Real Estate July 2016 ( Issue 34 )

REAL

ESTATE ISSUE 34 • JULY 2016

SMART Sustainably stylish Singita | Hardworking kitchens | Out-of-the-box retail

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I M AG I N E WH AT A R870 M I LLI O N H OT EL C A N D O F O R YO U R L I FES T Y L E , A S WEL L A S YO U R I N V ES T M EN T.

PEER L ES S PED I G R EE .

BY A PP O I NTM E N T.

Al a n B e c ke r C e l l : +27 (0) 82 718 810 0 Em a i l : al a n @t h e h o u g hto n .co m We b s ite: w w w.t h e h o u g hto n .co. z a

Wa rr e n B e c ke r C e l l : +27 (0) 82 3 02 3 0 04 Em a i l : wa r re n @t h e h o u g hto n .co m We b s ite: w w w.t h e h o u g hto n .co. z a

A p a r t m e nt S h ow ro o m , U n it 1 2 4 23 , T h e H o u g hto n o n t h e 1 2 t h , 5 3 , 2 n d Ave n u e.

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COME SEE FOR YOURSELF WHAT LUXURY APARTMENT LIVING IS ALL ABOUT

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ESTATE

REAL

ED’S LETTER

LOVE

YOUR

HOME

LIVE

THE

LIFESTYLE

PUBLISHED BY THE CREATIVE GROUP FOR TIMES MEDIA PROPERTY PUBLISHING HEAD OFFICE Old Castle Brewery, 6 Beach Road, Woodstock, Cape Town, 7925. www.realestatemagazine.co.za 087 828 0423, 021 447 7130 THE CREATIVE GROUP CEO Shaun Minnie shaun.minnie@thecreativegroup.info

EDITOR Michelle Snaddon michelle.snaddon@thecreativegroup.info ART DIRECTOR Leah de Jager

Just to keep you up to date... Team Real Estate is forging ahead with the Win a Home competition. Our interior designer Rudolph Jordaan is well under way with his upgrades to the apartment at Val de Vie Polo Village. For updates, visit realestatemagazine.co.za or privateproperty.co.za/propertytv/winahome, or catch the live series on Afternoon Express.

KIM MAXWELL

Kim’s background is lifestyle, restaurant and wine writing, as well as subediting books. She has also been a property owner for some time, but only recently started writing about it. As editor of Business Day Homefront and Property Professional, she is exploring the trends and issues that affect residential and commercial property owners in South Africa and overseas.

So far, it’s been an absorbing challenge. You’ll find her thoughts on why highnet-worth individuals are moving offshore in our special report on page 58.

ADRIAAN LOUW

A multitalented lifestyle photographer, adept with subjects as far ranging as portraiture and decor, over the last few years Adriaan has refocused his career specifically on his biggest passion – travel. As Singita’s dedicated documenter, he’s captured life at the lodges for the last few years, as well as the evocative images that make up Singita’s gorgeous coffee-table book.

Take a look at some of his work for them on page 20. His personal bucket list? He’s just ticked off a longtime dream with his recent trip to Japan (Kyoto being a huge highlight).

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Michelle Snaddon Editor, REAL ESTATE

DEPUTY EDITOR Julia Freemantle CONTRIBUTING FEATURES WRITER Genevieve Putter COPY EDITOR Kirsty Wilkins ONLINE EDITOR Andy Möller ACCOUNTS AND FINANCE Katrien Janse van Vuuren PRINTING Paarl Media

Love the environment!

Please recycle this copy of REAL ESTATE after you have read it.

ADVERTISING SALES MICHÈLE JONES Sales and Marketing Manager michele.jones@thecreativegroup.info 084 246 8105 SUSAN ERWEE (DEVELOPERS) Key Account Manager susan.erwee@thecreativegroup.info 083 556 9848 YVONNE BOTHA Key Account Manager yvonne.botha@thecreativegroup.info 082 563 6685 JIMMY BALSARAS (PROPERTY) jimmy.balsaras@thecreativegroup.info 083 387 2227 TONY TANDI Sales Consultant tony.tandi@thecreativegroup.info 073 380 6110 ADVERTISING BOOKINGS AND SUBMISSIONS Jackie Maritz Advertising Coordinator jackie.maritz@thecreativegroup.info 078 133 5211

Cover image Supplied by Tipic Photographs Lar Photography, Adriaan Louw and supplied

an you believe it’s July already? The sudden realisation that we’re halfway through the year always comes as a bit of a surprise, especially when it feels like there’s still so much to do. If, like me, your kitchen is on your hit list, then now is the best time for renovations before the summer entertaining rush. It’s also my favourite place to be midwinter: there’s nothing nicer than coming home to the smell of baking cake, rosemary roast potatoes or gammon, is there? Whether you’re considering changing your countertops or redesigning the entire space, take a look at our kitchen ideas on page 31. We’ll also be publishing a series of interviews with architects and kitchen designers online, so subscribe to our newsletter or check our website regularly by visiting realestatemagazine.co.za.

For me, July is traditionally bushveld time – the month to escape north to enjoy warmer days and star-filled nights. This year, I was immensely privileged to visit Singita Lebombo once again to be one of the first to see its new private villa as well as the contemporary extension to the original lodge. I’ve always loved Singita’s out-there thinking, which is why we chose their new project to showcase in our quarterly architectural feature (see page 20). This time, I interviewed architect Sally Tsiliyiannis, who shares her passion for what is becoming a highly sought-after safari experience for designophiles. Chef Liam Tomlin’s influence makes it an equally exciting gourmet journey. And the game experience? Whatever you do, take a bush walk with your guide. Roaming silently over fresh leopard, lion, hippo and hyena tracks gives a new meaning to game viewing – what field guide Chantelle Venter calls ‘Lebombo unplugged’. Too right she was.

On a global note: this month we swing from one extreme to another around the issue of migration: our special report on page 58 takes a look at whether the wealthy are ditching South Africa and in our marketplace section on page 47, you’ll find an interesting architectural solution to accommodation for migrants into Europe.

This happens to be our third birthday issue, too – so it’s my turn to say a special thanks to my dedicated team! It’s time to bake that cake…

DISCLAIMER The publisher of this magazine gives no warranties, guarantees or assurances and makes no representation regarding any goods or services advertised within this edition. © The Advertising Joint Venture. All rights reserved. No portion of this publication may be reproduced in any form without prior written consent from the publisher. The publishers are not responsible for any unsolicited material.

EDITORIAL TEAM

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THE GOODWOOD FURNITURE+ KITCHENS

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CONTENTS

38 31

11 WORD ON THE STREET

31 FIRE & ICE

Bling, industrial or tech: these hot trends are your go-to for an updated (and sleek) kitchen space

38 CULTURE CLUB

The Cosmopolitan, a heritage building circa 1899, is Maboneng’s most recent must-visit retail destination

47 MARKETPLACE

The property news you need to know now

14 CAR REVIEW

58 WEALTH SHIFT

20 GENIUS OF PLACE

64 DREAM HOME

Is the Toyota Prius, the world’s first mass-production hybrid car, still relevant in today’s motoring market?

Singita Lebombo’s design solution is all about environmental sensitivity in its bush locale

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Are the super-rich leaving South Africa – and where do they prefer to buy property now?

This dramatic Brazilian house blends a modular architectural design with its hillside location

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PHOTOGRAPHS Karl Rogers and supplied

J U LY 2016

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THINGS TO SEE, TRENDS TO SPOT AND PLACES TO BE

Join the club

Luke Dale-Roberts of The Test Kitchen fame has partnered with his wife Sandalene Dale-Roberts, his top chef Wesley Randles and manager Simon Widdison in a new dining venue off Bree Street.

Shortmarket Club, housed in a heritage building and designed with a feel of old-world grandeur, will be headed up by Wesley Randles, who has worked side by side with Luke since the early days of The Test Kitchen. He will present a menu inspired by the classics (in keeping with the design of the space).

The eatery will be open for breakfast, lunch and dinner. theshortmarketclub.co.za

TEXT Julia Freemantle PHOTOGRAPHS Michael Le Grange, Adriaan Louw and supplied

THIS WAY UP Travel is at the heart of Veuve Clicquot and it celebrates this with the limited-edition Arrow, a chic metal case designed to hold one 750ml Veuve Clicquot Yellow Label bottle. There are 29 different boxes featuring destinations from Kyoto to Cape Town, each with the distance in kilometres from Reims (Veuve Clicquot’s HQ). Assemble a themed case of three for the ultimate gift. Available from August from leading retailers. veuve-clicquot.com

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WORD ON THE STREET

SOFA SO GOOD Fans of simple Scandi sophistication will be thrilled that The Sofa Company has launched a pop-up in the design hub of Kramerville.

The top floor space of the 3 Desmond Street building is fittingly edgy, with views that stretch out over Johannesburg’s skyline. The store shares the building with other cool design brands and there are plans afoot to turn the outdoor area into something interesting, so watch this space. za.sofacompany.com

Soft landing

Founded in 1998 by master weaver Stuart Holding, Mungo is a truly South African brand creating world-class linen. Now, the family-run business has grown to include a new store/in-house micro mill in Cape Town’s City Bowl. The space allows you to appreciate the artistry that goes into creating the pieces that fill the shelves via the range of products as well as by watching Hattie, Mungo’s treasured 100-yearold loom, in action – a wonderful reminder of how tradition and craft are still so important and totally integral to the business. mungo.co.za

FINE CHINA Brand new to the St Leger & Viney stable is UK-based Blendworth Fabrics, whose latest collaboration with Wedgwood, Volume 1, draws on the porcelain house’s archival designs for a collection of elegant fabrics and wallcoverings that are completely at home in both contemporary and classic settings. stleger.co.za

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WORD ON THE STREET

South goes north

Trevyn and Julian McGowan will be bringing their particular brand of cool to Joburg via carefully curated design with a new Southern Guild. The gallery, which will form part of the much-anticipated Rosebank Art Mile (still underway), will be one of a number of venues guaranteed to draw a cool creative crowd back to the suburbs. southernguild.co.za

Broad strokes ‘Henri Matisse: Rhythm and Meaning’, presented by the Standard Bank Gallery, in partnership with the Embassy of France in South Africa and the French Institute of South Africa, will be the first major showcase of the artist’s work on the African continent.

Encompassing a broad scope of his pieces and spanning different periods and styles, from the simple lines of his portraits (pictured here is Grande Tête de Katia, 1950-51, aquatint on BFK Rive wove paper, 53.8cm x 41.7cm, collection: S Mazo) to the colourful motifs of his cutout collages and prints, the collection will allow viewers to appreciate Matisse’s diversity and impact as an artist. The exhibition is co-curated by Patrice Deparpe and Federico Freschi and will run from 12 July until 17 September. standardbank.com/sponsorships

SIGN OF THE TIMES A memorable visit to the Buenos Aires Planetarium sparked the inspiration for Chloe Townsend and Lizel Strydom’s newest range for Missibaba. The Zodiac Collection comprises 12 exquisitely crafted designs, as per the 12 signs of the zodiac, using different colours and textures. These limited-edition pieces are available from the Birdhaven store in Joburg. missibaba.com

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CAR NEWS

URBAN AS THE WORLD’S BESTSELLING HYBRID NEARS ITS THIRD DECADE, IS IT STILL RELEVANT IN A REVOLUTIONISED MOTORING WORLD? TEXT Terence Steenkamp PHOTOGRAPHS Supplied

N

ineteen years ago, Toyota launched the world’s first mass-production hybrid passenger car and few could have predicted this vehicle would achieve cult status in such a short space of time. The darling of the ecoconscious Hollywood set, nearly four million Prius hybrids have since found willing buyers.

That’s a staggering figure for a vehicle of such apparent singular focus, born from a need to re-evaluate how we use our cars. Toyota’s research found most buyers commuted less than 100km per day and that in congested urban traffic, where running petrol-guzzling, internalcombustion motors polluted cities’ already dirty air. Electric propulsion was the obvious answer.

As such, the Japanese company installed a compact petrol engine and coupled that with an electric motor powered by a battery pack. It claimed an average combined fuel consumption figure of 5.1 L/100km and CO2 emissions of just 120 g/km. The world sat up and took notice. Less than three years later, 50 000 buyers had signed on the dotted line and that figure grew exponentially.

Fast-forward to 2016 and Toyota has just unveiled the latest, fourth-generation Prius. It still uses a 1.8-litre petrol engine that runs in the Atkinson cycle, but this powertrain is cleaner than

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ever before. Meanwhile, the two electric motors are smaller and lighter, but no less powerful.

In conjunction with an extensive overhaul of the various operating systems, batteries and drivetrain, energy losses have been trimmed to a minimum.

The result of the engineers’ efforts? A claimed fuel-consumption figure of just 3.0 L/100km and CO2 emissions of only 70 g/km. That will make the Prius the cleanest pure passenger-car hybrid on our market when it’s unveiled later this month.

But lean running costs aren’t the only reason for the vehicle’s continued success, especially not when you consider most manufacturers now offer a hybrid of some sort, and some – including Toyota – full electric vehicles. The Prius manages to incorporate advanced tech in an utterly conventional package. From the seamless manner in which it toggles between the electric motors and the engine, to the near-silent running at highway speeds, masses of cabin room (credited to Toyota’s new global chassis architecture) and absorbent ride comfort, the Prius is the consummate family car that asks for minimal compromise from its owner. At an estimated local list price that will be on par with smaller, diesel-powered compact hatchbacks, the world’s favourite hybrid looks set to strengthen its position in the global sales charts. toyota.co.za

FERRARI 488 SPIDER A SNAPSHOT OF THE GOLD STANDARD OF SUPERCARS WHAT CAN WE EXPECT? Despite being able to race to 100km/h from a stationary point in just 3.0 seconds before topping out at a hair-raising 325km/h, the Ferrari 488 Spider stays true to its forebears by not allowing the performance to overwhelm the vehicle (or the pilot).

FAST FACTS The best turbo-charged engine on the market, bar none, the 3.9-litre flatplane crank V8 has two turbos that pump the engine full of air, unleashing 492 kW. Considering the 488 Spider is the Prancing Horse’s second-tier sports car (and there are two models above it in the pecking order), such progress is staggering. The price for such excellence? Depending on the exchange rate, R5.6 million.

BEST ROUTE TO DRIVE? The EmiliaRomagna region in northern Italy is blessed with inspiring routes framed by picture-perfect farms and valleys.

One of the most prosperous areas in Italy, it’s also the home of Ferrari, Lamborghini and Ducati, so driving for the sake of enjoyment is part of the regional consciousness. ferrari.com

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PLACE 20

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ARCHITECTURAL SHOWCASE

Landscape is the decor at Singita Lebombo’s new villa, where furnishings ‘spill out and nature moves in’, according to creative director Boyd Ferguson (cecileandboyds.com).

‘It’s the most extreme example of how we’ve created “in” and “out”, and here, the design concept embodies the sun, light, air, sky and trees. We offer openness, peace, calm and meditation’

KNOWN TO PUSH ARCHITECTURAL BOUNDARIES, SINGITA LEBOMBO IS TAKING THE EXPERIENCE OF THE BUSH TO A NEW LEVEL

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TEXT Michelle Snaddon PHOTOGRAPHS Adriaan Louw

etite and softly spoken, architect Sally Tsiliyiannis is talking shadows: their dappled patterns, the way they fall on curves, why they inspire her. ‘I’m obsessed,’ she says. ‘Without shadows, you don’t see the detail that comes to life in shifting dappled light.’

She’s immersed in the language of landscape, illustrating contrasting textures and the masterful use of simple, natural materials that ‘aren’t too clever, but make the space come to life’.

Pointing to the oxide plaster walls in Singita Lebombo’s winter lounge, she explains that these are regularly buffed and polished to sustain their gorgeous, exotic lustre.

And she’s right: the chocolate-black walls literally glow, right up until the clean line that delineates the moment that artist Sarah Pratt’s art wall takes over. Her inspired ink and dripped-paint techniques offset the gleaming walls above and signature photographic work by Anton de Sousa Costa. It’s this element of surprise and contrast that makes Singita a leader in the design industry.

Sally’s work is constantly inspired by the ‘extended bush experience’ as conceptualised by creative director Boyd Ferguson and interior designer Geordi de Sousa Costa, along with their teams at Cécile & Boyd, who initially conceived Lebombo with architect Andrew Makin. But their understanding of each other’s needs and the challenges of working in such remote bushveld locations is what makes Lebombo’s new four-bedroom villa and pod-like extension to the original lodge so arresting. Once unpacked and understood, their vision is so elegantly simple and achievable, yet truly South African in its interpretation.

There’s a new sense of freedom here, an ‘evolved Lebombo’, according to Boyd. It’s what the ancient Italian architects called genius loci – the genius of place, a protective spirit. It’s about listening, observing and crafting a design solution that’s intuitively sensitive to the environment – a reminder that context is all-important and that every architectural imprint we make needs to belong yet touch the earth lightly. singita.com

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ARCHITECTURAL SHOWCASE

CLOCKWISE FROM TOP LEFT Sally Tsiliyiannis of GAPP Architects & Urban Designers (gapp.net) wanted the wine experience to be stronger than the architecture. Consequently, the limited light in the tasting room is deliberate and the detailing incredibly simple; detailing is inspired by nature.

The jewel-like smoothness of hand-blown glass offsets the softest grey table linen; on the roof of the new pod is an open-air terrace, created for ‘urbanites seeking precious space, light, fresh air, sunshine or starry nights with no light or noise pollution,’ says creative director Boyd Ferguson.

Straight lines are juxtaposed with organic shapes while grey, tan and grassy tones blend with the natural world; the fire pit is positioned to enjoy the infinite space of the wilderness and the view of the river below

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SHOW HOUSE

‘THERE’S NOTHING BETWEEN YOU AND THE STARS WHEN YOU’RE DINING UP HERE ON THE ROOF TERRACE’ SALLY TSILIYIANNIS, ARCHITECT

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ARCHITECTURAL SHOWCASE

‘WE ARE CONSTANTLY JUXTAPOSING THE NATURAL WORLD WITH SOPHISTICATED TECHNOLOGY’ GEORDI DE SOUSA COSTA, INTERIOR DESIGNER

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CLOCKWISE FROM THIS IMAGE ‘In contrast with the open living area (below right), we created a calm retreat for guests who wish to cocoon in private,’ says architect Sally Tsiliyiannis. That means rough contrasts with smooth as machine finishes blend with the natural; shadows reflect on the reception table; light tapas dishes make up the new lunch menus. Consulting chef Liam Tomlin has also started deli-style mini fridges at the bar for lighter on-the-go meals; Lebombo is all about the subtle layering of open space

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‘I’M OBSESSED WITH SHADOWS. WITHOUT THEM YOU DON’T SEE THE DETAIL THAT COMES TO LIFE IN SHIFTING DAPPLED LIGHT’ SALLY TSILIYIANNIS, ARCHITECT

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ARCHITECTURAL SHOWCASE

CLOCKWISE FROM LEFT The loft-style suites have cleverly configured bathrooms with industrialstyle sliding glass walls in the shower, leading to an extended balcony where sleeping under the stars is a must. These suites also have quieter, solar-powered air conditioners installed; table detailing is simple yet elegant; the amoeba-like artwork by Sarah Pratt is a focal point of the main living and dining area at the villa, which comprises two family suites, each with two en-suite bedrooms and a pool. When booked together, it comes with its own chef and butler. This extended entertaining area and kitchen opens to connect the two suites and the third pool (opening spread); the warm and welcoming library at the main lodge is located on the middle level of the new pod-like structure and houses books and games

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KITCHENS

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TEXT Kelly Adami PHOTOGRAPHS Supplied

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KITCHENS

THE LESS-IS-MORE TREND IS HERE TO STAY – WHEN IT COMES TO KITCHENS, THIS MEANS SLEEKER, SMOOTHER AND LESS FUSSY FACADES

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KITCHENS

TECHNOLOGY OPENING IMAGE & 01 A significant trend to emerge at the 2016 EuroCucina fair in Milan was the use of technology in the kitchen arena. To save time and space, surfaces are becoming evermore integrated, meaning that the same area can be used for a multitude of functions. Italian design duo Tipic (tipic.it) has created a smart countertop that looks like a simple workbench but includes a sink with a base that sits flush with the countertop. When activated by a motion sensor, it lowers via a piston mechanism, turning the tap on automatically. Swedish-German design team Kram/Weisshaar (kramweisshaar.com) also unveiled their razor-thin SmartSlab table for Iris Ceramica (irisceramica.com) during Milan Design Week. It has hidden circuitry underneath its ceramic top, so you can cook dinner and keep plates warm and drinks cold while you dine. Combine clever tech with smart surfaces and use Neolith (neolith.co.za) for your countertops: due to its remarkable heat-resistant nature, you can place gas-hob plates straight onto its surface without causing any damage INDUSTRIAL ELEMENTS 02 An industrial-style aesthetic is becoming more popular than ever. The low-maintenance look of easily accessible, open shelving and steel surfaces stems from the practicality of professional kitchens. The juxtaposition of this ultimate practicality with smooth and glossy surfaces results in something quite glamorous. This Ernestomeda (ernestomeda.com) kitchen is the perfect example of form meeting function. For something similar locally that can be custom designed to suit your space, go to Spotlight Kitchens (spotlightkitchens.co.za) or The GoodWood Co (thegoodwood.co.za) BRING THE BLING 03 Nothing says luxury in a kitchen quite like a gleaming gold cabinetry.

This NYC kitchen by Italian design firm Doimo Cucina (doimocucine.it) uses a lacquered metal effect in combination with aged wood to create a glamorous aesthetic. To recreate this look, consult the various luxe finishes of Poliform’s (poliform.it) extensive catalogue 04 If this all-gold look is too much for you, consider introducing just a touch of bling – via light fittings, for instance, as illustrated in this blu_line kitchen (blu-line.co.za)

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KITCHENS

RECIPE FOR SUCCESS ARCHITECT JENNY MILLS OF JENNY MILLS ARCHITECTURE (JMA.ZA.NET) GIVES US HER FIVE TIPS FOR EFFECTIVE KITCHEN DESIGN ANALYSE AND ORGANISE TRAFFIC ROUTES It’s important to understand how your family uses the kitchen. Ensure the chef’s traffic route is separate, as well as those for family members in charge of the snacks, sides or salads. Peripheral activities can spread out.

LEFT- OR RIGHT-HANDED? The way you organise the work surface for cooking or washing areas will be improved once this key factor is taken into account.

SMALLER APPLIANCES Ask the right questions about how appliances are used and stored. Juice extractors, mixers and coffee-makers can be decorative objects in their own right and so some may like to have them on display. Others prefer to hide them away.

DON’T DOUBT THE TRIANGLE The old rule of thumb works.

NEVER MAKE A KITCHEN TOO BIG This means stretches between stations are too far away. Make sure the chef doesn’t have to walk long distances between key prep and cooking areas.

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KITCHENS

KITCHEN-LIVING AREA BLEND 05 As we continue to blur the boundaries between kitchen and living areas, manufacturers are developing new ways to integrate the spaces in an intuitive and aesthetically pleasing way. In this example by Slavin and Company (slavinandcompany.com), the island extends on the one end to become a dining table, while unobstructed archways look onto the rest of the living spaces FREESTANDING ISLANDS 06 With the move toward multipurpose items and multifunctional spaces, freestanding islands have become a more common solution, as per this space designed by Greg Natale (gregnatale.com). To make room as the need arises, the beautiful stand-alone piece of furniture can be moved incrementally or away completely – along with its function as a prep or dining surface. Contact Milestone Kitchens (milestonekitchens.co.za) for custom timber creations that make beautiful focal points as well as for their new ‘kitchen in a cupboard’ concept, perfect if space is limited ELEGANT DETAILS 07 Tailored finishes and fabrications give this kitchen space by Taylor Howes (taylorhowes.co.uk) a polished look. When designing your kitchen, don’t be scared to include decorative elements such as luxe surfaces (marble, linens), statement lighting or even artwork, as these elements go a long way towards making the kitchen a more warm and welcoming space (in line with 05) STORAGE 08 & 09 The quest for the most efficient use of space is ongoing, something that German brand bulthaup takes seriously. As you can see from this b3 kitchen, each appliance and utensil has its own clearly defined spot, allowing for clear workspaces. ‘People increasingly want to customise their kitchens. With Prism, they can define the interior of their pull-outs in line with their specific needs and then redefine them every day,’ says Ramón Casadó, design director/owner of bulthaup South Africa (livingkitchens. bulthaup.com) 10 Similarly, this U-shaped pull-out by Blum, available from Eclipse (eclipsegroup.co.za), cleverly takes advantage of the otherwise dead space around a sink, providing an easily accessible place to store cleaning products and accessories

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KITCHENS

SLIM-SLEEK AESTHETIC 11 The less-is-more trend is here to stay – when it comes to kitchens, this means sleeker, smoother and less fussy facades. As demonstrated by blu-line kitchens (blu-line.co.za), handle-less cabinets with push-touch technology and floor-to-ceiling cupboards are one way to achieve this look. Bulthaup (livingkitchens.bulthaup.com) epitomises this trend with extra-slim cabinet doors and countertops that sit flush with all edges. This detailed image shows a close-up of bulthaup’s b3 stainless-steel monoblock with lacquer doors

TOM DIXON FOR CAESARSTONE IN MILAN 2016 Caesarstone (caesarstone.co.za) commissioned leading British designer Tom Dixon (tomdixon.net) to create four unique kitchens showcasing their quartz surfaces, which were on display at Salone del Mobile 2016 (salonemilano.it). We talk to Dixon about the process behind his installations.

WHAT DID YOU ENJOY MOST ABOUT USING QUARTZ? The ability to cut fine holes in it – natural stone might just collapse under the same treatment. While it’s difficult, you can also curve quartz, something you can’t do with stone. We also started using it in a hollow, three-dimensional way to create seating, for example, and designed more sculptures. Consequently, our installations look different to a) your normal kitchen and b) your standard surface show.

HOW WOULD YOU ENCOURAGE OTHER DESIGNERS TO USE THE PRODUCT, TOO? My concept was the elements, so it was easy for us to split everything into four categories: cooking methods, lighting and furniture, colours and Caesarstone quartz. What comes across are earthy tones that work well with copper and a charcoal/fiery palette. On the other side of our installation, you’ll find the polar opposite, air – everything is translucent and white.

CANTILEVERED ELEMENTS 12 Experimenting with three-dimensional space is a big movement in kitchen design, which is being realised through the inclusion of large cantilevered elements. This example by Poliform (poliform.it) kitchens elegantly cantilevers a wooden dining table off the kitchen island, allowing for a contrast in both the heights and the materials of the surfaces for an interesting aesthetic.

Blu_line kitchens (blu-line.co.za) does the same with a large marble slab, which serves as a bar counter for casual seating

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TALK US THROUGH YOUR FOUR INSTALLATIONS 1. Considering water comes in many states, the cooking methods are about steaming, boiling and icing (for preservation and cooking), so most kitchens are square cubes. I wanted to move away from that so I used a triangle, which makes it look completely different.

2. We’ve tackled air by creating a foldaway kitchen, similar in theory to a Swiss Army Knife: the panels swivel and open up big spaces in the stone.

3. Earth is inspired by Roman architecture – you see it here in the arches. It’s got a great graphic quality, combined with the earthy colours of the Caesarstone along with a fossilised tree trunk.

4. For fire, we’ve used the blackest of the Caesarstones with a bit of texture if we can. We’re using the copper tones of our lighting to provide the illusion of fire.

WHAT CHALLENGES HAVE YOU OVERCOME WITH THE PRODUCT? I wanted to use Caesarstone in a different way: curving it, cutting it, using it in thinner strips. We really pushed the material to its extremes.

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LIFESTYLE

CULTURE MEET THE PAIR TURNING A PIECE OF JOBURG’S HISTORY INTO A HOT NEW RETAIL DESTINATION TEXT AND PRODUCTION Julia Freemantle PHOTOGRAPHS Karl Rogers

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rban regeneration and the return to the city have never been more in vogue. And rarely do they come in as presentable a package as Maboneng’s latest lifestyle project, The Cosmopolitan.

The brainchild of art gallery directors and business partners Jonathan Freemantle and Daniel Liebmann, who together run Hazard Gallery just off Fox Street, The Cosmopolitan developed out of the desire to curate beautiful product together with art, and display it in a setting that would elevate the city centre’s retail offering.

Jonathan’s background as an artist and one of the cofounders of the Edinburgh International Fashion Festival – and Daniel’s passion for fashion and his experience in retail and clothes (he’s owned a store and started out selling vintage clothes at markets) – make them a formidable combination.

But it’s their love of the city that will make The Cosmopolitan a desirable lifestyle destination.

Dividing his time between Cape Town and Joburg, when Jonathan is in Maboneng he lives in the loft area of Hazard, a compact but ultra-cool space that immerses him in city life. Daniel lives close by, too, and together they spend much of their time, when not in the gallery, networking at local restaurants and coffee shops with other business owners in the area. ‘This place is full of amazing success stories and fascinating people,’ says Daniel.

From Bheki Dube, owner of the local backpackers, to a former car guard turned master printmaker, the area is a clear incubator for entrepreneurs.

The building, the venue for their new venture, is an 1899 beaux-arts beauty of grand proportions and ornate detailing. Now its rooms upstairs have been transformed into fashion and beauty boutiques, as well as pop-up spaces for local artists and collaborations. Extending the gallery’s ethos of quality work and local luxury, the two have concentrated on sourcing brands with a point of difference, from specialist milliner Crystal Birch and perfumer Agata Karolina to top-end tea label Yswara.

The original bar area downstairs, an iconic space where legend has it that Charles Glass poured his first Lion Lager, is going to be revived with sophisticated food by local restaurateur Dario D’Angeli, who is also moving his celebrated Cube Tasting Kitchen to The Cosmopolitan.

Despite all the cutting-edge content coming on board, Jonathan and Daniel made a conscious decision to leave the exterior of the building as untouched as possible, honouring its history while turning it into a space conducive for contemporary brands. ‘I like to think of her as an elegant old lady,’ says Jonathan. This has informed the treatment of the space as well as the aesthetic of the garden – it’s an unexpected profusion of English country prettiness – roses, hydrangeas, cherry trees, birches. This outdoor area will house the sculpture exhibition, which will rotate every three months.

The idea of change and growth is central to The Cosmopolitan and Maboneng as a whole – staying relevant within the context of the city centre’s rich heritage. With the past and the future bookending the project, art at its core and luxury as its focus, The Cosmopolitan is set to add a big dose of beauty to Joburg’s retail landscape. thecosmopolitan.joburg

OPPOSITE Jonathan Freemantle (left) and Daniel Liebmann (right) in front of The Cosmopolitan, Maboneng’s newest luxury lifestyle and retail development, housed in a heritage former hotel

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LIFESTYLE

CLOCKWISE FROM TOP LEFT Hazard Gallery is a multilevel industrial loft space with a bedroom at the top – Jonathan’s home when in Joburg.

On either side of the bed are a sculpture by Jake Singer (left) and a Facet Industrial light (right)

by Matthew Edwards; shelves hold a linocut by Dale Lawrence (top) and brass-plate etchings

by Mat Chivers (below); the mezzanine above the gallery’s main area is the office space; a retro printer’s cabinet stores various artworks. On top is a lamp by Sacks Design and Victor Ehikhamenor’s Identify Yourself from a recent Hazard show. The printed scarf was part of a recent exhibition by artist Jean du Plessis; also on the top level is a display area for art and objects, where the idea to start The Cosmopolitan stemmed from OPPOSITE Artist Jean du Plessis recently showed a collection of work called The Idea of Constant Change, the large-scale paintings amazingly impactful in the space

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SHOW CASE

THE IDEA OF CHANGE AND GROWTH IS CENTRAL TO THE COSMOPOLITAN AND MABONENG AS A WHOLE

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SHOW CASE

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LIFESTYLE

THE COSMOPOLITAN DEVELOPED OUT OF THE DESIRE TO CURATE BEAUTIFUL PRODUCT TOGETHER WITH ART

CLOCKWISE FROM TOP LEFT Details such as the original door sign at The Cosmopolitan will remain as is to preserve the building’s story; the main staircase at the entrance leads up to the boutique area; the facade of the building shows the date it was built – 1899. Its ornate detailing and age make it unique to the area and even Joburg; the decorative turret cuts a striking silhouette on the corner of Albrecht and Commissioner Streets; the iconic Jan van Riebeeck mural, a collaboration by local graphic artist Freddy Sam and US-based Gaia, forms a fitting backdrop to The Cosmopolitan’s garden, designed by Patrick Watson – the old and new in pleasing juxtaposition OPPOSITE The area is in constant flux, with a big focus on property development and also public art – new work springs up constantly, such as this graphic piece by French artist Kazy.K, commissioned by Propertuity

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LIFESTYLE

MABONENG AT A GLANCE As Maboneng’s principal developer, Propertuity has single-handedly changed the face of the area.

CEO and founder Jonathan Liebmann gives us a snapshot HOW HAS PROPERTY PERFORMED IN MABONENG OVER THE LAST YEAR? The prices in the area have increased, completely outperforming the rest of the Joburg market.

WHAT’S THE MAKEUP OF THE AREA? Maboneng is approximately 65 per cent residential, 15 per cent offices, 15 per cent retail and 5 per cent industrial HOW IS THE LIFESTYLE ASPECT DEVELOPING? It’s grown hugely and is increasing all the time.

There are currently more than 40 restaurants and bars in the neighbourhood, from large to hatches.

WHAT IMPACT DO YOU SEE THE COSMOPOLITAN AS HAVING? The Cosmopolitan lends itself towards our movement of achieving critical mass in the area. This particular development also reinforces Maboneng’s commitment to heritage, art and design.

WHAT CAN A FIRST-TIME BUYER EXPECT TO PAY FOR A TWO-BEDROOM APARTMENT? The prices vary dramatically: you can find something from R290 000 up to R3.5 million. Typically you’re looking at about R980 000. propertuity.co.za; mabonengprecinct.com

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FROM TOP Lunch with Bheki Dube at Che, a favourite restaurant in Maboneng. Bheki is one of the area’s prominent business owners and runs the Curiocity Backpackers on Fox Street; the much-photographed Maboneng sign hangs across the road. The contrast of the mural and the heritage architecture sums up the spirit of Maboneng beautifully. Across the road you’ll find the Museum of African Design

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UNRIVALLED LIVING FROM R19 795 000 (VAT incl)

083655 5539

www.lynnestates.co.za

ADVERTORIAL

LIVING BETTER THE SAINT-GOBAIN HOME UPGRADE MEANS YOU CAN HAVE THE BEST OF CUTTING-EDGE INNOVATION IN YOUR EXISTING HOME TEXT Julia Freemantle PHOTOGRAPHS Supplied

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s part of its mission to demonstrate the possibility of modifying an existing home to improve comfort and sustainability, Saint-Gobain is giving away three varying modification upgrades (one major retrofit worth R250 000 and two ‘comfort packs’ worth R2 500 and R15 000 respectively).

Part of this process is providing support services to assist homeowners by outlining the benefits of each material, providing proof of better performance, hints and tips for installation, and a list of retail partners and service providers.

Saint-Gobain has been a leader in the field of building innovation and life-improvement products since 1665. Its new Home Upgrade campaign is aimed at proving that homeowners can retrofit their existing houses to be better and more comfortable, even with minor changes. This means your upgrades will be in line with Stand 47’s philosophy of creating a better home, a place that makes you and your family happier and healthier.

Saint-Gobain will use its range of products and expertise to improve the following, including upgrading the walls, ceilings, insulation, flooring and select glass windows, along with the installation of a web-based digital monitoring solution (the grand prize): n Indoor temperature performance (thermal comfort) n Increased savings (economic comfort) n Reduced noise (audio comfort) n Indoor air quality (air comfort) n Sense of calm and wellbeing for users (visual comfort) The first phase of the campaign is a call for entries. Homeowners can apply online via upgrademyhome.co.za. Entries close on 31 August 2016.

PROPERTY NEWS, REPORTS AND DREAM HOMES FOR SALE WALLS AND ALL

TEXT Genevieve Putter PHOTOGRAPHS iStock by Getty Images and supplied

The Serpentine Gallery’s architecture programme is a worldwide attraction on London’s arts and culture calendar come the European summer. This year, its pavilion, the epicentre of the programme, is designed by Bjarke Ingels Group and is conceptualised with the idea of an unzipped wall in mind. The starting point for the design was inspired by a simple brick wall but made with fibreglass frames and containing a cavity in the middle.

The use of fibreglass allows for another conceptual element to come through: that of opposites. The structure will house a cafe and free family activities during the day. At night, it will become the venue for the Serpentine’s acclaimed Park Nights programme with performative works by artists, writers and musicians. serpentinegalleries.org

SLICE OF A BETTER LIFE We love it when great design is used to solve pressing social issues. Take the Slice Refugee Hospitality Centre, designed by Spiros Koulias, which attempts to address the influx of migrants and refugees into Europe. Last year, it was estimated that more than a million refugees from the Middle East and Africa made their way through European borders.

Koulias’ attractive design is a hospitality centre specifically for entry points and passages.

It’s meant to be built in inaccessible or hardto-reach places, like the prototype, where 80 per cent is built into a steep cliff. The 22 storeys can accommodate between 500 and 600 people. behance.net/spiroskoulias

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AREA SPOTLIGHT> ZINKWAZI BEACH This provides a current snapshot of the Zinkwazi Beach residential property market.

DEMAND INDICATOR METRICS n Sale listings Properties listed for sale in Zinkwazi Beach comprise approximately 44% of the total sale listings in the Blythedale to Zinkwazi area. Approximately 44% of the interest (views) in properties for sale in this area is attributable to properties for sale in Zinkwazi Beach. n Rental listings Properties listed for rent in Zinkwazi Beach comprise approximately 31% of the total rental listings in the Blythedale to Zinkwazi area. Approximately 27% of the interest (views) in properties for rent in this area is attributable to properties for rent in Zinkwazi Beach.

THERE’S A NEW FOX IN TOWN It was only a matter of time before the online shopping realm included buying a home. Enter new tech company Property Fox. Its fresh approach to the property sales market means you pay 80 per cent less in commissions, have access to a professional photography service and can host your own viewings.

Essentially, the estate agent (the middle man) is cut out. The company has also teamed up with South Africa’s leading property market valuation company Lightstone Property, as well as online verification service thisisme.com to ensure identification verification on potential buyers. propertyfox.co.za

PROPERTY TYPES n Sale listings A typical property for sale in Zinkwazi Beach is a four-bedroom house, currently with a median asking price of R3 700 000. n Rental listings A typical property for rent in Zinkwazi Beach is a four-bedroom house, currently with a monthly median asking price of R13 000.

MEDIAN ASKING PRICES n Sale listings The median asking prices for residential property in Zinkwazi Beach are R1.45 million for a complex, R1.79 million for a flat/apartment and R2.91 million for a house. n Rental listings The median asking prices for residential property in Zinkwazi Beach are R6 750 for a complex, R11 000 for a flat/ apartment and R13 000 for a house. n Sales R579 009 000 n Rental R33 000

BUYING VS RENTING The monthly bond repayment to purchase a typical property in Zinkwazi Beach, namely a four-bedroom house, with the median asking price of R3 700 000, is R36 940 per month over 20 years at prime of 10.5% with no deposit.

The findings presented above represent a current snapshot of properties available on the Private Property portal. The house type complex consists of townhouses, clusters, duplexes and simplexes.

GO ONLINE For more on these stories, visit our website at www.realestatemagazine.co.za.

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UNDER THE AFRICAN SUN Sun City’s four hotels and the entertainment zones are in the process of being revamped in a five-year, R1 billion upgrade, which will be complete in 2017. sun-city-south-africa.com

COMING TO A ROOFTOP NEAR YOU Growthpoint Properties is leading the way when it comes to harnessing energy from the abundant South African sunshine. They’ve already installed solar rooftop farms at the company’s landmark properties across the country, including Cape Town’s V&A Waterfront, Constantia Village, Bayside Mall and Airport Industria, which combined generate 3.2MWp. Its InfoTech building in Pretoria, Waterfall Mall in Rustenburg and Lincoln on the Lake office building in Umhlanga also benefit from solarpower generating installations. Northgate and Brooklyn Malls in Jozi and Pretoria respectively also have a capacity of nearly 1.2MWp each thanks to their solar farms. And this is only the beginning for Growthpoint: it has identified more than 70 buildings across its portfolio for possible future solar PV installations. growthpoint.co.za

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PROPERTY INVESTOR

A HAND-PICKED COLLECTION OF MAGNIFICENT PROPERTIES

HOME IMPROVEMENTS TO AVOID TEXT Patrick Cairns PHOTOGRAPH iStock by Getty Images

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ne of the appeals of owning your own home is that you’re able to mould the space to suit your taste – you have the freedom to create the house you’ve always dreamt of. And often, these improvements will add to the value of your home. Putting in a new kitchen, modernising your bathroom or improving your energy efficiency will not only make your life more comfortable, they are also likely add to your long-term financial returns.

Not all home improvements are going to make your property more desirable, however. You could be spending money you will never recover or you may be adding features that will be a turnoff to future buyers – so it’s worthwhile to think carefully about your approach.

For a start, be wary of anything too personal.

Far from adding character, that floor made from old coins or a built-in aquarium are unlikely to appeal to the majority of homebuyers. You may be limiting how many people are going to be interested in your home at a later date.

Similarly, adding a special-purpose space rarely pays off. A movie room or sunroom might sound wonderful, but unless you live in a neighbourhood where these are expected, you are unlikely to be adding value. Most people would prefer to have

a more functional space such as an extra bedroom or a bigger kitchen.

If you work from home and need an office, be careful about building or altering it so that it can serve no other purpose. Not everyone needs this type of area, so instead of built-in desks and bookshelves, think of using multipurpose fittings.

Niche electronic fittings or built-in home theatre systems are also tricky, because technology is changing so quickly. What might seem ultramodern now can be terribly dated in just five years’ time and if it’s all set into the room, it can be costly to upgrade.

When it comes to the property’s exterior, watch your spending on expensive landscaping and outdoor features. A lovely garden is a great asset, but improvements such as extensive water features and pizza ovens are not going to appeal to everyone. Also, while pools are often a plus in South Africa, Jacuzzis and saunas can be the opposite. Most people recognise that they will rarely be used and are a maintenance headache.

Finally, think carefully about renovations that are well above the norm in your neighbourhood.

House prices are dependent on the area in which the property is located, so the value of your home can only increase so far. A rule of thumb in this regard is to limit any major remodel to no more than 20% of the full value of your house.

NEXT ISSUE BUYING PROPERTY WITH SOMEONE ELSE

GO ONLINE FOR MORE INFO

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LH 597

Exceptional homes. Powerful network. Finding your home is a personal process of discovery. The accomplished global network of LuxuryPortfolio.com is ready to assist in the journey. To explore the world’s finest properties, enter the web reference for details.

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PRICE ON REQUEST

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BISHOPSCOURT, CAPE TOWN, WESTERN CAPE, SOUTH AFRICA

This magnificent home offers a relaxing atmosphere with panoramic views of Table Mountain and Kirstenbosch. The extensive accommodation includes six spacious en-suite bedrooms, a chic guest suite (which also benefits from the incredible mountain views) and live-in staff accommodation.

The large open-plan kitchen leads into a comfortable family room, where you can relax in front of the fireplace. The property also includes a private gym, sauna, massage room, floodlit tennis court, heated swimming pool and a large entertainment room. This home is secured by a cutting-edge security system.

Bedrooms 6 Bathrooms 6 Garages 4 Living areas 4 Sally Gracie +27 (0)83 459 9523 sally@everitt.co.za www.chaseveritt.luxuryportfolio.com web ref: 3002255

LH 598

Exceptional homes. Powerful network. Finding your home is a personal process of discovery. The accomplished global network of LuxuryPortfolio.com is ready to assist in the journey. To explore the world’s finest properties, enter the web reference for details.

MORNINGSIDE, SANDTON, GAUTENG, SOUTH AFRICA

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R45 MILLION

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This 1 600 m2 penthouse features three storeys of living space linked via a private glass elevator and a floating glass staircase.

The mesmerising vistas are aligned with the master-crafted interior: features include a double-volume formal reception room, a formal sitting/dining room and an imported Italian/ German kitchen, all flowing onto the patio. The main suite offers never-ending views across Johannesburg’s treed suburbs – and the views are ingratiated by glass windows and doors all round. The top storey offers a private putting green and main guest suite/pyjama lounge or games room.

Bedrooms 5 Bathrooms 6 Garages 5 Living areas 2 Rory O’Hagan +27 (0)83 328 8888 rory@everitt.co.za www.chaseveritt.luxuryportfolio.com web ref: 13333399

LH 599

Celebrating its 10th anniversary this year, Tyson Properties is a specialist real estate agency with more than 20 offices throughout South Africa. Renowned for its excellent grasp of global and local trends, and its holistic understanding of the changing needs of buyers and sellers, Tyson Properties offers a refreshing and professional approach.

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R39 MILLION

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CLIFTON, CAPE TOWN, WESTERN CAPE, SOUTH AFRICA

This stunning Atlantic Seaboard property, tucked away at the end of an exclusive cul-de-sac in Clifton, has endless potentials. Built on a 667m2 plot, it’s an industrial-style home with an open-plan living area, four generous-sized en-suite bedrooms with private balconies, a secluded mountainside pool, a level lawn with stunning mountain and ocean views, and a double garage. Live in or use the opportunity to renovate it to create the house of your dreams.

Bedrooms 4 Bathrooms 4 Garages 2 Living areas 2 Gail Gavrill +27 (0)82 777 6000 gail.gavrill@tysonprop.co.za www.tysonprop.co.za web ref: RL23348

LH 600

Catering to the discerning luxury market.

BRYANSTON, JOHANNESBURG, GAUTENG, SOUTH AFRICA

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R45 MILLION

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This newly finished masterpiece offers commanding 180degree views from its elevated position in Bryanston. Its meandering driveway leads to the main residence and a spacious motor court with ample parking. Volumed receptions spills into a covered patio overlooking rolling lawns, mature gardens, a feature pool and breathtaking views. The gourmet social kitchen includes top integrated appliances. A bespoke cellar, gym, gentleman’s study, tennis court, ample and luxurious staff housing and a private spa or second dwelling with an en-suite and its own pool are a few of the features in this remarkable home.

Bedrooms 5 Bathrooms 6 Garages 3 Living areas 7 Regan Harris +27 (0)82 320 6464, regan@hamiltons.co.za Colin Cloete +27 (0)76 536 1529, colin@hamiltons.co.za www.hamiltons.co.za web ref: 13336681

LH 601

For more than 20 years, Adrienne Hersch Properties has been fulfilling the real estate needs of sellers and buyers in Gauteng with dedication, passion and integrity. Our business was built on the foundations of traditional family values, which include loyalty, trust, dedication and understanding. Adrienne Hersch Properties… welcome home.

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R28 MILLION

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HOUGHTON ESTATE, JOHANNESBURG, GAUTENG, SOUTH AFRICA

This opulent corner apartment in Houghton, with its golfcourse views, features an open-plan kitchen with cavity doors, which open onto an elegant, comprehensive lounge and sitting area (complete with a custom-made bar). The striking dining room makes hosting dinner parties a luxurious affair and an outside patio stretches across the length of the apartment.

In addition, four large en-suite bedrooms, with extra cupboard space in three, and an oversized dressing room for the main bedroom, create a comfortable living space. The private lounge completes this amazing apartment.

Bedrooms 4 Bathrooms 4 Garages 3 Living areas 1 Dan Onay +27 (0)79 505 0450 dan.onay@ahprop.co.za www.ahprop.co.za web ref: ADHS-3836

LH 602

Ennik Estates/Christie’s, the exclusive Christie’s affiliate, combines the prestige of this international luxury brand with outstanding local knowledge. As a boutique agency, Ennik Estates/Christie’s takes pride in offering a bespoke marketing strategy that achieves excellent results.

MELROSE NORTH, JOHANNESBURG, GAUTENG, SOUTH AFRICA

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PRICE ON REQUEST

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This expensively finished home is nestled in a sought-after private enclave in a totally secure road. The impressive reception and dining areas are beautifully proportioned and designed, perfect for sophisticated entertaining.

The sun-filled master suite is a princely retreat and includes a Calore fireplace, his-and-hers bathrooms and a generous dressing room with French doors leading out to lawns and an expansive, covered veranda.

The wide upstairs gallery hall leads to two luxurious en-suite bedrooms, with a gentleman’s study completing this one-of-a kind offering.

Bedrooms 3 Bathrooms 3 Garages 2 Living areas 2 Ronald Ennik +27 (0)83 273 3707, ronald.ennik@ ennikestates.co.za | Helen Tomazos +27 (0)83 616 0152, helen.tomazos@ennikestates.co.za www.ennikestates.co.za web ref: EN01-1241

ADVERTORIAL

LIVE THE

DREAM INTRODUCING MAURITIUS’ ST ANTOINE PRIVATE RESIDENCE

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ADVERTORIAL

ST ANTOINE IS AN AREA EMBEDDED WITH MAURITIAN TRADITION

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or years, Mauritius has appealed to South Africans from both a tourism and an investment perspective. Located just off the southeast coast of Africa and only a four-hour flight from Joburg, the island boasts one of the most flourishing economies on the African continent. It is not only a tourism hot spot but also a privileged destination for foreign investors. In light of this, the island’s largest development entity, ENL Property, has joined forces with Red4 to introduce St Antoine Private Residence, a Mauritian development ideally suited to the South African market’s demand for location, Mauritian residency, facilities and ocean access.

‘St Antoine Private Residence launched internationally on 18 June 2016 and presents an opportunity for South Africans to invest in the premium facilities the development offers as well as in the lifestyle, economic and taxation benefits that come with investing in property in Mauritius,’ explains Norbert Koenig, managing director of Red4 and developer of St Antoine Private Residence.

He continues: ‘We spent more than two years planning the project, which included an intensive market research study on what the South African market was looking for. The findings: there is a massive shortage of products priced between $500 000 and $800 000 (about R8 million to R12 million). Research also revealed the demand for a development close to Grand Baie, offering sea views, resort facilities and great rental returns opportunities. We are confident that St Antoine Private Residence ticks all these boxes.’

INVESTING IN MAURITIUS

WELCOME TO ST ANTOINE

To date, close to 40% of the total investment into Mauritian developments has come from the South African market. The reason for this considerable interest is based on the significant benefits, such as the ability to obtain Mauritian residency, the maximum tax rate of 15% for businesses and individuals, no inheritance tax, no capital gains tax and tax-free dividends.

The interest rate is approximately 6%, which means that rental returns have the ability to exceed mortgage repayments after a few years if the product is well-priced and appeals to a rental market. The economy is one of the strongest in Africa, provides a safe and secure lifestyle, and is taking on many first-world countries when it comes to private schooling and tertiary institutions.

Located in the north, St Antoine is an area embedded with Mauritian tradition and authentic country appeal. Only 10 short minutes from the hub of Grand Baie, there is easy access to everyday conveniences and comforts – private schools, shopping, restaurants and bars, prolific nightlife and all the nautical activities you could wish for.

‘St Antoine Private Residence enjoys the benefits of being away from the bustle of the city, yet close enough to relish in the energy and top-class amenities that a city such as Grand Baie has to offer,’ explains Koenig.

Fringed by the Indian Ocean on two sides, St Antoine Private Residence includes access to two islands on its doorstep, Ile d’Ambre and Ile aux Bernaches, as well as a jetty for easy access to the warm Mauritian waters. Exploration of these secluded islands, along with snorkelling, canoeing through the mangroves or picnicking with the family under the casuarina trees, are some of the activities available to you.

‘Residents will be able to store their boat in an on-site boatyard and have direct access to the ocean and the magnificent islands only a short distance away. This ensures the lifestyle at St Antoine Private Residence will be for the whole family,’ explains Koenig.

‘Whether you’re looking for a second holiday home for vacations with the family, want to benefit from the dollar-based capital appreciation and projected rental income, or achieve residency in Mauritius, St Antoine Private Residence really does offer an exceptional investment opportunity.’

THIS IS YOUR MAURITIUS Comprising 100 luxury apartments and penthouses, of which only 50 will be released in the first phase, St Antoine Private Residence will offer large two-, three- and four-bedroom options ranging from 153m2 to 245m2 in size.

Further complementing the active, outdoor lifestyle synonymous with Mauritius, the estate incorporates uniquely crafted spaces for residents and families. An expansive clubhouse, resort-style swimming pool and exciting kids’ playground area will become part of everyday life at St Antoine Private Residence. The deli and bar, lounge area and spa will ensure that residents can relish in the exclusivity and luxury offered by the estate.

FOR MORE INFORMATION, VISIT STANTOINE.CO.ZA OR PHONE 087 195 1047

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WEALTH

MANY DOLLAR MILLIONAIRES SEEM TO BE MIGRATING THEMSELVES AND THEIR ASSETS OFFSHORE – BUT THERE MAY BE MORE TO IT...

TEXT Lea Jacobs and Kim Maxwell PHOTOGRAPHS iStock by Getty Images

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S

outh Africa’s high net worth individuals (HNWIs) are fleeing the country in their droves, if the news headlines are to be believed. This would be a concerning development, considering the financial benefits the superwealthy bring to the country’s economy and its tax table. Andrew Amoils, head of research at global wealth data capturer New World Wealth, estimates that 950 dollar millionaires left South Africa in 2015, up from 600 in 2014.

Who are they? The South Africa 2016 Wealth Report, published by New World Wealth, notes that there were 38 500 dollar millionaires – defined as HNWIs – living in South Africa in 2015. Those numbers have decreased by 10%, dropping from about 42 800 dollar millionaires in 2007. The personal wealth of the ultra-rich also declined from a total of $168 billion in 2007 to $159 billion in 2015.

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SPECIAL REPORT

DOLLAR MILLIONAIRES AND BILLIONAIRES By the end of last year there were 2 030 multimillionaires – individuals with net assets of $10 million or more – in South Africa, of which 620 were ultra high net worth individuals (UHNWIs) owning net assets of at least $30 million.

That figure includes seven billionaires, 91 centimillionaires (net assets worth $100 million to $1 billion) and 522 affluent millionaires (net assets worth $30 million to $100 million).

It’s worth noting that 2015 was a particularly bad year, with the number of HNWIs falling by 18%. At the end of 2015, cash and bonds held the lion’s share (35%) of HNWIs invested asset classes, but real estate formed 18% of their investment allocations.

Although the number of HNWIs decreased during the past eight years, their change in wealth wasn’t only due to South Africans migrating. A depreciating rand and falling equity markets were also responsible. There was a movement of funds offshore during this period, but the change was negligible – at the end of 2015, South African HNWIs held 21% of their wealth overseas, compared to 20% overseas in 2007. The majority keep their wealth in private banks and trusts in the UK’s Channel Islands, Switzerland, Luxembourg and Mauritius.

The question: if the super-wealthy invest offshore, does it mean they have lost faith in South Africa or are they merely making the world’s markets work for them? Some may simply be shifting their assets, and their homes, for a while. ‘We have period figures showing 4 800 have left since 2007. But these people have not necessarily migrated officially; they are either working or living overseas,’ says Amoils. ‘Some of them, in theory, could return.’

ARE THEY FLEEING OR BUYING? Rather than seeing HNWIs fleeing the country, the company’s sales improved by as much as 30% at the top end of the market (properties at R10 million or more) in recent months, says Andrew Golding, CEO of Pam Golding Properties.

RE/MAX Living sales associate Rainer Kloos agrees, saying despite concern surrounding the political situation, social stability and exchange rate risks, his recent business dealings in India and China indicated a keen interest for HNWIs to invest in the South African property market.

Seeff Properties chairman Samuel Seeff isn’t as sure. ‘A snap survey of our top-end areas certainly supports the notion that wealthy South Africans, especially those with young families, are looking to hedge their bets overseas.

A number of our branches have reported an uptick in listings due to emigration,’ he says. Seeff puts this down to government policies around land ownership, a looming junk status downgrade and additional financial burdens levied on certain sectors of the market, higher transfer duty and capital gains tax, making the top end of the market think twice about investing in property.

According to the New World Wealth 2015 Migration Survey, South Africa lost just more than 4 800 HNWIs to emigration since 2007. Of those who left, 42% moved to the UK, 14% to Australia, 10% to the US, 8% to Canada, 5% to Mauritius, 4% to New Zealand and 4% to Israel. The number of South African HNWIs living in and/or emigrating to Mauritius has increased by 160% since 2007 – in 2015 there were 3 200 HNWIs. This figure is expected to increase by 130% over the next 10 years – attractive tax rates, the lifestyle and a growing financial services sector are some of the factors that appeal in Mauritius.

FOREIGN INVESTMENT IN SOUTH AFRICAN REAL ESTATE

2017

Projections

UK

GERMANY

18%

16%

AFRICA

30% 2015

UK 22% | Germany 19% | Africa 24% | Other* 35%

2007

OTHER: 36%

UK 35% | Germany 27% | Africa 7% | Other* 31%

*Other buyers mainly from Switzerland, France, China, India, Russia and UAE. Source: The South Africa 2016 Wealth Report, New World Wealth

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SPECIAL REPORT

OVERSEAS SECOND HOMES Money may not buy you love, but as a HNWI it does open doors to various countries around the world. For ease of travel through having the “right” passport, there are a number of destinations in the Caribbean such as Antigua, St Kitts and Nevis, and Grenada, which offer investment for citizenship programmes. For a European passport, choices include the UK, Portugal, Greece and Cyprus, all of which offer similar schemes.

Research by New World Wealth also showed that 38% of South Africa’s dollar millionaires owned second overseas homes at the end of 2015. Places where they tend to buy include London, New York, Geneva, Paris, Sydney, Melbourne and Mauritius.

The world’s wealthy are attracted to particular cities to live in and invest, educate children and grow their businesses. The top destinations according to the Knight Frank Wealth Report 2016 are London and New York, followed

by Singapore, Hong Kong and Dubai. Property in these regions doesn’t come cheaply. Knight Frank’s Prime Residential Index in 2015 explored what $1 million can buy in square metres of luxury property globally. In London your hardearned money will buy 22m2 of property, in New York it fetches 27m2 and in Hong Kong, it’s 20m2. In Monaco $1 million will buy only 17m2 of real estate.

Foreign property ownership has always held wide appeal for the wealthy and South Africa has some of the world’s most spectacular scenery combined with a weaker rand. New World Wealth identified the hot spots for wealthy foreign buyers in South Africa. Patterns were significantly lower in 2015 compared to 2014, thanks to stricter visa requirements for foreigners visiting South Africa.

Yet despite this decline, wealthy foreigners continued to buy South African properties, particularly at the top end.

MORE AFRICAN BUYERS The type of foreign property buyer has also changed between 2007 and 2015.

Significantly, wealthy African citizens made up the largest share of foreign property buyers in 2015, increasing considerably since 2007. ‘Most of them came from Nigeria, Angola and Ghana,’ says Amoils. ‘We expect more than 10 000 African millionaires to move to South Africa over the next decade.’

Africans are purchasing local property for a variety of reasons, says Golding. ‘Some are seeking investment properties or personal residences that provide access to an upmarket lifestyle. More traditionally, some HNWIs are purchasing luxury seaside residential properties or other “lifestyle properties”.

These not only provide a holiday destination or a second or third home, but, given the weak rand, this represents an excellent means of diversifying their property portfolios and securing a sound long-term investment,’ he says.

Gauteng and Cape Town have long been an international drawcard for property and business prospects exist for those who show entrepreneurial savvy. Some of South Africa’s ultra-wealthy will shift their assets on a permanent basis in 2016 – let’s view it as an opportunity to attract new wealth.

WEALTHY AFRICAN CITIZENS MADE UP THE LARGEST SHARE OF FOREIGN PROPERTY BUYERS IN 2015

SOUTH AFRICA’S ULTRA-WEALTHY REAL ESTATE & CONSTRUCTION

20%

Real estate and construction was the primary wealth source for 20% of South African dollar multimillionaires in 2015

JOHANNESBURG

48%

Joburg was home to the largest portion (48%) of South Africa’s multimillionaires in 2015. Next is Cape Town (18%), Durban (6%) and Pretoria (5%)

MAURITIUS GROWTH

Mauritius is the fastest-growing African destination where South African dollar millionaires choose to live

Source: The South Africa 2016 Wealth Report, New World Wealth

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Constructed by Brazilian firm Forte, Gimenes & Marcondes Ferraz, it’s built to merge – succinctly – architecture and nature. Essentially, the estate consists of a number of units (or modules), laid out on a wooden grid.

The main building, including the master suite and a guest bedroom, forms part of the hillside; owners and visitors alike can simply stroll out onto the roof garden as the whim takes them. On the adjacent hilltop, with what you can imagine are the best views of the area, a pair of pavilions include saunas, a spa and a living area. Trees grow through empty modules, allowing nature to infringe – ever so coolly – on the space.

If you need any further convincing, this striking indoor-outdoor development also includes a garage for four cars, an outdoor kitchen, staff accommodation and a tennis court, with its location making it an ideal second or holiday home. Price on request through Christie’s International Real Estate (web ID C56987).

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USEFUL CONTACTS n Christie’s International Real Estate christiesrealestate.com n Brazilian embassy in South Africa pretoria.itamaraty.gov.br n Visit Brazil visitbrasil.com n Lonely Planet guide to Brazil lonelyplanet.com/brazil n Rough Guides information roughguides.com/destinations/ south-america/brazil

TEXT Kirsty Wilkins PHOTOGRAPH Supplied

I WA N T T O L I V E I N …

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PRIVATE LOAN TO FUND PROPERTY PURCHASE: TAKE TIME TO AVOID PITFALLS Potential property purchasers struggling to access bank financing with which to buy a home, are increasingly investigating the possibility of obtaining a private loan from a family member or source other than a bank for the necessary funds.

The private lender, just like a bank, will in all likelihood want to secure the loan and the purchaser’s obligations to repay it, by registration of a bond against the property’s title deed, in the lender’s

favour. Similarly as with bond finance granted by a bank, the subsequent sale of the property by the borrower will only be possible if the outstanding amount under the bond is settled.

Last year, in La Mer Jeffreys Akkommodasie Bk v Flashcor 182 CC , a lender in such a transaction failed to register with the Credit Regulator, which lead to, amongst other things, the court declaring the loan agreement void.

The National Credit Act lays down requirements that must be complied with where such a loan has an interest component and is at arm’s length.

Registration as credit provider with the National Credit Regulator is also required.

If you are involved as lender or borrower of private funds in a property transaction, it is crucial to consult with a property law expert upfront, to ensure the loan payment liability is secured and to avoid pitfalls.

Contact us on www.stbb.co.za.

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