BusinessDay
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FRIDAY, FEBRUARY 6 2015
HOMEFRONT
LIVE THE DREAM
AT PARK CENTRAL
LIFE
LAUNCHING SATURDAY, 7 FEBRUARY.
PRICED FROM R1,75 MILLION.
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REIMAGINING CAPE TOWN’S HIDDEN SPACES
VOETSTOOTS IS NOT ‘AS IS’ SIMPLE
CHOOSING A RETIREMENT ABODE
THE BEST COUNTRIES FOR RETIREMENT Launching this Saturday, book your appointment today to secure a unit by visiting www.pamgolding.co.za/park-central and discover all that Park Central has to offer. Appointments will be held at the Crown Plaza Hotel, Dalasi Room on the 7th of February. Other features include: 445 luxury apartments, entertainment areas, club house, gym, coffee shop, basement parking, 24-hour access control. Set to become the icon of modern, urbanist living, Park Central throws open the door to a brand new way of life in the heart of cosmopolitan Rosebank, within walking distance of the Gautrain and Rosebank shopping mall.
Cape Town CBD’s residential success story Residential property in Cape Town’s CBD is pricier on a rand-per-squaremetre rate than its entire metro. Given the context of many CBDs’ decline across the country, how did Cape Town achieve this?
This exclusive residential opportunity is ideal for first time buyers, investors, and working professionals and features breathtaking sky gardens; a landscaped park, your choice of luxury apartments, penthouse units and a list of carefully selected amenities that will give any investor the edge in this sought-after address.
The images shown in this marketing material represent an artist’s impression of the development concerned only. EXCLUSIVELY MARKETED BY PAM GOLDING PROPERTIES Victoria Russell 074 683 1222, victoria.russell@pamgolding.co.za Office 011 684 2995 www.pamgolding.co.za/park-central
Park Central - Business Day Ad_JILL.indd 1
WORDS: DAVID A STEYNBERG :: IMAGES: SUPPLIED
2015/02/02
C
ape Town enjoys a vibrant CBD, a successful multipurpose environment that embraces corporate business, retail, tourism and a strong residential component. The latter has been the last to emerge and is the result of many years of rolling out a strategy that saved this downtown precinct from degeneration. Cape Town’s city centre is vastly different from what it was just 15 years ago, when businesses and people left the area in droves as the CBD went the way of many other downtowns around the world, falling victim to crime, decay and its residents’ flight to the suburbs. This process was halted in 1999 when the City of Cape Town and property owners formed a publicprivate partnership that was launched as the Cape Town Central City Improvement District (CCID) in 2000.
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LIFESTYLE
February 6 2015
LIFESTYLE
Spaces between WORDS: GENEVIEVE PUTTER :: PHOTOGRAPHS: SUPPLIED
Cape Town’s inner city is known for its historical buildings, but the lesserknown cobbled lanes and obscure, often overlooked, spaces between them are being reimagined
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here is a trend that has emerged over the last decade or so that has seen inner-city spaces of some of the world’s most cosmopolitan cities being transformed into experiential, innovative and creative endeavours. From Melbourne to Toronto to Cape Town, the
transformation of forgotten segue-ways, lanes and small courtyards into outdoor galleries, pop-up shops and restaurants is giving a different and refreshing meaning to the way we think about cityscapes and their potential for creativity and entrepreneurship.
Vredenburg Lane
The Yard and Cape Town Art Street Nigel Wood immigrated from England to SA 23 years ago, leaving behind a successful career as a restaurateur. He owns one of Cape Town’s impossibly cool foodie hubs, The Yard, which can be found in the driveway of the old warehouse he owns. “The Yard was a mistake,” says Wood, who has a lovehate relationship with the food industry. “I was having a party and a group of people came from Roodehek Street and asked if they could buy the burgers I was cooking. That was the start of the Dog’s Bollocks. But I wanted to do it my way, as informal and relaxed as possible, with no waiters.” The driveway accommodates a Deluxe Coffeeworks outlet, the Dog’s Bollocks evening eatery, the traditional-English breakfast spot Mucky Mary’s and the Bitch’s Tits, a daytime taqueria and sandwich joint. Each enterprise appeals to a different market. “Since the recession there’s a trend towards patrons rather forking out their hard-earned money for an experience as opposed to just a gourmet meal,” he says.
The majority of businesses on Roodehoek Street serve the film production and media industries. The Yard and Culture Gallery have initiated the Cape Town Art Street, a 250m stretch on Roodehek Street, which serves as
a permanent outdoor gallery for emerging artists. “We’ve been working with the city to try and pedestrianise it since it became an official World Design Capital 2014 initiative. All the surrounding businesses and building owners have
bought into the idea and provide the outer walls as the gallery space. “Council and the arts and culture department have been very supportive,” says Wood. facebook.com/YARDCT facebook.com/capetown artstreetroodehekstreet
“I have always been passionate about urban-space rehabilitation. Recently I have been looking at this method as a solution to alleyways being used as dumpsites. I would like to build benches and trees in neglected spaces to improve the feel of the space” Candice Mostert, Trash to Treasure
Tucked away just off Upper Long Street, in Vredenburg Lane, is the residential block Victoria Court, built between 1916 and 1917. The lane is home to a mix of creative businesses, including product design studio JesseJames, Cape Glass Studio, Julep Cocktails & Tapas Bar and Jimmy Jamalo African Restaurant. JesseJames co-director James Bisset says that the location is very central despite being somewhat hidden, and that traffic officials no longer ticket tenants for parking on the yellow lines. There is a camaraderie between the tenants and property owners in Vredenburg Lane. Says Bisset: “We all get along and tend to utilise each others’ services.” Bisset and his business partner Jesse Edes often organise braais in the lane without any permits or problems. This proximity to the city’s core of urban life can be a double-edged sword, however, as Vredenburg Lane attracts vagrants, alcohol abusers and drug abusers. Candice Mostert has recognised and is trying to address these issues. The director of an environmental up-cycling project called Trash to Treasure, Mostert used to stay at Victoria Mansions. “My main incentive for the Urban Root event in 2012 was to bring some light to
“We look forward to more creative use of ‘spaces between spaces’, but first we need to understand the basic needs to be taken care of, such as security and vagrancy” James Bisset, co-director, JesseJames the street kids that sleep in the alleyway and whom I became close to while living there,” says Mostert. Mostert partnered with the restaurants, the Cape Town Partnership, tree-planting campaigners Greenpop and other tenants in the lane. Urban Root saw collected tins being transformed into customised artworks by the street children and other homeless children, who then used them to pot indigenous spekboom shrubs to decorate Vredenburg Lane. “It brought more foot traffic to the forgotten lane as well as cleaned it up,” says Mostert. “Local businesses also came together to create a platform for people to share their creativity.” Jessejames.com facebook.com/ trashtotreasurefest
LIFESTYLE February 6 2015
Honest Chocolate Café and Commune.1 Gallery courtyard The separate entrances to this node at 64 and 64A Wale Street can be deceiving. The facade suggests two distinct business premises. However, when walking through either entrance you are led to a quaint courtyard around which pivot three businesses,
“It’s great for small entrepreneurs to share spaces like these — it brings together complementary businesses and potential customers in spaces that wouldn’t normally be used. It also promotes collaboration, which is great for small operators” Anthony Gird, co-owner, Honest Chocolate Café
FOOD Honest Chocolate Café, Commune.1 Gallery — and a new gin bar in one corner. The common area is surrounded by a pastiche of exposed old brickwork and patterned tiles that tell of the building’s previous, more eerie function. Says Greg Dale, owner of the hub of buildings and Commune.1 Gallery: “The entire building was once used as a morgue — the main gallery space was the chapel and above that the workshop for the manufacture of coffins. The area where the gin bar stands was once the embalming room.” The courtyard is well utilised by both businesses. Honest Chocolate Café pays rent to Dale. During the day, tables and chairs for the café are dotted around. During gallery openings and other events the space accommodates the overflow of gallery patrons. Says Michael de Klerk, co-owner of Honest Chocolate Café: “Each business complements the other. We each focus quite strongly on our aesthetics, and that brings similar types of people into the building.” honestchocolate.co.za commune1.com
Cape Town Laneway Project Gareth Pearson tells us about the Cape Town Laneway Project, which aims to transform the city’s hidden lanes into dynamic, creative and entrepreneur-supporting zones. His partners in this initiative are Alex Jongens, Danielle Ehrlich, Zayaan Khan, Rebecca van Beeck and Michael de Beer. What is the Cape Town Laneway Project and how did the idea come about? It started with Barrack Lane in the East City precinct and was inspired by Melbourne’s laneways. A few of us were interested in this space and its potential. So we did a few activations there and then won a grant from the Design Indaba Your Street competition to implement a bigger idea there. We decided, however, to look at multiple lanes around the city and framed this project as the Cape Town Laneway Project. We as a team are now focusing on Orphan Lane, but we definitely encourage others to get involved and take on other lanes in the city. Are lanes considered to be public spaces? Some are open and public, but a lot of them are closed off. Some are rented out by the city to adjacent property owners, often for security
reasons or to use as parking. We’re more in favour of having them open and public but in a way that allows adjacent buildings to make use of them in interesting ways. What’s the driving force behind this initiative? They’re interesting spaces, often not utilised, that allow people to try things out. And if you’re looking at actual small commercial spaces adjoining these lanes, rent and overall start-up costs are going to be a lot lower for small businesses. We lack good public spaces, and our streets are often dominated by cars and are of a weird scale. These lanes provide the opportunity to create more comfortable, intimate spaces, where we as social human beings (not motorists) can make eye contact, clearly speak to each other and feel comfortable. facebook.com/ CapeTownLanewayProject
PUBLISHED BY THE CREATIVE GROUP IN ASSOCIATION WITH TMG
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EDITORIAL TEAM Editor: David A Steynberg david.steynberg@gmail.com Creative Director: Mark Peddle
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BusinessDay PUBLICATION
Editorial Consultant: Bridget McNulty Chief Copy Editor: Yaron Blecher
The new red WORDS: GRAHAM WOOD :: PHOTOGRAPHS: SUPPLIED
Hyde Park’s favourite classic Chinese restaurant has struck the right balance between continuity and renewal in its move to new premises
M
ore often than not, restaurants in shopping malls belong to franchises or chains. It is not an easy environment to be a solo act, especially when contemplating a move or a refresh. Independent restaurants tend to have neither the branding guidelines nor the marketing and market research machines that the larger groups do, so knowing how to handle a revamp is more a matter of instinct and personal taste. The Red Chamber at Hyde Park Corner has been in the centre for 18 years. In the late 1980s, its owner Emma Chen started the restaurant in Rosebank Mews. Mid-2014, it moved premises to the middle level of Hyde Park Corner, down a cul-de-sac near the movies and closer to the other restaurants. The move raised a host of questions, such as how to design and decorate the new premises and whether to change the menu. Chen could, within reason, do what she liked with the decor, although a certain amount of red seemed a prerequisite. But she would not budge on the menu. The Red Chamber has always served classical Chinese food. “No fusion, no sushi,” says Chen. “We know what we are.” There had to be some sense of continuity, an identity. On the matter of reinventing the decor, however, there was no option but to change, so she allowed herself to be bolder. She consulted with Annemarie Meintjes, who is well known as the deputy editor of VISI magazine, and devised an interior that treads the fine line between tradition and modernity. While previously the decor included a lot of detail and decoration — “bric-a-brac”,
as Chen fondly refers to it — the new premises exhibit the “clean-lined, no-frills” approach to interior design more typical of modern design, but almost everything is a classical reference or a reinterpretation of tradition. The sloped ceiling, for instance, references Chinese roofs. The brass details are strong and make a statement by drawing on the gold of traditional palaces. “The row of brass panels along the wall reflects the light almost like water,” says Chen. The irregularly sized modular lights in the private eating area are inspired by antique Chinese shelves, with arrangements of different sizes. Likewise, the lanterns above the pay station are like floating clouds, at once gesturing towards traditional Chinese paper lanterns and renewing the design. “It’s all classical with a modern twist,” says Chen. Six months in, not only are any teething problems long resolved, but it’s also starting to feel like home. “You have to live in a new place for a while and make it your own,” she says, “You have to grow into it.” The Red Chamber has started to feel properly like its new self — it is as good a time as any to visit an old friend. It is also a delightful object lesson in how an individualistic one-off in a mall can successfully negotiate a tricky transition without losing its identity or selling out: same, but different.
ADVERTISING SALES Michèle Jones Sarah Steadman Yvonne Botha Susan Erwee Bradley Sparks Jackie Maritz
michele.jones@pamedia.co.za sarah.steadman@pamedia.co.za yvonne.botha@pamedia.co.za susan.erwee@pamedia.co.za bradley.sparks@pamedia.co.za jackie.maritz@pamedia.co.za
084 246 8105 (Sales & Marketing Manager) 082 334 4367 JHB (Property) 082 563 6685 JHB (Lifestyle) 083 556 9848 (Western Cape) 073 666 3842 (KwaZulu-Natal) 078 133 5211 (Garden Route)
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KYALAMI HEIGHTS GAUTENG R14.95 MILLION
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BEDFORDVIEW GAUTENG R6.9 MILLION
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BISHOPSCOURT WESTERN CAPE R14.9 MILLION
Immaculate contemporary home situated on 4 153 m², in an elevated position, in a sought-after guarded cul-de-sac offering a lush haven of tranquillity and privacy. Bedrooms 4 | Bathrooms 4 | Garages 2
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KENILWORTH UPPER WESTERN CAPE R13.3 MILLION
Elegant yet casual living and flexible accommodation combine to make this much loved family home, situated in an exclusive pocket of this sought-after area, an opportunity not to be missed. Bedrooms 5/6 | Bathrooms 4/5 | Parkings 2
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CAMPS BAY WESTERN CAPE R18.5 MILLION
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INVESTMENT February 6 2015
Analyse it
“What we urgently need to see is more residential property being created in the CBD” Lew Geffen, chairman, Lew Geffen Sotheby’s International Realty
WORDS: PATRICK CAIRNS
SA’s credit spiral
I
t is not news to say that South African consumers are under pressure. Although we are getting some relief from the drop in the price of petrol, the high unemployment rate and rising costs of living over the last few years have put us in a fairly sorry spot. We should not, however, simply try to blame things outside our control for this state of affairs. We have conspired in the creation of our own troubles. The latest figures from the Reserve Bank show that the debt-to-disposable income ratio in SA is stubbornly high at about 75%. The average South African spends threequarters of his or her takehome pay on servicing debt. This is a staggering figure when considering that in 1980 the ratio was close to 40% and that in 2003 it was only about 50%. Credit has steadily become more available to South Africans, and we have lapped it up. This is not entirely a bad thing. Debt has its place. Most South African home owners would never be able to afford the house they live in if someone didn’t lend them the money. Debt can also be a very powerful tool for social upliftment. Having access to credit allows people to educate their children, to open and grow their businesses and even to build their own homes. However, SA’s credit boom hasn’t shown that face. The latest statistics from the National Credit Regulator show that only 4.55% of all loan accounts are mortgages and only 2.19%
Latest figures from the Reserve Bank show that the debtto-disposable income ratio in SA is stubbornly high at about 75%. The average South Africans spends threequarters of their take-home pay on servicing debt are for developmental credit. The vast majority of credit accounts are credit facilities — in other words, credit cards and store cards. The second-biggest category is unsecured credit. Although mortgages still make up the bulk of outstanding debt by value, credit facilities and unsecured credit together make up 30% of the total of new credit issued. What’s worse is that easily the majority of credit granted in these two categories is to people with incomes below R10,000. That is unsustainable. Lenders cannot hope to keep lending more and more money to people who have less and less ability to pay it back. The truth is that the structure of the South African credit market is broken. The events at African Bank last year confirmed as much. What is troubling is that it seems we are waiting for it to become even worse before we finally acknowledge that it needs an overhaul.
South African gross debtors book — number of accounts SA’s gross debtors book saw a slight jump in the number of mortgages from
1,825-million (worth R30.1bn) in Q2 2013 to 1,841-million (R33.2bn) in the
corresponding period of 2014
Secured credit dropped from
4,712-million (worth R37.5bn) accounts to 4,615-million (R35.8bn) Unsecured credit also saw a decline, from
8,635-million (worth R22.1bn) cases to 8,031-million (R19.3bn)
CONTINUED FROM PAGE 1
Cape Town — creating a thriving inner city Despite their efforts, crime in the city centre is on the rise — 18,369 crimes were recorded in 2014. That’s less than the 20,064 reported in 2004, but more than the 16,102 cases lodged in 2009. Murder, attempted murder and sexual crimes seem to be declining, but cases of common robbery, robbery with aggravating circumstances and thefts out of motor vehicles were higher than in 2013. Robbery at residential premises was slightly lower, dropping from 21 in 2013 to 17 in 2014. According to Rob Kane, chairperson of the CCID, there were two major periods that set the scene for the rise the city’s residential growth. “The first occurred during the early 2000s, when the CBD saw the conversion of a number of underutilised office buildings into sectional title properties.” However, progress was hamstrung in the late 2000s when the global credit crunch began to bite. “This inevitably caused a rapid cooling of the market, and there was very little new development activity,” he says. SA and indeed the Cape Town CBD were spared the brunt of the economic decline, thanks to the infrastructure development that accompanied the 2010 FIFA World Cup. Says Kane: “We had a new stadium bordering on the CBD, a greatly improved public transport system in the MyCiTi bus rapid transit system and new, pedestrianised walkways — particularly with the famous Fan Walk legacy project. Private businesses started to spruce up their own offerings and appearances.” This boosted visitor numbers significantly, by exposing the city centre to international visitors and reintroducing it to many Capetonians, who had historically perceived Cape Town’s downtown to be less
than desirable. The work of the CCID, which by 2010 had become a 24/7 operation, and its partners in turning the CBD around began to grab the attention of a much broader audience, and interest returned to the residential properties on the market. As a result, residential sales rose from R294m in 2012 to R493m last year, according to property data and analytics company Lightstone. But this is still far off the R655m that changed hands in 2013. Numerous estate agents operating in the CBD have reported a significant shortage of flats for sale or to rent, with the former often selling in less
than two weeks, either at or very close to the asking price, and the latter snapped up as soon as they are released. Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, says the average return on investment for flats in the CBD over the past five years has been 12.5%. The R1m-R3m market is the most active, with flats selling quickly because of the stock shortage. “What we urgently need to see is more residential property being created in the CBD,” says Geffen. “There is clearly a demand, and I believe any new developments in this range are likely to be sold out off-plan almost immediately.”
A TALE OF FOUR CBDS SUBURB
TOTAL NUMBER OF PROPERTIES
R/M2
METROPOLITAN R/M2
CAPE TOWN CBD
4,684
20,501
18,398
JOHANNESBURG CBD
267
8,298
13,063
PRETORIA CBD
3,981
5,741
6,466
DURBAN CBD
60
6,682
5,548
Source: Lightstone
Lightstone puts the number of residential properties in the city centre at 4,684, at an average cost of R20,501/m2. This compares with R15,208/m2 in the Cape Town metropolitan municipality, according to Lightstone’s Paul-Roux de Kock. How did the city achieve this? “It certainly wasn’t an overnight success story,” says Kane. “Turning the CBD around took us 10 years: to clean up our streets, to convince businesses that it was profitable to be here and to convince people that it was safe enough. “But over the past four years we’ve seen a shift towards a true ‘live, work, play and stay’ economy, which shows that the right kind of investment, combined with an effective organisational structure dedicated to your downtown environment, can, in a relatively short period in property terms, create the foundation for a successful residential market in a CBD, including a wide demographic of residents.” The turnaround strategy implemented by the Cape Town CBD can serve as a road map for other city centres, says Kane. “This potential sits in every downtown in SA.”
Sales rose from R294m in 2012 to R493m last year, according to property data and analytics company Lightstone. But this is still far off the R655m that changed hands in 2013
n
Peter Drucker — writer, professor, management consultant and self-described “social ecologist”
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PROPERTY
February 6 2015
PROPERTY
Voetstoots: safety net or tripwire? Voetstoots is the cut-and-dried clause in every property sales agreement — or is it? Legally crystal clear, it rises up to bite buyers time and time again WORDS: ANNE SCHAUFFER :: PHOTOGRAPHS: ISTOCK, SUPPLIED
T
he voetstoots clause in a property sales agreement is pretty close to the get-out-ofjail-free card for sellers. It absolves sellers of claims against them by the new owner with regard to existing defects in the property that were not readily visible and which the sellers did not know about. The clause does have a few important riders in that defects can be latent (not visible) or patent (visible) — and therein lies the rub. Voetstoots — Roman-Dutch for the action of buying something as is, or as it stands, and whatever condition it’s in — is very clear about the sellers’ responsibility: they must disclose any known latent defects. Forget about putting that couch over the hole in the carpet or painting over that water stain in the ceiling. “If you know it, disclose it,” Maria Davey, attorney and specialist in commercial and property matters at Meumann White, urges sellers. Simple. If the estate agents know about the defect
MYLES WAKEFIELD, CEO, WAKEFIELDS REAL ESTATE
“Given the magnitude of this purchase, it is amazing how many prospective buyers rush through a house, paying very little attention to detail”
too, their code of conduct dictates that they too must spill the beans. Even if it is not something the agents discovered via the sellers but by other means, they must disclose it; for example, that a highway is about to be built within earshot. But proving it is a whole different ballgame. More often than not, the estate agents’ clients are the sellers (the agents are “employed” by the sellers to sell their home). Although the code says agents cannot do anything which prejudices either party, most sellers are not going to be overly happy with agents who point out too many of the property’s faults. But from the agents’ perspective, there is a legal responsibility to point out defects they have been told about. They will also protect themselves from ugly comebacks later, as buyers will always revert to the agents first. So what’s the problem? Well, where there is money involved, many a seller’s moral compass gives a false reading. Put yourself in their shoes. The roof leaks, but
only in a downpour. The repair quote, including warranty, from a reputable roofing company is an unpleasant R15,000, while the one from their brotherin-law’s friend is a more attractive R3,000 cash. And plan C — a lick of sparkling white paint and that telltale mark on the ceiling is history. Of course, at the first downpour the new owners are hot on the line to the estate agents. What’s the solution here? More to the point, who will win? Let’s review: the voetstoots clause absolves the sellers from defects in the property unless it can be shown that they acted fraudulently; but the onus is on the buyers to prove that the sellers knew about the defect. Says Wakefields Real Estate CEO Myles Wakefield: “Given the magnitude of this purchase, it is amazing how many prospective buyers rush through a house, paying very little attention to detail. You may ask the estate agent, ‘What’s the roof like?’ But ‘Looks fine
MARIA DAVEY, ATTORNEY, MEUMANN WHITE
“An empty house looks different from a decorated property. Often, buyer’s remorse kicks in, and little things are suddenly visible and they irritate” to me’ is merely his opinion. “Bottom line: if you’re concerned about any aspect of the property, bring in an expert. Have the agent ask the owner specific questions about that crack in the pool. Sign the sales agreement subject to various inspections and assurances that the seller will fix the leak in the garage, at his own expense, prior to registration of transfer, or ask for a guarantee. The more you write into the sales agreement, the clearer everything is. It avoids analysis about what was latent, patent and who’s at fault. “You’re not buying a hamburger; it’s a property. Don’t be shy. Turn on
the taps to test the water pressure, flush the chain, open the cupboards and flick the switches. Take your time. It is far easier to discover and deal with flaws now rather than later. “ Davey agrees: “An empty house looks different from a decorated property. Often, buyer’s remorse kicks in, and little things are suddenly visible, and they irritate. You remember the pretty couch but not the size of the room. I say, as a buyer, when you walk into a property, look up, as that will show you the size of the room and whether the roof leaks.” As a buyer, how do you prove that the owner knew about the defect? With difficulty, and the onus is on you. Says Davey: “What has to be proven by the purchaser, to get around the seller’s protection of the voetstoots clause, is fraudulent nondisclosure by the seller with the intent to induce the purchaser to purchase the property.” It’s often by chance that proof pops up. You chat to the neighbours and they mention that the plumber was there regularly, sorting out the septic tank. Or you call in a roofing company to give a quote and the contractor says: “I told this owner repeatedly that he needed to replace the roof.” Proving that the owners or sellers knew about the defect is difficult, however. The usual outcome, says Wakefield, is that buyers either take up the case in the small-claims court, reach a compromise with the seller (who wants the issue to go away) or just drop the whole idea because the long-term cost and stress outweighs the potential good news at the end. “In almost all voetstoots cases,” he says, “the common denominator is buyers who rushed through the property. They discover an issue and the first port of call is always the estate agent and then the estate agency. ‘You’re a reputable brand. How can you sell a house like this?’ The fact is, this is not a brand-new house, it is 30 or 40 years old, and you’re paying 30% less because it’s second-hand. It just isn’t going to be in new condition. I can’t stress enough to buyers: protect yourselves. When you see a bright green swimming pool, don’t accept that it just needs chemicals. Dig deeper.” Says Davey: “Some feel that the Consumer Protection Act (CPA) could come to their rescue here. Not true. It’s only relevant if the seller is selling property ‘in the normal course of their business’, so perhaps if it was a developer selling a new property, you’d have a chance. But if you’re the seller or buyer of a second-hand property, the CPA doesn’t affect the voetstoots clause at all.”
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PROPERTY February 6 2015
Jeffreys Bay: homes and Holsteins
The coastal town of Jeffreys Bay is characterised by competitively priced homes and a thriving agricultural sector WORDS: GRAHAM BARLOW :: PHOTOGRAPHS: SUPPLIED
M
ention Jeffreys Bay in polite (or impolite, for that matter) company and you can bet your best baggies that every person present will focus immediately on the surfing. Even those landlocked dwellers of the Free State or the Highveld will know of “J-Bay’s” reputation for perfect breaks. But the
“People are taken by the spectacular views, the mild weather and the prices on offer” Gerrie Nieuwenhuis, principal, Seeff Jeffreys Bay
town has a lot to commend it besides leisure sports. Located on what is arguably one of the most interesting and beautiful coastlines in the world, Jeffreys Bay dates back to the early 1800s and, unlikely as it may seem, was named after a shop that opened there in 1849 — Jeffery & Glendenning’s. Jeffery is believed to be the first person who settled there, so just who J&G’s customers might have been is debatable. Times have certainly changed, though: the Jeffreys Bay of 2015 is a thriving coastal town offering what Seeff principal Gerrie Nieuwenhuis calls “the best value for money property on the South African coastline”. Nieuwenhuis is buoyant about the market. “Seeff concluded 12 transactions over the Christmas period, of which 70% were cash sales,” he says. When asked why people would choose to buy in Jeffreys Bay, he admits there is no industry in the area that attracts permanent residents. So, is the market driven by impulse buying? “Partly, yes. But many a visitor already has an eye on holiday homes or retirement houses when they visit, so the idea is there. “And then people are taken by the spectacular views, the mild weather and the prices on offer. When compared with other sea resorts, such as Plettenberg Bay, it is incredible what you can buy — whether in the kloof or on the coast, the prices are unbeatable.” Nieuwenhuis stresses the immediacy of recent transactions, which bears out his price comparisons. “Previously, sales would be concluded — or abandoned — after holiday-makers
“Seeff concluded 12 transactions over the Christmas period, of which 70% were cash sales” Gerrie Nieuwenhuis
had returned home and given it more thought. In contrast, the bulk of recent sales were concluded during the purchasers’ visit to Jefferys Bay.” It is not purely seasonal buying either. Nieuwenhuis says sales are continuous throughout the year, although they peak in holiday season. People will make trips out of season to view and conclude potential purchases, which keeps the market turning, he says. A further aspect of the all-round sales season is the farming property market. “We have seen and concluded numerous farm sales of between R15m and more than a R100m,” says Nieuwenhuis. “Dairy farming here is one of the lucrative agricultural industries, and it is known as a diseasefree area. There are ready buyers for available farms.” Is there room in Jeffreys Bay for the non-surfing fraternity after all? “Of course,” says Niewenhuis. “There are nature reserves, you can walk on the beach from Gamtoos to St Francis, you can fish or you can just admire the unbeatable views. And there are half a dozen of the country’s finest restaurants in Jeffreys.” What more could you want?
RETIREMENT February 6 2015
The village or the villa? WORDS: GRAHAM BARLOW :: PHOTOGRAPHS: SUPPLIED
Which option is best on retirement: selling the family home for the retirement village, or downscaling to a smaller home?
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he life assurance industry speaks of three possibilities in life — dying too soon, living too long or becoming disabled. The first and third options are justifiably frightening, but the second raises eyebrows. Doesn’t everyone want to live a long time? Not necessarily, say the experts.
A long life is desired only by those who can afford to live well past retirement age. For those who retire on a pension diminishing through inflation, a long life can indeed become a burden. Up until the middle of the 20th century, spouses would hold on to their family home and only consider moving
if one of them died. The advent of retirement villages — crucially, those providing healthcare — in the latter part of the 20th century changed this pattern considerably. So, are those who are selling their family homes attracted to these villages, or would they prefer to downsize to a private property?
“Old age is not exactly a shrinking market” CPOA spokesperson
A spokesperson for the Cape Peninsula Organisation of the Aged (CPOA), who wished to remain anonymous, admits that the demand for retirement village ownership far outstrips the supply. With 23 retirement villages under its administration, the CPOA has built its own facilities to meet this ongoing demand and has recently entered into partnerships with development companies that see the market’s potential. “Old age is not exactly a shrinking market,” the spokesperson says. This problem is not limited to the Western Cape. La Verne Hodson, marketing manager at Gauteng’s Flower Foundation, says a one- to three-year waiting period can be expected, especially for the bigger units. Ronnie Long, trustee and principal agent of the CPOA’s Kronendal Retirement Village in Hout Bay, Cape Town, explains the attraction of such villages over a private house: “Once they have accepted that life in the village is no different to their previous lifestyle, they soon see that the benefits of the on-site medical facilities are a potential life-saver.” With retirement estates in Cape Town and Johannesburg, Evergreen Lifestyles markets convenience and positioning as some of their estates’ key features. “Our estates are situated within easy reach of nearby world-class private hospitals and healthcare services, as well as transport,
cultural and shopping hubs,” says national sales manager Phil Wilson. “Emphasis is placed on sustained independence and active community involvement alongside personal safety and peace of mind.” What sort of healthcare does the typical retirement village offer? Says Long: “There are three tiers: assisted living — selective help to those people who require assistance; then, as they become more dependent on help through age or infirmity, assistance moves to what we term ‘levels of care’, which escalate according to need; and finally, there is the frailcare eventuality, which is effectively a 24-hour care service — the intensive care of retirement villages, if you will.” Evergreen Lifestyles’ “active ageing” philosophy is supported by a commitment to home-based healthcare, administered by trained and
“There is much more long-term retirement planning, with people investing in villages well before retirement age” Ronnie Long, trustee, Kronendal Retirement Village friendly staff, says Wilson. “This is born of the philosophy that treatment and support in familiar surroundings are far superior (and beneficial) to the alternative — a frail-care unit or hospital,” he says. The costs of healthcare, when added to the levies, can be problematic, but as Long says, those people not in a retirement village would face similar if not greater costs, as they would need to hire carers. “The support structure in the village is remarkable, and living with like-minded people is a benefit that money cannot buy. Each year I see more and more people moving to retirement villages through word-of-mouth promotion from residents. “In fact, there is an increase in long-term retirement planning, with people investing in villages well before retirement age and renting out until they make the decision to move in. From a financial aspect, if you are downsizing,
I believe a retirement village is the only way to go.” Louise Varga is a Pam Golding Properties manager who has worked for 20 years in what could be called the epicentre of Cape retirement villages — the Somerset West, Stellenbosch and Overberg communities. She says: “Don’t be fooled by the term ‘downsizing’. People don’t sell because they don’t need the space any more — they sell because they need the money. There will, hopefully, be a gap between the sales price of their existing property and the purchase price in the retirement village. They want — they need — the ‘change’, as I call it, from the transaction.” Varga agrees that there is an affluent percentage of the market that will buy in the R5m-R10m range. These are not necessarily retirement villages but security villages. “There are three tiers of purchasers: those who don’t even need to ask what the levies are; those in the middle range of assets and pension who need to supplement retirement funding through the house sale; and those who will be forced into moving into a smaller flat and living off the proceeds of the house sale.” Varga believes that the variety of options available in retirement villages is what makes the biggest difference in attracting buyers. She and Long agree that the life-rights option — the purchase of a property for the lifetime of the buyer, after whose death the village will buy it back at a prearranged price, ranging from cost to 25% of the profit — makes a great deal of sense, especially for those purchasers at the lower end of the market, as deals can be structured. Developers are also more likely to “consciously or subconsciously subsidise the upkeep of the property,” says Varga. “After all, they will be selling it again one day.” Varga’s advice for developers thinking of building a retirement village is that “it’s a sure-fire winner, but do your homework”. “Speak to the agents in the area first. If they don’t believe that 70% of your purchasers will be local, find somewhere else,” she says. “On retirement, people may move, but it is normally to a village in the vicinity. They want to retain contact with their social circle, their doctors, dentists and church. And, most importantly, their hairdresser!”
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F OLLO W U S I N PRI N T O R O N LI N E
LH358
VOËLKLIP, HERMANUS, WESTERN CAPE, SOUTH AFRICA R17,5-MILLION
Sandals Beach House perches on the seafront of Voëlklip, known especially for its expansive, powdery white beaches picturesque coves and spectacular sunsets. This is the first Hermanus seafronting home to become available since this access-controlled, secure development of just six magnificent properties on individual-title erven was completed in the early 2000s. (For almost 100 years prior it was the site of a famous hotel.) Sporting superior styling and the finest finishes, this 550m2 residence on grounds of 795m2 boasts a sundowner patio, a heated pool, fully fitted kitchen with granite tops, separate dining room, a study, staff accommodation and private beach access. Bedrooms 5 Bathrooms 5 Garages 2 Living Areas 2 John Leppan +27 (0)82 801 5252 johnleppan@hpsrealty.co.za www.hpsrealty.co.za web ref VK-151
LH359
VOËLKLIP, HERMANUS, WESTERN CAPE, SOUTH AFRICA R28-MILLION
This iconic seafront home boasts incomparable beach and sea views across Grotto Beach and Walker Bay from Danger Point to the new harbour. Family owned for 34 years, it is now part of a disposal sale. A substantial home, upstairs it has a double main-en-suite, a double bedsitter with lounge and bathroom and a huge view lounge with wet bar. Downstairs, you will find the dining room, study, TV lounge with fireplace, a fully fitted kitchen open plan to dining area, a study/studio and a double garage. Special features include a glassed-in entrance walkway, manicured grounds of 2 394m² studded with mature milkwood trees, and direct private beach access. Bedrooms 3 Bathrooms 3 Garages 2 Living Areas 3 John Leppan +27 (0)82 801 5252 johnleppan@hpsrealty.co.za www.hpsrealty.co.za web ref VK-159
INTERNATIONAL February 6 2015
“We have, over the years, seen numerous South African immigrants make the decision to call a Metlifecare village home, where settling into village life is made easy by the open and accepting communities that reside there”
Retiring overseas: a wealth of choice
Alan Edwards, Metlifecare, New Zealand
Whether your preference is Europe, Australasia or the Americas, retiring in a foreign country is not a simple decision — you need to consider healthcare, culture, community life and transport infrastructure WORDS: ANNA-MARIE SMITH :: PHOTOGRAPHS: ISTOCK, METLIFECARE RETIREMENT VILLAGES AUCKLAND
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he need to downsize to a convenient living environment while retaining optimum independence and quality of life during retirement is as prevalent on foreign soil as it is locally. Choices of qualifying destinations are usually based on criteria such as the need to live close to family and friends, transfer and access to finance (such as pensions and investments), healthcare, cost of living, language and multiple travel opportunities. The ability of retirees to remain socially and intellectually connected while enjoying easy access to vital services as their needs change over time provides them and their families with peace of mind. Popular retirement destinations are usually located in countries with warm climates and strong currencies. The cost of living in Australia, for example, is prohibitive, but other Australasian regions such as New Zealand and Thailand, as well as the Americas (south) and Africa offer choices that are more affordable. Meanwhile, the weak euro is has made popular retirement options in the Mediterranean, including Greece, Italy and France, increasingly affordable for South Africans. THE UNITED KINGDOM (UK) The eligibility criteria and waiting lists for aspiring emigrants to foreign retirement villages, however, depends on the individual policies of real estate companies and operators. “This process can be fairly uncomplicated in cases where elderly residents
live close to villages or have children who reside in local neighbourhoods,” says Richard Tower of the ExtraCare Charitable Trust in the UK. “Foreign applicants such as South Africans would have to either live close to a specific village or have family members who reside in the area.” Applicants wishing to rent or buy retirement village properties in the UK have to prove good health, financial solvency and long-term income prospects that will sustain a reasonable lifestyle. Unlike previous financial restrictions similar to the blocked funds of aspirant UK emigrants, revised approvals required from the Reserve Bank allow retirees greater ease of entry through foreignretirement visas. Allowances comprise cash transfers equivalent to the R4m a year travel allowance and a yearly “foreign capital allowance” of R8m for a family unit or R4m for a single person, with excess funds held in nonresident bank accounts. NEW ZEALAND Affordable living, longevity and the rise in population growth, according to the New Zealand Aged Care Association, is increasing demand for retirement village living in the warmer parts of New Zealand. Additional benefits, including quality of life and strong community support, is partly thanks to the New Zealand government’s encouraging aged communities to continue living in their own houses for as long as possible. Alan Edwards, CEO of Metlifecare in Auckland, says some villages cater for the sociodemographics of retirees
and seek to ensure that there is something for everyone. “We have, over the years, seen numerous South African immigrants make the decision to call a Metlifecare village home, as settling into village life is made easy by the open and accepting communities that reside there.” Metlifecare Auckland is the owner-operator of 23 retirement villages in prime locations throughout the North Island. Edwards says pricing ranges from just less than NZ$100,000 (about R840,000) in the Wairarapa Village in Masterton to NZ$1.2m (about R10m) for three-bedroom units in Auckland. The quality of service offered at these villages has earned them resident satisfaction levels of more than 90%, he says. THAILAND Newcomers to retirement villages in Thailand “are welcomed in the land of smiles with a laid-back lifestyle, a pleasant climate and excellent healthcare and retail facilities”, says Boong Chayanee of Living in Chiang Mai Real Estate, Retirement and Investment Services. She says the BTS Group provides foreign residents with a rich lifestyle, full board services and healthcare in Chiang Mai, northwest Thailand. “Another benefit that awaits retirees within the Thai culture, other than learning the language, is the tradition of taking good care of elders. This extends to foreign residents.” Applicants have to be 50 years and older to obtain a one-year renewable retirement visa in Thailand, and have to earn individual monthly
pensions to the equivalent of 65,000 baht (about R23,000). Singles or couples will require a cash deposit of 800,000 baht (about R283,000), to be held in a Thai bank account for three months. One partner may hold a retirement visa and the other a dependant visa. Excellent schools allow foreign parents whose children study at Thai schools access to guardian visas. The coastal region of Koh Samui in Thailand offers another popular destination and relatively short waiting lists, says Kurt Meerfeeld, manager of Koh Samui Retirement Village. He says that retiring to Thailand has never been easier, as the country offers a simple and accessible process to seniors worldwide. When all is considered, the initial effort and high costs of emigration to foreign retirement villages seem a relatively small price to pay for security, quality healthcare and social connectivity.
DEMAND RISING IN NEW ZEALAND By 2026 between 12,000 and 20,000 extra residents will require residential care for the aged In the 20 years between 2006 and 2026, the New Zealand population is expected to grow by about 20% from 4.2-million to 5-million The over-65 population, however, is estimated to grow by 45% from 512,000 to 944,000 Source: New Zealand Aged Care Association
INTERNATIONAL February 6 2015
Bet you didn’t consider these countries for retirement A new report highlights the most popular countries people are choosing to retire to, but they’re not the places you would have expected. These are the top five…
Advertorial
Five-step UK property guide for South Africans WORDS: ANTHONY DOYLE AND CRAIG ILLMAN :: IMAGES: SUPPLIED
WORDS: LEA JACOBS :: IMAGES: ISTOCK
S
A is ranked among the top retirement destinations in the world, and yet more and more of its citizens are choosing to move further afield once they have received the golden handshake. Because people are, in general, living longer, their choice of retirement location is becoming increasingly
important. Healthcare, lifestyle and climate all play a role, but tax incentives, visa requirements and a favourable exchange rate will usually tip the scales in favour of a particular country. International Living recently released its 2015 Retirement Index, featuring the world’s top retirement destinations.
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nited Kingdom property offers South Africans a fantastic opportunity to develop their wealth and to enjoy cash returns in pound sterling. Here are five strategies for long-distance investing:
1. BE YIELD DRIVEN Do not base your buying decisions on your emotions; look at yields only.
3. Mexico Mexico takes third spot on the list and is fast gaining in popularity. Punted as a “low-crime paradise”, Mexico offers everything from small-town living in graceful colonial homes to beachfront bungalows, expansive haciendas and cliff-side villas.
Life here is incredibly affordable, and with its vast array of attractions — including archaeological sites, mountain climbing, fishing, theatre and fine dining — it is ideal for those who are determined to live life to the fullest.
1. Ecuador The report names Ecuador as the number one spot. In addition to being breathtakingly beautiful, it is a very affordable place in
which to live. International Living says that the country offers good, inexpensive healthcare and a quality of life that is hard to beat.
2. Panama It’s easy to see why Panama, Central America, comes in at number two on the list. The country is safe, stable and friendly. As if that wasn’t enough, it also offers the Pensionado Programme. Those who receive a pension of at least
2. FIRST IDENTIFY THE AREA Transport, regeneration and plenty of tenants are key. In London, the best yields are in the southeast region and near the new Cross Rail. Capital growth is the reason for buying in the city. Outside London, invest for cash flow now and for growth in the medium term. Liverpool, for example, is a growing city that is spending billions of pounds on upgrading itself and attracting businesses. It is also one of the top tourist destinations in the UK.
improves yields. By buying off plan, the savvy investor benefits from cash-flow management because only 10% needs to be paid upfront — the outstanding amount can be paid up to two years later. The additional lifestyle elements, such as gyms, add to capital growth. In cities such as Liverpool, buy-to-let investors acquire flats in converted Victorian houses, which are then rented separately. These properties are often found in established neighbourhoods and are characterful and structurally sound, so they quickly attract tenants.
4. WATCH THE HIDDEN COSTS Look at all the hidden costs that eat away at the gross yields, such as levies, ground rents payable to the outright property owner, mortgages and void periods between tenancies. PropWealth’s investment due diligences cover all these aspects.
3. TYPES OF PROPERTIES
5. YOUR SUPPORT TEAM
In London, only invest in off-plan projects, and use reputable developers who are offering discounts from 2%-10% through property investment companies such as PropWealth. This
Build a strong team, including good solicitors, rental agents, maintenance companies and tax advisers. PropWealth has set up a support team to assist all its investors in long-distance investing.
4. Malaysia $1,000 (about R11,600) a month are eligible for residency and may take advantage of the governmentbacked programme, which offers subsidies on medical costs and property tax as well as on eating out, movie tickets and travel.
The sheer beauty of Malaysia has always drawn tourists to its shores. The country takes fourth spot in the index. English is widely spoken, and most hospitals are staffed by healthcare professionals with international qualifications. Retirees from all over the
world have chosen to live in this vibrant country and, according to the index, the diverse ethnic mix “makes being a stranger so easy”. The cost of living is low, and the shopping facilities in Kuala Lumpur ensure that every need is met — in style.
5. Costa Rica Costa Rica, reputedly one of Latin America’s most peaceful nations, takes fifth place, thanks to its topquality, affordable healthcare and inexpensive housing. Add to the mix its yearround tropical climate and the fact that its people are among the happiest in the world, and the appeal it holds for retirees becomes clear.
It offers top-quality, affordable healthcare as well as a variety of inexpensive housing
THE EXPERTS
Anthony Doyle and Craig Illman head PropWealth, a UK-based, South African-run investment company. They will be in SA in February to meet investors with regard to London developments and high-yielding Liverpool properties. For more information, e-mail info@propwealth.co.uk or visit www.propwealth.co.uk.
NEWS February 6 2015
Constantia sales hit R1bn — again
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onstantia property sales have topped the R1bn mark for the second consecutive year. This is according to James Lewis, Seeff’s managing director for Cape Town’s Southern Suburbs. Last year’s sales of R1.36bn, as recorded by PropStats, was a 10% improvement on 2013 and well more than double the R614m recorded in 2009. It is expected that buoyant selling conditions will continue this year and, while the sub-R10m price band is likely to still pick up the bulk of the sales, Lewis says that buyers of top-end properties are already buying homes in the R20m-plus range. The average home price in Constantai is about R5.2m. In Constantia Upper it is R8.3m — about 10% higher than 2014’s prices.
Last year’s sales of R1.36bn, as recorded by PropStats, was a 10% improvement on 2013 and well more than double the R614m recorded in 2009
Sideways interest rate promotes house price growth
T
he decision by the monetary policy committee at the end of last month to hold the repo rate steady at 5.75% has been welcomed by real estate agents and analysts. Says Dr Andrew Golding, CEO of the Pam Golding Property Group: “The recent collapse in energy prices is a potentially significant gamechanger in 2015. Locally, the widely held premise going into the new year was that growth would strengthen and that the Reserve Bank would raise interest rates to contain inflation and normalise interest rates, especially as the US began raising interest rates. This would have been necessary to protect the rand. “However, with the collapse in oil prices, inflation is much less of a threat globally and locally. In the US, the Fed may be able to delay much anticipated interest rate hikes from mid-year to later in 2015. In Japan and Europe, which are fighting off deflation, monetary policy is now likely to be eased further. “In SA, with inflation on the downside and with the Fed now likely to delay the first rate hike, the Reserve Bank may delay the next interest rate hike until later in the year or possibly even in 2016.” Lower inflation and a delay in the next interest rate hike is good news
for the local residential property market. House price growth has outstripped personal disposable income in recent years and lower inflation and a subdued interest rate cycle will bolster household disposable income to a degree. Confidence in the market might also be boosted by the stable rates, says John Loos, household and property sector strategist at FNB. “We project further growth in residential demand in 2015 and slightly higher house price growth of 8.2% is forecast for 2015, compared with 7.1% in 2014,” says Loos. Speculative behaviour in the residential market may also cool. Says Loos: “At 9.25%, the prime rate percentage is expected to exceed average house price growth, making the use of cheap credit to profit through short-term capital growth difficult to achieve.”
“Slightly higher house price growth of 8.2% is forecast for 2015, compared with 7.1% in 2014” John Loos, household and property sector strategist, FNB
Investment aplenty in Cape Town’s city centre
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ape Town’s city centre continues to attract investment, and many major developments, renovations and additions have been completed. This is according to Selwyn Sharon, commercial broker for Pam Golding Properties in the Cape peninsula. Says Sharon: “Commercial and mixed-use developments planned for initiation in 2015 are a positive reinforcement of the city’s vibrant business district, which has successfully evolved over the past decade to incorporate a strong ‘live, work, play’ ethos, and in so doing has attracted a burgeoning and complementary residential component.”
Notable new commercial properties include the skyscraper Portside, which is almost entirely occupied by Old Mutual and FNB, WesBank and smaller tenants. Anchored by Bowman Gilfillan, the new development at 22 Bree Street
is almost fully tenanted. On the Foreshore, a new parking garage has been added to the Standard Bank building, while Roggebaai Place, situated behind the SARS building and boasting 12,500m2 of gross lettable area, has just been
completed, with some space still available. In addition, an eight-storey office block at 19 Louis Gradner Street has been refurbished and now offers secure on-site parking. “On the fringe of the city centre, on Somerset Road in Green Point, new residential developments have transformed the area, where any small building is being sold, demolished and sectional-titled into predominantly residential units,” Sharon says. “The new development 22 Somerset Road is complete.” In the city centre, Sharon says, buildings with the highest vacancies and lower-than-average rental rates are those that are in need of an upgrade or that have poor parking ratios or air conditioning systems that are expensive to run. Sharon’s advice to landlords is to spend “a fair amount of capital on their properties on an ongoing basis” so as not to have their offices downgraded from A-grade to B-grade. In order to attract tenants and not lose existing tenants, landlords must revamp the exteriors of their buildings, replace the air conditioning units with ones that are more energy efficient, install new lifts and have the foyers re-floored and redecorated, Sharon says.
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LH333
WOODMEAD, JOHANNESBURG,GAUTENG, SOUTH AFRICA R15-MILLION
Make this magnificent modern home your very own oasis. No expense has been spared on this 1 400m2 architectural masterpiece, set in a 4 223m2 garden with pool and tennis court. The doublevolume entrance hall has a glass-encased garden feature that is suffused with natural light. The entertainer will love the chef ’s granite kitchen with all the latest appliances, scullery and large breakfast room, as well as the three dining rooms, sunroom and seven reception rooms flowing to a covered patio with cocktail bar. The luxurious en-suite bedrooms feature walk-in cupboards. This secure home also offers a study, a self-contained flatlet with separate entrance, a staff suite, four automated garages and ample extra parking. Bedrooms 7 Bathrooms 7 Garages 4 Living Areas 10 Roy De Wolf +27 (0)72 676 7005 www.ahprop.co.za web ref ADHS-1297
LH236
ATHOLL, JOHANNESBURG,GAUTENG, SOUTH AFRICA R16-MILLION
Offers from R12-million. Each bedroom of this tranquil, modern home is uniquely designed and themed and looks out over the lush tropical garden with swimming pool, rock pool and wooden pathways and hideaways. A secure, eco-friendly home of 1 500m2, on 1 771m2 of land, it features a German-designed kitchen with pantry, walk-in cold room and dumbwaiter, Santorini cocktail bar and barbecue entertainment area, as well as imported Italian tiles, indoor vertical gardens, a large library and underground wine cellar. Enjoy the birdlife from your private haven in the large sun-drenched rooftop garden. The journey ends in a separate Mews-style cottage and a walk on the balcony amid the trees. Domestic accommodation included. Bedrooms 6 Bathrooms 6 Garages 4 Living Areas 5 Terry Sack +27 (0)83 607 4533 www.ahprop.co.za web ref ADHS-0011
HOMEFRONT
Marketplace From sea to suburb to city, the country’s most beautiful homes await you Business_Day_Homefront_06_February_2015_Marketplace-Banner(¼Page)_264mm x 90mm.pdf 1 2015/01/28 10:36:31 AM
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Go to nedbank.co.za/homeloans for all you need to know, from the loan application to moving in. Whether you are a first-time buyer or not, we’ll make finding your home sweet home quick and easy with the Nedbank Home Buyer’s Guide. For the full guide and video visit Nedbank.co.za/Homeloans.
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WEB REF: 3234626
EAGLE CANYON • R11 500 000 CONTEMPORARY STYLE WITH A SYMPHONY OF CREAM, WHITE & BEIGE Enter this magnificent home into double volume entrance hall and staircase. Indigenous planted atriums with a ‘Zen feel’ and tranquility areas further enhance this breath-taking home. Gourmet designer kitchen with contrasting light wood, plus scullery and laundry. Beautiful reception areas include a formal lounge, a TV room (separate children’s play room) and a formal dining room. The entertainer’s patio, leads on to the landscaped garden and pool. 4 Spacious bedrooms all en-suite. A massive ‘work from home’ office overlooking the green belt. Guest loo, staff quarters, underfloor heating and aircon. 4 Extra length and width garages, plus separate storeroom and workshop area. An exclusive lifestyle with privacy and views. ROZ EVERITT 083 755 8933 roze@everitt.co.za ZELDA REYNEKE 082 338 6219 zelda.reyneke@everitt.co.za 011 801 2500
BRYANSTON • R10 900 000 UPMARKET GUEST LODGE
WEB REF: 3247846
This exclusive Guest Lodge, ideal for short-term B&B clients or medium-to-long term self-catering visitors at varying rates, is situated on 4000m² in a prime position near the Bryanston Country Club with easy access to Sandton and Randburg. It boasts 11 furnished suites, 4 of which are expansive chalets with full bathrooms and kitchens, 4 with kitchenettes and 3 without kitchens. Guests relax in the private lounge, dining room and minibar or outdoors on chaise-lounges around a sparkling pool and lapa. Office and staff accommodation. Ample undercover parking and open parking with excellent security. Occupancy levels and financials available for scrutiny by serious and qualified prospective buyers.
LUCIANA STRUTHERS 082 653 9545 lucianas@everitt.co.za DON STRUTHERS 082 652 4497 don.struthers@everitt.co.za 011 463 2033
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Western Cape
KENILWORTH
R4.99 million
Beautifully presented double-storey home and a pleasure to show. All the house you need situated in a quiet cul-de-sac. Immaculate, move in condition. Separate entry 4th bedroom en suite. Elegant dining room and lounge with fireplace. Family room opens to luxurious covered patio. Bedrooms: 4 Bathrooms: 4 Garage: 1 Web Access KW1204716 Sharon Ellis 082 467 9991
SEA POINT
R6.5 million
CLAREMONT
From R4.35 million
CAMPS BAY
R2.65 million
4 Brand-new plot-and-plan cluster homes. Luxurious living and environmental sensitivity located on Palmyra Road. Double garages plus secure parking. Ideal lock-up-and-go lifestyle for the busy professional. Security prioritized. Web Access www.pamgolding.co.za/44-on-palmyra Mary Davidson 082 4579491, Annabelle Bennett 082 8505060
Modern and spacious apartment in quiet area. Open ambiance with mountain views. Lounge/dining room with fitted kitchen. 2 Double bedrooms, open parking bay and storeroom. Bedrooms: 2 Bathroom: 1 Parking: 1 Web Access BAY1194307
KALK BAY
FISH HOEK
R12.5 million
Jodie Taylor 082 667 4770
R4.5 million
Entertain in style from this unique garden apartment. Openplan living area leading onto covered patio with garden and private pool. 2 Covered parking bays, large storeroom and 24-hour manned security. Designed for today's modern lifestyle. Bedrooms: 2 Bathrooms: 2½ Parkings: 2 Web Access AS1202505 Farrel 083 501 5015, Minette 082 457 2978, Melanie 083 707 7033
Classic, gracious apartment at The Majestic Village. This spacious apartment, whilst retaining links with its historic origins, has a modern and open feel with generously proportioned entertainment areas spilling out onto a welcoming verandah linking the house to a private garden. Bedrooms: 2 Bathrooms: 2 Garages: 2 Web Access FH1205726 Sue 083 452 7990, Christian 082 377 0022, Peter 072 713 4800
Well-presented, comfortable moutainside home. Offering spacious living and dining area leading onto wraparound deck. Take in the sea views from every room. Upstairs entertainment area with pool and sheltered braai area. Immaculate condition. Double Garage. Carport. Off-street parking for 4 cars. Bedrooms: 6 Bathrooms: 4 Garages: 2 Web Access FH1205571 Sandi Gildenhuys 083 409 3137
CENTURY CITY
PARKLANDS
PATERNOSTER
R3.85 million
Duplex penthouse on the bridge of Knightsbridge. Marvelous views of Table Mountain and the sea. Open-plan upmarket kitchen with stainless steel oven, extractor fan and spacious lounge that leads onto a balcony. Laminated flooring and air-conditioning. Upstairs are 3 carpeted bedrooms. Bedrooms: 3 Bathrooms: 2 Parkings: 2 Web Access 1TV1202183 Helga Clemo 082 496 7987
R2.8 million
One-of-a-kind designer home. This ultra-modern double-storey home has all the bells and whistles. From the double-volume entrance hall, designer kitchen, crystal chandeliers, modern tiles and bathrooms to the bedrooms, steam room and more. The master bedroom opens to a balcony. Bedrooms: 4 Bathrooms: 3 Garages: 2 Web Access 1TV1201614 Gail Botes 083 302 9731
ATLANTIC SEABOARD: Atlantic Prestige +27 21 439 1614, Camps Bay +27 21 438 3444, City Bowl +27 21 423 2150, Sea Point+27 21 439 7415 SOUTHERN SUBURBS: Quadrant +27 21 673 4200, Newlands +27 21 685 7759, Tokai +27 21 701 0191 SOUTHERN PENINSULA: Fish Hoek +27 21 782 6440, Noordhoek +27 21 789 1921 Simon’s Town +27 21 786 1612 Kommetjie +27 21 783 4222 Marina da Gama +27 21 788 8476 WESTERN SEABOARD: Big Bay +27 21 554 0033, Blouberg +27 21 557 1115, Sunningdale +27 21 556 2362, Sunset Beach +27 21 551 8640, WEST COAST: Britannia Bay +27 22 742 1001, Langebaan +27 22 772 2196/9066, Paternoster +27 22 752 2668, Saldanha +27 84 517 3290, St Helena Bay +27 22 742 1001, Veldrif +27 22 783 1511, Yzerfontein +27 22 451 2188 HOUT BAY: +27 21 790 5940
www.pamgolding.co.za
R8.5 million
Famous Paternoster Dunes Boutique Guesthouse. This well established and successful 4 star guesthouse offers an excellent ongoing business concern and has a reputation for outstanding service and the most perfect position on the beach. Its beautiful architectural and interior decor have all luxury features. Bedrooms: 7 Bathrooms: 8 Parkings: 5 Web Access LA1203520 Deon van Rooyen 083 598 5730
LIVE THE DREAM
AT PARK CENTRAL
LIFE
LAUNCHING TOMORROW.
PRICED FROM R1,75 MILLION.
Launching tomorrow, book your appointment today to secure a unit by visiting www.pamgolding.co.za/park-central and discover all that Park Central has to offer. Appointments will be held at the Crown Plaza Hotel on the 7th and 8th of February. Other features include 445 luxury apartments, entertainment areas, club house, gym, coffee shop, basement parking, 24-hour access control. Set to become the icon of modern, urbanist living, Park Central throws open the door to a brand new way of life in the heart of cosmopolitan Rosebank, within walking distance of the Gautrain and Rosebank shopping mall. This exclusive residential opportunity is ideal for first time buyers, investors, and working professionals and features breathtaking sky gardens; a landscaped park, your choice of 1, 2, or 3 luxury bedroom apartments, and a list of carefully selected amenities that will give any investor the edge in this sought-after address.
P R O P E R T I E S
EXCLUSIVELY MARKETED BY PAM GOLDING PROPERTIES Victoria Russell 074 683 1222, victoria.russell@pamgolding.co.za Office 011 684 2995 www.pamgolding.co.za/park-central
Clifton – R22.95 million
Stunning Clifton position. Set against the slopes of Lions Head, this modern family home affords privacy and seclusion. Spacious open plan living rooms flow to undercover terraces. Private pool and entertainment area. Open plan chefs kitchen for ease of entertainment. Lower level fully equipped home theatre or guest suite. 3 Beds, 3 baths all lead to sunny patios. Glenn Goldberg 083 658 3427 | Stacey Janit 076 337 4888 | Sandra Scher 083 456 2737 | Web Ref: 86638
Inanda – R12.9 million
Boasting all the advantages of modern living, from a spacious layout to luxurious finishes. Entrance hall accesses formal lounge and dining room leading to the pool and deck. Integrated family room and stylish kitchen connect to glass conservatory with stacking doors. The home comprises 4 bedroom suites. American shutters, LED lighting, a sophisticated security system and a progressive design add to its appeal. Joan Mendelsohn 083 267 3124 | Lynne Baker 082 493 1006 | Web Ref: 85940
Morningside – R11 million
Cluster. This is the life. The living is easy in this impressive, generously proportioned and contemporary residence. Cool, calm and sophisticated with a youthful edge, this functional home is enveloped in light and comfort, with a family sized garden! This house screams “designer” and will reflect the personality and taste of those accustomed to the best in quality design, finishes and lifestyle. Norma Robinson 082 554 7260 | 011 656 0888 | Web Ref: 87173
Contact: Liana Joubert: 083 411 4537 / 011 880 3550.
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