Business Day Home Front 06 November 2015

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FRIDAY, NOVEMBER 6 2015

HOMEFRONT PAGE 2

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SHOPPING CENTRE KEY TRENDS

AGENTS’ TIPS FOR SELLING A HOME

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BUILDING WITH A FEMALE EYE ON DESIGN

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WHY LISBON IS GOLD FOR INVESTORS

How to avoid rogue bond brokers Recent stories circulated of a client being charged a percentage of the value of their bond, when this service should have been free.

Make sure this never happens to you WORDS: ANDRÉ FIORE :: PHOTOS: ISTOCK

CONTINUED ON PAGE 6

LIFESTYLE

Friday November 6 2015

LIFESTYLE

Shopping shift: trends driving local retail experiences WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED

The Watershed at the V&A Waterfront was a co-winner in the redevelopment of existing space award category, in the SACSC Annual Retail Design and Development Awards 2015

Staying in tune with international shopping mall trends and implementing them locally is key to a successful South African bricks-andmortar retail platform

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etail outlets may be money-spinners, but they come with a requirement for change and constant reinvention.

Recent positive retail growth in local shopping centres is largely due to the expanding middle class segment of South African consumers.

The South African Council of Shopping Centres (SACSC) is the umbrella body of South African shopping centres, with members including developers, financers, managing agents, retailers, marketers and service providers.

SACSC CEO Amanda Stops outlines four universal themes that can drive local retail success: 1. PROVIDE A CUSTOMERCENTRIC RETAIL EXPERIENCE Modern shopping is more about a consumer’s desire for an authentic, personal experience than a need for a product. Shopping centres and retail stores are changing from being only spaces to being places where people will feel comfortable, stay longer and buy more. Time

is scarce and more precious, which means retail has to offer a great experience or extreme convenience — or both. Only 5% of American families now fit the traditional working dad and stay-at-home mom mould.

There are six modernday retail drivers: feed me, entertain me, health and fitness, reduce risk, increase convenience and provide value. Shopping centres are placing more emphasis on unique entertainment and experiences, with a focus on food and casual dining as drawcards.

In this customer-centric environment, there are no limits to what retailers can do to delight their shoppers.

Some retailers work with customers to pilot new products and experiences.

With consumers now better educated, with access to online information for their decision making, they expect store staff to have the same level of intellect, experience and knowledge of their products.

Staff training has become a key ingredient in offering a superior customer experience.

SOUTH AFRICAN SHOPPING CENTRES IN SUMMARY 6th — SA’s global ranking for its number of shopping centres 23,000,000m2 — floor area covered by SA’s almost 2,000 shopping centres 16,200,000m2 — total South African shopping centre space in 2008 21,000,000m2 — total South African shopping centre space in 2013 (annual gain of 5%) 800,000m2 — predicted additional shopping centre space in 2014 or 2015 Source: Urban Studies

2. TECHNOLOGY BRINGS “PHYGITAL” STORES AND CLICK-AND-COLLECT Rapidly evolving technology is bringing the real and digital world closer. This influence on retail is so massive we are experiencing the complete interdependence of physical and digital retail — sounding the death knell for almost any kind of pure-play retail.

Physical shops cannot survive without digital channels and pure online retailers are increasingly opening physical shops to support their businesses — a bricks-andmortar store is the new black for retail success. The concept of “phygital” — a combination of physical and digital stores — is tipped to be the future of retail success.

The click-and-collect phenomenon is another of the bigger movements, freeing customers from being tied to home while waiting for a delivery, and allowing them to buy additional items when they collect their online purchases in-mall or in-store.

There is also an emergence of “dark stores” — places to pack orders for people to collect during defined hours.

These stores are only alive with activity during specific collection times.

Apps are a big part of the future, allowing customers to order and pay for restaurants and fast food online, without wasting time standing in

queues. Westfield’s Dine on Time app is already doing this at Westfield San Francisco Centre in San Francisco.

A shopper selects a time to collect or have the food delivered, and text messages remind them when their order is ready.

3. CHANGE IS THE ONLY CONSTANT We live in a constant state of flux in a world of disruptive technology, so malls and retailers need to adapt to remain relevant and appealing to consumers. The ability to evolve and move quickly will determine retail success.

Not only do retailers face the challenge of helping shoppers become more comfortable with new technology innovations, but they need to take the leap into the digital world themselves. Those who say “my business is not digital focused” are really saying “I don’t get it and that scares me senseless”. With an open mind, technology can help retailers do great things, or the same thing in a new way — Starbucks is one example of an innovator moving into a digital future.

4. INNOVATE AND DIFFERENTIATE Wow customers. This goes beyond training, knowledge and helpfulness of sales and information staff. It starts with the basics: easy

LIFESTYLE Friday November 6 2015

access, convenient parking, pristine malls, sparkling bathrooms and all the things that shoppers expect as a given from shopping centres.

Uphold a legacy of excellence and deliver a shopping centre experience in an engaging manner. The global shopping centre industry is dynamic and fast-paced, so anybody involved needs to innovate constantly. Customer expectations are higher than ever before. Successful shopping centres are finding ways to define themselves by creating their own signature

shopping experiences and attractions.

RETAIL PRIORITIES IN SOUTH AFRICAN SHOPPING CENTRES Increased customer service focus: additional team training, interactive kiosks, more services and offerings.

Use of technology to understand the customer and tailor their experience.

The right tenant mix: introducing new and innovative tenants, and including a national and international mix. This keeps the offering fresh and meets

the needs of shoppers.

Design trends: use of natural light and “creating places not spaces”. Creating unique meeting places where people want to spend time.

Technology-enabled services: view in-store and order online, order online and collect in-store, or use virtual change rooms.

Discipline about delivering outputs, decluttering and using skilled teams.

A focus on casual dining and a social dining experience.

Increased focus on entertainment for families.

The Watershed at the V&A Waterfront

Waterfall Corner, Midrand, won the Spectrum Award for best retail development, in the SACSC Annual Retail Design and Development Awards 2015

“There are six modern-day retail drivers: feed me, entertain me, health and fitness, reduce risk, increase convenience and provide value. Shopping centres are placing more emphasis on unique entertainment and experiences, with a focus on food and casual dining as drawcards” Amanda Stops, CEO, South African Council of Shopping Centres

DESIGN

WORDS: CHRIS REID :: PHOTOS: CASSINA / STUDIO BOUROULLEC

Screened in style The TV is an integral part of the modern home, whether you incorporate it as a hidden aspect of your spatial design or make it a standout factor

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ven though it has been a feature for only a few decades, the TV lounge is often the defining social space in most homes. When TVs were large, boxy appliances it was easy to make them the focal point of the room, and they dictated the layout of the furniture accordingly.

With shifts in technology: first slimming down TV sets and then diverting viewers to the additional screens of laptops and tablets however, the old order is no more. Media consumption has become increasingly fragmented. As a result, designers are rethinking the traditional TV room

entirely to provide solutions more in line with how we live today.

Designers have two main responses towards changing media habits. The first accepts the new viewing habits and designs new pieces of furniture as a result. These can take the form of personal pods and modular designs. But the more mainstream pieces simply integrate additional features into existing silhouettes. The MyWorld

sofa by Philippe Starck for Cassina, for example, hides tech accessories and charging cables in the arm of the piece, for easy access when you want to move from one screen to another.

The more reactionary approach, however, has been to reimagine what media technology can be. Here designers seek to bring TVs back into the centre of focus, rather than relegating them to the wall or corner. The new Serif concept TV, by the Bouroullec Brothers for Samsung, does exactly that.

By giving the device weight and sculptural presence, the designers compensate for the slimming down of technology and justify the set’s prominent placement in a room.

As the media landscape continues to evolve, these two approaches to spatial design will become more prominent in coming years. The one individual homeowners choose to align themselves with is a matter of personal preference, but the space is evolving and the challenge is for designers to keep up. www.afritaly.com

“Media consumption has become increasingly fragmented. As a result, designers are rethinking the traditional TV room entirely to provide solutions more in line with how we live today” PUBLISHED BY THE CREATIVE GROUP IN ASSOCIATION WITH TMG

The Creative Group CEO: Shaun Minnie shaun.minnie@thecreativegroup.info

Unit G4, Old Castle Brewery, 6 Beach Road, Woodstock, 7925 021 447 7130

EDITORIAL TEAM Editor: Catherine Davis Creative Director: Mark Peddle

A

BusinessDay PUBLICATION

Art Director: Lucia Viglietti Editorial Consultant: Bridget McNulty Chief Copy Editor: Yaron Blecher

ADVERTISING SALES Michèle Jones Susan Erwee Ian Pepler Bradley Sparks

michele.jones@thecreativegroup.info susan.erwee@thecreativegroup.info ian.pepler@thecreativegroup.info

bradley.sparks@ thecreativegroup.info

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How to avoid rogue bond brokers

T

he recent slump in residential property prices, coupled with banks’ current appetite to lend, suggests that we are re-entering a buyers’ market. For those who won’t be paying cash however, bond origination can be a somewhat confusing area.

“It’s not something that the average person does more than once or twice in their lives,” says Linda Rall, KZN provincial sales manager for ooba. “We find many people unaware of the process as a result.”

In SA a bond or home loan can be secured in one of three major ways: directly through a bank, through a bond-originating company – notably ooba, BetterLife Home Loans and Multinet Mortgages – or through a specialist bond lender such as SA Home Loans. There are also numerous smaller bond brokers who aggregate their business through larger bond originators.

WHO SHOULD YOU USE? The single most important factor to know is that any reputable bond originator would provide the service of securing a home loan free of charge. Recent stories include the case of a client being charged 8% of the value of their bond. This should never happen.

Explains BetterLife CEO Shaun Rademeyer: “There are some rogue agents out there who charge what they call ‘raising fees’. They tell the clients it’s for their services, for handling the paperwork and negotiating with banks on the client’s behalf. However reputable bond originators, bond lenders and the banks discourage and oppose these fees. It is not unlawful, but is considered unethical and not best practice. The originators get paid a referral fee on a bond, paid by the bank and not charged to the client or added to the client’s cost of finance. From this fee the originators will pay the agents for their services.”

Fees aside, there are differences between banks, bond originators and specialist bond lenders: BANKS A buyer can approach any bank to ask for a home loan.

Many buyers start with their own bank, hoping for preferential treatment. They are referred to the home loans division where they

deal with a consultant who helps them complete the necessary documentation, submits their application and informs them whether a loan can be granted. The buyer is free to repeat this process with other banks and to shop around for the best deal. Many do.

BOND ORIGINATORS A buyer can also approach one of the large bondoriginating companies. A broker from these companies will guide the buyer through the application process and submit the application to any of eight or nine banks in the country. If approval is granted, the broker is able to compare offers and negotiate rates and terms on behalf of the buyer. A buyer can also approach an independent bond aggregator. This agent prepares the application for the buyer, and then aggregates it through one of the larger companies, whereupon it will follow the above-mentioned process.

SPECIALIST BOND LENDERS These are privately financed companies that specialise in residential mortgage bond lending. While smaller operators pop up from time to time, currently SA Home Loans, the country’s fifth largest home loan provider, with its established reputation, is the only real player in this field. With more than 120,000 current clients plus a book worth R60m, SA Home Loans offers innovative and creative loan solutions that can be tweaked to address the needs of each client. Dealing directly with the public and competing with banks, mortgage bondlending companies often have different credit criteria and may grant bonds in instances where banks have declined applications.

In general though, with bond approval rates ranging between 30% and 70%, getting a loan is not guaranteed. Whether you go directly to a bank, approach a specialist bond lender or take your business to a bond originator, there is significant benefit in shopping your application to multiple lenders. Both ooba and BetterLife boast statistics that show as much as 20% higher bond approval rates than those indicated by individual banks. Consumers should be aware that interest rates offered by banks could vary by as much as 4%.

FLISP FOR FIRST-TIMERS First-time home buyers earning between R3,501 and R15,000 a month can apply for a Finance Linked Individual Subsidy Programme (FLISP) subsidy as soon as their home loan is approved. It amounts to a grant of between R20,000 to R87,000 and it can save clients thousands of rand in interest. Most bond originators, as well as SA Home Loans, are able to assist with FLISP applications.

COVER Friday 6 November 2015

“There are some rogue agents out there who charge what they call ‘raising fees’.

They tell the clients it’s for their services, for handling the paperwork and negotiating with banks on the client’s behalf”

BAG THE BOND Get pre-approval A reputable bond originator or bond-lending company will offer a free prequalification service which allows buyers to know the bond amount they will qualify for before they start shopping for a home.

BetterLife CEO Shaun Rademeyer

Get creditworthy Consumers can apply for a free report to check their own credit worthiness through the credit bureau. If they have blots on their record, they can set about cleaning them up.

While some contractual debt is valuable for credit rating, it needs to be managed in a responsible way. It takes about six to 12 months to build up a new score, and about two years to rectify a bad record.

Come clean If you do have a judgement against you, pay it in full, send proof of payment to the credit bureau and they will remove

it without you incurring further expenses. You do not need to pay an attorney for this service.

Be truthful “There is nowhere for clients to hide,” says Linda Rall. “Disclose everything to your bond originator upfront and they will advise you on how to strengthen your application.”

Have a deposit Putting down a deposit decreases the risk for the bank when granting a home loan, making the buyer’s chances of home loan approval greater.

Banks are also more likely to be negotiable on the interest rate, because they are taking a lower risk with a deposit.

By providing capital upfront in the home-buying process a smaller bond is required, which significantly reduces the amount of interest owed, meaning that the buyer saves more over the bond term.

NO TRANSFER DUTY

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A home for everyone www.privateproperty.co.za

PROPERTY TREND Friday 6 November 2015

Midrand’s Waterfall Estate: how suburbs are born Since ground was broken, the sprawling residential mixed-use Waterfall Estate between Pretoria and Johannesburg has delivered 100% returns every three years. Analysts are predicting it will be the next Gauteng CBD WORDS: GEORGINA GUEDES :: PHOTOS: SUPPLIED

W

aterfall Estate is no mass of cluster homes or simple gated suburb. Ground was broken on this sprawling, mixed-use R100bn development between Johannesburg and Pretoria in 2006. When complete, it will have a business centre, mall, hospital, two schools and dedicated bus routes through the city, plus a mix of high-end accommodation and affordable housing for the aspirational buyer.

Waterfall Management and Operating Company calls it the largest property project in South African history, combining between 8,000 and 10,000 residential units, which will ultimately house between 35,000 to 40,000 people, with office space to accommodate a further 60,000 workers.

Waterfall Estate is broken into various smaller residential developments.

Waterfall City forms its central business district (CBD). “Waterfall is intended to be an attractive, efficient, secure and easily

accessible lifestyle option that is perfectly suited to anybody — including single people, married couples, families and the elderly,” says Willie Vos, CEO of Waterfall Management and Operating Company, which is appointed as the project, asset and operational managers for current and future developments in Waterfall Estate. “This development has something for everyone, including those buyers who fall within the affordable housing segment.”

WATERFALL ESTATE LEASEHOLD The estate represents a first for housing development in SA, as it is the first property project where the developers have created bankable leased land. “The land has been broken up into portions and for the first time ever, major banks are financing property development as well as enduser residential property purchases on a leasehold basis,” says Vos. The stands are offered as 99-year leaseholds, because

“The land has been broken up into portions and, for the first time ever, major banks are financing property development as well as end-user residential property purchases on a leasehold basis” Willie Vos, CEO of Waterfall Management and Operating Company

the farm was originally owned by Moosa Ismail Mia, who built a religious training facility and a school for underprivileged children on parts of the property.

When government began to expropriate the land for development, the Mia family developed it, stipulating a religious requirement that the land could not be sold, but only offered on leasehold.

The Waterfall Management and Operating Company works directly with the Waterval Islamic Institute and the Waterfall Investment Company (WIC), as well as other investment vehicles on behalf of the landowner, in managing various aspects.

“A large portion of the income generated from the long-term lease of this land is returned to the Waterval Islamic Institute and utilised for charitable purposes,” says Vos. “In fact, the controlling shareholders of WIC take daily responsibility for the training, and in some instances, feeding and sheltering of about 109,000 school children in the surrounding area.”

RESIDENTIAL RETURNS From the outset Waterfall has implemented architectural guidelines for the estate to ensure that all development responds to the climate and environment, while embracing the use of construction materials in their raw form. “The aim is a truly South African style,

Developer control at Waterfall Estate The Waterfall Estate land is owned by The Waterval Islamic Institute in a company called Witwatersrand Estates Limited. They have appointed the Waterfall Management and Operating Company as project, asset and operational managers for Waterfall Estate’s current and future developments.

Attacq Waterfall Investment Company (AWIC) holds the development rights to the prestigious Waterfall Business Estate, and is 100% owned by JSE-listed Attacq. Atterbury Property Developments coordinates this commercial real estate project, including the Mall of Africa, on behalf of AWIC.

using natural materials that are perfectly suited to the Highveld climate,” says Vos. Geoffrey Crow, marketing manager at Century Property Developments, says in the nine years since the development broke ground, prices have performed on track. “People who have bought in the past three years have already seen their investment double. We’re confident that what we’ve seen thus far will continue.

We project that when the last stand is sold, all the other values will immediately increase by 50%, purely because of demand.”

To illustrate, Crow explains that when stands in Waterfall Estate were first put on the market, they offered a carefully planned yet unknown entity. “Our residents bought and built in line with the vision of the entire development. Those who had the foresight to get in early have benefited from the good value at the time.”

In Waterfall Equestrian Estate, for example, 8,000m2 stands were going for R2.2m in 2006. The last of those stands sold for R9m this year, and a recent resale of the same stand was at R15m. Says Crow: “What we’re offering is not just property or a piece of land.

We’re offering a lifestyle that incorporates safety and security for families, and an active social community with convenience on our clients’ doorsteps.”

Friday 6 November 2015

TAKING SHAPE A number of facilities are in development or already completed at Waterfall Estate. The Reddam House school, for example, has been operating for three years, while the Curro Castle Waterfall nursery school is opening in 2016. The Netcare Waterfall City hospital is currently expanding because it is already at maximum capacity. Waterfall Corner shopping centre is complete with a Checkers and high-end restaurants such as Beluga and Remo’s. A Waterfall Virgin Active is operational, while the Keith Kirsten Garden Centre is still being built. Two petrol stations are under construction, and the K71 Kyalami Main Road and the R55 are being widened to accommodate new residential concentration in the area.

One of the greatest points of interest within Waterfall Estate is the Mall of Africa.

Located within the Waterfall City CBD, the mall will be complete in six months’ time.

A road and bridge are being built to allow traffic in and out of the mall.

MINI CITY WITH INVESTMENT POTENTIAL Waterfall Estate is intended as a destination in its own right, but it is also breathing life into the surrounding areas.

“The whole of Midrand has been improved by the Waterfall development, especially because of the Mall of Africa, which will

“What we’re offering is not just property or a piece of land.

We’re offering a lifestyle that incorporates safety and security for families, and an active social community with convenience” Geoffrey Crow, marketing manager at Century Property Developments

benefit everyone in the surrounding areas,” says Liz Orffer, Chas Everitt’s area agent for Waterfall, Kyalami and Carlswald. “It’s brought in a fresh atmosphere and is supporting area growth.”

The expanding business district in Waterfall City — in particular the Mall of Africa within it — is attracting a great deal of attention from nearby

residents and commercial investors alike. “The mall construction is going very well,” says Orffer. “There are 261 retail tenants in the mall, the leasable area is 131,000m2, and it will occupy 485,000m2, which is the size of 65 rugby fields. It’s going to be the biggest mall in the southern hemisphere, and the largest retail development

constructed in a single phase in Africa.”

REACHING SKYWARDS PricewaterhouseCoopers is also developing the first skyscraper in Waterfall Estate.

The professional services firm is building a R1.5bn head office that will consist of 26 storeys, with 40,000m2 of office space for 3,500

employees. Designed by LYT Architecture, the tower is scheduled for completion in early 2018.

With early investors realising significant returns, it seems property professionals and residents are confident of the massive growth potential to be realised as Waterfall Estate becomes more established and functional.

Waterfall Estate residential pricing Waterfall Equestrian Estate Stands of 8,000m2, with houses from R30m to R85m

Waterfall Country Estate Stands of 1,000m2, priced at R2m, with houses ranging from R5m to R12m

Waterfall Village Country Estate Stands of 600m2 selling for R1.5m

Waterfall Hills and Waterfall Valley Two-bedroom, two-bathroom homes in two mature lifestyle estates, each from R2.75m

Waterfall Affordable Housing Houses from R600,000 to R1.5m

UNIQUE FRANCHISE OPPORTUNITIES AVAILABLE! GET YOUR FUTURE IN GEAR WITH AN ADRIENNE HERSCH PROPERTIES FRANCHISE! For more information contact Jacques Harmse +27 (0) 11 728 7013 franchise@ahprop.co.za WWW.AHPROP.CO.ZA

FOCUS ON WATERFALL ESTATE Friday November 6 2015

Build your dream home in Waterfall Estate

Waterfall Estate is hot property, a must-have investment for savvy purchasers who realise the potential big returns on offer. Not to mention the incredible, secure lifestyle. Of 2,000 stands, only 40 remain available WORDS AND PHOTOS: SUPPLIED

It is definitely not too late to invest in Waterfall as Century expects property values to double as they have every three years GET IN TOUCH Sales information: Norman Mohr 082 903 7502 norman@century.co.za Jessica van der Walt 082 937 4760 jessica@century.co.za

J

ust 10km north of the Sandton CBD, between Woodmead and Kyalami, lies the 640ha Waterfall Residential Estates, comprising the Country Estate and village, an equestrian estate and two mature-lifestyle estates, namely Waterfall Hills and Waterfall Valley. In total, there are more than 2,000 properties, ranging from 600m² to 8,000m² in size.

Adjacent to the new Waterfall CBD, these soughtafter lifestyle estates offer residents an upmarket development where they can buy or build their dream homes. Waterfall is quickly becoming the preferred address for people who value a full and varied lifestyle: it offers a spacious, secure environment for families, upmarket living conditions and true property value growth. With impeccable attention to detail in all areas of development, Waterfall promotes an integrated live/work/play environment that sets a new standard in quality estate living.

NEVER A BETTER TIME TO INVEST In 2010, during the launch of the Waterfall development, Century Property Developments featured an article that asked: “Could Waterfall Estate be recession-proof?” Looking back the answer is a definite and proud yes. The values of both land and completed houses have increased steeply in comparison with similar offerings on the market, indicating the unique investment and demand for residential property in

Waterfall Estate.

People always ask whether it is too late to invest, and when the value curve will even out. In every residential estate Century has developed, the property values increased dramatically once the last developer stand sold.

The developers envisage that Waterfall will follow the same trend, with values climbing by 50%, if not more.

Limited resale supply will mean increased demand and hence increasing value and capital growth.

“If a buyer has invested, we congratulate them. If you haven’t yet, then what are you waiting for? Waterfall is the best residential estate on the market and the investment returns speak for themselves,” says Century Property Developments CEO Mark Corbett.

“We consider our core mission as creating viable, well-planned developments that provide increasing asset values for purchasers and enhance the areas in which they are located,” says Corbett. This mission statement is the mantra by which Century operates, and is evident in the finished products of Waterfall Estate.

HOT PROPERTY ALMOST SOLD OUT Of the 2,000 stands at Waterfall, only 40 remain in the final phase of Waterfall Country Estate, many of which are prime riverfront properties that represent the best and most private locations for building a dream family home. The stands range from 1,000m2 to 1,400m² in size and are

FOCUS ON WATERFALL ESTATE Friday November 6, 2015

Waterfall promotes an integrated live/ work/play environment that sets a new standard in quality estate living

selling from R2.7m. This is your last chance to secure a golden opportunity.

WATERFALL CRESCENT Century Property Developments has also launched a new village of 24 cluster homes within the exclusive Waterfall Country Estate.

Between 398m2 and 414m² in size, these four- and fivebedroom completed houses are on show and are priced from R5.9m to R7.8m.

By investing in this newest phase of Waterfall Estate, you will be saved the inconvenience, stress and time delay associated with private construction and be assured of quality fittings and finishes.

Century has an open invition for anybody to view the furnished show house, open daily from 9am to 5pm.

This is an opportunity to invest in a completed home and immediately start enjoying the property value growth and upmarket lifestyle that Waterfall provides.

“Since the launch of Waterfall Crescent we have had numerous enquiries and have already sold 20 of the completed 24 clusters in phase one, which illustrates the demand for completed houses in the secure Waterfall Estate.

“We even have many current Waterfall clients who are interested in buying here, as they recognise the investment opportunity on offer,” comments Geoffrey Crow, marketing manager at Century Property Developments.

Property at Waterfall is almost sold out, and Century expects to see a 50% increase

in value as soon as the last developer stand is sold, as happened in previous phases.

Since the launch of Waterfall, clients have already seen a 200% property value increase on their initial investment, and in many cases, more. Thanks to high demand, a limited number of properties and unrivalled lifestyle facilities, property values at Waterfall have far outperformed the industry growth norm and will continue to do so.

It is definitely not too late to invest in Waterfall Estate, as Century expects property values to double as they have every three years.

BUY-TO-LET INVESTMENT “The buy-to-let option at Waterfall is also a good investment, as owners are receiving high rental returns and easily cover their expenses, all while benefiting from exceptional capital appreciation,” says Crow.

The rental market is very strong at the moment, because of limited supply and high demand from families and corporates who want the security, prime location and lifestyle benefits that Waterfall offers. The exclusive 8,000m² properties in Waterfall Equestrian Estate are achieving monthly rentals of up to R150,000, while houses in Waterfall Country Estate and Waterfall Country Village are attracting equally impressive rentals of R60,000 and R35,000 a month respectively.

WHY INVEST IN WATERFALL ESTATE? By purchasing a property at Waterfall, the premier

development in southern Africa, clients are making not only a financially savvy move, but also the best investment in their lifestyle.

Once complete, Waterfall will comprise secure residential estates, maturelifestyle villages, business parks, a Netcare hospital, fivestar hotels, Reddam House and Curro private schools, and a Gautrain station.

There are a host of corporate head offices as well as commercial and convenient retail elements, including the largest single-phase shopping mall in the southern hemisphere. This impressive Mall of Africa is set to open in April 2016.

Waterfall Estate’s facilities include 37km of walking and biking trails that meander through 300ha of pristine greenbelt along the riverside, a majestic 5ha lake for nonmotorised water sports, a 5,000m² clubhouse with full gym, squash courts, studios, a climbing wall, restaurant, indoor kids’ play area and the Reddam House Waterfall private school. This means resident children can ride or walk safely to school without leaving the secure perimeter of the estate.

Alongside the estate’s impressive facilities, each stand has a direct fibre optic connection to the Seacom cable, and piped LP gas for cost-effective and convenient water heating and cooking.

Designed to raise the benchmark for secure lifestyle estates in South Africa, security at Waterfall is managed at the highest level while maintaining a sense of personal freedom.

INSIDER INFO Friday November 6 2015

Lessons for residential sellers about what not to do WORDS: DAVID A STEYNBERG :: PHOTOS: ISTOCK

THE WORST OF THE WORST SELLERS: AGENTS’ PET HATES Carol Reynolds, Pam Golding Properties’ area principal for Durban Coastal: “First and foremost, beds should be made and clothes should be tidied away and put into cupboards. The biggest no-no is underwear lying on the bedroom floor. Curtains should also be opened to allow light into the room.”

Pat Evans, sales manager at Seeff Randburg: “Black bathrooms, original (turquoise and avocado!) bathrooms and conversation pits.”

Gavin B Van Zyl, sales manager, RE/MAX Independent Properties, Brymore: “Built-in beds with a brick and mortar base, sleeper couches for seating in the living room, and a jungle gym made from car wreckage junk.”

Annie van den Berg, broker/owner of RE/MAX Wildlife Properties: “Fully loaded cat litter boxes and roach-infested ovens.”

Rene Brandt, RE/MAX Sunset Coast principal and sales agent: “Unmade beds, wet towels and closed curtains are up there along with risqué paintings and reading material.”

Ensure that your communal spaces are tasteful or neutral and keep the weird stuff packed away.

Agents have seen it all, often without wanting to.

Here are their tips for homeowners

I

f you’re selling your home, cleanliness, updated fittings and fixtures, and neat spaces are the order of the day. And while this is common sense for most of us, there are sellers out there who don’t seem to have received the memo.

“Residential property is such a personal game that homeowners will inevitably embellish their homes with their own unique style, and very often this is not in keeping with the general market,” says Carol Reynolds, Pam Golding Properties’ area principal for Durban Coastal. “For example, a lot of homes are overdecorated, with too much clutter and too much bling. Perhaps the worst feature I have ever seen was a home where the owner collected plastic bottles.

These were scattered in bowls all over the house.”

covering the entire surface of a room, a larger-than-life painting of a penis over a bed, and a collection of naked pictures of the owner’s wife on show in his wine cellar are just some of the Thomas’s seller shockers.

All agents say the same thing: remove as much of your personal taste from your home before listing, including offensive art and sports posters. Keep all spaces tastefully neutral, and maybe it’s best to be out of your home when potential buyers arrive.

“I’ve had awkward encounters,” says Annie van den Berg, broker/owner of RE/MAX Wildlife Properties.

“These ranged from buyers finding sellers taking a shower or asleep in the bed, to the stalker sellers who liked to follow buyers and the agent all over the home to ‘see what they thought’.”

LOSE THE PECULIAR OR PERSONAL Steve Thomas, franchise manager for False Bay and Noordhoek, for Lew Geffen Sotheby’s International Realty, and his wife Jo Thomas, specialist agent in Upper Constantia, have been in the game for a long time. A long-disused bicycle growing roots in the lounge, a house with at least 30cm of debris

BLAND OR BOLD? As far as appeal is concerned, every buyer is different: a

“vanilla” home may tick the right boxes, while feature walls can also sway the sale either way. Pat Evans, sales manager at Seeff Randburg, says vanilla homes in good condition make easy sales.

“However if a home is decorated boldly and with taste, it can also be a huge selling feature as buyers are more likely to fall madly in love and pay a top price for it,” she says. Swimming pools only appeal to 50% of the market. “Young families are most interested in pools. The maintenance of a pool is often a negative.”

Staying outside, would agents encourage homeowners to retain small gardens or even plant grass instead of concrete? Louise Snyders of RE/MAX Exclusive in Klerksdorp advises against paving small gardens. “Most people prefer some greenery, even if they do not want a big garden,” she says. “I have lost deals more than once just because of this issue.”

All agents say the same thing: remove as much of your personal taste from your home before listing, including offensive art and sports posters

Major renovations too need to be properly thought through and completed well before show day. “Decks can transform homes by bringing the outdoors in and vice versa,” says Reynolds.

“An outside entertainment area is a good DIY project to undertake as this will add value to the property.

Room conversions add value when they are strategic: for example, if a house only has two bedrooms, then adding a third room is vital. Or if a home has space for all bedrooms to be en-suite, then en-suite conversions are generally well received.”

Van den Berg advises against major alterations and says to rather let the purchaser make those major changes according to their needs and style. “However, for smaller repairs everything in your home must be in good working order before you put it on the market,” she says. “This process can take a couple of months, but you need to fix all broken fixtures, change all burned-out lightbulbs, repair any flaws in the walls and refresh any paint that needs it. The same goes for outdated or worn wallpaper. Some things do not get better with age, and nothing dates a room more than 1980s wallpaper.”

Steve Thomas, franchise manager for False Bay and Noordhoek at Lew Geffen Sotheby’s International Realty: “Smelly dog beds. And personal erotica. Buyers (and agents) don’t necessarily want to be treated to a full view of your fluffy handcuffs or worse.”

PROPERTY TREND Friday November 6 2015

Analyse it

ALROUX PROJECTS

WORDS: PATRICK CAIRNS

PALETTE

SHELLEY JAMES

Female builders and architects do it differently In an industry previously dominated by men, more women are taking on the role of designing and building homes. Adding a detailed eye is one of their talents WORDS: BELINDA MOUNTAIN :: PHOTOS: SUPPLIED

A

recent statement by the Department of Human Settlements controversially declared that “women in construction build better quality houses than men”. Deputy Minister Zou Kota-Fredericks announced this at a Women in Construction summit held in August. Its theme was “Women in construction taking SA forward” and the advantages of using female builders and tradeswomen were discussed.

This emerging trend of women working in a previously male-dominated industry can be seen in several examples within the Johannesburg building industry specifically.

Alma Roux’s Alroux Projects building company, with its slogan “Because girls do

it better”, has tripled its turnover in the first three years of operation. “We have never advertised, and all our work comes from word-of-mouth references.

We currently have a lengthy waiting list for our services,” Roux says.

FEMALE STRENGTHS Roux cites meticulous attention to detail as one of the

ALMA ROUX, ALROUX PROJECTS

strengths offered by female builders. Says Roux: “We have many clients where the man is at work all day and his wife or female partner deals with the builders. As a female builder, it’s easier to connect with these women. And as women, understanding the perspective or functionality behind certain design issues in terms of how they affect families comes naturally to us.”

One of Roux’s clients, Natalie Gordon, gives an example of the type of window latch that Roux recommended: it made it more difficult for Gordon’s children to open the upstairs windows, so that they wouldn’t fall out and hurt themselves.

Adds Gordon: “She also advised on a locking mechanism for the front door that I could open easily with one hand, as she knows I will often return home with a baby in my arms and not be able to open the front door easily.”

Alroux Projects will soon be teaming up with Annamarie Bothma, an entrepreneur who is behind Masequa Bricks in Limpopo. Masequa produces bricks and roof tiles at more competitive prices than can be bought locally, and looks set for great things.

Shelley James, an architect who started a business called Palette, says she regularly networks with other female architects in the city and they pass on work to each other and recommend suppliers.

There is a difference. “As women, we take the time to get to know our clients’ family and lifestyle, so we can help design and build the home of their dreams,” she says.

“We have never advertised, and all our work comes from word-of-mouth references”

Lessons from Raymond Ackerman

I

t is almost impossible to have a conversation about Pick n Pay these days without discussing Stikeez.

These tiny plastic collectable toys assumed something of a cult status in the short time that their consumer invasion at local supermarket checkouts lasted.

However, 10 years ago a mention of Pick n Pay would not immediately have conjured an image of a puffy plastic wrapper. The first thing to come to mind would more likely have been the name of the founder of that retail business: Raymond Ackerman, of course.

He has been out of the public eye for some time, but for many decades Ackerman was one of the most recognisable and respected businessmen in the country.

Ackerman built Pick n Pay from four small shops in Cape Town in 1967 into what was, at its peak: the biggest supermarket chain in SA.

tests, Lewis Group levying unemployment insurance on credit given to pensioners, or banks manipulating foreign exchange trades.

In this environment, it is difficult for anyone to trust any business that says it always acts in its customers’ best interests. Some will even argue that Pick n Pay itself got too big to really honour Ackerman’s philosophy.

Companies have to realise that they can’t exist outside of the society that gives them life in the first place. There is nothing wrong with making money, but when it comes at the expense of your own customers, you must ask if you aren’t jeopardising your own survival.

SELF-SERVICE RETAIL PIONEER There is no question that Ackerman was a visionary.

He developed the idea of self-service retail in SA, essentially bringing the supermarket culture to this country. This was more than just a business idea. It was the essential starting point of Ackerman’s belief in customer sovereignty – that serving the customer rather than trying to make more money should be the mission of the business. As Pick n Pay’s success has proven, this is not a sentimental ideal.

Putting your customers’ needs ahead of everything else makes seriously good business sense.

“If you fight for the consumer, she will look after you,” is how Ackerman puts it. And long before Smart Shopper cards and Stikeez promotions, the customer loyalty enjoyed by Pick n Pay proved his point.

BUSINESS OUTLIER It is a pity then that Ackerman remains something of an outlier in the business world on this point.

For most, profits come first.

There is nothing intrinsically wrong with this as it is a key motivation for any company to exist in the first place.

However, it is problematic when it leads to the sort of corporate behaviour that has been in the spotlight recently: Volkswagen cheating on emissions

“Companies have to realise that they can’t exist outside of the society that gives them life in the first place”

INTERNATIONAL Friday November 6 2015

“Rental returns of about 5.25% in Lisbon are topped only by those in Dublin, Ireland. They exceed those of 11 of the top European cities” Chris Immelman, MD of Pam Golding Properties International and Projects division

Why Lisbon strikes investment gold Affordable property, coupled with a low cost of living, makes Portugal an attractive overseas option WORDS: LEA JACOBS :: PHOTOS: ISTOCK

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ouse prices in Portugal increased in January 2015 for the first time since the country’s bailout four years ago. At this stage, according to a survey undertaken by the Royal Institution of Chartered Surveyors (RICS), the demand for homes across all regions of the country is outstripping supply. Those polled remained confident that prices will increase further, and forecast an expected increase over the next five years of roughly 5%.

Landlords also appear to be reaping the benefits of a short supply of homes. The demand for rental property increased sharply during the same period, along with a steep drop in availability. This has led to a marginal increase in rental prices across the country.

The cost of living in Portugal — including the country’s capital, Lisbon — is relatively low. That is not the case in most other European countries. For example, the price of a meal at a mid-range restaurant in Paris will cost about €50; while in Lisbon one would pay €30 for an equivalent meal. A local French beer costs about €6; while a Portuguese brew

can be purchased for €1,50.

While the French may be famous for their cheeses, the delicacy doesn’t come cheap in their capital and you’ll pay about €15,47/kg. In Lisbon, however, you’ll pay a mere €8,31/kg.

LISBON STACKS UP Chris Immelman, MD of Pam Golding Properties International and Projects division, says that property investment in the historic city of Lisbon stacks up increasingly well for both local and international buyers: “The price of just over €3,000/m2 of residential property in Lisbon’s city centre compares favourably with other international cities.” Lisbon property is well below prices in London, Paris, Rome, Amsterdam, Madrid and Barcelona, which range from close on €4,000/m2 to just under €12,000/m2.

Says Immelman: “Rental returns of about 5.25% in Lisbon are topped only by those in Dublin, Ireland. They

exceed those of 11 of the top European cities. In effect Lisbon offers real value for money in terms of European standards, as well as potential for increased capital growth in the future.”

Immelman is not surprised that South African investors are so bullish about Lisbon — the appeal of capital preservation, coupled with sound rental returns and the added benefit of Portuguese residency, with all the benefits of a Schengen visa, opens doors for buyers and their immediate families in that it gives them freedom of travel abroad.

All in all, Portugal has a lot to offer South African investors. The moderate climate and fact that most people speak English, particularly in major centres, makes it easier for South Africans to adapt to a foreign country. Add the sheer beauty of the country to the mix and you have a destination that most of us would be proud to call home.

The cost of living in Portugal – including the country’s capital, Lisbon – is relatively low

PORTUGAL’S GOLDEN VISA SCHEME

Although Portuguese property has traditionally been renowned for its steady growth, this has changed, particularly in places such as Lisbon, which has benefited enormously from the country’s Golden Visa Scheme, a fast track for investors to obtain a fully valid residency permit. It is now estimated that one in five buyers of property in Portugal are foreigners, not surprising when statistics reveal that more than 2,465 of these visas were issued by September 2015, contributing well over €1,4bn to the Portuguese economy since the initiative began in 2012. According to the official Golden Visa website, the majority of permits were granted to those acquiring real estate. Those who obtained residence permits for pursuing investment activities were predominantly Chinese, followed by Brazilians, Russians, South Africans and Lebanese.

HOW TO STRIKE GOLD

A Golden Visa can be obtained in three ways: investors can buy property with a minimum value of €500,000; they can make a capital investment of €1m; or set up a business to create at least 30 jobs.

Once granted, the visa allows freedom of travel to all European countries that are members of the Schengen Agreement, and grants access to all Portuguese public services, including health and education.

PROPERTY NEWS Friday November 6 2015

Parktown’s first new offices in 10 years

Latest visa developments could boost Atlantic Seaboard sales

T

ourism Minister Derek Hanekom announced positive changes to the controversial visa regulations in late October. Hanekom said to limit the impact current regulations have had on South African tourism and economic growth, it would no longer be mandatory for inbound travellers from visaexempt countries to carry unabridged birth certificates for children travelling with them.

Laurie Wener, Pam Golding Properties’ MD Western Cape, said these recommendations should offset concerns about SA’s stringent visa regulations having a negative long-term effect on it’s property market.

“We are delighted that processes have started to have a more user-friendly system.

This will give us an added reason to market properties in the summer months, the traditional international buyer season.”

Wener said less than 10% of Atlantic Seaboard property is owned by foreign investors.

“But all foreign investment is important. Only 15% of sales in the Atlantic Seaboard are to foreigners between December to March (when

P

most sales to foreigners are achieved). So while the direct effect on property is actually very low and quite limited to certain pockets, these buyers contribute substantially to the economy in many ways.”

In early October, Seeff’s MD for the Atlantic Seaboard and City Bowl, Ian Slot, announced that sales to foreign buyers across Cape Town’s Atlantic Seaboard and City Bowl were down by more than 30% year on year, despite attractive pricing facilitated by the slump in the value of the rand against the pound sterling, euro and dollar.

Said Slot: “This seems to mirror the reduction in tourist numbers and one has to

assume there is a correlation between the two. Our experience has been almost universally that foreign buyers make the decision to buy when they are actually in Cape Town, so if they are not here they are less likely to buy. The Atlantic Seaboard and City Bowl top the list for foreign buyers looking for second homes on the continent, comprising about 20%-30% of the sales activity for these areas over the past two years.” After seeing a “notably downward curve in sales to foreign buyers” from April/May onwards, Slot estimated a potential loss in turnover of up to half a billion rand for 2015.

arktown will soon have its first new office park development to be constructed in this Johannesburg node in 10 years. Abland is developing a 35,000m2 A-grade office park called Hill on Empire.

It is situated in Parktown’s green belt on the corner of Empire and Hillside roads, surrounded by Wits University and other cultural landmarks.

The first of four buildings being constructed in this secure R700m precinct will be ready for occupation

in June 2016, with a subdivisible gross lettable area of 6,800m2. The office park development will be completed by 2019.

Says Donald Majola, development manager at Abland: “The development coincides with a growing demand for new, quality office space in the node. The Parktown area hasn’t received a new product for 10 to 15 years, although many office buildings in the node have received revamps.”

One of the contributing factors was Johannesburg’s

new transport corridors.

Hill on Empire will be at the crossroads of many transport systems, affording it exceptional accessibility.

For instance, the site is closely located to the Rea Vaya Bus Rapid Transit stop and a Gautrain bus stop. Says Majola: “Hill on Empire will be comparable to the A-grade offices associated with Sandton and Rosebank, but will come at a more affordable cost of occupancy, and with exceptional ease of access for people who use both private and public transport.”

Steyn is a 3,000m² Sandton property on a 2.5ha stand, the first residential property to be completed at Steyn City mixed-use lifestyle estate.

In the latter half of 2015, a Seeff agent made one of SA’s pricier property sales, achieving R111m for a multi-level home in Clifton’s Nettleton Road. During 2015 the Atlantic Seaboard has had 24 sales with a combined value of almost R777m, according to Ian Slot, Seeff’s MD for Atlantic Seaboard and City Bowl.

Jonathan Davies, Pam Golding Properties’ Hyde Park joint area manager, says that easy access to the adjoining Michelangelo Towers Mall (located opposite Nelson Mandela Square and Sandton

City) means Michelangelo Towers residents can own “one of the most prestigious residential addresses in Gauteng” with unparalleled views and access to some of the finest shopping, dining and entertainment options at their fingertips.

Says Finnemore: “Wellsituated Sandton homes in the upper end of the property market continue to show good capital appreciation. If one considers that prices in the upper end of the residential property market on the Cape Atlantic Seaboard can range to more than R100,000/m2, then this Sandton ‘sky home’, with every convenience to hand, situated within the heart of SA’s richest square mile, is not unreasonably priced.”

Is sprawling Sandton SA’s new millionaires’ mile?

WORDS: KIM MAXWELL PHOTOS: SUPPLIED

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he Atlantic Seaboard may be SA’s premier residential real estate belt, but high net worth individuals will pay top dollar for the right properties in Johannesburg too. A three-bedroom penthouse at Michelangelo Towers in Sandown has been listed for R48.9m with Pam Golding Properties. Rupert Finnemore, Pam Golding Properties’ Hyde Park joint area manager, says the highest price paid for an apartment in Sandton’s city centre was R43m for a

penthouse in 2014.

Most new residential apartment developments in and around central Sandton sell for about R35,000m2 to R60,000m2. At R85,500m2, the Michelangelo Towers penthouse is one of the most expensive homes of its type to go on sale in the area.

Business Day reports that insurance tycoon Douw Steyn’s Fourways mansion was recently completed at a cost of R250m, possibly setting a new South African residential property record. Palazzo

“Well-situated Sandton homes in the upper end of the property market continue to show good capital appreciation” Rupert Finnemore, Pam Golding Properties’ Hyde Park joint area manager

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BEDROOMS: 5 BATHROOMS: 5

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