Dogon Group Properties / Enterprise Africa / December 2022

DOGON GROUP PROPERTIES

DOGON GROUP PROPERTIES

The Fynbos Takes Root in Cape Town

Dogon Group Properties is very excited about progress on site with the Fynbos – Africa’s first biophilic building. A living, breathing structure in the heart of Cape Town, demolition is underway and soon, the building will grow and blossom from roots being set deep in Bree Street.

PRODUCTION: Joe Forshaw

INDUSTRY FOCUS: PROPERTY

//In December 21, Alex Horne, Managing Director at Dogon Group Properties, told Enterprise Africa that the company was thrilled to be involved in Africa’s first ever biophilic building. As the lead agent, the company would sell modern, beautiful homes in the new high-rise on Bree Street in the heart of Cape Town – voted as Africa’s Best Destination at the World Tourism Awards in 2019 and the third greatest city on earth by UK newspaper, the Telegraph in 2022.

A development from Lurra Capital (Lurra Capital is an invitationonly private capital investment firm headquartered in Switzerland, overseeing $5 billion from a group of families and wealthy investors. It sources the most desirable and strategic investment opportunities globally via a highly effective and powerful network), the Fynbos will be a living, breathing

piece of art in the centre of Cape Town’s city bowl. 689 apartments will span 24 storeys, alongside a rooftop sunset terrace with lap pool and co-working space, a rooftop fitness centre, as well as a ground-floor plant-based restaurant, a tearoom, and a botanical bar.But it is the green credentials and the inclusion of real life in the design –before people move into the building – that is attracting buyers from all over the world. Dogon Group Properties is known for marketing world-class developments, and there is something extra special about the Fynbos.

“Selling a development is like selling art – you have to sell a dream. At the moment, we don’t have anything to show the client but, we expect to see a lot more interest now that demolition is underway,” says Sales Lead, Keagan James.

Clearance of the site was finished recently, with a former building

completely removed, and the whole city-block opened up. Close to the city’s famous Company Gardens, in a chic but busy neighbourhood, progress had to manged carefully.

“It’s a very exciting time,” says James. “We have waited some time to get demolition going because there was a meticulous process required to remove an old asbestos roof. The developer appointed a registered asbestos contractor to remove the 39 tonnes of asbestos safely. That

// WE HAVE STARTED WITH DEMOLITION AND WE HAVE SEEN SO MUCH PROGRESS IN THE LAST FEW WEEKS

DOGON GROUP PROPERTIES

was painstaking but we are now past that, and the team is on site. We have started with demolition and we have seen so much progress in the last few weeks. The roof has come down, the exterior walls have been worked away, and it’s a densely populated area so we cannot just go in with a wrecking ball and flatten the place – we have to be very careful with the process.”

The next steps on site will see construction go down as four-levels of basement are put in place, before builders move upwards and the muchanticipated show unit is completed.

“It looks very different. Before, it was a run-down old, brown building but now, the area is totally open,” smiles James.

GREEN & PROUD

The Fynbos is named after a distinct type of vegetation and plant-life found only at Southern Africa’s tip. Present

across Table Mountain national park, and widely across the Western Cape’s natural environment, fynbos adorns the crest of the South African national cricket team and the country is proud of its unique biodiversity.

“What is also unique is that, not only is it an incredibly good-looking product, it assists with the absorption of

CO2, it minimise heat impact, it benefits from reduced energy consumption, and the design has integrated solar panels which will generate double the power needed for the common areas of the building - this is not just another cookie cutter building,” boasts James, of the soon-to-be green building certified structure.

INDUSTRY FOCUS: PROPERTY

Plants on the building’s exterior have been specifically selected to provide shading and cooling. They will also deliver noise buffering and air filtration. A sophisticated rainwater harvesting system will help reduce dependence on the local supplier, and large glass windows and sliding doors will be double-glazed to ensure warmth and energy efficiency in the winter. Solar panels will help reduce fossil fuel consumption, and the 1200m2 vertical gardens will be home to more than 50 different species of tree and shrub which will beautify and elevate. Plants have been selected for their ability to withstand harsh conditions, but will be supported by a complex monitoring system which will track root progress and inform specialist gardeners of

issues that require attention. Trees will be anchored in special planters, and the whole system will follow the design of Mother Nature across Table Mountain with larger trees at the base, heavier bushes in the middle, and lighter, cascading shrubs at the top.

“We have seen other green developments pop up since we launched but not to the scale of the Fynbos,” says James. “There is certainly effort to make green elements part of developments and I am very

pleased that Lurra Capital has set a precedent – I’m sure we will see more of it because it is needed. In a densified area, in the city, it will be such a standout building. There will be different trees and other plant species growing, and the different in colour and shapes as the seasons comes and go will make it a constantly changing landmark. Of course, everything is 100% indigenous to the Cape. We are

// I HAVE RECEIVED MANY CALLS FROM PEOPLE WHO ARE NOT NECESSARILY IN A POSITION TO PURCHASE BUT JUST WANT TO COMMEND US FOR THAT WE’RE DOING //

Keagan James, Sales Lead

ARE THERE WARNING BELLS WHEN AN ENTITY OR TRUST BUYS OR SELLS LAND?

For various valid reasons – whether business continuity, estate planning or tax liability efficiency –properties are often held by entities or trusts. From a conveyancer’s point of view, there are a few important considerations that seller and purchaser entities are often unaware of and which lead to a bumpy start for the process to register transfer in the deeds office. We list a few of the most common omissions below

DIRECTOR/MEMBER RESOLUTIONS

Where a company or close corporation enters into a sale or purchase agreement, the conveyancer will require proof of the decision-making by the entity This is achieved when the company’s directors (or close corporation’s members) sign a resolution confirming the details of the transaction that they approve for the entity For example, the resolution should at least reflect the details of the property involved, the transaction amount and the director or member that will represent the company or close corporation in signing the transfer documents

SHAREHOLDER RESOLUTION

In addition, if the land being sold is the only asset of the company or represents more than 50% of its assets, a shareholder resolution must be obtained (This Companies Act requirement protects shareholders and calls for their consent when a major asset of the company in which they are investors, is being disposed of)

TRUST RESOLUTION

In the instance where it is a trust that is transacting, there is the additional warning bell that the resolution must have been passed and recorded in writing before the agreement to buy or sell the property is signed Failing to do this renders the agreement invalid In the event of companies and close corporations, on the other hand, ratification is allowed

BENEFICIAL OWNER

With money-laundering rife and fraudsters targeting property transactions more and more to facilitate the flow of ill-gained funds, our Financial Intelligence Centre Act and “FICA obligations” have become more rigorous These include an obligation on accountable institutions (including the conveyancing firm and estate agent involved in the transaction) to establish and verify who the beneficial owner of a juristic person (as a party to the transaction) is Essentially, the enquiry after the identity of the beneficial owner is to ascertain who the living person is who manages, controls or benefits from the transaction To identify this person(s), the entity or trust will be asked to obtain and disclose details of the individuals ultimately involved in the entity’s management and control, which may be onerous to comply with.

To ensure that your transaction proceeds without stumbling blocks, it is advisable to work with a conveyancer from the start, as soon as you have decided to sell or purchase Contact James Phillipson (JamesP@stbb co za) or visit us on stbb co za or at info@stbb co za

INDUSTRY FOCUS: PROPERTY

definitely proud to be a part of it.

“I have received many calls from people who are not necessarily in a position to purchase but just want to commend us for that we’re doing. They appreciate that it is a building that can help the environment and encourage more green urban development,” he adds.

HUMAN RELATIONSHIPS

The reason Dogon Group Properties is trusted and admired for its work on major developments is because of its ability to nurture strong relationships with clients, based on transparency and human interaction. Alexa Horne said in 2021: “Digital technology will never replace human interaction… At Dogon we control tech. It doesn’t control us.” James agrees and says that this

approach has seen the company reap the rewards in an industry where so many are trusting technology to do the hard work for them.

“It is so much easier to discuss things, and you can see the emotion of a buyer. This is not any little transaction – you are assisting people with the largest investment in their life. It’s so important to deal with people in person. Technology is great but you have to make it work wisely. I always encourage our clients to meet at the office and Covid made that tough. Now that things are more stable, we truly cherish our client relationships and it is easier for us to instil trust in a personal setting.

“We are a very strong development agency, and we are very fortunate that our brand is well-known and developers know they will get the best service and advice from Dogon. Providing the best service and giving the best advice is what is most important to us; that generates repeat business and that is so important in an industry like this where it is incredibly competitive – we put our clients first, for sure.”

As activity on site at Bree Street ramps up, James and team are entering an important stage in the sales process. Quickly, apartments will be viewable, and this beacon of what is possible with strong imagination will emerge

// THIS IS NOT ANY LITTLE TRANSACTION – YOU ARE ASSISTING PEOPLE WITH THE LARGEST INVESTMENT IN THEIR LIFE //

DOGON GROUP PROPERTIES

from the bowl. Capturing interest for local and international clients will be key, and that is why human interaction and expert knowledge is key.

“Interestingly, a lot of our investors are local but there is a healthy portion from Europe - that is thanks to the concept,” James details. “Lurra Capital found a gap in the market and they are filling that gap with an incredible product. It appeals to seasoned property buyers but because of the price point, we have had a lot of first-time homebuyers.

“It is an exciting time as it is summer season and there are many tourists in Cape Town. They see the action on site and that pivots us towards more growth and more sales.

Foreign investors love the green concept and despite the tough times – market conditions are not what they used to be – it is very promising to see investors approach us from all around the globe,” he says, adding that

Dogon eclipsed its initial sales target set by the developers very quickly.

In the coming months, new units will come to the market and Dogon will talk to local and international buyers, whether buying a first home in the city or looking for a rental with real earning potential.

“When we saw the initial suggested pricing, we thought it was fair as it appealed to a whole range of investors. Our apartments started at R890,000 and that is in reach for a lot of people. Those apartments sold very quickly as there was such huge demand. Now, apartments start at just over R1 million and those are still very much in reach,” says James.

The legacy that the Fynbos is already building will be lasting. Clearly, the appetite for green building and sustainable management is substantial. Evidently, the market for quality property in Cape Town remains. Obviously, the requirement

for a leading agent, able to provide efficiency alongside human touch is essential. Thankfully Dogon can provide. Originally expected to be completed in the second quarter of 2024, recent works have pushed expectations out, but James remains confident.

“Completion will be in Q4 2024 and that small delay is because we wanted to do things properly, safely with the asbestos and not cut corners.

“Many in the industry are very negative but you cannot think like that. I have hope, positivity breeds positivity, that is how we do business and that is why we succeed,” he concludes.

You can see more about this amazing project at www. thefynbos.com and you can contact Keagan James to learn more about progress and availability.

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