HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA 24 AUGUST 2018 WWW.BUSINESSLIVE.CO.ZA
Coastal Property Investment Focus
Cape Town’s latest destination café PAGE 2
Goodbye inland, hello retirement life PAGE 12
Home building plan approvals up PAGE 17
A home in Bayview, Hartenbos, near Mossel Bay
Four overseas hotspots PAGE 20
While inland cities have their advantages in terms of urban living, working and playing, many South Africans are still setting their sights on the coast
HOMEFRONT DÉCOR AND FOOD
La crème de la crème Combine French owner Jessica Rushmere’s vision and Haldane Martin’s interior flair and you have a coastal destination café that is ahead of the curve WORDS: KIM MAXWELL :: PHOTOS: MICKEY HOYLE AND PETER MALTBIE
ifteen years ago, ex-Parisian model Jessica Rushmere created and ran La Petite Tarte. It was a cosy French café in Cape Town’s De Waterkant suburb. She later sold up, started a family, and offered a service as a personal wardrobe shopper and stylist. In 2018 Rushmere decided that Cape Town was ready for a new project. “With Swan I needed to create again … something that had not been done yet in Cape Town,” she says. The airy, modern French crêperie serves sweet crêpes and savoury galettes, alongside locally roasted coffee and her own blend of loose leaf teas. Swan Café opened a few months ago in the East City precinct, a cosmopolitan section of the city’s downtown that is busily reinventing itself with tenants including a bagel shop, cocktail bars, specialist stores and trendy tattoo shops. This businesswoman aims high in whatever she tackles — so it seemed apt that the words “la crème de la crème” were
scrawled above the crêpe counter during one visit. For Rushmere, the café’s corner location in art deco The Harrington building was non-negotiable. She watched the site being renovated while she lived in a loft apartment in Barrack Street opposite. “I wanted the feeling of town. But I was very specific, I wanted this corner and nothing else,” she says. The decision paid off: glass entrance doors stack open wide to cleverly allow the city’s gritty downtown daytime inside.
SPIRIT ANIMAL Greek mythology features in the wallpaper, with swan and bird-feather motifs in custom wall and floor tiles — Rushmere calls the swan her spirit animal — and in wallpaper in the bathroom. Bronze birdcages modified into lights add a delicate touch. “They are about effortless grace,” says Rushmere. “At one stage in my life I also felt like a bird in a cage with its wings primed for flight.” In sweet crêpes, try caramelised apple smeared with oozy salted caramel, homemade of course.
Fresh thyme with a drizzle of lemon curd is another sweeter homemade delight. Savoury galettes use buckwheat flour — the Croque Monsieur is ideal for brunch: Gypsy ham, melted Gruberg and Emmenthal, a drizzle of béchamel sauce, fresh chives. Lemon and herb chicken breast with mushrooms, plus truffle oil, is heartier. Or there is classic smoked trout with cream cheese, baby spinach and smashed avo. swancafe.co.za
“I wanted the feeling of town. But I was very specific, I wanted this corner and nothing else” Jessica Rushmere, owner, Swan Café
Haldane Martin on commercial interior design Jessica of Swan Café is very stylish in her own right. She brings a wonderful energy to her café. She might not have the hard skills of interior design, but she knows what she likes. It makes the design process really effective and fun. She gave us her functional requirements. She also employed a great graphic designer to create the brand identity. Then we all shared ideas and inspired one another.
As you enter the space there is a tile feature on the floor. The graphic designer had created two swans with a heart shape from their necks. We used that logo and created a custom tile of blue and white swans inside a hexagon shape. And we also created swans as wallpaper in the bathroom. The tiles on the bar have a teardrop shape, but remind you of feathers layered on a bird. It references old traditional cafés in a contemporary tile pattern.
One of our strengths is that we do a lot of bespoke furniture. It creates novelty for our interior design clients. The world has become so globalised that shopping centres anywhere are almost identical. So when you walk into a space that has bespoke furniture and unusual finishes, you wake up and become present. It makes for a memorable experience. It helps our clients’ businesses become better.
With Swan Café we went more feminine. The main mural, in blue-grey wallpaper, is based on Leda and the Swan, by Leonardo da Vinci. We settled on an intense dark blue in the bar area, the toilet door, PRODUCED BY BLACKSTAR PROPERTY PUBLISHING 1st Floor, Block H, Sable Square, Cnr Bosmansdam and Ratanga roads, Milnerton, Cape Town 021 447 7130
A EDITORIAL TEAM Editor: Kim Maxwell Designer: Samantha Durand
and on the ceiling above the couch (the holes are for acoustic absorbent ceiling boards, but also have a design element). The use of French café blue was also very strong. The birdcages were something that Jessica wanted. Birds … swans. We found second-hand cages and painted them copper.
The chairs are our designs. We took traditional bistro furniture, especially armchairs, and created a contemporary version. Ours are made with metal instead of wood. It’s a new expression of a classic bistro chair. I used to design for design’s sake. Now I still like being creative, but there is a commercial goal at the end. Good design gives our clients a competitive advantage. People want a more curated lifestyle. Businesses that don’t invest in design, especially where it touches their consumers, are going to start slipping behind. The hospitality sector is very competitive. There are lots of great restaurants and cafés all over the world.
I used to be sceptical about Cape Town’s East City Precinct but I’ve been proven wrong. It is a commuter thoroughfare for workingclass people, yet we can have great cafés and lifestyle shops in the area. That is a positive development. We’re learning to become a more integrated city. I think there will always be that gritty element, with Mavericks, Home Affairs and the police station nearby, which makes it more authentic.
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Recently completed, this four-bedroom Ocean Villas Yzerfontein home is marketed by the Katz family for R8.975m
While inland cities have their advantages in terms of urban living, working and playing, many South Africans are still setting their sights on the coast WORDS: MIRIAM MANNAK :: PHOTOS: SUPPLIED
F A five-bedroom Umhlanga Ridge home, marketed by Chas Everitt for R8.999m
rom villas on the west coast and contemporary apartments on Cape Town’s Atlantic seaboard to lockup-and-go units in one of the many lifestyle estates on the Garden Route and the KwaZulu-Natal north coast, the South African coastline remains a popular semigration destination among upcountry buyers. This has resulted in rising property prices: the January 2018 Lightstone Property Residential Property Index shows the average price of units within 500m of the coastline jumped by 7.7%, substantially more than inland properties at 5%.
West Coast and Atlantic Seaboard
A four-bedroom home in Pinnacle Point Golf Estate, Mossel Bay, marketed by Pam Golding for R13.5m
Langebaan, with its pearly white beaches on the west coast, is a longstanding semigration hotspot. Close to the West Coast National Park, this town is all about lifestyle, leisure and water sports. The same counts for Paternoster and St Helena Bay, which according to Seeff Properties had more than 570 transactions for the year to the end of June
2018. This includes a record sale of R10.5m for Sea La Vie, a four-star guesthouse in Shelley Point. Yzerfontein, too, is making its mark. “This is because of its excellent schools such as Curro Langebaan, just a short bus drive away,” says Emarie Campbell, Pam Golding Properties principal for the western seaboard. The value-for-money element plays a role, too. “Homes in Yzerfontein are listed from R1.5m, while vacant land starts at R500,000.” Strandveld Villas is a residential estate that has attracted interest. Classified as eco-friendly, the development comprises 40 homes priced from R2.32m for a 127m 2 offplan two-bedroom unit to R3.09m for a 190m 2 home with three bedrooms, two bathrooms and a double garage. Marketing and sales manager Graham Katz says the Strandveld focus is on health, lifestyle and the region’s rich history. “My great-grandfather, Abraham Katz, bought the farm Yzerfontein in 1936 as grazing land for his
dairy cows. Yzerfontein grew when the dairy farms were sold. My family was responsible for putting in all the infrastructure and setting up the first ratepayers’ association.” West coast property closer to Cape Town is also in demand. Campbell lists Atlantic Beach Golf Estate and the Big Bay Waterfront as two examples. “Smaller apartments at Atlantic Beach start at R2m while clusterstyle homes sell from R3m,” she says. “The Big Bay Waterfront offers secure estates with sweeping views over the ocean. House prices can reach up to R18.5m, with apartments starting at R1.65m.”
ATLANTIC SEABOARD When it comes to coastal living, Cape Town’s Atlantic seaboard cannot be ignored. With its beaches, good infrastructure, shops, renowned restaurants, schools and all necessary amenities nearby, the area is a magnet for semigrants — especially those with larger budgets. Many are drawn to the V&A Waterfront’s mostly apartment homes priced
HOMEFRONT from R6.8m. “Buyers here are more mature South Africans who seek to downscale the size of their homes without losing the appeal of luxury,” says Basil Moraitis, Pam Golding Properties manager for the Atlantic Seaboard. In Green Point, most semigrants are after lock-up and-go units in mixeduse developments such as NINEONS. Situated off Main Road, the complex developed by BLOK features 23 apartments, an entertainment deck and a rooftop pool with panoramic views of Three Anchor Bay and Green Point Common. Priced from R4.5m, they have luxury appliances and fittings, says BLOK MD Colin Wardle.
CAMPS BAY A five-bedroom home in Shelley Point, St Helena Bay, marketed by Seeff for R7.5m
A four-bedroom house for sale in Pezula Golf Estate, Knysna, marketed by Pam Golding for R5.795m
Camps Bay demand revolves around freestanding high-end homes. These start from R10m for a three-bedroom house. “Lightstone Property data puts the median price in Camps Bay at R19m,” says Moraitis. An hour’s drive from Camps Bay, Sitari Country Estate near Somerset West offers great options for semigrants after peace, nature and lifestyle. The development recently launched The Residences, which allows buyers to build a home in one of six architectural styles. “The Residences sells from just under R3.14m on a plot-and-plan basis,” says Uvest Property Sales executive director Claudius Combrinck. Further inland, tucked between vineyards and
mountains, Val de Vie is unmatched from a security and lifestyle amenities point of view. “We have more than 16 products on offer, from hotel-room investments to onehectare reserve stands, which sell for about R8m,” says group marketing director Ryk Neethling. “A Polo Village apartment goes for about R2.5m.”
Sales in the Garden Route market topped more than R6bn in the 12 months to June, according to Lightstone data supplied by Seeff Properties. This is an improvement of nearly 60% in 10 years. With its moderate climate, warm waters, never-ending beaches, quaint villages and some of SA’s top attractions including the Tsitsikamma National Park, the Garden Route is drawing semigrants from Gauteng, KwaZuluNatal and Cape Town. “There were more than 4,400 transactions at an average price of R1.3m for the main towns of George, Mossel Bay, Knysna and Plettenberg Bay,” says Seeff Properties chairman Samuel Seeff. The data is in line with FNB’s most recent southern Cape House Price Index, which confirms that the Garden Route market has remained near its decadehigh growth rates. The reports show more of the same is on the cards for this year — a trend boosted by semigration as an alternative to the Western Cape.
LIFESTYLE A better lifestyle, less traffic, security for families and good schools and healthcare facilities are fuelling semigration to towns such as Plettenberg Bay and George. Good road and air links to both towns and the region’s overall value for money amplify the trend. Seeff Properties reports twobed apartments in central George start at R649,000, with full title properties going for R900,000. Mossel Bay has also seen a market boom, with sales soaring by 600% since 2014. “Overall, Mossel Bay buyers are looking for freestanding homes. There has been some movement in the sectional title market, too,” says Pam Golding Properties Mossel Bay area principal Keith Murray. One of Mossel Bay’s most popular developments is Pinnacle Point. On a cliffside above the Indian Ocean, the estate features an 18-hole golf course, private beach, spa, clubhouse and an outdoor pool. Pam Golding Properties says it has had record sales in the past two years amid concentrated building activity on the estate.
RECOVERY Despite the effect of the economic downturn in 2008-09, Knysna’s property sector is growing, particularly among semigrants. “Knysna and Plettenberg Bay are becoming popular with younger families looking to relocate for schooling and other reasons,” says
“The Residences sells from just under R3.14m on a plot-andplan basis” Claudius Combrinck, executive director, Uvest Property Sales
A four-bedroom home in Camps Bay, marketed by Pam Golding for R16.9m
HOMEFRONT retirement facility. “Tourism has been identified as both a national and provincial priority,” says Tongaat Hulett developments MD Michael Deighton. “Tinley will undoubtedly transform the region where real estate and other economic growth opportunities will soar.”
UMHLANGA AND SIBAYA
Val de Vie, Paarl, Western Cape Ling Dobson, Pam Golding Properties area principal in Knysna and Plettenberg Bay. All types of property are in demand, from apartments and freestanding homes to units in security estates. The agency reports that prices vary from just below R2m to more than R7m — a number of vacant plots are selling. That said, Knysna is the place to be for buyers with bigger budgets. Seeff reported that the highest prices tend to be paid on the waterfront, with Leisure Isle recording a sale of R24.325m last year. In Pezula, two topend units were sold for R22m and R23m.
PLETT Plettenberg Bay remains a hotspot for semigrants, offering a variety of properties from villas and duplexes to modern units in luxury developments such as Plett Quarter. The complex, developed in the heart of town by Sotheby’s International, features apartments and penthouses overlooking the estuary from its upper level. It has a signature restaurant and coffee bar on the ground floor. Smaller seaside towns are in demand too. “Stilbaai had a record year last year, selling 52 properties,” says Jennifer Seggie, Pam Golding Properties Stilbaai area principal. Most buyers look for smaller, less expensive freestanding and low-maintenance properties. The agency says a two-bedroom house with two bathrooms and a garage sells from R1.3m. Yet Stilbaai’s rising popularity among semigrants has triggered a spate of development. “Local builders are buying
plots, building several units on them and selling these for R1.35m to R1.8m each,” says Seggie.
KwaZulu-Natal north coast
The KwaZulu-Natal north coast is attracting buyers from around the country. Seeff data shows this has led to a 9% increase in property values for the first half of the year, compared with 2017. As elsewhere, semigrants are after secure lifestyle estates such as Seaward Estates, Umhlali Golf Estate and the Zimbali Lakes Resort. Situated in the greater Ballito region, the latter is a 300ha development with up to 2,700 residential opportunities. The demand for security estates such as Zimbali is in line with national trends, says Bernadine Roos, sales manager at Chas Everitt International in Ballito. “Estates account for more than 15% of SA’s residential property market, containing 335,000 homes worth R800bn. “One in 10 home buyers chooses to live in a gated community,” Roos says. “The north coast is no longer just a popular holiday destination, but a permanent home to an increasing number of semigrants.”
is fast becoming the preferred home of a growing percentage of SA’s superwealthy,” says eLan Property Group CEO Mark Taylor. “Eight percent of SA’s superwealthy live between Durban, Umhlanga and Ballito.” “The number of high net worth individuals in SA grew by 8% last year and is expected to grow by a further 28% in the next 10 years. While the mood of investment in South African property is cautious, there are certain areas such as KwaZulu-Natal and Western Cape that hold pockets of residential gold.” Among eLan Group’s most popular developments is Simbithi Eco Estate. Spanning 430ha of natural coastline, the estate features a mix of sectional title villas, apartments and houses, as well as swimming
“Eight percent of SA’s superwealthy live between Durban, Umhlanga and Ballito” Mark Taylor, CEO, eLan Property Group
pools, tennis courts and an equestrian centre. A new opportunity, Beachcroft, will make available vacant land within the estate. Seeff North Coast markets Beachcroft sites ranging from 1,040m 2 up to 2,212m 2, priced from R1.76m to R2.88m.
TINLEY MANOR Another Ballito development to keep an eye out for is at Tinley Manor. In the heart of KwaZuluNatal’s primary growth corridor, the Tongaat Hulett beach resort development features kilometres of unspoiled coastline, a pristine lagoon and indigenous coastal forest. Four significant international resort operators have shown interest. The resort will comprise a residential component, retail and office space, hotel potential and a
WEALTH MAGNET While KwaZulu-Natal’s north coast has something to suit any budget, the 2018 New World Wealth Report shows the region is becoming popular among the wealthier set. “The KwaZulu-Natal north coast area is not only a prestigious holiday destination, it
A two-bedroom apartment in Coral Point, Sibaya, marketed by Pam Golding for R3m
Umhlanga features high on the semigrant’s wish list, particularly from an investment point of view. Chas Everitt International data shows that sectionaltitle schemes here have generated stronger capital growth than freehold properties. One prime investment target is the Pearls of Umhlanga. The beachfront development comprises a mix of luxury apartments, duplexes and penthouses. More projects are in the pipeline, including Oceans Umhlanga. Featuring two residential towers overlooking the sea, the development will comprise 444 apartments and penthouses, a mall and hotel. Sibaya has undergone an explosion of developments due to the many schools, shops and amenities on its doorstep. “Buyers tend to buy here to live and to use as holiday homes,” says Tyson Properties Umhlanga principal Kerry Bailey. “In terms of rentals, there is a high demand, resulting in a good return on investment. Property on the north coast can easily be let.” Among the new developments is Saxony Sibaya, comprising 100 luxury two- and threebedroom apartments and three- and four-bedroom penthouses. Prices start from R3.85m.
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Reasons to retire Those making a retirement property purchase are drawn to coastal destinations for the surroundings and investment potential. But a holiday lifestyle is a big part of the appeal WORDS: GEORGINA GUEDES :: PHOTOS: SUPPLIED
Negester Onrusrivier, near Hermanus
hat would drive you to relocate? Retirement estate options in coastal areas are in high demand from people of 50 and older. Those seeking seaside property destinations are looking for a combination of lifestyle factors that will meet their present needs, as well as amenities to cater for their requirements as they age. “Our research shows that the baby boom generation now reaching retirement age is no longer prepared to retire from life,” says Renishaw Property Developments MD Phil Barker. “They are generally healthy, physically and mentally active and looking to start a
new phase of living.” Aside from the beautiful surroundings and extensive amenities provided by leading retirement estates, buying in coastal areas makes good investment sense. The FNB Holiday Towns House Price Index continues to show a mild “outperformance” in terms of house price growth, relative to the overall national market. Prices in holiday towns showed growth of 6.7% in Q4 2018, rising to 7.5% in Q1 2018 — the third consecutive quarter of mild growth. In the FNB index, property strategist John Loos speculates that retirement migration provides significant support to such markets. “The demand driver that we may have underestimated is the level
“Our research shows that the baby boom generation now reaching retirement age is no longer prepared to retire from life” Phil Barker, MD, Renishaw Property Developments
of migration in search of lifestyle, especially of retirees,” he says. Loos’s FNB Estate Agent Survey also shows an estimated 10% of people sell to relocate to another part of SA. “This percentage remains elevated since the 6% low point reached in the 2008-9 recession.” Surveyed agents suggest it is worth watching regions such as the Southern Cape and the KwaZulu-Natal coast, typically strong holidayhome regions, to see what the levels of demand for retirement purposes are, especially from inland migrants. “A significant portion of inland retiree demand may shift to less inflated coastal regions such as the Southern Cape or the KwaZuluNatal coast,” says Loos.
Further south, the Eastern Cape’s Sunshine Coast towns and villages are being rediscovered. According to Seeff’s licensee for the area Gerrie Nieuwenhuise retirement is a big part of the market, and Deeds Office data shows that 70% of buyers are over 50. “There are a variety of retirement villages to choose from. Apartments start at R500,000 and R3m buys a great position and sea views, while townhouses and houses start at about R1m,” says Nieuwenhuise. The Western Cape coast continues to offer exceptional retirement appeal, with smaller towns offering good value for over-50 investors. Strong demand for residential property in the past few years is due
Renishaw Hills, Scottburgh, KwaZulu-Natal south coast mostly to semigration and a shift to lifestylebased secure residential developments, says Dawid Malherbe, marketing manager at Negester Onrusrivier retirement village near Hermanus. “The Overberg coastal region, which includes the towns of Onrusrivier, Hermanus and Stanford, offers beautiful scenery and beaches, first-class infrastructure and amenities and a wellmanaged Overstrand Municipality,” says Malherbe. The area has established itself as a premier wine and holiday region. The Garden Route is another coastal retirement destination that cannot be overlooked. “Many people dream of retiring to the coast one day,” says Devmark Property Group CEO Hein Ehlers. “The Garden Route has become increasingly
popular due to its natural beauty and Mediterranean climate. “Plettenberg Bay, often referred to as the jewel of the Garden Route, has two Blue Flag beaches, magnificent mountains, a lagoon, ocean vistas and is a haven for flora and fauna.” Access to Plettenberg Bay has improved since the opening of the airport and the introduction of flights from Johannesburg and Cape Town. Some of the best coastal retirement destinations:
Western Cape De Plattekloof Lifestyle Estate, between Bellville and Bloubergstrand, is intended for those who wish to retire in an environment that is more luxury hotel than old-age facility. The architecture, product choice, interior furnishings and service providers have been
De Plattekloof Lifestyle Estate near Cape Town’s Tygerberg Hills carefully selected, making this retirement at its finest. Negester Onrusrivier near Hermanus has 125 full-title residences and a sectional-title care centre with 50 residential units. The homes have two or three bedrooms with a single or double garage. Home sizes range from 144m 2 to 205m 2 . Prices start at R2.86m. With its ideal location, Negester Onrusrivier gives the 50-plus age group an opportunity to settle in a safe and beautiful environment between the Groenberg mountains and the sea. Set in picturesque surroundings, MSP’s Zevenwacht Lifestyle Estate on the Stellenbosch Wine Route offers four-tier security as well as three kinds of homes for over50s, including lifestyle houses in the Under the Vine village, retirement apartments in Merlot
“The Garden Route has become increasingly popular due to its natural beauty and Mediterranean climate” Hein Ehlers, CEO, Devmark Property Group
Village and assisted-living suites in the Vine Manor assisted living and care centre, which also offers frail care facilities. Evergreen Lifestyle’s portfolio includes six retirement villages, in Bergvliet, Diep River, Muizenberg, Noordhoek and Lake Michelle in Cape Town, and Val de Vie in the Winelands near Paarl. Val de Vie Evergreen is about 35 minutes from the coast. Phase one is due for completion next year. Residents will have access to all amenities on Val de Vie estate, which include 42km of trails for walking, cycling and jogging. There is the Pearl Valley Jack Nicklaus Signature golf course, lifestyle centres, vineyards, orchards, the L’Huguenot cellar, a Fleet Coffee Roastery, restaurants, the Pearl Valley Hotel and a Camelot Spa.
BUILDING FOR THE COASTAL RETIREMENT BOOM Developers are targeting coastal growth nodes for their next wave of retirement estates. A big part of the KwaZuluNatal north coast property boom is due to urbanisation in areas such as Umhlanga, Ballito and Sibaya Coastal Precinct. The appeal of natural surroundings in coastal towns has led to a rise in the number of people wanting to retire there. A report from Retire KZN says there have been at Palm Lakes, Ballito, KwaZulu-Natal north coast
least three new retirement opportunities in urban spaces along the KwaZuluNatal north coast, with more on the way. Evergreen Lifestyle has plans for developments in the KwaZulu-Natal Midlands, Umhlanga and in Port Elizabeth. And through a joint venture with Kuwait’s IFA Hotels & Resorts, it is developing a R3bn retirement offering in Zimbali Lakes Resort on the KwaZuluNatal north coast.
Evergreen Lifestyle Village Bergvliet residents enjoy a relaxed country atmosphere close to the city, near the picturesque Constantia valley.
Garden Route The Plettenberg Manor offers residents direct access to a private beach, beautiful hiking trails, bird hides for birdwatchers and bowling greens – all on the Plettenberg Bay estate. A shuttle service makes getting around easy and convenient. Amble Ridge is in Knysna. The established and spacious village has views over the Knysna Lagoon, is 1.5km from the Knysna Golf Club, 4.5km from the award-winning Pezula Golf Course and close to Leisure Island and Knysna Heads. The village caters for a variety of ages and interests. Groenkloof has retirement villages in George, Great Brak River and Rheebok. Its developments boast a spectrum of retirement offerings including owntitle houses, assisted living flats, frail care units, sub-acute care facilities, community centres and a multitude of services for seniors.
Eastern Cape Estate living in a secure location is on offer at Kidd’s Beach Lifestyle Estate & Retirement Village. Kidd’s Beach borders the Mcantsi River near East London. Although it caters for all ages, the lifestyle estate has a dedicated retirement area. It offers facilities including a
HOMEFRONT “A big part of the KwaZuluNatal north coast property boom is due to urbanisation in areas such as Umhlanga, Ballito and Sibaya Coastal Precinct” The Plettenberg Manor, Garden Route
Apartments at The Somerset Lifestyle & Retirement Village, Somerset West clubhouse, gym, salon and on-site healthcare. A big part of the estate’s appeal is its indigenous plant life and surroundings, including riverbank walkways and relaxation areas. New Westbrook lifestyle development in Port Elizabeth will soon put a different spin on retirement with its “live, work, learn, play, shop, retire” hub on a 128ha piece of land. The secure estate will have 3,500 residential homes across nine residential villages, including a communityorientated central space that includes commercial and retail elements.
Zimbali Coastal Resort and adjacent Lazuli Lifestyle & Retirement Estate owners enjoy panoramic views of the ocean, wetlands, indigenous forest, Zimbali Country Club golf course and north-facing views. Residents at Lazuli can balance privacy and a community lifestyle
KwaZulu-Natal From first-time buyers looking to put down roots to retired couples seeking an active, outdoor lifestyle, KwaZuluNatal’s Kindlewood Estate is designed to meet multigenerational living requirements. The development is close to Umhlanga Ridge, the Gateway Theatre of Shopping and other evolving retail facilities, with access to good schools and medical facilities.
Westbrook, Port Elizabeth
Kindlewood Estate, Mount Edgecombe, KwaZulu-Natal in a setting that offers contemporary living. On the sought-after golden strip of the north coast, Palm Lakes Family Estate is nestled between rolling hills 3km from the beach, 13km from Ballito and 23km from King Shaka International Airport. The estate embraces
the multigenerational concept, where young and old live together in “resort-style” facilities. Blythedale Coastal Estate is 20 minutes north of Ballito along the Dolphin Coast. The 1,000ha development is 3.2km from unspoiled beaches, tranquil
forests and a pristine river frontage. Renishaw Hills is a mature lifestyle village on the hills overlooking Scottburgh on the south coast. It provides reasonably priced, upmarket homes set in indigenous gardens with surrounding forests and a beach nearby.
LA PH U A SO NC SE O HI 2 N N ! G
Time’s up When taking ownership of a property, getting up to speed on occupancy dates in the sale agreement is key WORDS: ANNE SCHAUFFER :: PHOTO: SHUTTERSTOCK
he date of occupation for a new home is usually affected by a number of factors, such as the buyer’s timeline and whether the property is ready for them to move in. The seller needs to decide on a realistic date to be out of the property and consider when the buyer wants to move in. There is often a complex chain of events. The problem: it is impossible to know the specific date that ownership will transfer from seller to buyer.
1 Occupation on transfer “Current thinking is that the best solution is to opt for occupation on transfer of the property,” says attorney Maria Davey of Meumann White Attorneys. “This way, when the new owner takes vacant occupation they also get possession, meaning that all risk and benefit in the property is now vested in the purchaser who is the registered legal owner.” However, the disadvantage of occupation on transfer is the uncertainty. Not knowing when you can move into your new home creates uncertainty. You’ll be given an estimate, but that’s as good as it gets.
2 Negotiate an occupation date If you don’t wish to leave the property vacant, the buyer can negotiate an occupation date with the seller, with the chance that this date may end up being before or after registration of transfer. If it ends up being before or after transfer, settle on a specified
occupational rental paid by buyer to seller, or vice versa. This provides certainty, but if it’s prior to transfer, it also leaves the seller open to a situation where the buyer occupies a property they do not yet own. They may find problems with the property, which they believe the seller must resolve. The seller could then be in a situation where they are “forced” to fix any issues simply to avoid unnecessary delays in the transfer. On the flip side, if the buyer has moved in and wants to make alterations to the property, they are often tempted to do so before transfer. If the transfer does not go through the buyer will have spent money on somebody else’s property — and the seller could be handed back an altered property.
3 Occupation after transfer Davey says a third approach often suits both parties. “Set an occupation date after registration of transfer — this can offer the best of both worlds.” But what motivates a seller to promptly move out of the property once they’ve received their purchase price? “The buyer should be entitled to take occupation and possession of the asset when they have paid the purchase price. The seller will know more or less when the transfer will come into effect and should ensure they have vacated the property timeously,” says Davey.
More housing plans but less construction
Cape estate quickly racking up sales
ore housing plans were approved for new private sectorfinanced housing in SA year on year, but fewer homes have been completed. Absa Bank property analyst Jacques du Toit says building plans approved for new housing increased by 9.3% (2,539 plans) to 29,866, from January to June this year, whereas the number of housing units completing construction dropped by 22.7% (4,597 units) to 15,612.
The overall average building cost of completed new housing increased by 5.5% to R7,362/m2.
R5,655/m2 — average building cost for houses of less than 80m². Up 22.2% R7,319/m2 — average building cost for houses of 80m2 and above. Up 3.1% R7,963/m2 — average building cost for flats and townhouses. Down 1.2%
itari Country Estate outside Somerset West is one of SA’s leading estates in terms of sales numbers and value. The estate is ranked among the top two fastestselling large-scale estates in the Western Cape, with close to 900 sales achieved in the past 47 months, totalling just short of R1.2bn in value. “Sitari is growing rapidly and this is reflected in the growing sales, which now average 19 transactions a
month,” says Uvest Property Sales executive director Claudius Combrinck. “We have close to 3,000 contractors active on site every day, with eight apartment schemes and more than 80 homes under construction. “With 1,452 homes and 177 sectional title units already occupied, we have about 700 people now living in Sitari.” He says estate drawcards include a Curro Sitari school
and a 12,500m2 gross leasable area shopping centre with a variety of flagship stores, set to open during 2019. Sitari’s property portfolio caters for a range of buyer types, investors and permanent residents. Sitari also has rental opportunities available in two-bedroom apartments (starting from R10,000 monthly) and threebedroom homes (starting from R18,000).
HOMEFRONT COASTAL INTERNATIONAL
Four foreign shores Governments offering property investment schemes with residency benefits are attracting increasing South African interest WORDS: DEBBIE HATHWAY :: PHOTOS: SUPPLIED AND SHUTTERSTOCK
Port Louis, Mauritius
outh Africans looking for offshore investment opportunities as well as a more stable political and economic climate have shown increased interest in Mauritius during the past two months. That is the view of Richard Haller, Pam Golding Properties director for national and international projects. Seeff licensee for the island Theo Pietersen says Mauritius is arguably the top offshore property attraction for South Africans. “With legislation changed to encourage more investment in property along with an aggressive economic and investment strategy, the country intends to further cement its position as the new luxury destination on the African continent.” This is an enduring trend, though, with the Economic Development Board attributing almost a third of foreign direct investment (FDI) into real estate to
South Africans in recent years, says Christophe Curé, Group Property Manager for Compagnie de Beau Vallon Ltée, one of the oldest and most established companies on the island. Mauritius is “one of the few places in the world where the rand has property investment value in a major global currency (the euro) and is only a short flight from friends and family” back home.
LEGISLATION The Mauritian government has continued to revise legislation on property development to attract FDI, with Compagnie de Beau Vallon’s flagship project, Pointe d’Esny Le Village, in the southeast being the first of its kind on the island under the Property Development Scheme. Located in a pristine coastal strip dotted with protected wetlands, it is designed as a sustainable and integrated development incorporating residential and commercial components as well as education, hospitality and sports facilities.
And while Pam Golding Properties has always talked up Grand Baie for real estate investment in the north, Haller says the west coast is taking off. “Mauritian property value is expected to grow by 40% in the next 10 years,” he says. “For those with $500,000 or more to invest in return for an appreciating asset and permanent residency, we can offer the Akasha Villas in the west and Le Parc de Mont Choisy or Ki Resort Apartments in the north.” Similarly to Mauritius, the Seychelles also works to market its assets beyond bright blue seas and sparkling white sand. The Seychelles ranks second behind Mauritius for overall governance, according to the 2017 Ibrahim Index of African Governance. In addition, it achieved 4.1% economic growth last year. The Global Property Guide says the Seychelles has the highest GDP per capita in Africa, contributing to a compelling argument for investors looking to diversify their assets to cushion
“Mauritian property value is expected to grow by 40% in the next 10 years” Richard Haller, Pam Golding Properties
against global economic and political uncertainty. Development and conservation sit together well in this archipelago of 115 islands. Adopting an innovative approach to marine protection, the Seychelles incorporates the residential marina development, Eden Island, just off the coast of Mahé. Within the 40ha development are 16ha of waterways and four secluded beaches, offering the perfect base for fishing, sailing and diving. Regarded as the premier lifestyle investment option in the Indian Ocean islands, Eden Island marries an attractive lifestyle with all the benefits of a sound offshore investment, offering purchasers proven capital growth and annual rental yields, as well as the ability to apply for residency. There are no property taxes or capital gains tax in the Seychelles, and no transfer or stamp duty on the purchase of new homes. “You can buy a property at Eden Island from $455,000,
which qualifies you for Seychelles residency, and go and live, work and play there almost immediately,” says Pam Golding International head Chris Immelman. Looking to Europe, Portugal is still the best investment. The Portuguese market remains strong with interest mainly from Brazil, France, the Middle East and of course SA, according to Immelman. “The areas of Lisbon and Cascais are still the favourites and in our view offer good long-term value. However, Porto is definitely entering the frame, with prices lagging behind Lisbon by some distance, and some new developments coming on stream,” he says. Look out for the South African launch in October 2018 of The Rebello in Porto, a Unesco World Heritage Site on the banks of the River Douro. “It’s going to be a cracker,” says Immelman. “It is a magnificent development — an old porthouse (a warehouse where they stored barrels of Port brought from the
farms in the Duoro Valley by boat along the Duoro River, before being loaded on to bigger ships to be taken to the US and the UK) is being redone, overlooking the historical part of the Duoro River in Porto. “Two ways to qualify for Portugal’s Golden Visa scheme are to buy property for €500,000 or €350,000 if it’s a 30-year-old property and part of an urban regeneration scheme. With Rebello apartments starting at €220,000, you’ll have to buy two units to qualify.”
GRENADA Grenada is another popular option for South Africans seeking a foreign bolthole. Residence and citizenship planners Henley & Partners helped the government relaunch its citizenshipby-investment (CBI) programme in 2016. Home to only 100,000 people, Grenada is the only country in the Caribbean with a CBI programme that has visa-free access to China. In addition, Grenada passport holders may travel
visa-free to 124 countries. Grenadian citizens can also apply for a USA E-2 Investor Visa, which entitles them to start a business and live in the US. “A purchase of one of the apartments at Kawana Bay will enable you and your family to acquire Grenadian citizenship within four to six months,” says Immelman. The development is a new five-star resort on Grand Anse Beach offering properties for sale on a freehold condominium basis. The resort comprises studios and one-, two- and three-bedroom penthouses starting at $350,000. The investment is underpinned by the InterContinental Hotels Group, through their Kimpton boutique hotel brand. “Your purchase will entitle you to earn income via the operating hotel’s revenuesharing programme and you are entitled to disinvest three years after purchase,” says Immelman. “With US tourism numbers growing, the investment promises to produce decent yields.”
“Grenada is the only country in the Caribbean with a CBI programme that has visa-free access to China”
NEED TO KNOW MAURITIUS Why: A safe living environment, low cost of living compared with Europe, the best place in Africa to do business (World Bank report). How: Real estate investments above $500,000 qualify for residency. SEYCHELLES Why: Stable political environment, no capital gains tax, no transfer or stamp duty on new home purchases. How: Foreigners can buy residential property in Seychelles, for their own use, with government approval. On developed land or a vacant lot, the investment should be not less than 1-million Seychellois rupees (about $74,000) or
2-million SCR (about $148,100) respectively. PORTUGAL Why: Visa-free travel in the Schengen area; the right to live, work and study in Portugal; EU residency. How: Invest €500,000 in real estate or €350,000 if the property is older than 30 years in an area of historical significance or urban regeneration. GRENADA Why: Visa-free access to 124 countries around the world, including the UK and Schengen; eligibility to apply for a US non-immigrant visa. How: Investment in government-approved real estate for at least $350,000, to be held for a minimum of three years.
GRENADA’S NEWEST 5-STAR RESORT & CITIZENSHIP-BY-INVESTMENT OPPORT UNIT Y
FOR SALE: 1-bedroom suites and studios are now for sale as freehold condominiums. Purchasers in this stunning 5-star beachfront resort are eligible to apply for Grenadian citizenship through the country’s Citizenship by Investment (CBI) programme. Grenada is the only country in the Caribbean with a CBI programme that has a 5-year, bilateral E-2 Investor Visa treaty with the USA. Grenada has a source-based taxation system. Citizens who are tax resident in Grenada are not subject to Grenadian tax on their foreign income, nor do they pay any wealth, gift, inheritance or capital gains tax. Prices from $350,000.
WWW.KAWANABAY.COM Kimpton® Hotels & Restaurants is part of the InterContinental Hotels Group®
Interested in exploring more? Please contact: Theresa Fernandez +27 (0)21 762 2617 | firstname.lastname@example.org pamgolding.co.za/international
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