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HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA 18 MAY 2018 WWW.BUSINESSLIVE.CO.ZA

MUST READ

Striking maritime office revamp PAGE 2

Mother City luxury homes on the map PAGE 12

Umhlanga rides investment wave PAGE 14

Sniffing out good investments As Cape Town property price growth slows, Prestige upgrade for Green Point hotel areas in Gauteng show value potential PAGE 18

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HOMEFRONT DESIGN

Maritime makeover Modern corporate interiors need to reflect evolving employee needs. Inhouse Brand Architects gave Cape Town’s Allport Cargo Services offices a visual refresh WORDS: HILARY PRENDINI TOFFOLI ::PHOTOS: SUPPLIED

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he traditional structure of the corporate environment is changing. In a world fast growing more digital, what counts in the office space is mobility and ease of collaboration. It means spaces are becoming more flexible, brighter and airier. Inhouse Brand Architects director Phillip Wyatt says what dictates the overall design of a workspace, however, is the company’s brand and business model. Inhouse is a local interior design agency whose portfolio of corporate clients ranges from creative trailblazer Saatchi & Saatchi to traditionally conservative Old Mutual. Corporate contracts form 70% of Inhouse’s design work. The rest is original concepts such as a teenager’s man cave — containing a spectacular timber surf wave — globally acclaimed as an example of imaginative design. A recent Inhouse corporate project included


HOMEFRONT INHOUSE BRAND ARCHITECTS DIRECTOR PHILLIP WYATT ON CORPORATE WORKSPACE DESIGN SPECS How much attention do corporates give to the intangibles such as air quality, natural light, thermal comfort, acoustics and ergonomics? They pay a lot of attention to all these intangibles because they understand the benefits of sunlight, for instance, and the use of glass, which maximises this aspect. They understand, from a facilities’ point of view, that air-conditioning systems need to be designed efficiently. How keen are they to spend on making their working environments look good? Companies understand that effective space-planning techniques, lighting systems and the many elements that go into designing an office space, can positively affect their business. How green are corporates going? There’s a big drive to build energy-efficient

the radical revamp of the Cape Town offices of Allport Cargo Services, a South African freight forwarding company. Brand identity was significant.

COLOUR “In all our design projects, brand is at the front of our minds,” says Wyatt. “It is important to our clients that the brand messaging is strong, but not overpowering. Colour plays a huge role in bringing the clients’ brands across, in choosing fabrics, furniture and finishes.” Still, employee requirements are fundamental. “We take a brief from the client and set up workshops with department heads, doing surveys that outline their needs and desires for an office space. We understand the business intrinsically, and that affects the way we do the planning going forward. “We take into account the detail involved in each step. We look at what the person on the ground wants, follow that and improve on it.” Reimagining Allport Cargo’s workspaces

involved gutting both floors of its Loop Street office and revamping the space from the ground up. With tenants both above and below, night shifts were necessary to meet the client deadline. Since ships are a strategic player in Allport Cargo’s business — the company is one of SA’s leading supply chain manager, moving goods across the world for many major retailers — the office designers made the shipping concept a tangible part of the firm’s brand statement.

Inhouse used a variety of distinctive wallpaper designs in the Allport Cargo offices. Is wallpaper moving into offices in a big way? It depends on the client, the design and the brief. We use wallpaper in all our designs. It is a fantastic way of creating interest on a blank wall. What new office interior design trends are big? Though it has been a trend for some time, everyone wants to go open-plan. But openplan spaces only work for certain types of people. We offer a range of working environments for employees. Phone booths. Open-plan spaces. Focused offices. Meeting rooms and informal meeting spaces. It is about catering for different personalities and work ethics.

“Colour plays a huge role in bringing the clients’ brands across, in choosing fabrics, furniture and finishes”

set against a dusky blue wall. In a spirit-lifting floor-to-ceiling mural in the main meeting room, a hazy blue sky dips down to the sea in a depiction of a seafront promenade. Blue pops up again in small encounter zones, where staff go for quick

catch-ups instead of to the main meeting room. Brilliant royal blue has even been used for the quirky Picasso toilet where a painted eye winks on the wall. Wyatt says the employees’ reaction was positive — and the client is happy.

TIMBER At the entrance they created a striking slattedwood ceiling to represent the curved timber ribs of the hand-built boats of the past. This clever ceiling effect was carried over into other areas, while the reception desk was designed in the shape of a ship’s bow. In keeping with the maritime theme, diverse tones of blue were used throughout the offices, on walls, seating and carpets. In the lounge beside the entrance, the focal point is a row of mirrors reminiscent of portholes

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buildings in SA. We have managed to be a partner in delivering numerous energy-efficient buildings for our clients.

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HOMEFRONT PROPERTY TREND

Sniffing out good investments As Cape Town property price growth slows, areas in Gauteng show value potential WORDS: GEORGINA GUEDES :: PHOTOS: SUPPLIED AND SHUTTERSTOCK

Parkmore, Johannesburg

Blok's Eightonn in Sea Point, Cape Town

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he Mother City had a rocky start in the first quarter of 2018, says regional director and CEO of RE/ MAX of Southern Africa Adrian Goslett. “Cape Town has been a property investor’s dream for some time now, but our regional sales figures for January to March 2018 have hinted at a change to this trend,” he says. “City Bowl areas and the Atlantic Seaboard remain popular with buyers. However, my property rental team has noticed a marked slowdown in the demand for even the most staple of properties — such as two-bedroom apartments,” says certified sales and letting specialist at RE/MAX Living Grant Rea. “My conversations with potential renters and buyers regularly gravitate towards how to negotiate price reductions.” Seeff agents are also reporting that it now takes almost twice as long to sell a property on the Atlantic Seaboard — the time on the

market has stretched from six weeks last year to more than 11 weeks.

PRICE GAP Seeff Atlantic Seaboard and City Bowl MD Ian Slot says the area generated almost R1bn in sectional title sales by early April 2017, but has managed only just above R600m this year. The price gap has almost doubled from 5.4% to 10.2% in 2018 with recent sales concluded between 10.7% and 28.6% below the asking prices. Bank stats bear this out. The Standard Bank House Price Index (HPI) showed that national growth in residential home prices slowed for a third straight month in March, with the Western Cape coming under particular pressure. The province showed growth of 3.8% year on year in March, down from 5.1% in February. “While the Western Cape, and Cape Town in particular, continues to experience growth in property prices, the data show that momentum has slowed substantially

over the past few months,” says Standard Bank property economist Siphamandla Mkhwanazi. Nevertheless, the Western Cape remains the most expensive province for residential homes, with the Standard Bank HPI showing the average house price estimated at R1,340,769, followed by KwaZulu-Natal at R970,328 and Gauteng at R918,294.

EXPENSIVE Nationally, first-time home buying declined in Q1 2018, but a regional focus reveals some major divergences. According to the FNB Property Barometer, Gauteng continued to see strong levels of first-time buyer purchasing, while Cape Town was at the weakest end of the spectrum. For the two summer quarters of 2017-18, Cape Town Metro had a low first-time buyer proportion of property sales, at 6.46% (compared with 21.59% in Greater Johannesburg and 30.75% in Tshwane Metro). “Gauteng, and especially


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Hurlingham Manor, Johannesburg Tshwane Metro, appears to be the first-time buyer ‘hotspot’ of late,” says FNB household and property sector strategist John Loos. “Cape Town with its affordability challenges remains the first-time buyer weak spot.”

Gauteng

Standard Bank’s HPI showed that Gauteng saw growth of 5.9% in March, up from 5.5% in February. One of the significant drivers of Johannesburg’s growth is that the city continues to

Waterfall Equestrian Estate in Midrand, Johannesburg offer property options for all price ranges. Seeff Sandton MD Charles Vining says many young or first-time home buyers are turning their attention to the suburbs surrounding Sandhurst, Hyde Park, Morningside and Bryanston, where prices are lower, but homes are still close to these desirable addresses. He says a good alternative to central Sandton suburbs include more affordable areas Parkmore and Hurlingham Manor. “These areas offer great

“Gauteng, and especially Tshwane Metro, appears to be the first-time buyer ‘hotspot’ of late”

value in terms of stand sizes and are also boomed off with access control and armed security 24/7. In Parkmore stands are generally about 991m 2 and the suburb is only minutes from the Sandton CBD, good private and public schools, entertainment and shopping centres,” says Vining.

John Loos, property strategist, FNB

PRICE BANDS Northcliff, which despite having luxury homes with price tags as high as R15m or R20m, has average sales in two price bands — the

R2.4m and R4.45m upper price band. Vining says Linden is popular for its position, large properties and good-quality Afrikaans schools and has not seen a decline in sales volumes. The middle average price point, comprising 65% of the market a year ago, was R2.3m. Although there were marginally fewer units sold by Seeff year on year, this average sales price is up to R2.4m in 2018.

APPETITE Amdec Property Development MD Nicholas Stopforth says even though the luxury market is under pressure, new urban inner-city mixed-use developments continue to perform well. “At One on Whiteley in Melrose Arch we’re seeing an ongoing healthy appetite for property within the R2m to R2.5m price bracket, with buyers looking for security, convenience and connectivity,” he says. “Each apartment offers urban living ideal for working professionals and corporate

Blouberg, Cape Town

long-stay tenants, affording investors excellent rental yields and capital growth.” Given that Johannesburg’s property prices are generally lower — and rental returns higher — than the Western Cape, Stopforth says investors have been quick to snap up units within this prestigious development. Already 80% sold out, 37 units remain, priced from R2.1m.

FUNCTIONAL Century Property Developments head of operations, sales and marketing Jessica Hofmeyr says Midrand has benefited from a great deal of additional infrastructure, a sign of confidence in an area. “The Mall of Africa, the Gautrain Station, Waterfall Netcare, upgrading of roads and residential development taking place in the area has really put Midrand on the map.” Specifically, she says that there is nothing like Waterfall in the area. “It is a 10-minute drive to Sandton, it has the Mall of Africa, top private schools, major

THE TOP 5 SUBURBS SEARCHED ON INTERNET NATIONALLY Bryanston - 1,851 Morningside - 1,945 Glen Marais - 2,597

Source: RE/MAX of Southern Africa Housing Report Q1 2018

Witpoortjie - 1,851

Parklands - 1,774


HOMEFRONT transport infrastructure and the Waterfall Hospital. It is a concept that functions; you can eat, sleep, work, educate, exercise and entertain all within a 5km radius. “It is with such demand that we have only 15 developer stands left in the whole development, that a stand in the Waterfall Equestrian Estate started at R2.9m in 2005 is now sold for more than R16m in 2018, houses in the Country Estate are reaching R18m, and the village stands that started at R650,000 now sell for R2.5m,” says Hofmeyr. “We have even sold a mature lifestyle estate house for R7.6m that originally sold for R2.7m three years ago.” Hofmeyr says the market is booming in broader Midrand as well, and that Century cannot supply enough rental units to meet demand. “We sell on average 10 re-sale properties a month, ranging from R3.9m to R9m, and seven stands a month all above R3m within the Midrand area.” With PwC in town and Deloitte beginning its construction, confidence in the area is strong.

PRETORIA PRICES Retha Schutte, Pam Golding Properties regional executive for Pretoria, says the best-value homes are properties in established areas and estates in the lower to midlevel price range, priced from R2.5m to R6m. “These properties offer convenience, luxury, lifestyle and good future capital growth potential.” Areas include the Old East of Pretoria, Faerie Glen and Moreleta Park as well as established estates such as Silver Lakes, The Wilds, Country Lane, Cornwall Hill, Sundowns Estate and Irene Farm Villages. Schutte flags the Regency, a new luxury apartment

Cowies Hill near Pinetown, Durban

building that will operate as a hotel, for a good return. “The Regency is scheduled to open in June. The developer offers a 7% rental guarantee with two dividend payments a year, for two years. Within the two years, the purchaser does not incur any expenses apart from the monthly bond payment, with returns of 12% to 13% expected,” says Schutte.

KwaZulu-Natal

The Standard Bank HPI showed that KwaZulu-Natal outperformed all provinces with year-on-year growth of 6.9% in March, up from 6.5% in February. With that leading average growth rate there are some standout suburbs in the area. Director at Tyson Properties Lee Ellis says property in the Westville and Cowies Hill suburbs of

“Amdec Property Development MD Nicholas Stopforth says even though the luxury market is under pressure, new urban innercity mixed-use developments continue to perform well”

Durban offers extremely good value for money for potential buyers. “The five main features — excellent location, great accessibility, good amenities, wonderful quality of life, and favourable investment and resale are all present.” Ellis says that a potential buyer may purchase a three-bedroom family home with a double garage and swimming pool in either Westville or Cowies Hill for about R2m, whereas a similar home would cost double that in Durban North.

Western Cape

Some areas near Cape Town are still attracting significant buyer interest. Seeff Blouberg Licensee Clinton Martle says that the Blouberg area stretching from Table View and Parklands to Sunningdale and Sandown, and especially in the seaside suburbs including West Beach, Big Bay, Blouberg Village and Melkbosstrand, offer great value and a real sense of community. They are some of the fastest-growing areas in the city, with a number of private schools. And closer to the beach it is still possible to buy in the R1.8m to R2.8m price range. Pam Golding Properties research analyst Sandra Gordon says the most affordable sub-region close to the City Bowl, which includes Woodstock, Salt River and Pinelands, has shown considerable house price growth as buyers faced with affordability challenges house hunt in those areas. They offer many similar benefits to other areas in the Southern Suburbs and City Bowl. First-time buyers in Cape Town are drawn to Observatory, Woodstock and Salt River, where it is possible to buy a home for R1.5m and sectional title units from R1m. Further afield in an

One On Whiteley in Melrose, Johannesburg entirely different price bracket is Hermanus, where area licensee for Seeff Paul Kruger says Seeff Hermanus has achieved record sales for the first quarter of this year with turnover up by 100% compared with last year. He says it is a great time to invest in Hermanus property. “We continue to see strong demand for property and smart buyers and investors are putting a lot of money into the market, paying excellent prices with top-end areas beginning to comfortably breach the R10m to R20m price range,” Kruger says. However, some developers are adamant that it is not yet time to give up on the Cape Town’s Atlantic Seaboard and CBD. Cape Town remains one of SA’s sought-after real estate locations. “Apartments along the Atlantic Seaboard and in the CBD have fetched

record figures in the past few years and we believe that this demand has been driven and maintained by factors such as semigration,

Obs Court in Observatory, Cape Town

the city’s service delivery record, innovative developments and global lifestyle,” says Blok MD Jacques van Embden.

JOBURG: APPROXIMATE PRICES FOR A THREE-BEDROOM HOME Sandhurst: Craighall Park: R8m — cluster home on R3.5m to R4m — home 800m2 stand.

Hyde Park: R7.5m — cluster home on 800m2 stand. R5m-R6m — cluster home on 450m2 stand. Parkmore: R3.5m — home with two bathrooms, staff room, pool and double garage on 900m2 stand. Boomed area with good security. Hurlingham Manor: R3.5m — home with two bathrooms, staff accommodation, pool and double garage. Stands of 600m2 to 900m2. Boomed area with good security.

with two bathrooms, pool, double garage and sometimes staff accommodation. Stand of 1,983m2.

Bryanston East: R3.5m to R4m — two-bathroom cluster home. Freestanding homes on larger stands, but older build. Blairgowrie: R1.85m — threebedroom-plus with pool and staff quarters on large stand. R2.5 to R3m — Renovated and modernised. Source: Seeff Properties


RIGHT AROUND THE CORNER

VIEWING BY APPOINTMENT 14 Trill Road, Observatory

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HOMEFRONT RESIDENTIAL

Global destination Cape Town ranks second in the world for luxury residential market growth WORDS: STAFF REPORTER :: PHOTOS: SHUTTERSTOCK

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ape Town’s luxury residential property market performance was second-best worldwide last year, according to Knight Frank’s 2018 Piri 100 index. The city saw growth of 19.9%. The prime international residential index tracks the annual performance of the world’s leading second-home and city residential markets. Only China’s Guangzhou (27.4%) recorded higher growth in its luxury residential property market. Cape Town beat the remaining top 10 cities — Aspen (19%), Amsterdam (15%), Seoul (13.2%), Frankfurt (12.9%), Seattle (12.2%), Paris (12%), Sydney (10.7%) and Madrid (10.6%). The Piri 100 index forms part of Knight Frank’s 2018 Wealth Report, which tracks data on the wealthy and ultra-wealthy from around the world. “The luxury residential property market in the city has been able to capitalise on its newfound reputation as the Monaco of the South,” says Deon de Klerk, Standard Bank’s head of wealth for Africa regions. “Cape Town is fast becoming a truly global holiday destination and an increasingly desirable

residential address for SA’s high net worth individuals, as well as those from abroad.” Cape Town’s luxury residential property market performance is further underscored by the fact that the overall Piri index

increased just 2.1% in 2017, only moderately outperforming the 1.4% growth recorded in 2016.

PRICIEST SUBURB Recent Lightstone data shows a similar trend in Western Cape luxury

Western Cape: most expensive streets and suburbs (Mar 2017-Mar 2018) Top suburbs — average value

R17.1m

R15.7m

R13.1m

R12.3m

Bishopscourt, Cape Town

Llandudno, Cape Town

Constantia Heights, Cape Town

Clifton, Cape Town

R12.2m

R12.2m

Steenberg Golf Estate, Cape Town

De Bosch, Stellenbosch

Top streets — average value

Source: Lightstone

R25.9m

R25.4m

R24.1m

Nettleton Road, Clifton

Hillwood Avenue, Bishopscourt

Steens Way, Llandudno

R23.7m

R23.3m

R22.6m

Torquay Avenue, Bishopscourt

Glen Beach Road, Camps Bay

Upper Primrose Avenue, Bishopscourt

market suburbs. Drawing on figures based on an average of prices over the past year, Lightstone reports that Bishopscourt, Cape Town, is the most expensive suburb with an average value of R17.1m, followed by Llandudno at R15.7m and Constantia Heights at R13.1m. De Bosch Estate in Stellenbosch comes in at a R12.2m average. Although some industry commentators suggested that the water crisis would see a mass exodus from the Mother City, Lightstone analysts say this has not reflected in recent sales volumes. On the contrary, the Western Cape is increasingly attractive in all three major property types — estate, freehold and sectional title — according to Lightstone’s January 2018 average year-on-year purchase prices. Lightstone figures for March 2017 to March 2018 place the top median property value in expensive and highgrowth Western Cape estates at High Steenberg, at R16.2m. This is followed

by Silverhurst Estate at R15.8m, Riversong at R14.8m and Silversteen Estate at R14.4m (all in Cape Town), then Whale Rock Beach, Plettenberg Bay, at R14.4m and Warblers Grove, Cape Town, at R13.8m. Knight Frank attributes the strong performance of Cape Town’s luxury residential property market to a combination of demand- and supplyrelated factors. The city outperformed its wider mainstream market by some margin. The report says Cape Town has set South African records for both the highest sale price achieved for a residential home — R290m for a house in Bantry Bay — as well as the highest rental price — R450,000 a month for an estate in Constantia, in the past two years. The Piri report also highlights Cape Town’s Zeitz Museum of Contemporary Art Africa, which opened in Cape Town in September 2017, as adding to the city’s appeal to high net worth individuals.

“The luxury residential property market in the city has really been able to capitalise on its newfound reputation as the Monaco of the South” Deon de Klerk, Standard Bank


Occupancy planned for approximately end 2019.


HOMEFRONT COMMERCIAL

It’s all happening in Umhlanga Investment booming on KwaZulu-Natal North Coast WORDS: MICHAEL VAN OLST :: PHOTOS: SUPPLIED & SHUTTERSTOCK

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mhlanga Ridge is being hailed as the Sandton City of the KwaZulu-Natal North Coast. On the hill above the old Umhlanga village, the precinct is home to the Gateway Theatre of Shopping, one of the area’s biggest malls. Several landmark retail, office and residential developments are drawing attention to the area’s investment potential.

Ridgeside

The beach at Umhlanga Rocks

Ridgeside is the natural link between Umhlanga Rocks and Umhlanga Ridge

Ridgeside forms a natural link between Umhlanga Rocks, the original village, and the booming Umhlanga Ridge precinct. Stretching towards the hill between Gateway and Umhlanga Rocks, Tongaat Hulett says the tract of land is one of the most exciting mixed-use precincts in the province, where a raft of top-end residential and commercial

projects are on their way. “Given its extraordinary location between the Umhlanga village and the ridge, combined with superb sea views, Ridgeside is being developed as a top-end mixed-use precinct. We’re seeing premium-grade corporate offices, high-end retail and luxury residential facilities being built,” says Tongaat Hulett Development commercial director Chris du Toit. “Proximity to King Shaka International Airport and the Durban CBD adds to Ridgeside’s desirability.”

UMHLANGA ARCH The R1.2bn mixeduse Umhlanga Arch development is central to Ridgeside. Its striking architecture, 163 high-end apartments, office and retail space and a hotel will ensure that it becomes a landmark. Apartment residents will have on their doorstep

a cutting-edge business centre, a gym, dedicated concierge service, upmarket retail and a barber and salon.

ENIGMA Buyers have snapped up sites at Enigma Private Estate, the fastest-selling estate in the Umhlanga area to date and the only development in the region to offer individual stands for sale, which in this pet-friendly estate start at R3.5m. Enigma sales reached R30m in one week, says Rainmaker Marketing CEO Stefan Botha. Launched nine months ago and with construction set to begin in June, Botha says the response to the 90 stands at “Umhlanga’s definitive gated address” since the beginning of the year has been one of the most successful sales phases to date. Developments still to be


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launched include Ridge 7, a standalone sectional title office block comprising a floor area of 7,700m 2 by property developer FWJK, a 640-unit retirement complex adjacent to the Umhlanga Manors and The Skye, a mixed-use space comprising residential apartments, retail spaces and a hotel. “This will be an exciting commercial growth

node,” says Hayley Craig, commercial division manager for Tyson Properties Durban. “The impressive Ridge 7 sectional titled commercial offices project will be highly sought after by corporate tenants.”

DYNAMIC Commercial property investment firm TaylorMade Property Asset Managers has bought a site

The R1.2bn Umhlanga Arch in Ridgeside

The R1bn Park Square development in Umhlanga Ridge New Town Centre

to develop residential units, a four-star international hotel and commercial offices. “The term ‘dynamic urbanism’ comes to mind when talking about Ridgeside,” says Taylor-Made founder and commercial director Gavin Rogaly. “We are in the final stages of negotiations with a global hotel brand which has extensively researched the node’s appeal, to develop a 165-room hotel with an additional 40 executive longstay suites.” Rogaly says that TaylorMade will develop an additional 300 to 350 luxury residential units, contemporary offices and destination retail space. Du Toit says many national and international brands are investing in Ridgeside property. “The project is facing an exciting future.”

Umhlanga Ridge New Town Centre

"Proximity to King Shaka International Airport and the Durban CBD adds to Ridgeside’s desirability" Chris du Toit, commercial director, Tongaat Hulett Developments

Ridgeside is being developed as a top-end mixed-use area

Located in the Umhlanga Ridge New Town Centre — the heart of the Umhlanga Ridge precinct — is the R1bn Park Square commercial and retail development, due for completion in November. The 40,000m2 project by Nedbank subsidiary Nedport Developments comprises 36,000m2 of premium P- and A-grade office space, 4,000m2 of retail and 3,500m2 of open public space. There are options to lease or buy space via sectional title agreement. Nedport Developments director Ken Reynolds says Park Square business owners and investors can expect high foot traffic, communities

will enjoy its convenient lifestyle amenities and professionals will benefit from working in a connected and vibrant area. Uptake on the commercial and retail components has been positive, with about 18,000m2 already let to Nedbank.

HOTELS Premier Hotels & Resorts has begun construction on two hotels in the Umhlanga Ridge precinct, close to the Gateway Theatre of Shopping and the business district. The R380m investment comprises a four-star Premier Hotel and a three-star Splendid Inn. The Premier Hotel will have 130 rooms, a restaurant, swimming pool and gym. The Splendid Inn will have 64 bedrooms and an eatery. Guests at both hotels will have sea views from every bedroom and access to a conference facility that can accommodate 400 people. “Our decision to invest in Umhlanga is due to our desire to be have properties in every major South African city, as well as in secondary cities,” says MD Samuel Nassimov. Patrick Fitzgibbon, Hilton Marriott International senior vice-president for Europe, the Middle East and Africa, says the opening of the nearby King Shaka International Airport in 2010 and a significant boost in office space is driving considerable growth in corporate traffic in Umhlanga — now one of SA’s fastest-growing economic areas.


SHIFTING PERCEPTIONS. DRIVING ASPIRATIONS.

YOUR PROPERTY DEVELOPMENT PARTNER

Undertaking groundbreaking developments and driving investment in infrastructure and services, Tongaat Hulett is helping to realise the vast commercial, industrial, retail, leisure and residential potential in the primary growth corridors of KwaZulu-Natal. www.thdev.co.za

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HOMEFRONT PROPERTY NEWS

New development near Somerset West

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itari Country Estate near Somerset West has launched The Residences development, a selection of six styles of homes selling on a plot-and-plan basis. Three- to five-bedroom homes are priced from R3.13m to R4.445m including transfer. Uvest Property Group executive director John Coetzee says the six most popular plans in Sitari Country Estate have

been refined and extra finishing options added. “With The Residences we make things much easier for the purchaser. We have done all the critical legwork — but still provide the buyer with ample flexibility to make choices and some individual changes,” says Coetzee. “Interested buyers can select from more than 40 plots, choose their plan and have their house built by a credible construction firm.”

Luxury and premium finishing options include laminated flooring and large-format porcelain tiles, mosaic kitchen tiles and engineered stone countertops, freestanding stoves with integrated telescopic extractors, wall-hung toilets with wall flushing system, tiled showers, solar panels and landscaping. Premium homes include a slow-combustion fireplace.

Human future of digital real estate landscape

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ust Property CEO Paul Stevens believes most South Africans look at available properties online, but still prefer to deal with a person when making the big decisions, whether they are related to sales or rentals. “We do not believe this preference will change. But we expect to see a rise in online agencies testing the market,” he says. According

to Just Property, studies show that 92% of buyers and renters browse online before viewing potential homes, so marketing on digital platforms is “essential”. Chief technology officer Chris Greenwood says Just Property has embraced technology with an intelligent user interface that tracks search criteria and automatically presents

updated property results the next time the site is visited. It also has a property comparison tool that allows users to review up to three properties side by side. Stevens says agencies that survive the digital disruption will offer excellent personal service, but match that with effective technology that works not only for profit but also for the good of clients.

Waterfall décor and design expo

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op South African interior designers will feature their work on six new homes at the Home Décor Expo at Waterfall Estate in Midrand. Design companies include Weylandts Home, Indigo Interiors, Versatile Interiors, Cotton & Yarn, Blockhouse and Martin Harris Interiors. Realistic costings will be provided for the main items on display. The houses are in The Villas, near gatehouse two (adjacent to Netcare Waterfall City Hospital). Show times are 9am to

5pm on May 19-20 and May 26-27. Secure

parking is provided and entrance is free.

Emira invests in fourth US shopping centre

E Luxury Green Point units launched

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reen Point’s former five-star hotel Romney Park on the lower slopes of Signal Hill is earmarked for refurbishment as luxury sectional title apartments. The 26 new north-facing apartments will come on to the market late this year. “We’re looking to build on Romney Park’s reputation for excellence in luxury and fine living,”

says Susan Versfeld, Romney Park’s co-owner in charge of sales. Units will include 10 one-bedroom, nine two-bedroom, four threebedroom and three deluxe apartments, ranging from 51m 2 to 526m 2 . One-bedroom apartments start at R3.09m, two bedrooms at R5.8m and three bedrooms at R7.2m, while deluxe apartments, all with

sizeable private gardens or balconies, start at R16m. The seven-month refurbishment will leave the contemporary-colonial exterior of the building largely untouched. Interiors will be updated and will provide a range of services and facilities, including a pool and lounging deck, 24/7 security services, laundry facilities, fibre internet and DStv connections.

mira Property Fund has invested in a fourth shopping centre in the US, growing its exposure in the country and advancing its international investment strategy. The JSE-listed Reit acquired 49% of Stony Creek Marketplace in Noblesville, Hamilton County in Indiana, pictured

below. This deal takes Emira’s exposure in the US to 3% of its total assets and its international exposure in developed markets to 9% of total assets, including its investment in ASX-listed Growthpoint Properties Australia (GOZ). The latest addition to Emira’s US portfolio is 18,900m 2 of convenience

retail, near to two of Emira’s existing investments in Ohio. The centre is in the Indianapolis metro area. Says Emira Property Fund CEO Geoff Jennett: “With this transaction Emira benefits from growing exposure to the attractive value available in the US in our chosen market segment.”


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Business Day HomeFront 18 May 2018  
Business Day HomeFront 18 May 2018  
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