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HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA 24 JANUARY 2020 WWW.BUSINESSLIVE.CO.ZA

00 - Advert - Business Day Home Front - PF.indd 1

2020/01/21 2:42 PM

MUST-READ

Luxury stay in Simon's Town PAGE 2

Retrofitting: urban builds transformed PAGE 10

Invest in resilient aparthotels PAGE 14

Portugal issues first Golden Visa PAGE 14

The polo fields at Val de Vie, recently announced SA's top residential estate

What makes a winning residential estate? New World Wealth reports that 40% of SA’s wealthiest citizens are buying property in luxury gated developments. HomeFront reveals how top-notch estates continually evolve to ensure they stay ahead of their game

PAGE 6

Retire to the Tranquility of the Paarl Winelands Perfectly Located in Paarl | Unique High-Tech Security | Impressive Healthcare Options Leisure Lifestyle Centre | Green Building Designs

2-4 BEDROOM FULL TITLE

NOW AVAILABLE FROM R3 225 000 NO TRANSFER DUTY Jaco van der Merwe Reon van der Merwe

083 235 0241 082 896 2747

Werner Pieters Marius Pieters

082 363 6089 082 566 0853 Developed by:

sales@grootparysestate.co.za | www.grootparys.co.za |

Development Partners: and Groot Parys Development Trust


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LIFESTYLE

Coastal recharge If you’re looking to be spoilt, Tintswalo at Boulders Boutique Villa is one of Simon’s Town’s best-kept secrets WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED

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hree penguins dart their heads in different directions, looking like stock exchange traders keeping tabs on the day’s market swings. Another penguin trio swims in with the tide to the shallows before clambering jauntily onto a rock. These delightful feathered fellows are the headline act for guests at Tintswalo at Boulders Boutique Villa in Simon’s Town near Cape Town. The location could not be closer to the natural action, with a private gate accessing the boardwalk that links popular Boulders

Beach to the quieter penguin habitat of Seaforth Beach. Nine double suites in this home-turned-villa have spacious proportions and a maritime theme in keeping with the Simon’s Town naval base nearby. Tintswalo at Boulders opened in October 2018, offering guests welcoming comfort and authentic South African hospitality in a luxury setting with space to put their feet up in a range of relaxation areas. The rumour goes that the original foreign owner built his mother a home alongside his family home – that is why the suites and various communal spaces

on different levels are all in close proximity. The views incorporate the calming ocean and indigenous fynbos vegetation.

FAMILY OWNED Owners Lisa Goosen and her mother, Gaye Corbett, also own Tintswalo Atlantic on Chapman’s Peak near Hout Bay. They bought the Simon’s Town property after they were tipped off by an estate agent cousin. Goosen and Corbett renovated the interiors themselves, aiming for a luxurious décor style with a touch of glamour in the form of Persian rugs, leather, florals, mirrors and

metals. Some of the original furniture was repurposed. According to Goosen the colours of the outdoor environment guide their interior colour schemes and they have fun throwing it all together. “My mother and I work closely with Caroline Wright, a decorator and long-standing friend,” she says. “We literally hunt fabric houses until a specific fabric grabs us for a particular space. It forms our anchor for that room, and we then build the interiors around it. “Mostly when the finished product is done, it fits perfectly. But sometimes it doesn’t and then the fun


HOMEFRONT begins again with moving furniture around the house.”

LUXURY, EXCLUSIVITY AND A WINE EXPERIENCE

SHIP SHAPE Breakfast on the seafacing balcony, tucking into platters and bowls of fresh home-made items, is a great way to start the day at Tintswalo at Boulders. Usually functioning as a B&B, the luxury villa is also an option for exclusive-use groups – it accommodates a maximum of 18 adults and two children – with the services of a private chef. Dining can take place indoors or alfresco, and the menu is developed in close consultation with the chef. HomeFront attended a four-course dinner for about 16, created by executive chef Christo Pretorius of The Twelve Apostles Hotel and Spa outside Camps Bay, Cape Town. Bouchard Finlayson winemaker Chris Albrecht worked with Pretorius on a delicious wine-paired menu, presenting his superlative Chardonnay and Pinot Noir with creative mini courses. Twelve Apostles sommelier Gregory Mutambe was on hand to refill glasses and chat about the flavour nuances, but mostly left guests to mingle and enjoy themselves.

The suites at Tintswalo at Boulders have a formal feel, each individually decorated and named after a famous ship. Water Witch on the top floor has an expansive deck and astounding views. Downstairs, the classic atmosphere of Mary Rose is enhanced by dark wooden furniture and a four-poster bed overlooking the garden. A velvet armchair in aquamarine hues in the Mayflower suite, also on the ground floor, makes for a calming spot to sip a flat white and enjoy soothing views of the ocean beyond the shrubbery border. A small swimming pool on the top deck is an option on windless days. This family-run business operates on a bed-andbreakfast basis, and its local and international guests range from young romantics to retired adventurers. “Tintswalo at Boulders can serve as a base for activities that typically include seeing the penguins, swimming at Seaforth Beach and visiting Kalk Bay and Cape Point, which is only 20 minutes away,” says Goosen. “But often guests don’t leave the villa and end up extending their stay because they’re so relaxed.” tintswalo.com/boulders/ villa/

Bouchard Finlayson Missionvale Chardonnay 2017 added nutty elegance to the fresh summer taste of marinated trout tartare on a pea panna cotta with pea and mint salad. We also nibbled on springbok and chakalaka canapés and later settled in to discuss politics and share travel anecdotes or our preference either for the Pinot Noir 2018 (fruity and approachable) or 2015 (an excellent vintage). Served alongside, Pretorius’ Angus steak with grilled king oyster mushrooms and soy truffle cream was a master class in umami richness.

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NEW SHOWHOUSE IS A MUST VISIT

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he beauty of Mzuri is undoubtedly in the detail that is evident throughout the estate – from the upmarket residential offering to the beautifully landscaped surroundings and impressive communal clubhouse with its sparkling 12-metre indoor pool. “Mzuri offers the live-work-play lifestyle that is becoming increasingly sought-after,” says Louise Varga, Pam Golding Properties area manager for the Helderberg. “Ideal for sundowners and social events, the clubhouse will also provide shared workspace with meeting and conference facilities, as well as high-speed internet connectivity. Furthermore, Mzuri offers a combination of freestanding homes, townhouses and modern apartments, with modular architectural plans that give flexibility to upscale, says Varga. There are 68 single and double-storey homes, with two or three bedrooms. These northliving homes start at R2.395 million and are fitted with state-of-theart SMEG appliances. Thirty two modern townhouses, starting at R1 895 million, and 136 apartments, ranging between 48m² and 90m² in size, starting from R 1 195 million, have been designed with privacy in mind, and also offer high-speed fibre connectivity. Perfectly positioned in Somerset West, Mzuri offers sweeping ocean views, and views of Table Mountain in the distance. The estate has been designed to make full use of the unique surroundings, and there are walking paths and running tracks throughout. Fitness equipment will also be available along these routes, as well as green play areas. There will also be an early childhood development centre on the estate. Access to Mzuri strictly controlled with biometric technology. “Somerset West is one of the fastest growing residential areas in Cape Town, and there is considerable demand for a range of property types that can accommodate first-time buyers, families and those

“Pam Golding Properties is delighted to be the exclusive agent marketing and selling properties on this estate.” looking for a lock-up-and-go option,” notes Varga. Mzuri is wellplaced, within reach of a range of amenities, including shopping centres such as Vergelegen Plein. The Advanced Health Day Hospital, is adjacent to the estate, and there are excellent public and private schools in the area. Located on the popular Helderberg Wine Route, it is surrounded by world-renowned wine farms, and the beaches at Strand and Gordon’s Bay are nearby. There is also easy access to the national road and Cape Town International Airport. “With accelerated investment in this area, we are also seeing increased commercial activity, and developments that offer a country lifestyle, close to business hubs or with the option to work from home, are particularly sought after,” says Katya Varga, assistant branch manager for the Helderberg. “Pam Golding Properties is delighted to be the exclusive agent marketing and selling properties on this estate, working with Lazercor Developments.” Construction has already started on the first phase of the project, with DP2 civil engineering contracted to do the roads and services. Completion is scheduled for mid-2021.

Show house: Wed: 16h00-18.30, Fri: 16h00-18.30 Sun: 14h00 - 17h00 / View by Appointment. pamgolding.co.za/mzuri

For more information on Mzuri please contact: Somerset West Office +27 (0)21 851 2633 • somersetwest@pamgolding.co.za


SOMERSET WEST

Clubhouse with gym, pool and bar area

Close to world renowned wine farms

Shared workspace, high-speed fibre and meeting room

Excellent schools and shopping malls

Early Learning Child Development Centre

Neighbouring the Vergelegen Plein

Security with biometric access control and thermal cameras

Eco-friendly living with grey water filtration

Easy access to the national road and Cape Town International Airport

Ideal investment and rental opportunity

Show house: Wed: 16h00-18.30, Fri: 16h00-18.30 Sun: 14h00 - 17h00 / View by Appointment.

APARTMENTS

TOWNHOUSES

HOMES

1 and 2-Bedroom Starting from R1.195 million (VAT incl.)

2 and 3-Bedroom Starting from R1.895 million (VAT incl.)

2 and 3-Bedroom Starting from R2.395 million (VAT incl.)

Pam Golding Properties Somerset West 021 851 2633 somersetwest@pamgolding.co.za Visit pamgolding.co.za/mzuri for more details

Exclusively marketed by:


HOMEFRONT

Val de Vie in the Cape Winelands

HOT TOPIC

What makes a winning residential estate? New World Wealth reports that 40% of SA’s wealthiest citizens are buying property in luxury gated developments. HomeFront reveals how top-notch estates continually evolve to ensure they stay ahead of their game WORDS: DEBBIE HATHWAY :: PHOTOS: SUPPLIED

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esidential estates are becoming more and more popular internationally, and SA ranks second only to the US for the number of such developments. SA is a global pioneer in residential and developments, reports New World Wealth, with annual research suggesting a move from traditional golf estates towards lifestyle and retirement estates.

NEXT LEVEL

Val de Vie takes pride in its water-saving systems

Multi-award-winning Val de Vie, between Paarl and Franschhoek, is rated the top estate in SA. It has positioned itself as a wellness estate in line with global health and wellbeing trends. “Just as in sport, it is much harder to stay on top than to get to the top,” says Val de Vie group marketing director Ryk Neethling. “We’ve managed to improve our offering every year over the past seven years. Our excellent security brings peace of mind, which is crucial for wellness, and our farms will produce

food for our restaurants and residents. The sports and medical facilities are world class and our strong community is a key factor in pursuing a long, healthy life.” After the recent drought, the estate now has its own water plant. “We use a fraction of what we used before,” Neethling says. “All our irrigation systems have been upgraded and we can pinpoint exactly when we lose water anywhere on the estate. These are large investments but they make a big difference.” Security at Val de Vie is upgraded on an ongoing basis. “This is a daily focus for us. We have multiple layers of security and are very proud that there has never been a breach of the security perimeter,” he says. Besides prestigious schools in Paarl, Franschhoek and Stellenbosch close by, one of the residents is bringing the Bali Green School concept to the estate. “The school is being built right outside our gate and is set to open in January 2021. We are getting enquiries from all over the


HOMEFRONT

Arabella Country Estate, near Hermanus in the Cape Overberg

“With so much to offer, Arabella Country Estate is seeing an increase in young professionals and families settling here permanently” Johann Larney, RE/MAX Town and Country

world from people who want to live here and have their kids attend. It’s very exciting,” says Neethling.

COMFORT ZONES

Lifestyle amenities are key at Steyn City in Midrand

Local investors are leading the international trend towards buying in a secure estate that is linked to premium educational facilities. Sitari Country Estate near Somerset West has a Curro school that caters for children from the age of three months through to Grade 12. “A new upmarket shopping centre also contributes to convenience,” says Claudius Combrinck, executive

director of property sales for Sitari Country Estate. Security remains the top consideration when choosing to live in an estate rather than in a traditional residential suburb, and Sitari keeps working at improving its standards in this regard. Combrinck says the Amdec Group will develop more homes and communal facilities within Sitari this year, given that lifestyle and recreation also rank high among the draw cards of secure lifestyle estates.

URBAN PARK At Steyn City near Broadacres in Midrand,

Steyn City School offers world-class education to pupils from Grade 000 to high school. In addition, a beautiful commercial park as well as formal and casual dining facilities allow homeowners to enjoy the ultimate live/work/play lifestyle. Prices of homes and apartments range from R2m to R40m. Steyn City is the primary residence for most of its buyers but a handful of investors have bought their properties for older children who are studying in Gauteng while they live elsewhere in the country. This development is positioned as an exceptional lifestyle resort incorporating nearly 810ha of landscaped parklands. The developers have considered every conceivable lifestyle amenity to accommodate a wide range of interests and pursuits. Everything from golf and horse riding to outdoor gyms and yoga mats are offered. There are also tennis courts, children’s play nodes, an indoor aquatic centre, a mountain-bike trail and more than 40km of promenade for walking, jogging and cycling.

SAFETY FIRST Sitari Country Estate near Somerset West

Arabella Country Estate near Hermanus is one of the most scenic lifestyle estates in the

country. With homes priced from R3m to R15m, it spans 113ha with 1.6km lagoon frontage. The estate is also home to an award-winning spa and a Peter Matkovichdesigned 18-hole golf course with a clubhouse. “The state-of-the-art security system has just been upgraded,” adds Johann Larney of RE/MAX Town and Country. “With so much to offer, Arabella is seeing an increase in young professionals and families settling here permanently.” Fibre optic cabling makes high-speed connectivity available to homeowners who subscribe to the service – a plus for those who work from home. “We are 110km from Cape Town. With mobile offices and homebased businesses on the rise, Arabella has become a nice alternative,” says estate manager Dirk Uys. Residents and visitors now have access to the Bot River Lagoon for nonmotorised boating activities and fishing, and a new lookout deck built at the water’s edge is the perfect spot for lunch and sundowners.

NEW ADDITIONS Fancourt in George is set on 613ha – that’s three times the size of Monaco. The estate is divided into seven residential areas, each with


HOMEFRONT

TOP 10 RESIDENTIAL ESTATES IN SA FOR 2019

Montagu Ridge, one of the residential areas at Fancourt in George

This is how New World Wealth ranks SA’s top estates (in alphabetical order):

Pezula Private Estate, in Knysna on the Garden Route

“The necessity for business-related travels requires a level of comfort so that family members left behind are assured of a safe estate lifestyle”

Simbithi Eco-Estate, in Ballito near Durban

Sascha Bausch, Pam Golding Properties sales specialist in Zimbali

Arabella Country Estate, near Hermanus in the Cape Overberg Atlantic Beach Golf Estate, in Melkbosstrand outside Cape Town Fancourt, in George on the Garden Route

Steenberg, in Cape Town Steyn City, in Midrand Val de Vie, between Paarl and Franschhoek in the Cape Winelands Whale Rock Ridge, in Plettenberg Bay Zimbali, next to Ballito near Durban

THE TOP RESIDENTIAL ESTATES PER CATEGORY INCLUDE: In SA: Val de Vie In Gauteng: Steyn City In the Western Cape: Val de Vie On the Garden Route: Fancourt In KwaZulu-Natal: Zimbali

Zimbali on the KwaZulu-Natal North Coast

their own architectural theme, and prices range from R3m to R50m. “The most recent addition is Noem Noem, an area of 45 vacant stands with only nine opportunities left,” says Stephen Murray, Pam Golding Properties area manager in George. “Noem Noem is inspired by the country living character of Links Ridge and the modern style of Montagu Ridge.” Fancourt is 7km from George Airport, which offers flights to and from Cape Town, Johannesburg and Durban. Hospitality facilities at the estate include the Manor House Boutique Hotel, Fancourt Luxury Hotel & Spa and a hair salon.

Golfers will relish the three championship courses designed by Gary Player, a branch of The Pro Shop and comprehensive practice facilities as well as qualified PGA specialists.

RESORT LIFE On KwaZulu-Natal’s North Coast, Zimbali boasts an impressive natural environment with beach frontage and forest surrounds. Prices range from R5m to R75m. The development has evolved to incorporate residential lifestyle estate characteristics and create one of the most successful mixed-use resorts in SA. It is well established as a highly

popular vacation destination and offers large homes as well as smaller, lock-upand-go units. “While the primary residence component has grown over the years, an element of ‘semigration’ persists, with the necessity for business-related travels requiring a level of comfort so that family members left behind are assured of a safe estate lifestyle,” says Sascha Bausch, Pam Golding Properties sales specialist in Zimbali. There has also been a shift in the age of buyers investing in Zimbali. According to a 2019 Lightstone Property report, 62% of them are below the age of 49. Recent major refurbishments to facilities include heated pools, comprehensive children’s play areas, a putt-putt course, floodlit tennis courts, squash courts and a state-of-the-art gym. In addition, the estate opened up some dams for catchand-release fishing and improved its existing nature trails to promote walking, running and cycling. New World Wealth notes ongoing countrywide trends among developers creating small neighbourhoods within estates. Parks, birdlife, walks and trails are rising in popularity, whereas many lifestyle and golf estates have started to add luxury apartments to their offerings.


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Secure Lifestyle Estate

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Priced from R7,250,000 *NO TRANSFER DUTY PAYABLE Rentals from R35 000p/month This desirable security estate consists of 41 luxury homes, positioned around a sports field and in a neighbourhood that is focused on family. Many top Cape Town schools are less than 5 minutes away and residents have peace-ofmind with 24 hour uniformed security guards, 8 strand electric fencing, individual alarms linked to armed response and CCTV camera surveillance around the entire estate.

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CONTACT US | Brad 084 698 9195 567 3151082Gadija 079 691 9661079 691 9661 Brad 084 Eugene 698 9195082 Eugene 567 3151 Gadija Gen 066 188info@rawson-developers.co.za 1073 Sally 082 803 3743 info@rawson-developers.co.za www.rawson-developers.co.za


HOMEFRONT GREENOVATION

Urban refurbs The global approach today is to repurpose and reuse. By refurbishing urban buildings, these developers in SA are transforming spaces creatively and sustainably WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED

Black Brick in Sandton was redeveloped by HB Realty and Capstone

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daptive reuse – a process of retrofitting old buildings for new purposes – allows structures to retain their historic integrity while meeting the needs of new occupants. Construction and design are constantly being updated to meet modern technology and lifestyle demands. When older buildings are abandoned to make way for new ones, adaptive reuse has become a popular urban alternative around the world. This way, these structures keep their character and historic integrity while serving different purposes. As modern communities pursue more sustainable development and try to curb costs, there is much to gain from adapting and reusing urban buildings. Bypassing demolition waste also has environmental benefits.

INNER CITIES Property economist and UCT associate professor Francois Viruly has studied

many inner cities. He believes smaller living spaces help draw in more residents and stimulate local economies from the ground up. He cites Amsterdam as a great example of a thriving inner city that revived its night-time economy to create business and employment opportunities. Many local commercial property owners see the value in refurbishing to high green building standards to attract and retain tenants requesting these types of spaces. “Reduced operating costs, improved indoor environmental quality and investment and compliance criteria are some of the drivers,” says Green Building Council SA (GBCSA) managing executive of market engagement Grahame Cruickshanks. Take GBCSA’s Cape Town office, located in the Old Warehouse Building in Observatory. Certified to a Green Star Existing Building Performance standard, its solar energy and water efficiency initiatives have created better-quality assets

for the building owner, Redefine Properties.

FACELIFT More and more local property owners are refurbishing existing assets to attract new investment and to counter the drop in tenants in a tight property market. “A good facelift can do wonders,” says Keron Muller, senior architectural technologist for Paragon Group. “Owners are focusing on maintenance as much as possible. Refurbishment at present is mostly marketor tenant-driven, or a combination of the two.” Formerly occupied by Discovery, 155 West Street in Sandton is a recent refurbishment project undertaken by Paragon Group. The brief was to upgrade the façade of the 25-year-old building and add a three-storey atrium with a roof terrace and a skylight. The plans also included changes to the ground floor to incorporate meeting rooms and a coffee shop, and a proposed upgrade to the P1 parking level to

accommodate changerooms, showers and parking facilities for cyclists. Modern materials, including a new composite aluminium cladding, were explored. The new entrance and atrium is a steel structure with a polycarbonate and glass façade. “It’s the first time this polycarbonate material was used on such a scale in SA, which by itself posed a challenge,” Muller says. No rezoning was needed, but a new site development plan was submitted after the entrance was adjusted. The multitenanted office upgrade was completed in December at a cost of about R100m.

RESIDENTIAL CONVERSIONS HB Realty in Johannesburg partners with various shareholders and development companies. Its website lists several

Black Brick before the refurb

“Reduced operating costs, improved indoor environmental quality and investment and compliance criteria are some of the drivers”

Grahame Cruickshanks, managing executive of market engagement, Green Building Council SA


HOMEFRONT

The Bolton in Rosebank, another HB Realty project successful renovations in its Rezi Refurb section: the majority are old office blocks converted into residential apartments. The company offers a full turnkey approach to its developments, usually undertaking joint ventures (JVs) in the process. “The services we offer in our JV developments include concept design; feasibility studies; market research, both rental and to sell; full costing of the development; town planning; project management; and development management,” says HB Realty partner and cofounder Anton Hartmann. HB Realty and JV partner Capstone’s 114 Dennis Road in Atholl is a good

example of taking an old B- or C-grade building and converting it into a residential space. The former office building previously occupied by Nampak had been vacant for a number of years. Recently started, the upmarket conversion involves creating bachelor, one-bedroom and twobedroom apartments as well as plenty of common areas, a co-working space, a boardroom and a gym for residents. “Most refurbs are undertaken in built-up areas close to places of employment. So these developments will be close to peoples’ workplaces and have loads of features

The Harri is at the heart of Cape Town’s bustling East City Precinct

Paragon Group redeveloped 155 West Street in Sandton to save valuable time and money,” says Hartmann. The Bolton in Rosebank is another refurbishment of a B-grade building owned by Emira and formerly occupied by Sasol. When Sasol moved into its new A-grade Sandton office, HB Realty undertook a residential development to give the building a new lease of life as The Bolton. It comprises 264 apartments. HB Realty and JV partner Setso are converting Black Brick, a Sandton building previously owned by SAB and AB Inbev, into apartments with interiors and furniture designed by Weylandts. They are 95% sold out. A hotel will occupy the first two floors.

The Randburg area used to be an industry node before many businesses relocated to Sandton. Now it has established itself as a growing residential node. HB Realty’s Surrey Place in Ferndale, a seven-storey development with 331 apartments planned, is a case in point.

THRIVING In inner-city Cape Town, what used to be a gritty industrial-commercial zone has become the thriving East City Precinct, where bars and restaurants coexist with residential accommodation. Located between the CBD and Zonnebloem (the former District Six), this area has

undergone a gradual revival. Among the recent projects is The Harri, a refurbished mixed-use development at 75 Harrington Street that is scheduled for completion in October. It combines residential living and coworking office space under one roof. When The Harri is complete, developers Jeff Kleu and Steven Lampert of Sepia and Silk will offer 32 studios and seven twostorey penthouse units. The apartments will be on one side of each floor, with co-working and co-living spaces on the opposite side. Lounges with fireplaces, rooms with smart TVs, open-plan dining areas and rooftop terraces with

gas braais and minibars are some of the planned features. The development will also offer a concierge, a housekeeping service, innovative storage units and parking bays for vehicles as well as bicycles.

CHEAPER? Is refurbishing more costeffective than building new? For Paragon Group, it can often be tricky to merge new with old as it requires more additional unplanned remedial work than new builds, owing to limiting factors such as existing site restrictions or land and usage rights. “Challenges in the refurb business include finding the right building at the right price and that is suited to a refurb,” Hartmann says. “The shape and structure of the building play an important role.” “Sometimes costs can be higher because of the quantity of remedial work that is needed, often usually only identified during the actual construction phase,” Muller agrees. “Generally speaking, refurbishing an asset is a great way to facelift and maintain it if it is done correctly.” These future urban spaces are getting smaller yet more functional. They include multipurpose furniture that converts living rooms into bedrooms with the click of a button. “The global trend I’m seeing is that compact is becoming the new norm, with new shared or coliving developments as small as 14m2 being rented for more than £1,000 a month,” says Hartmann, “but these buildings do come packed with many appealing coliving features.”


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HOMEFRONT PROPERTY NEWS

Aparthotels show investment resilience

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erviced apartmentstyle hotels are showing market resilience as property investments despite a tough economy. SA has the highest concentration of aparthotel developments in Africa. HTI Consulting MD Wayne Troughton says recent hospitality sector figures highlight an increase of 4% in occupancy at five-star hotels in Cape Town, where many aparthotel operators are located, over the past year. The average daily rate

(ADR) has grown by 2.6%. Four-star sector occupancy has increased by 1.6% and its ADR by 2.2%, even though new hotels entered the market. “Cape Town’s tourism resilience and attractive rate of return are making property buyers move to other nontraditional investments, like buying an apartment in a hotel and then leasing it to the hotel to enjoy a good monthly return,” says Troughton. At Green Point’s Romney Park Luxury Apartments, previously a

five-star hotel, furnished apartments are now sold following a multimillionrand development in 2018. These units are leased to the on-site hospitality management company The Stay Collection to operate as self-contained hotel apartments with fivestar amenities. “Our owners of onebedroom apartments have seen an average occupancy rate of 77.1% for the past 12 months, with an average monthly revenue of R34,026, including VAT,” says The Stay Collection

director Heino Reuling. The average occupancy rate for a two-bedroom unit is 75.9% and the average monthly revenue R45,170. Three-bedroom apartments have an average occupancy rate of 53.6% and bring in an average monthly revenue of R42,476. Troughton says the 12J investment option, derived from Section 12J of the Income Tax Act, has boosted the aparthotels trend because a tax rebate is offered to investors in apartments that operate as hotels.

First Portugal Golden Visa citizenship issued

T Jewel City and Towers Main on track for Joburg CBD

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he transformation of Johannesburg’s inner city continues with a substantial investment in two Divercity Urban Property Fund developments, Jewel City precinct and Towers Main. Residents started moving into the new live-work-play neighbourhoods that will change the face of the CBD. “Market response has exceeded our expectations, reaffirming that Towers Main and Jewel City are ideal for what people want from inner-city living,” says Atterbury Property development manager Derrick Pautz.

Divercity Urban Property Fund aims to re-energise SA’s urban centres by creating inner-city precincts with multifunctional, inclusive neighbourhoods, integrated commercial buildings and affordable accommodation. Its principal shareholders are Atterbury Property, Ithemba Property and Talis Property Fund. Towers Main is designed to connect with Jewel City, which in turn connects to vibey Maboneng. A walkway will run the length of 10 city blocks through all three precincts. The 30-storey Towers Main building is being

renewed to help service demand for urban accommodation with 520 affordable rental apartments, whereas Absa leased nine floors with 10,000m2 of office space. Six city blocks are being revitalised as part of the adjacent Jewel City. This mixed-use precinct includes 1,200 residential apartments in its first phase and will offer amenities such as the development’s first 14,000m2 of commercial space that includes a Curro school and Fives Futbol fivea-side fields. The first residents took occupancy in December.

he first Portugal Golden Visa citizenship was recently issued, with more to follow in coming months, says Pam Golding International head Chris Immelman. It’s good news for South Africans invested in the Portugal Golden Visa programme, which offers residency via investment in property. “This is very positive for investors whose visas are already being processed but also provides considerable comfort for those still considering the programme in order to acquire residency and citizenship,” he says. Residency enables applicants to live, work and study in Portugal, with Schengen travel rights, whereas citizenship allows applicants and their immediate family to live, work and study in any EU country. More than 300 South African families are involved in the programme, says Immelman. “While the original requirement was a €500,000 investment,

it’s now possible to enter the Golden Visa programme with an entrylevel investment of only €350,000. We recently launched the opportunity to invest in Santa Catarina Place, our first apartment development in Portugal.” Santa Catarina Place is in downtown Porto and

will be fully refurbished. “These are apartments that can be used as you like, with a 4% rental guarantee for three years should you prefer to rent yours out,” says Immelman. “Investors have full ownership, and units are priced from €374,000, including a promotional discount.”

Cape Winelands rated by Lonely Planet travellers

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he Cape Winelands has been listed by Lonely Planet travel guide as one of the Top 10 Best Value Destinations for tourists in its Best in Travel 2020 rankings. Berry Everitt, CEO of Chas Everitt International, says as the local affiliate of the global Luxury Portfolio International network the company receives increasing enquiries from all over the world for Winelands homes.

Among the most popular towns are Paarl, Stellenbosch, Franschhoek, Tulbagh and Wellington. “The Winelands is also home to many of the country’s top residential estates, which makes it a popular choice for affluent local buyers,” Everitt says. Land and homes on these estates are priced from R2m up to R35m, and the options include working wine or olive farms and golf and lifestyle estates.

Anneke Buys and Amanda Colombo of Chas Everitt International’s Luxury Portfolio division sold luxury homes worth more than R220m in the area in 2019. According to them Val de Vie, Boschenmeer and Pearl Valley Golf Estate & Spa are particularly attractive because of a secure lifestyle and easy access to schools. The pictured home at Val de Vie, listed at R15.9m, was recently sold by Chas Everitt International.


Profile for The Creative Group

Business Day HomeFront 24 January 2020  

Business Day HomeFront 24 January 2020  

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