property investment, the rise of female buyers is part of the trend towards more single-person households” Sandra Gordon, senior research analyst, Pam Golding Properties
297 on Main, a Pam Golding Properties offering in Kenilworth, Cape Town
NOTES FOR SECTIONAL TITLE NEWBIES There are important questions to ask before putting pen to paper. Zerlinda van der Merwe, specialist community schemes consultant and GM of Pam Golding Property Management Services, offers this advice: Pets, Parking and People – the three Ps of sectional title If you intend to keep a pet, need extra parking, want to run your business from home or rent to tenants on a short-term basis, or are concerned about what would happen if you or your tenants contravene the rules, refer to the rules of the body corporate.
Financial status of body corporate A healthy bank balance is a sign of good management. You will need to check the audited and trusteeapproved financial statements of the body corporate, as well as the member-approved administrative and reserve fund budgets. Sectional plans Plans offer a bird’s-eye view of the development, indicating which areas are sections, registered exclusive-use areas and common property. Take note of your parking bays, garages, courtyards, storerooms, balconies,
patios, terraces and gardens, as the sectional plans will confirm the legal nature of these areas as well as your responsibility and liability in each instance. Maintenance Establish whether any common areas or items within the scheme require maintenance, repair or replacement. Each body corporate must have a written maintenance, repair and replacement plan. Also known as a “10-year maintenance plan”, this document should be updated by the trustees and approved by the members annually.
that single women have bought more property than married couples. Lightstone statistics show that 72,000 single women bought residential properties in SA last year, whereas the number of single men who did the same stands at 62,000. “Underpinned by a growing awareness of the benefits of property investment, the rise of female buyers is part of the trend towards more singleperson households, which is a global trend, coupled with the rise of femaleheaded households,” says Gordon. “It may also reflect the fact that many people are delaying marriage or not marrying at all. In a way it is a normalisation of the market: women account for 50% of the population in SA and so could be reasonably expected to account for half of homes purchased by single people.” Single female buyers dominate largely in Gauteng and then by a smaller margin in the Eastern Cape, whereas married couples
outnumber other buyers in the Western Cape and KwaZulu-Natal. The larger percentage of single buyers in Gauteng could be attributed to the fact that half of all South African first-time buyers purchase in this province. The higher proportion of married buyers in the Western Cape, on the other hand, may be linked to the higher property prices in the province and the predominance of older buyers.
WORK HARD, PLAY HARD According to Werner Scheffer, project liaison manager at Multi Spectrum Property (MSP) Developments, single buyers do not necessarily have the benefit of a second income when applying for finance, which is why affordability is a key driver. Other factors of importance to today’s buyers – both singles and families alike – include security and amenities such as gyms, running and cycling tracks or even mountain-bike trails
within estates, all of which contribute to a holistic lifestyle sought by many property hunters. “The old saying ‘work hard and play hard’ rings true when single buyers consider their new property investment. Security is pivotal in all lifestyle estates across the country and the single buyer most definitely looks for this when opting to make their purchase,” says Scheffer.
GO SMALL AND GO HOME Rob Stefanutto, Dogon Group director and head of developments, says the company cottoned on to the singles purchasing trend some years ago. “When we identified it with our Sentinel development, we began advising our development clients to produce units in accordance with the income of single people to allow them to be able to get mortgages and start on the property ladder,” he says. “Having done extensive research into design
HOT OPTIONS FOR SINGLES Tuynhuys, Keerom Street, Cape Town (Willbridge Property Company) Offers: sophisticated apartments maximising space and light The Aster, Oranjezicht, Cape Town (Horizon Capital) Offers: luxury one- and two-bedroom apartments, no transfer duty, private pool deck
MSP Developments' Buh-Rein Estate in Cape Town's Northern Suburbs
The Saxony, Sandton (Lew Geffen Sothebys) Offers: exclusive apartments with smart security and on-site facilities The West End, Carlswald, Midrand (Reeflords Property Development) Offers: high-end, secure units close to Mall of Africa Crofton Park, Hyde Park (Renico Construction) Offers: individually designed finishes, price includes bond and transfer fees
“The old saying ‘work hard, play hard’ rings true when single buyers consider their new property investment” Werner Scheffer, project liaison manager, MSP Developments
concepts in other parts of the world and recognising the fact that the South African concept of space usage needed to change dramatically, we pioneered the idea of more compact units to create integrated living solutions,” says Stefanutto. “In future, the importance of design will outweigh all other aspects of property development,
forcing developers to incorporate space-saving design philosophies into their offerings.” Singles living in smaller spaces is a global trend that is translating well in SA, concurs Dogon Group estate agent Byron Kruger. “In our developments Foreshore Place and 1onAlbert, we have more studios and one-bedroom
apartments on offer than two-bedroom apartments. We have noticed that smaller apartments are in demand, as clients are aware of expenditure. Why be charged a levy on unnecessary unused space? After all, it’s standard to live in an 18m 2 apartment in Paris, so why should it be any different in SA?”
Ballito Hills, KwaZuluNatal (Balwin Properties) Offers: ecofriendly appliances, 20 minutes from King Shaka International Airport
The sculptural Tuynhuys apartment building in Cape Town's CBD
Ballito Hills in KwaZulu-Natal is a coastal development by Balwin Properties
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Independent water supply
150m from Camps Bay beach
Four luxury residences in the heart of Camps Bay Village nestled between the Twelve Apostles and the sea. Key features: Large open-plan dining, lounge and family rooms Four en-suite bedrooms Chef’s kitchen and separate scullery Secure basement parking with access control
Fully integrated appliances and air-conditioning 1 minute walk to the promenade, beach and restaurants Each residence comes with a private pool with
Back-up power supply
electric pool cover
CONSCIOUS LIV ING
David - 072 385 4386 John - 082 906 2866
HELLO ORANJEZICHT NEW DEVELOPMENT FOR SALE FROM R1.95 MILLION
Key features: 21 exclusive apartments
Completion end 2020
Panoramic Table Mountain views
Let your apartment out short-term & claim 15% VAT back on the purchase price
Communal braai & pool deck
5 minutes drive to Camps Bay Beach
Ofﬁce - 021 425 8586 David - 072 385 4386 Catherine - 074 384 3127
Camps Bay | Atlantic Seaboard C a p e To w n | S o u t h A f r i c a F r o m R 2 2 . 4 9 5 m i l l i o n ( e x c l . V AT ) , no transfer duty.
Th e p i n n a c l e of l u x u r y a t t h e t i p of A f r i ca
HOMEFRONT HOW TO BID Whether bidding online, on site or at a multiple property auction, you will need to register. Fica documents and a refundable deposit are required. At on-site or multiple property auctions, you will receive a paddle or a bidder’s number. When bidding, make sure the auctioneer can see your paddle or number clearly. An opening bid is declared for each property or lot, which is the price at which bidding will commence. Usually this is also the reserve price. “Notify the auctioneer of your intention to attend so they can guide you properly on what is needed,” suggests Justine Gershman from Nexus Property Group.
This property at Erinvale Golf Estate, Somerset West, went on auction through BidX1 SA in July at a reserve price of R4.5m
Going, going, gone! Once considered a last resort, auctions are joining the mainstream and changing the property trade in SA. HomeFront explores the ins and outs WORDS: HELEN GRANGE :: PHOTOS: SUPPLIED
uctions are increasing in popularity as a way to sell and buy property, evidenced especially in the success of the online bidding platform introduced in April by BidX1 SA, joint venture partner of Pam Golding Properties. In its latest auction held in July, the results exceeded those of the BidX1 SA inaugural auction in April. “The response to our most recent auction was exceptional, with a total of 203 bids placed, achieving the sale of 44% of the 50 properties in the catalogue in just a couple of hours and conducted entirely online in real time. This is way above the auction industry average, which in the current market is probably in the region of about 20% to 25%,” says MC du Toit, CEO of auctions and sales at BidX1 SA. Traditional auctioneers are just as buoyant as sellers turn to this option as a quick and effective way of fetching a marketrelated price. “We are very busy. Our turnover is up 50% in the past financial year. Getting a result or at least an offer
where other methods have yielded very little is the key for serious sellers in a difficult property market,” says BidEasy Auctioneers director Jan van der Merwe. Rawson Auctions and ClareMart Auction Group, too, experienced a steady increase in the number and quality of properties being auctioned in the past quarter. As long as the prices are reasonable, the properties sell speedily, says ClareMart GM Zain Amod. “If the asking price is unreasonable the property is unlikely to sell at that price, regardless of how it is being sold.” According to Firzt Realty auction division manager Bryan Collet, commercial, retail and industrial properties were initially more favourable for auction, but residential properties have gained traction in this space, in part because a broader demographic of bidders is meeting the affordability criteria than in the past. “More and more homes, from lowcost housing to upmarket mansions in the most supreme estates, are being auctioned daily,” he says.
SA will likely follow the trend in Australia, where auctions are the platform for most property sales, says Tanya Jovanovski of Rawson Auctions Western Cape. “I believe it will become like that in time here,” she says.
How property auctions work A mandate to sell a property must be completed by the seller and the auction is scheduled about four weeks from then. A multimedia campaign is launched and sent to a database of prospective buyers. A viewing day is usually arranged to take place about a week before the auction. All prospective buyers must register and provide Fica documents to bid. There are no suspensive conditions, so buyers must be very sure about their finances. On the fall of the hammer, a deposit of between 5% and 15% has to be paid, with the balance of the funds or guarantees normally required within 21 working days. An offer is usually subject to a confirmation by the seller within a period of
HOMEFRONT between seven and 21 days. (The confirmation period differs from property to property, depending on the conditions of sale.) The entire auction procedure takes three months on average, from the signing of the initial mandate to the time the money is received. “We require four to five weeks from date of instruction to get to a confirmed sale,” says Carroll Harrison from Broll Property Group.
Auction types A multiple property auction allows for several properties belonging to one or more sellers to be sold to buyers at a single event, usually held at a hotel or conference venue. Buyers can view pictures and/or videos of the properties that interest them. The advantage of multiple auctions is that they attract a wide buyer network, thereby encouraging competition between buyers. An on-site auction is held on the premises of the property being offered for sale. Interested buyers come to the address at a specified time, view the property, register to bid and participate in the auction.
“Getting a result or at least an offer where other methods have yielded very little is the key for serious sellers in a difficult property market” Jan van der Merwe, director, BidEasy Auctioneers
“On-site auctions generally attract end users or owner-occupiers, whereas distressed or multiple auctions attract those bidding for investment purposes,” says Aucor on-site property auctioneer Melonie Lubbe. With online auctions, all transactions take place on the web and in real time. Every bid placed during the sale of a property on the website platform is logged and displayed in real time and this record, along with the sale price, can be viewed publicly at the time of auction as well as afterwards.
Property types A variety of properties go on auction, including commercial, industrial, agricultural and residential. Buyers may seek homes, farms, development land or hospitality properties, or purchase for investment. The bulk of properties offered on the auction market today are not distressed, as used to be the case in the past, says Van der Merwe. “The days of an auction house merely selling distressed and liquidation properties are long gone.”
This prime commercial property in Midrand was auctioned for R29.5m by BidX1 SA
BidX1 SA has also found that, more so than legal instructions, which include liquidations, insolvencies, deceased estates, business rescue instructions and divorce settlements, their market is private individuals simply wanting to sell. If you’d like to list a property for an auction, contact any auctioneer, who would do an assessment of it and take you through the steps.
Terms and conditions The Consumer Protection Act requires that the auctioneer receive a written instruction (mandate) to proceed and sell the seller’s property on auction. This is a sole and exclusive mandate that would normally expire 30 days after the auction. The mandate stipulates what commission and/or marketing cost apply. The auctioneer and seller agree to the reserve price of the property (the lowest acceptable selling price) and properties will not be sold for less than this reserve. The auctioneer’s premium is usually 10% plus VAT, payable by the purchaser on the fall of the hammer.
RECENT NOTABLE AUCTIONS Maboneng, the massive mixed-use property in downtown Johannesburg, went on auction on April 15 through Park Village Auctions. A total of 18 properties in the Propertuity stable were sold in a liquidation auction for bids totalling R109m, with offers for various buildings ranging from R400,000 to R32m. This was far below the supposed value of Maboneng at R133m. The 16ha hamlet of Verkykerskop in the Free State, dating back to the 1800s and including a general dealer, a guesthouse and a post office, was auctioned on June 7 and 8. It was sold for R3m to Kobus and Louise Grabe, who farm in the area. A landmark commercial property in a prime location in Waterfall, Midrand, fetched R29.5m in a BidX1 auction on July 3. Located on a secure estate on Smuts Drive, the property comprises a corporate HQ office and a storage warehouse. It has a gross lettable area of 4,464m2 and development potential for a further 1,973m2.
A Llandudno home sold by Rawson Auctions for R9.5m
NEXT AUCTION 11 SEP VIEW ONLINE CATALOGUE NOW AT BIDX1.COM
45 PROPERTIES ON AUCTION FAMILY HOMES | INVESTMENT PROPERTIES COMMERCIAL PROPERTIES | APARTMENTS | VACANT LAND RESERVE PRICES STARTING FROM ONLY R230 000 OPENING BID R4M
RESERVE PRICE R7.75M
Exclusive Penthouse in Sandton. Duly instructed by the owner and executors in the matter of Estate Late: Rehme Eike Erich. 3
OPENING BID R1.8M
SYDENHAM, GAUTENG 2
RESERVE PRICE R9.5M
Large double storey familly home on a double stand. 3
SERENGETI GOLF & WILDLIFE ESTATE, GAUTENG
Award winning designer home in an exclusive estate.
WELLINGTON, WESTERN CAPE
Large industrial premises in Wellington Industrial Park. 4 968m 2 / 3 250m 2 under roof
RESERVE PRICE R6.7M
RESERVE PRICE R2.8M
BAINSKLOOF, WESTERN CAPE
Former Bainskloof hotel site with excellent development opportunity.
KEMPTON PARK, GAUTENG
Perfectly located, 4 star coporate guest house.
4 276m 2
RESERVE PRICE R1.65M
KNYSNA HEIGHTS, GARDEN ROUTE
Spacious family home with spectacular views. 3
RESERVE PRICE R2.1M
ST FRANCIS BAY, EASTERN CAPE
Double storey home with sea views and adjoining vacant stand. 6
For further information, contact: BidX1 Jordan Brown Heinrich Moller Theodore de Beer
firstname.lastname@example.org | + 27 (0)21 140 3541 081 714 1102 082 492 6254 064 518 4184
See auction terms and conditions on bidx1.com. In proud association with Pam Golding Properties.
HOMEFRONT PROPERTY NEWS
Environmental certification for Arabella
rabella Country Estate on the Bot River Lagoon near Hermanus was recently recertified with a full ISO 14001 compliance certificate in recognition of its continued adherence to the highest standards of environmental management.
ISO 14001 is an international standard for environmental performance through more efficient use of resources and managing of ecological challenges in a holistic manner. The estate’s assessed aspects include water supply via
boreholes and a water purification plant, wastewater treatment and reuse, conservation (of indigenous vegetation in particular), energy management and/or minimisation, refuse compaction or recycling, and health and safety.
Airbnb generates an estimated $685m for SA
ew research shows that Airbnb’s host and guest community generated more than $100bn in estimated direct economic impact across 30 countries in 2018. The estimated direct economic impact of Airbnb in SA was more than $685m, based on host income and guest spending during trips.
Vukile Property Fund’s Spanish assets top €1bn
he listed Spanish subsidiary of Vukile Property Fund, Castellana Properties Socimi SA, has acquired the 30,000m 2 Puerta Europa shopping centre in Algeciras in Spain. Algeciras has the secondlargest port in Spain and the seventh-busiest container port in Europe. Besides its 240,000-strong local shopper market, Puerta Europa also attracts customers from Gibraltar.
“This accretive acquisition takes our Spanish assets over €1bn,” says Vukile Property Fund CEO Laurence Rapp. “Puerta Europa is a dominant, modern shopping centre distinguished by impressive sales ratios and low average rentals relative to the market. We see exciting potential to grow its income streams.” The centre offers 97 brands over two
floors of shopping and a dedicated food and leisure area. It is anchored by Mercadona, Spain’s leading supermarket group, and the fashion mix is led by a 4,000m2 Primark store and a new flagship Zara branch covering 3,000m2. This purchase follows Vukile’s R512m acquisition of Mdantsane Mall in the Eastern Cape, which extended the company’s geographical foothold in SA’s township retail market.
Last move-in ready luxury units at Sitari
ales at Sitari Country Estate outside Somerset West have topped R1.3bn since it launched and the estate now houses more than 1,200 residents. “Despite uncertainty around the election and its aftermath, 2019 is keeping up the pace with 75 sales to the value of more than R128m from January until the end of June,” says Sitari property sales executive director
Claudius Combrinck. Last year was Sitari’s secondbest so far in sales by rand value, according to him. Just released on the estate are the final eight premium move-in ready apartments in Uvest’s flagship Waterbrook apartment complex. Suitable for firsttime buyers and investors, the units range from a twobedroom, one-bathroom with two parking bays
for R1.64m to a threebedroom, two-bathroom unit, also with two bays, priced from R2.15m. No transfer duty applies. “These apartments represent excellent value when considering the size, imported finishes and fittings, parking and storage, all within this world-class, award-winning estate of immense popularity,” Combrinck adds.
In an Airbnb survey of more than 228,000 responses, 51% of Airbnb hosts said that hosting on the platform helped them afford their homes. “Travel on Airbnb is helping to spread tourism benefits to more families, communities and local businesses,” says Velma Corcoran, Airbnb country
manager for sub-Saharan Africa. “It’s never been easier to travel to and stay in SA’s smaller towns.” Host earnings from Airbnb in smaller towns have risen significantly. Mossel Bay, for example, had a year-onyear increase of more than 80%, whereas earnings in Saldanha Bay increased by almost 60%.
Berlin and Paris lead global prime residential growth
erlin and Paris experienced standout growth for prime residential property of about 4% over the past six months and 8% growth over the past year, reports the Savills World Cities Prime Residential Index. However, price growth across leading prime city housing markets continued to dip during the first half of 2019. “There are a number of reasons why prime residential markets in global cities are slowing down, with government policy, the cost of money, increased supply and global economic
uncertainty all playing their part,” says Savills World Research head Sophie Chick. The six months to June 2019 marked a turning point for various Chinese cities, as prices recovered following drops during the second half of 2018. Hong Kong still has the most expensive residential property in the world at €45,400/m2, with growth of 1.3%. In Moscow prices increased by 1.2%, after years of falls. In Bangkok and Kuala Lumpur prime prices increased by nearly 2.5% in the first half of the year.
Conversely, over the same period prices fell in many US cities owing to tax changes impacting demand and, in the case of New York and Miami, high levels of stock. In Dubai, prime prices have fallen 20% in five years and are continuing to drop because of high new-build stock levels and economic uncertainty. In Sydney and Cape Town, the report shows values have increased significantly over the past five years, but both cities are now experiencing price falls, slowing their property markets.