Business Day Home Front 21 November 2014

BusinessDay

BDlive.co.za | @BDliveSA

FRIDAY, NOVEMBER 21 2014

HOMEFRONT

FOLLOW US IN PRINT OR ONLINE

PAGE 7

PAGE 10

PAGE 12

PAGE 19

TOP TIPS FROM A WORLD TRAVELLER

WHY WE NEED A COMPETITOR TO THE NHBRC

THE DEMISE OF THE R3M MARKET

WORLD TRADE CENTRE ONE NOW TRADING

High-end spec market on the up

“Our last four developments were all sold nine to 18 months ahead of completion”

Speculative development is on the rise again, and not only in the affordable housing market

Maggie Rowley, Rabie Property Group

WORDS: DAVID A STEYNBERG PHOTOGRAPHS: REEFF, SEEFF, RABIE

B

etween 2009 and 2011 the residential property market was not anything close to the investor’s darling it had been in the 10 years prior. The pace of developments slowed right down — with some developers hitting the brakes until the market turned — sellers flooded the market and the odds were in buyers’ favour.

Stonehurst Mountain Est, Cape Town R14 750 000

Sandhurst, Sandton

Negotiable serious seller. Spectacular position on this unique estate combining national park mountain scenery, amazing views & total security. One in a million family home. Contact Estate Specialists Dave Burger 083 458 3333, Brenda Pretorius 083 442 1318 Web: 664213

Refined architectural detail reminiscent of a French country Chateaux. 5 Magnificent bedrooms en-suite. Wrap around patio.

Heated pool. Magnificent guest cottage, gym, staff acc. Contact: Daniella Apteker 082 412 1273 Office: 011 886 8070 Web ref: 1057226

Each office is independently owned and operated

R48 million + vat

Dainfern Golf Estate, Sandton

R9.5 million

A perfect blend of light and glass with timeless quality finishes and incorporating expansive living and entertainment areas.

4 Bedrooms en-suite, study, Entertainers patio with pool.

Contact: Dawn 082 575 9956 Web Ref 977166

www.sothebysrealty.co.za

Plettenberg Bay

Momentum has been building for the past two years, however, and the tables appear to have turned again — housing stock is in short supply across all price bands, and potential buyers can do little more than write their names on agents’ waiting lists.

CONTINUED ON PAGE 6

Offers on R18 million

Cliff-top architectural marvel: 4 en-suite bedrooms, elevator, 2 lounges, gym, steam room, study, teak floors, rim flow pool, private plunge pool, CCTV security, staff acc, magnificent sea views. Contact: Hein Pretorius 083 701 3159 Web ref: 1056367

DESIGN

November 21 2014

LIFESTYLE

Living in a box WORDS: GRAHAM WOOD :: PHOTOGRAPHS: BRETT RUBIN

A collaboration by architect Clara da Cruz Almeida and interior design firm Dokter and Misses proves that good taste, practicality and affordability can all fit into a nano-sized home

L

iving space is becoming increasingly expensive, with the result that homes are getting smaller and smaller. Already, though, innovative approaches to living spaces that are comfortable and sophisticated — and minute — are springing up the world over.

At the Sanlam Handmade Contemporary Food Wine Design Fair earlier this month, architect Clara da Cruz Almeida introduced her prefabricated modular house concept, the Pod-Indawo.

Convinced that “property is the best-performing investment ever”, Da Cruz Almeida designed the Pod-Indawo as a way to keep housing affordable so that young people in particular need not be excluded from getting a

foot on the property ladder.

The Pod-Indawo is transportable, making it possible to own a home while negotiating land-use rights with the landowner. It therefore opens up new ways of thinking about houses and property ownership.

In addition to serving as a primary residence, it can also be used as a garden cottage, a holiday home or an urban rooftop unit.

Da Cruz Almeida collaborated with Katy Taplin and Adriaan Hugo of Johannesburgbased firm Dokter and Misses, who designed the interior and furnishings for the Pod-Indawo.

Height and volume are central to our perception of space, and Da Cruz Almeida

DESIGN

November 21 2014

had already employed a number of architectural tricks to make the 17m2 space appear bigger than it is. The tall, narrow interior includes a mezzanine level, while the deck extends the living quarters outwards.

Says Taplin: “The insideoutside connection makes it bigger and more liveable.”

When it came to designing the furniture and fittings, the architect and interior designers returned to first principles. “What is really important and what is not?” asks Taplin. “How much space do you need? Where do you need space and where can you do without it?”

Designing for small spaces typically involves a lot of foldaway furniture, especially for large items such as beds, but Taplin and Hugo managed to include a free-standing bed in the Pod-Indawo’s interior design, on the mezzanine floor. Says Taplin: “We didn’t want it to be too much work to live in the house. The ease of moving and changing things was important.

When you come home from a long day at work, you don’t feel like doing more work just to have dinner.”

They maximised the area’s capacity too. “Under the mattress there is longterm storage space for seasonal clothes and sports equipment,” says Taplin.

Dokter and Misses also designed a wall-mounted storage system that runs all the way to the top of the interior wall, so that clothes no longer take up floor

space. “You can access the drawers from the bedroom.”

The drawers have two levels, “the back for winter clothes, and the front for summer clothes”, she says.

Flexibility was another important point. The lighting units are all moveable and can be hung from hooks placed strategically about the Pod-Indawo.

Hugo insisted that the couch should be made into a leisure area separate from the bed and came up with a sofa that folds into two cubes. These can be stowed under a counter, or double as ottomans or armchairs.

They chose white as the dominant colour because the Pod-Indawo “needed to be peaceful because of its size”, says Taplin, but to stave off any bleakness they incorporated pops of colour; the lighting cables and the inside of the kitchen drawers are a neon orange, as are the interiors of the kitchen drawers, while the sofa is covered in a graphicpatterned fabric designed

by Nicky Levenberg.

The pattern breaks up the volume, which is less imposing than a block of colour, and introduces a certain dynamism.

The Pod-Indawo makes good design affordable through consideration for not only how people live in and use space, but also how they could, and proves how liberating a small living space can be. It will be on display at Nirox in the Cradle of Mankind.

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: David A Steynberg david.steynberg@gmail.com Creative Director: Mark Peddle

“We didn’t want it to be too much work to live in the house. The ease of moving and changing things was important.

When you come home from a long day at work, you don’t feel like doing more work just to have dinner” Katy Taplin, Dokter and Misses

A

BusinessDay PUBLICATION

Editorial Consultant: Bridget McNulty Chief Copy Editor: Yaron Blecher

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)

LOCAL NEWS

November 21 2014

CONTINUED FROM PAGE 1

High-end spec market on the up?

“We think a lot of it is driven by strongperforming equities and investors looking to diversify and getting back into property”

Ryk Neethling, Val de Vie

Enter the high-end speculation market.

Developers in this game say demand is so high that entire projects sell out as soon as they are released to market, as was the case in Cape Town at Rabie Property Group’s newest Century City development, Mayfair Court, where all 66 apartments — which were priced from R1.2m to R2.8m — sold out in the first week.

“We can’t speak for elsewhere in Cape Town, but at Century City, which

has tended to outperform the market in recent years, we have seen an unbelievable run on residential property,” says Rabie Property Group’s Maggie Rowley. “The last four developments we did were all sold nine to 18 months ahead of completion.”

But what is driving the high-end speculation market? Surely those consumers who are cashflush enough to build their own homes to their unique specifications are not interested in buying someone else’s design?

Not so, says Rabie director John Chapman: “There is no doubt there has been a swing from equities to property, and investors are now back in the property market, buying aggressively.”

Val de Vie’s Ryk Neethling agrees. He says the highend spec market has been on the up in the past year.

“We think a lot of it is driven by strong-performing equities and investors looking to diversify and getting back into property.”

So it is a matter of investors snapping up off-plan units priced from R1.5m and up? Wrong again.

Glen Fisher, Seeff’s developments director in Sandton and Midrand, who just recently obtained bank valuations for Sixtyone on Shepherd in Bryanston, says 85% of purchasers

will be buy-to-live. Units in the sectional title cluster development are priced from R4.2m.

“This development was going to market in 2008 but was held back as the timing was bad,” he says. “We redesigned the site plan and units to get the product right for the times. The trend

“Sixtyone on Shepherd was going to market in 2008, but was held back as the timing was bad” Glen Fisher, Seeff

Living large

F

or many of us, as for Sartre, hell is other people. For some, however, hell is other people’s decor. Or what they optimistically call decor, for a random assortment of souvenirs, poorly framed holiday snaps and bric-a-brac is not decor — it’s just stuff on a shelf. Snowglobes and fridge magnets are not objets, and posters of shows seen in the West End or on Broadway cannot be considered art. Nor can anything painted in Montmartre.

The main reason is that these things don’t match. Is “decor” really decor if things don’t “go together”? If there

is a red item of great aesthetic appeal to one side, there must be a counterpoint of red on the other side. Symmetry is an essential part of all good decor. There needs to be a theme if a room or home wants to be awarded with the word ‘decor’, and colour is an easy entry point into becoming one of the decorated masses.

It is often assumed that all women know from decor because it is seen as an inherently girlie thing.

Pish-posh. My friend is a mountain-striding, Great Dane-wrestling, SUV-driving woman with exquisite taste in most things — wine, food,

is on the increase for new home buyers to rather look at brand-new off-plan homes with high security, appealing modern look-andfeel, green technology and home automation.”

Even in Hermanus, which has seen increased interest over the past year, speculative development is taking place because stock is in short supply, according to Shaun Flynn, project manager for Reeff Construction.

Flynn and property developer Jaco van der Merwe are developing a three-bedroom, two-bathroom 208m2 single-storey home on a sea-facing plot.

“The property market in Hermanus has picked up dramatically over the last year and a good opportunity presented itself,” says Van der Merwe. “The suburb was desirable, the size of the stand was good and it has a great sea view, which is a huge selling point. There are price gaps in the market that we are trying to address with our projects. Generally, however, the spec market at present is tackling the highend consumer.”

WORDS: KATY CHANCE

friends, dogs and so on — but she doesn’t “do” decor. Her home is comfortable with some gorgeous “pieces” and excellent artwork, but little of it matches, for which I feel she is often marked down, sometimes by me.

Once, she was obliged to get a couch re-covered. This grated, as she had better things to do, like retile the roof and backwash the pool.

The couch was delivered to a suitably fabulous and decidedly bijou decorating facility, the address of which she had found by accident.

As she turned to leave, a young salesgirl called to her: “But what colour fabric do

you want it done in?” This floored my friend. “Who the hell cares? Just re-cover the thing!” she barked, but not aloud, because she is not an animal. She stood, rather bewildered, trying to remember what colours she knew. And drew a blank. Then it came to her — her husband liked blue! Possibly. “Blue!” she barked authoritatively, and moved towards the door.

“But what shade of blue?” came the plaintive reply.

“How many frigging shades of blue are there?” she snapped, though not aloud, for she was starting to feel like an animal — one that is cornered and thus dangerous.

“Um,” she said. “What about a nice navy blue?” suggested the salesgirl. “Yes!” my friend cried confidently, as though that was the blue she’d had in mind all along.

And she finally escaped.

This proves that one woman’s decor is another woman’s nightmare. For instance, a neighbour whose house I once had reason to visit had — you may need to sit down for this — an expensively framed wildlife-themed jigsaw puzzle carefully hung on her walls, believing it to be art! It’s enough to make the rampant mackerel ashtray make a return.

My friend is a mountainstriding, Great Dane-wrestling, SUV-driving all-terrain woman who has exquisite taste in most things — wine, food, friends, dogs and so on — but she doesn’t “do” decor

LIFESTYLE (TO BE FILLED IN BY Bday)

Tips from a serial traveller

November 21 2014

“You get a taste of what it’s like to actually live in a city” Sarah Duff

Itchy-footed travel writer Sarah Duff — currently somewhere in the high deserts of Chile, and with two continents already ticked off on her round-the-world trip — shares her top travel tips WORDS: RICHARD HOLMES : : PHOTOGRAPHS: SARAH DUFF

WHAT STRATEGY DID YOU USE TO GET THE BEST AIRFARES FOR YOUR ROUNDTHE-WORLD TRIP? I didn’t buy a round-the-world ticket, because I wanted the freedom to fly all over the place. I use an online aggregator such as Cheapo Air or Kayak to do flight research, and then book through the aggregator or the airline directly. I’m willing

“I am willing to fly a roundabout route to save” Sarah Duff

to fly a roundabout route to save. I recently flew from New York to Buenos Aires via Ecuador on three flights with two airlines, which took almost 24 hours but saved me a couple of thousand rand on the direct route.

WHAT IS THE BEST WAY TO FIND A BED FOR THE NIGHT? When I stay in a city for longer than two nights, I use AirBnb.

You save on hotel costs, but you also get to meet hosts who share invaluable locals’ tips on what to do and see and where to eat, and you get a taste of what it’s like to actually live in a city rather than be a tourist.

RENTAL CAR OR PUBLIC TRANSPORT? For cities, hiring a car doesn’t make sense, as finding parking and navigating traffic in a foreign city can be a total nightmare, so I stick to public transport. When travelling between two cities, I prefer to take a train or a bus — watching landscapes change slowly is something you miss out on when you fly. A hire car gives you the flexibility to go wherever you want to, which is great when you’re on a scenic route and you want to stop for photos.

HOW ARE YOU STAYING IN TOUCH ON THE ROAD? When I’m in a place for a while — we were in the US for three months — I buy a local SIM card. Otherwise, almost everywhere has free wi-fi, and where there is no wi-fi, such as the camp of eco-friendly geodesic domes I stayed at in Chilean Patagonia recently, I don’t mind not being able to check my mails for a few days.

ADVERTISING FEATURE

November 21 2014

Villa Milon in Buh-Rein Estate — an incredible investment Two years’ levy-free ownership sweetens the deal WORDS AND PHOTOGRAPHS: SUPPLIED

between monthly bond commitments and estimated rental income for investors.”

DOING THE SUMS In the case of a R700,000 property, a gross monthly income of R23,000 is required to qualify for a bond. Based on actual rentals being achieved in Buh-Rein Estate, this apartment will upon completion achieve a monthly rental of R6,000.

Assuming a bond repayable over 20 years and a steady interest rate of 9.25%, we get:

B

uh-Rein Estate is 25 minutes from central Cape Town and is situated on former farmland that borders a region of award-winning wine estates.

Villa Milon — the latest development to be launched within Buh-Rein Estate — offers an excellent investment opportunity to those wanting to get a foot on the property ladder as well as to investors looking to expand their property portfolios.

Says MSP Developments CEO Riaan Roos: “At Villa Milon, pricing starts at just R669,900 and all costs are provided for, including VAT, transfer and bond registration. No deposit is required, and buyers who commit before the end of 2014 will be exempt from paying levies for the first two years. This represents a saving of more than R30,000 for homeowners, and a minimal initial shortfall

Year One (Y1): bond repayment R6,411/month; no levy; rates and taxes R250/ month; net rental R5,400 (R6,000 less 10% for rental agent); shortfall R1,261/month (yield of 9.25%) Y2: bond R6,411/month; no levy, rates and taxes R270; net rent R6,000. Shortfall R681/month (yield of 10.28%) Y3: bond R6,411/month; levy R1,445; rates and taxes R292; net rent R6,600; shortfall R1,548/month (yield of 11.31%) Y4: bond R6,411/month; levy R1,515; rates and taxes R315; net rent R7,300; shortfall R941/month (yield of 12.51%) Y5: levy R1,590; rates and taxes R340; net rent R8,000;

shortfall R341/month (yield of 13,71%).

From the sixth year you no longer have a shortfall, and are making a surplus.

If the surplus is also paid into the bond, then by year 13 the property will be paid off and you will be earning a monthly rental income of about R15,000. The capital value of the property will have appreciated to R1,75 million (assuming a conservative annual appreciation of 8%).

Says Roos: “These are real numbers and represent an incredible opportunity.

Buh-Rein is already sought after, owing to the offerings, our reputation and the growing demand for properties (and rentals) in the ranges we offer.

“Investors will understand what I am saying. One investor recently came to buy one unit and ended up buying four.

“Meanwhile, for the first-time homebuyers out there, this is truly the path to freedom from the rental trap.

If you are able to get a bond now, I would advise you to do so. It is unlikely to get any easier, and the opportunities to buy at a good price are few and far between.”

Villa Milon will comprise two blocks of three storeys, split 12 apartments to 18.

ADVERTISING FEATURE

Each apartment will be 60m2 in size and will come with a fully fitted kitchen, oven, hob and extractor fan.

The complex was designed to be spacious, and each unit will have a breakfast nook connecting the kitchen and the open-plan living room, which leads out onto a balcony with a built-in braai. All bedrooms will come standard with built-in cupboards.

Buh-Rein Estate offers superior security, including a boundary wall with infrared motion detectors, monitored CCTV cameras, patrol vehicles, a 24-hour manned guardhouse and cell-to-gate access control for each development within it.

On completion Buh-Rein estate will offer 20 pocket parks with jungle gyms, 10km of pathways for running and cycling, a sports field and a clubhouse. It already provides residents with a daily shuttle service to the airport via the University of the Western Cape, to Cape Town via Century City and to Stellenbosch via Paarl.

MSP Developments won the 2010 South African Planning Institute Award for its creative, thoughtful design of Buh-Rein Estate

November 21 2014

SNAPSHOT Thirty spacious sectional title apartments — only nine units left Each with two bedrooms, full bathroom, solar geyser, patio with built-in braai and exclusive-use parking area

PRICING PER UNIT

Ground floor: R699,900 Second floor: R669,900 Top floor: R679,900

GET IN TOUCH

MSP Developments 021 914 6703 sales@mspd.co.za www.mspd.co.za www.buhreinestate.co.za

INVESTIGATIVE

November 21 2014

Is the NHBRC worth its salt?

Established in 1998, the National Home Builders Registration Council has a vision to be a world-class home builders’ warrantor, but 16 years on it doesn’t appear to be much closer to its goal. What can be done?

WORDS: TAMMY SUTHERNS :: PHOTOGRAPHS: SUPPLIED

T

he National Home Builders Registration Council (NHBRC) was established in terms of the Housing Consumers Protection Measures Act 95 of 1998, with the mandate to protect housing consumers who have been exposed to contractors who deliver substandard housing units, and to regulate the home-building industry. It is law to enrol a home with the NHBRC. In return, the council offers warranty cover for a variety of build defects in the primary structure. It also conducts quality inspections at various stages of construction.

Builders who deviate from the body’s Home Building Manual are given time to fix the problem, but if they ignore the NHBRC then construction is halted, a disciplinary process is followed and the builder may be fined. That is how it is meant to work, but the reality is quite different.

REALITY BITES Ten complaints against the NHBRC have been registered on the Hello Peter consumer advocacy website in the past year alone. One refers to water leaks in a newly built house, where a claim was allegedly rejected by the NHBRC because it could not get hold of the builder.

The housing consumer also claims that the NHBRC insisted that he search for the builder himself.

Another states: “After submitting a valid complaint against the builder, I am still waiting for feedback.

Numerous attempts have been made to get into contact with the person responsible, but to no avail.

In the meantime my house is falling apart. The NHBRC is quick to take your money but provides nothing in return.”

HomeFront spoke to another housing consumer who used the services of a builder registered with

the NHBRC. The source alleges that the builder did not waterproof the house correctly. Says the consumer: “We now have water damage to the interior of the house. I did engage with the NHBRC and followed the lengthy process. I was told that since I did not report the issue within the prescribed time frame — which is apparently three months from the date of occupation — the case would not be handled.” He adds that he “is not sure what they paid for as there are no benefits from the NHBRC”.

The NHBRC has confirmed that in the latter scenario the consumer ought to have reported the water damage within the three-month time frame. But this seems to contradict its warranty outline, which gives the warranty periods as three months on non-compliance, a year on leaking roofs and five years for major structural defects.

An NHBRC-registered

builder who spoke to us on condition of anonymity said he had heard of many instances where clients registered complaints with the NHBRC but saw no results. “The intention is good but the problem is the actual enforcement of the process. I do not think that the NHBRC is worth its salt,” he said.

We pressed the NHBRC to provide examples of housing consumers it had assisted in recovering the costs of buildings deficits under its warranty, but by the time of going to print it still couldn’t offer us a single reference.

LACK OF COMPETITION In February 2010, Biccari Bollo Mariano (BBM) Attorneys included in its newsletter a call to end “the NHBRC monopoly”.

The firm wrote: “We must report that many, many people have complained that the NHBRC is bureaucratic and ineffectual. A brief but apposite report has been compiled by the South African Property Owners Association [Sapoa] directed at the Department of Human Settlements which states as follows: ‘It would be in the interests of home builders to introduce a competitor to the NHBRC, in order for the home builders to avail themselves of another choice for insurance services, contractual terms and conditions, nature and limit

of coverage and premiums.

“Our experience in practice at BBM Attorneys is that the NHBRC desperately requires competition — the organisation fails to communicate, is slow in decision-making processes and its inspectors are not properly qualified. So we say yes to bringing in a competitor. The Housing Consumers Protection Measures Act 95 of 1998 actually prescribes the introduction of a competitor.”

Four years later and the industry is no closer to seeing a competitor, and Sapoa CEO Neil Gopal says that the body still holds the view that a competitor is necessary.

MONGEZI MNYANI, CEO, NHBRC

STRAIGHT TO THE TOP NHBRC CEO Mongezi Mnyani has offered housing consumers a chance to contact him directly if they have been to the NHBRC and have not received any response from his officials. E-mail him on ceo@nhbrc.org.za.

FROM THE CEO NHBRC CEO Mongezi Mnyani explains that it is law to enrol with the NHBRC and that it is important that builders conform to its norms and standards.

“People forget that there are consumers who have to be protected, and the only organisation that can protect the consumer is the NHBRC.” Pointing to the 302 disciplinary processes that it conducted in the past financial year and which resulted in the suspension of 202 building companies, Mnyani says the council is indeed doing its job.

“It shows that we are starting to take this matter quite seriously, and we are warning builders that they need to

INVESTIGATIVE

November 21 2014

“I think we are improving on that, because we are now monitoring it on a weekly basis from region to region.”

He says the council struggles with getting home builders to cooperate and that it is difficult to track offending builders or set up meetings between the builder and the housing consumer, as often the builder does not pitch, and this causes delays. He says the NHBRC is “pleading for better cooperation from builders, as well as better co-ordination among themselves, the home builders and the home consumers”.

respond to our noncompliance notices if they are issued with one, because we are going to take action against them and it’s not going to be nice. We are going to suspend their membership and they will not be able to do business again unless they have an NHBRC certificate,” he says.

Builders who have had their membership suspended will have to reapply.

Mnyani says consumers are the NHBRC’s first priority and are protected for five years: “The NHBRC will assess any defect and then come and fix that house at our own cost. The housing consumer does have recourse and that recourse is available only through the NHBRC.” MASTER BUILDERS SOUTH AFRICA (MBSA) The MBSA is another wellknown body within the building and construction industry. Operations director Pierre Fourie says the MBSA supports any structure that protects the consumer but is concerned that the NHBRC’s levies are too high. He says the industry is disappointed in the NHBRC for not establishing grading categories and criteria to encourage good building practices, and for not determining the criteria for grading and categorising home builders — as required in law — for the purposes of differentiating

l

PIERRE FOURIE, DIRECTOR, MBSA enrolment fees. The MBSA has always been a supporter of introducing a competitor in this sphere, Fourie says.

THE WAY AHEAD Mnyani acknowledges that the NHBRC’s recourse for homeowners is not always managed effectively. “It is an area that we have paid a lot of attention to, and this is why you will see so many builders that have been disciplined,” he says. “What we now need to improve is our turnaround time. I have seen that it takes a lot of time for issues to be resolved.

Two years ago the NHBRC began beefing up its regulatory powers.

In 2012-13 it adjudicated 103 cases against home builders.

By 2013-14 this figure had grown to 328.

Home builders’ offences included failure to rectify major structural defects, failure to rectify workmanship-related defects, failure to enrol homes and failure to attend to correspondence from the NHBRC.

“We are warning builders that they need to respond to our noncompliance notices if they are issued with one, because we are going to take action against them and it’s not going to be nice. We are going to suspend their membership and they will not be able to do business again unless they have an NHBRC certificate” Mongezi Mnyani, CEO, NHBRC

PROVINCES

SUSPENSION

NOT GUILTY VERDICT

GUILTY VERDICT — FINE IMPOSED

REGISTRATION WITHDRAWN

WESTERN CAPE

78

5

22

6

KWAZULU-NATAL

15

1

17

3

GAUTENG

23

1

15

5

EASTERN CAPE

14

1

37

5

MPUMALANGA

5

0

4

0

LIMPOPO

36

1

14

7

NORTH WEST

8

0

12

1

NORTHERN CAPE

4

0

2

1

FREE STATE

19

0

16

2

TOTAL

202

9

139

30

INVESTIGATIVE

November 21 2014

Will the R3m market bounce back?

WORDS: DAVID A STEYNBERG :: PHOTOGRAPHS: PAM GOLDING PROPERTIES

How and why did the R3m housing sector lead the market for more than a decade, only to drop below the other segments this year?

F

or the past 14 years the R3m-and-above residential price band has stayed well above the national average house price growth and those between the sub-R1m and up-toR3m markets. This year it dropped spectacularly from a year-on-year growth high of about 12% to below 5%.

Can it therefore be true that the R3m-and-above

segment is leading the residential market recovery, as was stated in Pam Golding Properties’ recently launched Residential Property Index?

To answer this question, it may be worthwhile taking a step back to understand the principles on which the index is based and how its methodology functions: it takes a basket of sales that have transacted at

least twice in the period under review and compares the selling prices.

These homes are then segmented into price categories, regions and property types to get a picture of the growth or lack thereof.

“The R3m price band led the market in terms of relative house price growth when comparing this to

the other segments within the index,” says chief executive Andrew Golding. “In looking to provide answers as to why this was so, it’s important to note that the index is unable to provide a statistically acceptable view on price bands above R3m, owing to the lack of sufficient repeat transactions to compare from a statistical point of view. So it may be that

National Price Bands — September 2014 Year-On-Year Price Growth 45% NATIONAL NATIONAL R2m-R3m NATIONAL R1m-R2m NATIONAL R1m NATIONAL R3m

40% 35% 30% 25% 20% 15% 10% 5% 0% -5% 2010

2011

2012

2013

2014

2014

INVESTIGATIVE

house price growth was in fact higher in these upper bands and anecdotally we believe this to be the case.

“The question is why did the R3m lead the way and perform ‘better’ than price categories below R3m.

“One view is that the R3m segment comprised a relatively higher proportion of cash sales than the lower price bands, such as R1m and R2m.

“The R3m price band is also significantly above the average selling price of a house in SA, which is in the region of R900,000, so it is an affluent sector in the market that can transact more on a cash basis relative to the R1m market.”

Had R4m, R5m and R6mplus markets been surveyed, a similar trend towards a higher cash-to-loan equity would have been observed.

Says Golding: “The R3m market was ready and able to transact, and in the process created some buyer demand relative to supply; therefore, house prices grew at a faster rate than other segments.

“The reason it has slowed down is that since the upturn it’s now easier to get a mortgage. Banks are competing for business and the initial growth in this segment is taking a natural breather as supply and demand fluctuate. There is still house price growth in this segment — it’s just not leading the pack any more.”

Owing to property’s long-term outlook, it should not concern those in the upper echelons of the housing market. Averaged over 14 years, properties in the R3m-and-above bracket have notched up value gains of 15% year on year.

But some players in the property game have cast doubt on whether the R3m-and-above market is leading the sector recovery.

“It is still largely the sub-R1.5m sector that is driving activity,” says Seeff

November 21 2014

chairman Samuel Seeff.

“There are obviously hot spots, such as Cape Town’s Atlantic Seaboard, City Bowl and Southern Suburbs, and the top-end areas of Sandton, such as Sandhurst, Hyde Park, Morningside and so on, where activity is buoyant, but it is still not anywhere near the boom levels of 2005 to 2007.”

The sub-R1.5m sector accounts for about 80% of all market activity, says Seeff.

“There can thus be no doubt that this is where the biggest demand, activity and price growth is taking place.

“Having regard to the flat interest rate — even accounting for this year’s 75 basis point hike and the relatively flat house price growth (once adjusted for inflation) over the past few years — this is where the value is.”

“The reason it has slowed down is that since the upturn it’s now easier to get a mortgage. Banks are competing for business and the initial growth in this segment is taking a natural breather as supply and demand fluctuate. There is still house price growth in this segment — it’s just not leading the pack any more” Andrew Golding, CE, Pam Golding Properties

He cites affordability and salaries increasing by between 6% and 10% over the past year as well as the massive growth in the black middle class.

“Not only now, but for the foreseeable future, this is the sweet spot of the market, and price growth is likely to outstrip that of the sector above this,” he says.

He agrees that this market is largely mortgage dependent and heavily influenced by fluctuations in the economy.

Property economist Erwin Rode believes that austerity measures are on the horizon for South Africans and that those in the affordable segment (houses below R600,000) will be hit hardest.

Says Rode: “Assuming the upmarket house prices are actually outperforming low-cost houses, it could be explained by the following phenomenon: the globalisation trend is worldwide the most cruel to low-income earners in the developed countries, as these relatively wellpaid workers now have to compete with a huge pool of hard-working low earners in Asia. This explains the growing inequality in the world, including even the egalitarian Scandinavian countries.

“Although SA is not a developed country, this trend also applies to us, as our working-class segment is uncompetitive relative to its Asian competitors, resulting in job losses in the private sector locally.

“Extravagant salary and wage increases in the public sector and bloating the government departments with ever-increasing numbers of bodies will also have to be curtailed soon.

“These measures will affect the lower end of the market more than the upper end. The prognosis for high-end houses should therefore be better.”

“It is still largely the sub-R1.5m sector that is driving activity” Samuel Seeff, chairman, Seeff

MARKET

November 21 2014

Investment or trophy?

Thanks to the rise in the number of super-rich individuals, the trophy home market shows no signs of slowing down WORDS: GRAHAM BARLOW :: PHOTOGRAPHS: PAM GOLDING PROPERTIES, SUPPLIED

“In general, urban real estate has been the biggest growth story over the past five years. Some recent research seems to corroborate what we are experiencing, which illustrates some interesting parallels and has some potential impact on our market too” Andrew Golding, Pam Golding Properties

G

eorge Mallory was a mountaineer, not an estate agent. He famously disappeared in 1924 while climbing Mount Everest. He reappeared, in a slightly chillier format, 75 years later, leaving the question unanswered to this day whether he was the first climber to summit Mount Everest before he tumbled to a premature death.

To Mallory, though, are attributed the three

most famous words in mountaineering history. When asked by a New York Times reporter, “Why climb Mount Everest?” his terse response was: “Because it’s there.” This non sequitur was paraphrased recently during my enquiries into the purchasing of houses over the R50m mark: no less than three of the responses amounted to: “Because I can.”

Understandably, these owners remain anonymous.

What is noteworthy is that

they all mentioned the word “trophy” when asked about their reasons for committing serious sums of money to a luxury property investment.

What drives the “because I can” mind-set? In my attempt to answer to this question, I focused on a geographic area that contains arguably the highest concentration of topend properties in SA: Cape Town’s Atlantic Seaboard.

Nine homes on the Western Cape’s Atlantic

MARKET

shoreline have sold for more than R50m since 2009, three of them this year.

Says Basil Moraitis, Pam Golding Properties area manager on the Western Cape Atlantic Seaboard: “This is a prime location for South African and international ultrarich buyers, particularly residential properties positioned high up on the mountain in Nettleton Road in Clifton, in Bantry Bay and Fresnaye, as well as the V&A Waterfront.

In fact the V&A Waterfront is becoming a prime location of choice for very high net worth buyers from the rest of Africa.”

Top-end sales concluded

by Pam Golding Properties range from R20m to about R100m.

All nine properties are highly desirable because of their location: there is no available land for expansion. The houses that line the Atlantic shoreline from the Waterfront area through Clifton and Bantry Bay to Camp’s Bay are in arguably the most prestigious seafront suburbs in Cape Town, and they demand uniformly high prices.

Buyers at the very top end of the market also always look for that something exceptional that is not easily replicated. Says Moraitis: “Iconic homes with unique features and that are well positioned on guaranteed view sites are sought after among very high-end buyers, who are prepared to pay a premium for the assurance of owning a property located in an elevated position, where their spectacular view is guaranteed and cannot be obstructed in the future. t “The Clifton bungalows, for example, are in demand for this reason, as in terms of zoning, the shape and size of the bungalows cannot be changed. These properties cannot be developed further, and this fact comforts the buyer.”

43% — the rise in the number of individuals with a net worth of more than $30m since 2009 R1m — the price

per square metre in New York luxury apartments

£6,000£7,000 — London

prices per square foot

November 21 2014

Who can afford these prices?

According to Andrew Golding, CE of the Pam Golding Property Group, the number of the world’s ultra-wealthy is rising rapidly. He quotes statistics calculated by private wealth analysts Wealth-X, which indicate that since 2009 there has been a 43% increase in the number of individuals with a net worth of more than $30m.

With wealth of that nature comes a combination of personal opportunity and the desire for potential capital growth. Wealth-X notes that these factors have transformed the prime global property market, fuelling demand for properties in the world’s luxury residential enclaves.

Says Golding: “Urban real estate has been the biggest growth story over the past five years. Some recent research seems to corroborate what we are experiencing, which illustrates some interesting parallels and has some potential impact on our market too.

Property in the world’s major cities defied, or speedily recovered from, the credit meltdown, even in some of the countries where it hit hardest. Strong price growth has been experienced in world-class cities throughout the world, from London and New York through to Shanghai and Sydney.

In New York, luxury apartment space sells for R1m a square metre, and in London, £6,000 to £7,000 a square foot. A number of recent press reports have commented on the rising property market in SA and in particular the manner in which the very top end of that market is performing.”

Trophy or investment?

Without a doubt, both factors are equally important when the super wealthy — local or foreign — eye the properties in the burgeoning South African luxury property market, which are the match of any in the world.

“The Atlantic Seaboard is a prime location for both South African and international ultra-rich buyers, particularly residential properties positioned high up on the mountain in Nettleton Road in Clifton, in Bantry Bay and Fresnaye, as well as the V&A Waterfront. In fact the V&A Waterfront is becoming a prime location of choice for very high net worth buyers from the rest of Africa” Basil Moraitis, Pam Golding Properties

PROPERTY

November 21 2014

St Francis Bay: the jewel in the Garden Route crown?

Property in St Francis Bay is on the up, and one local is even welcoming the proposal for a nuclear power station WORDS: GRAHAM BARLOW :: PHOTOGRAPHS: HARCOURTS REAL ESTATE

T

he Garden Route that meanders along the South African southeastern coastline could be said to have its easterly start in St Francis Bay. Located about 80km west of Port Elizabeth, the attractions of the beautiful coastal settlement are such that many tourists could be forgiven for arriving, admiring, putting down roots there and giving the rest of the trip to Knysna a miss.

Although the town was named as early as 1575 by Portuguese sailors for the eponymous St Francis, patron saint of sailors, little changed over the following centuries.

(The fortitude of these early sailors is above question, but not their sanity; why on earth would they have continued their perilous journeys having discovered paradise?)

It was only in 1958 that St Francis Bay as we know it started to take shape.

A small fishing camp was established by one of the Eastern Cape’s earliest property entrepreneurs, Leighton Hulett, on local

farm Goedgeloof, and with his eye on the future he set up building standards that were meticulously enforced.

This insight has helped form the character of the town, and (to quote the St Francis Bay portal) resulted in “the unique white-walled thatched hamlet of St Francis Bay”.

Hulett’s history is synonymous with that of the developing St Francis Bay, and he continued his property and commercial development over the next decade and a half.

Buying up the land on the banks of the Kromme River in 1968, he initiated the work on the canals in that area that now frame one of the most prized areas of real estate in the country. A house with its own private jetty, and fishing from the front lawn? Paradise indeed.

St Francis Bay has expanded around the clear waters of Port St Francis, and the thatched cottages are now bracketed by the crisp lines of Tuscan villas, and apartments, simplexes and flats have sprung up in the Marina Area, Santareme

and Otter’s Landing. As a seaside town, St Francis Bay has a reputation for being all things to all people. It caters for young and old alike. With a Mediterranean climate it escapes the humidity of KwaZulu-Natal, but lest you think the weather is always balmy and predictable, locals take a perverse pride in the occasional east coast storms that are the wave surfer’s delight, with predominant westerly winds.

The local tourism board puts it as follows: “Sportsmen and women, nature lovers and families have plenty to choose from. With more than 50 different sports and outdoor events available from fishing, surfing, squash, kiteboarding, windsurfing, biking, hiking and trail running.” Not to mention the two golf links — one of which was designed by Arnold Palmer — that boast housing that is based on Hulett’s initial standards, with the added security of estate living.

For those more interested in wildlife, there are numerous small nature reserves,

“We have had extensive wind farms built over the preceding years, and the property market has thrived. The building of a nuclear power station will continue to drive the market. The property market has improved and changed to a seller’s market” John Cooper, Harcourts Real Estate, Eastern Cape including the celebrated Irma Booysen Nature Reserve near the Cape St Francis headland.

Controversy, though, has reared its head. Located on the west side of the peninsula on the border of the Rebelsrus Private Nature Reserve is a rocky promontory called Thyspunt, mooted as one of the sites for SA’s nuclear power station programme. An environmental survey done by Eskom with the government’s backing has pointed to Oyster Bay as being the ideal location.

Now, with governmental discussions with international service providers in the full media spotlight, development looms. How might this affect St Francis Bay? John Cooper, business owner of Harcourts Real Estate for the Eastern Cape area, including St Francis

Bay, is forthright in his views: “St Francis Bay needs this power station, and the country needs the power.”

How has the property market responded? “We have had extensive wind farms built over the preceding years, and the property market has thrived. The building of a nuclear power station will continue to drive the market.

The property market has improved and changed to a seller’s market. There are fewer distressed sellers and fewer sellers withdrawing properties from the market.

“There has been increased interest in vacant land for the first time in many years, and many professionals have already invested in St Francis Bay pending developments in the area. Cash sales have increased tremendously.”

Apart from the inflow of permanent workers, St Francis Bay rates high as a town of choice for a second home. Accessible through Port Elizabeth as well as being served by the N2, it is centrally placed to all major South African cities. Says Cooper: “Interest is very high in the R1.8m to R2.5m price range, especially on the canals, although you won’t find a property there under R3m. There is interest from developers in vacant land too.

St Francis Bay is booming.”

If you were thinking of St Francis Bay as a working or holiday destination, or a potential retirement area, it would be advisable to get moving. You certainly won’t find a more attractive or multifaceted town on our coastline.

News (TO BE FILLED IN BY Bday)

November 21 2014

Bishopscourt property values rise

B

ishopscourt sales volumes and value for 2014 more than doubled year on year. This is according to Ingrid McFarlane, Seeff’s agent for the suburb.

With about 33 sales valued at R445m recorded

for the period, compared with last year’s 16 sales (R164m), the market is back in positive territory.

The average price of R13,5m for properties in the posh Cape Town suburb was up by 32% from the average of R10.2m achieved last year.

PGP Gardens on Show raises R162,000

T

he recent Pam Golding Properties Gardens on Show event raised R162,000 for charities in East London, up from the R107,000 achieved last year.

“We were overwhelmed by the extremely positive response from members

of the public who showed such interest in the beautiful gardens on show and who fully supported the local charities,” says Hanlie Bassingthwaighte, area principal for Pam Golding Properties in East London.

De Velde Somerset West bags international award

B

alwin Properties’ De Velde development in Somerset West has walked away with an Arabia and Africa International Property Award. De Velde comprises more than 1,400 sectional title homes that have been designed to maximise privacy and optimise space.

The units include good finishes and eco-friendly appliances.

One-bedroom, onebathroom homes at De Velde are priced from R649,900 and rent from R5,000 a month; two-bedroom, twobathroom homes start at R1,049,900 and rent from R7,200 a month; and threebedroom, three-bathroom homes are priced from R1,299,900 and rent from R9,400 a month.

Table Mountain National Park property on the market

A

21ha private mountain eco-reserve in the Scarborough region on the Cape’s southern peninsula has come onto the market for the first time in more than 35 years. Priced at R7.5m, the reserve falls within the boundaries of Table Mountain National Park.

Nolan Wood and Leonard Geffen, Seeff’s Hout Bay and Llandudno agents who are marketing the property, describe it as a rare listing.

With just more than 20ha of pristine fynbos on a mountaintop plateau, with views across the fynbos landscape and out to Misty Cliffs and the Atlantic Ocean, the property is accessible by helicopter or via a 4x4 trail.

Built of stone, the residence on the reserve includes three bedrooms, a lounge with a fireplace, a kitchen with breakfast nook, and a onebedroom manager’s flat with a kitchenette and living area.

Electricity for the property is provided by a windpowered generator, its water is sourced from a mountain spring and solar panels are used for heating the water.

INVESTIGATIVE

November 21 2014

Global property funds feed local investor appetite The benefits of offshore exposure through global real estate funds are many WORDS: ANNA-MARIE SMITH :: PHOTOGRAPHS: GROWTHPOINT, ISTOCK

“Yields in the offshore space are comfortably above the local bond yields and cash yields. In SA, property yields are below bond yields and at similar levels to cash yields.

We are looking at about 7% earnings growth in the offshore space in dollar terms, and about 8.5% earnings growth in SA in rand terms” Keillen Ndlovu, head of Stanlib Listed Property Funds

L

ocal investors are increasingly able to access international property funds that offer valuable currency diversification as well as geographic and sector spreads in low-interest environments. Relative to local property funds, global exposure offers inflationbeating income yields that exceed bonds and cash.

Investors who commit to long term-exposure through income-generating asset bases via global listed and real estate investment trust (Reit) funds, either on regulated exchanges or unlisted real estate fund exchanges, also access highly liquid, taxefficient investment vehicles.

A number of international funds facilitate direct and indirect exposure to large property owners, including Growthpoint and Redefine, which own considerable offshore assets and are dually listed on the JSE and world stock exchanges.

Wealth advisers who recommend the flexibility and consistent income returns of property funds, such as the Catalyst Global Real Estate PSG Feeder Fund and the Stanlib Global Property Feeder Fund, say these funds reduce portfolio volatility and provides investors a rand hedge alternative to foreign title deeds.

Keillen Ndlovu, head of Stanlib’s listed property funds, says the bank’s international property funds are “easy to access”. They

are available in two formats and target mainly developed markets and some emerging markets. He says the randdenominated Stanlib Global Property Feeder Fund gives investors exposure to global markets by using a local bank account, with a minimum

investment of either a lump sum of R5,000, or a monthly debit order of R500.

The dollar-denominated Stanlib Global Property Fund is suitable for investors who hold offshore bank accounts or offshore allowances, and requires a

minimum investment of $2,500 and a minimum subsequent investment of $1,000. Depending on which banks are used, the funds are available between two to six days.

The positive benefits of currency diversification are

illustrated in the performance of global funds relative to SA. Says Ndlovu: “Offshore property has done well, and has delivered total returns (income and capital) of 18% (in dollar terms) and 26% (in rand terms), with the higher rand returns owing to its depreciation against the dollar so far this year.” He says that although offshore property outperformed the local sector, South African property has not fared badly, having yielded total returns of 21% (in rand terms) and 12% (in dollar terms) in 2014.

Ndlovu believes offshore property will outperform its local counterpart in the next three years, as office, retail and industrial sector fundamentals look better

Stanlib Global Property Fund exposure EUROPE 9.04% UK 7.64%

OFFICES 17.4%

RESIDENTIAL 16.41%

AUSTRALIA & NEW ZEALAND 7.01%

JAPAN 5.48% HONG KONG 5.34%

INDUSTRIAL 8.81%

BY SECTOR

BY REGION CASH 3.9%

HOTELS 2.1%

CASH 3.9% SINGAPORE 2.89% SOUTH AMERICA 1.19% EMERGING ASIA 0.5%

DIVERSIFIED 20.78% RETAIL 30.6%

(Source: Stanlib, Bloomberg, November 2014)

NORTH AMERICA 57.01%

INVESTIGATIVE

offshore. Investors also benefit from the broader exposure of offshore funds to other sectors not available locally, such as farms, data centres, prisons, residential, healthcare and service stations. “This is over and above exposure to the multitude of countries, including the US, Australia, Japan, Singapore, Hong Kong, the UK and Germany.”

Investors in search of healthy returns in low interest rate environments, in some cases with limited geographic spread, such as in the UK, are seeing a steady market recovery after the record low interest rate of the past five years. Predictions for improved income growth are based on gradual interest rate rises in the wake of the 300-year interest rate nadir that was reached after the Bank of England cut the base rate to 0.5%.

Real estate specialist Henley Global Investors, whose Henderson UK Property fund was rated best larger fund in the Money Observer 2014 awards, predicts a recovery in the occupier market and potential growth in the rental sector.

The optimum geographic spread available via the Catalyst Global Real Estate PSG Feeder Fund, with a medium-risk indicator, requires an initial lump sum investment of R2,000.

A global fund domiciled in SA, it offers investors exposure to at least 10 other currencies in rand terms, via the Catalyst Global Real Estate Fund, with a diversified sector spread dominated by retail and offices, and a 13.75% holding in residential stock.

On the future income growth of global funds, Ndlovu says: “Yields in

November 21 2014

the offshore space are comfortably above the local bond yields and cash yields. In SA, property yields are below bond yields and at similar levels to cash yields. We are looking at about 7% earnings growth in the offshore space in dollar terms, and about 8.5% earnings growth

in SA in rand terms.”

The international real estate market can be volatile in the short term, as can the rand. Ndlovu says that historical returns are not an indication of future returns, and that investors who intend to diversify through listed property are encouraged to take a three- to five-year view.

Stanlib global property feeder fund - A 275

275

250

250

225

225

200

200

180

180

160

160

140

140

120

120

110

110 2010

2011

2012

2013

2014

“Global property will outperform local property over the next three years as office, retail and industrial sector fundamentals look better offshore” Keillen Ndlovu, head of Stanlib Listed Property Funds

New addition to New York’s skyline It may have taken far longer than expected to build, and cost a lot more than originally thought, but the One World Trade Centre in New York is a one-of-akind architectural masterpiece WORDS: LEA JACOBS :: PHOTOGRAPHS: JONATHAN PERCY/FLICKR

Predictions for improved income growth are based on gradual interest rate rises in the wake of the 300-year interest rate nadir that was reached after the Bank of England cut the base rate to 0.5%

T

here are moments in life that are so unbearably shocking that the memory of the event is forever branded in our being, and so intense that we will always remember exactly where we were and what we were doing when we heard the news.

This was certainly the case when a group of terrorists flew commercial airliners into the Twin Towers in New York. The question on everyone’s mind at the time was whether the US and its people could bounce back from an attack that took place in the heart of one of the most famous cities in the world and that cost nearly 3,000 people their lives.

It’s been 13 years since the attack and nine years since construction began on One World Trade Centre, and although it hasn’t been officially opened, tenants started moving in on November 1 this year.

The 104-storey building is≈adjacent to the September 11 memorial, measures a symbolic 1,776 feet (about 541m; 1776 was the year the US adopted its Declaration of Independence) and is estimated to have cost about $3.9bn.

Touted as the safest building in the US, the glassand-steel structure includes about 6,130m2 of office and retail space, of which 60% has already been leased.

The safety of those working in the high-rise was always going to be an issue and the developers have gone all out to ensure that the building can withstand an attack, be it from the air or at ground level.

They have created a 20-storey base (known as the Podium) using iCrete, a type of cement that can withstand a force of 2,812kg/cm2 or a 680kg car-bomb. The product has also been used to reinforce the elevator shafts, which in places measure 1m thick. The building has also been shrouded in blast-resistant glass.

The developers have installed 71 lifts that not only transport visitors and workers at a stomachdropping 610m a minute, but also limit areas of entry via a unique recognition system that will allow passengers to alight only at floors where they are authorised to be.

Evacuation routes have also been improved. All the stairwells — including one dedicated to emergency services personnel — are pressurised with their own air supply that, thanks to the biological and chemical filters used in the ventilation systems, will continue to pump out clean air even in the event of a fire.

The emergency lighting has multiple backup systems that will keep the lights on in the event of a disaster.

Those who lost their lives on September 11, 2001 have not been forgotten either: the tower’s observation deck — which will be opening at a later stage — is set over two storeys from levels 100 through to 102, at the same height as the original Twin Towers.

The Manhattan skyline has once again been transformed.

The 104-storey building is adjacent to the September 11 memorial, measures a symbolic 1,776 feet (about 541m; 1776 was the year the US adopted its Declaration of Independence) and is estimated to have cost about $3.9bn.

News (TO BE FILLED IN BY Bday)

November 21 2014

A Darling wine at a darling price Not typically produced, not typical in taste WORDS: KATY CHANCE :: PHOTOGRAPHS: SUPPLIED

T

he Darling Wine of Origin district, which came into being in 2003, falls within the Cape Coastal Region, where the “cool and temperate West Coast climate” leads to the cultivation of “unique grapes” which, Darling Cellars says, “guide us into even more unique wines”.

Darling Cellars as a brand was created in 1996, but wine has been produced there for about 60 years.

The winery’s state-of-theart winemaking and bottling equipment is in direct contrast to their vineyards, which are 95% bush vines, untrellised and essentially left to take whatever gnarled route nature decides for them. The vines and are more than 30 years old and they are unirrigated, so the stressed vines “fight harder” to bear their fruit.

“We are dry-land bush vines and machine harvest is not possible,” says the estate’s cellarmaster, Abe Beukes.

“Consequently our vines are labour intensive, but the low-yielding vines mean a great fruit concentration.”

Darling Cellars has been making a Blanc de Blanc — 100% Chardonnay — Brut Cap Classique since 2008.

I often find a Blanc de Blanc bubbly to be too green; while the acidity is great, they often lack the warm, bready mouthfeel of other méthode cap classiques (MCC), but not this one. While it has the expected citrus on the nose and zesty lemon and lime finish, it hasn’t forgone any of the requisite toastiness on the palate, owing to it spending up to 18 months on the lees, which gives it an indulgent creaminess.

The grapes for the wine come from a single bloc

known as the Granary, which is fitting as grain is part of the region’s farming identity.

“We are not a vineyard from mountain to mountain,” says Beukes, “and owing to our vineyards being interrupted with wheat, we need not spray pesticides.”

Not only requiring manual labour in the vineyard, with the Chardonnay grapes being hand-harvested at optimal ripeness for an MCC — “a little higher in acidity and not overripe, to preserve the natural acidity and have a low alcohol (12%)” — the bottles are also turned by hand in the cellar.

Despite all this value-add, I purchased a bottle for just R75 at my Pick n Pay, although Beukes says Makro puts the average price at R85.

Either way, it’s a bubbly that punches considerably above the weight of its price-point.

Fourways readies for more investment

M

assive infrastructure development and new residential and commercial property projects on the go are making the greater Fourways area one of Johannesburg’s fastestgrowing nodes. This is according to Andrew Golding, chief executive of the Pam Golding Property Group, who says the growth of the region has been little short of astonishing.

“This is having a significant impact on the property market in the area,” says Golding. “Pam Golding Properties Fourways’ office has reported a 43% improvement in sales turnover this year when compared with 2013 and a 22% increase in the number of property units sold. It is not surprising that it is now becoming known as the ‘Sandton of the North’.”

Fochville attracts younger buyers Steyn City, which has been accompanied by a R900m road upgrade along William Nicol Drive from Uranium Street through to Erling Road, has spurred interest in the many upmarket lifestyle estates in the area.

Also noteworthy are the additional infrastructural upgrades, such as the R73.9m spent on sewerage system improvements and a new water reservoir for R35m.

Golding says there are probably a number of consumers waiting for the road upgrades to be completed before committing to buying property in Fourways. “However, it is clear that there is generally a growing confidence in all areas of the local economy, including the residential property market. This points to an exciting future for the Fourways property market.”

C

onsumers between 18 and 35 years old account for 31.18% of home buyers in Fochville, catching up with those between 31 and 45 years old, says Willie Roeland, broker/owner of RE/MAX Style Properties, whose office operates in the Fochville area, west of Johannesburg.

He says that Generation X housing consumers represent about 38.71% of recent buyers in the town.

Says Roeland: “The more established family buyers are leading the market in Fochville, but many younger buyers are eager to get into the market as soon as they can. They understand that the market is changing in favour of sellers and they need to take advantage of the market environment while they can.”

Of the properties sold between October 2013 and September 2014, about 44.6% were bought for less than R400,000, and about 37.6% were sold for between R400,000 and R800,000.

The average price of a freestanding home in the area is R586,000, and the average price of a sectional title unit there is in the region of R504,000.

Of the properties sold between October 2013 and September 2014, about 44.6% were bought for less than R400,000, and about 37.6% were sold for between R400,000 and R800,000

F OLLO W U S I N PRI N T O R O N LI N E

LH208

BRYANSTON, SANDTON, GAUTENG  R12,9-MILLION This home truly caters for all. Six bedrooms, six bathrooms (five en-suite), formal lounge, family lounge, gourmet kitchen and a dining room leading to the patio with built-in braai. Suited to your every entertainment need, there is a games room complete with in-built bar. Upstairs, in addition to the bedrooms, is a study area and cosy pyjama lounge with fireplace. The entire upper level is fully protected against intruders. The master suite features a walk in dresser, shoes and handbag closet, a large bathroom with underfloor heating and a private balcony. Plus a tennis court, garden fire-pit, staff accommodation, second kitchen by the pool, five garages and so much more.

Mileva Despot +27 (0)76 394 3936 ww.ahprop.co.za web ref: ADHS-0604

LH236

ATHOLL, SANDTON, GAUTENG  FROM R16-MILLION For lovers of contemporary architecture, art and design, this house offers a sound real estate investment and a luxurious lifestyle. It features six themed bedroom suites with views, a designer kitchen with underground pantry, cold room and dumbwaiter, plus a Santorini-style cocktail bar and braai entertainment area, all opening up to a lush tropical garden with swimming pool, rock pool and wooden pathways and hideaways that will delight you. Walk through an eco-friendly house featuring imported Italian tiles, vertical gardens, wine cellar, a large library and a sun-drenched rooftop garden. The exploration ends in a separate Mews-style cottage with two bedrooms and a stroll out onto a balcony in the trees.

Terry Sack +27 (0)83 607 4533 www.ahprop.co.za web ref: ADHS-0011

LH308

VLAKFONTEIN, LANSERIA, GAUTENG  R22-MILLION Sprawled over ±23.5ha, some 5km from the Lanseria International Airport lies this magnificent Country Tudor-style home. It offers four deluxe bedrooms and four bathrooms (three en-suite and the MES with a private dressing room). The lower level consists of an entrance hall and marble staircase to a formal lounge with Rhodesian teak flooring, a dining room and family room – all flowing to a river-fronting patio. The chef’s kitchen is complemented by a walk-in cold room, scullery and laundry. Two private studies and a guest suite round off the offerings of the main residence. However, the property also offers a fisherman’s hut as well as a separate two-bedroom residence with one bathroom, an open-plan reception and kitchen. There is plenty of parking for all.

Lauren Joan-Wilmot +27 (0)84 580 7805 lauren@ahprop.co.za www.ahprop.co.za web ref: ADHS-1184

HOMEFRONT

Marketplace From sea to suburb to city, the country’s most beautiful homes await you

Construction has commenced, for completion Mid 2016

Inspired by the ever-changing ebb and flow of the tides, Azure on Big Bay Waterfront refreshes the senses, revitalises the spirit and reveals a new kind of lifestyle from the everyday norm you’ve become so accustomed to. Located along the popular shores of the West Coast, merely 280 meters to one of the most sought-after beaches and 20 minutes from Cape Town, Azure on Big Bay Waterfront promises a flawless existence that answers your every idea of paradise.

Conceptuailsed as an idyllic fusion of contemporary living and small town comfort and charm, Azure on Big Bay Waterfront offers all the modern luxuries of city living contextualised by the untamed ocean and exquisite views of Table Mountain and Robben Island.

Contact: 021 554 0033

www.pamgolding.co.za/azure • www.azureonbigbay.co.za

10312

Be more savvy when buying a home

MAKE

ONLINE BOND APPROVAL WITHIN HOURS HAPPEN • Apply anytime, anywhere • Just go to nedbank.co.za/homeloans, call 0860 911 007 or SMS “Bond” to 30755 and one of our consultants will call you back • We’ll assist you through the whole process Terms and conditions apply.

Nedbank Ltd Reg No 1951/000009/06.

Authorised financial services and registered credit provider (NCRCP16).

ABOUT THE DEVELOPMENT Nestled in the fertile Breede River Valley, the charming town of Ceres has become world-famous for its exportquality fruit, breathtaking scenery, warm hospitality and wonderful lifestyle and leisure options.

Nestled between the town and its craggy mountains you’ll find the Ceres Golf and Country Estate – complete with its own designer golf course, health spa, wellness centre, equestrian centre with squash court and excellent facilities.

The alpine-like setting, rural tranquility and superb quality of life on offer at the Estate make it a prime destination for those seeking a healthier, happier, more fulfilling lifestyle.

SELLING FROM R660 000 CONTACT DETAILS Di van Graan 082 569 2429 Derick du Toit 083 440 7868 www.pamgolding.co.za/ceres-golf-estate

UMDLOTI

R15 300 000

Mediterranean Villa. Oozes elegance, grace and charm. Luxurious accommodation. Marble tiles throughout. State of the art Caesar stone kitchen.

Tiered patios lead around garden and pool. Boasts 180 degree sea views.

Beds 6 : Baths 6 : Garages 4 Beverley Vrieling 083 684 5033

Web Access: 1UG1195121

UMHLANGA

R8 250 000

Stunning Beachfront unit. Interior designed with upmarket furniture. Wrap around balcony.

Two Lounges, dining room & granite kitchen. 180 degree spectacular sea views. This is without a doubt one of the highest demand complexes.

Beds 3 : Baths 2 : Garages 2

Web Access: 1UG1196693

Ellmarie Spencer 083 256 4381

www.pamgolding.co.za | m.pamgolding.co.za

UMDLOTI

R14 000 000

Umdloti’s Finest. Set in a commanding position with sweeping sea views this modern Balinese home boasts both space and practicality, with loads of space including a beautiful guest apartment.

Beds 4 : Baths 3.5 : Garages 4

Web Access: 1UL1166686

Henriette Holtzhausen 083 777 3354

Plattekloof

www.pamgolding.co.za/plattekloof

Western Cape

CONSTANTIA RURAL

R9.9 million

CLAREMONT UPPER

R6.79 million

MOUILLE POINT

R3.3 million

Stunning gem in desirable area. This awesome family home abounds with positives offering 6 bedrooms, 7 bathrooms, entertainment family room, flowing tropical pool and patio plus connecting bar. Separate teenage cottage is so private you hardly notice that they are there.

Bedrooms: 6 Bathrooms: 7 Garages: 2 Web Access KW1192780 Anthony Snyman 083 621 1279

Loads of accommodation, conveniently situated a-hop-and-askip from top schools and Cavendish. This beautiful family home offers 5 bedrooms, all en suite, reception rooms, entertainers eat-in kitchen, staff accommodation and 5-car garaging.

Bedrooms: 5 Bathrooms: 5 Garages: 5 Web Access KW1193636 Sharon Ellis 082 467 9991

Perfectly positioned on the Mouille Point Mile. Very spacious apartment close to the V&A Waterfront. Views of the mountain, stadium, Metropolitan Golf Course and the Urban Park. Plus bonus of a secure parking bay.

Bedrooms: 2 Bathrooms: 2 Parking: 1 Web Access AS1194441 Melanie 083 653 9297, Linda 082 556 9990, Jenny 082 808 9495

GREEN POINT

SIMONS TOWN

FISH HOEK

R9.5 million

R4.6 million

R1.995 million

Sought-after address. Elegant family home in excellent location. Lots of extras include spa bath, heated towel rails, underfloor heating, American shutters and one of the best views on the Atlantic Seaboard.

Price excludes VAT. Bedrooms: 4 Bathrooms: 4 Garages: 2 Web Access AS1049031 Mandy Mitoulis 082 368 4218, Marlene van Duuren 082 569 4657

Charming original farmhouse. Turn of the century farmhouse lovingly restored. Large verandahs and beautiful gardens with breathtaking ocean views.

Bedrooms: 3 Bathrooms: 3 Garages: 2 Web Access SIM1195853 Rosalie Jack 083 658 4187, Alan Dunlop 083 415 4505

Highlands – Reduced to sell. Stunning views over the whole of the Fish Hoek Valley and False Bay. This immaculate apartment is in a small, well run block consisting of 2 bedrooms, 2 en suite bathrooms, kitchen, lounge/ diningroom and a double garage.

Bedrooms: 2 Bathrooms: 2 Garages: 2 Web Access FH1189667 Graham Hartley 073 491 4759

BLOUBERGSTRAND

BLOUBERGSTRAND

SHELLEY POINT

R12 million

A rare find. This stylish property with the waves at your doorstep is the epitome of luxury. Seven year old architecturally designed family home with internal elevator offers generous accommodation flowing onto sundrenched terraces overlooking the endless views of the Atlantic Ocean.

Bedrooms: 4 Bathrooms: 4 Garages: 2 Web Access 1TV1191595 Lizzy Botha 083 300 0093, Emarie Campbell 083 601 0822

R6.9 million

Gracious family home. This charming open-plan home offers everything that discerning owners would expect from a beach front home in the Cape.

Beautiful views of the sea, Table Mountain and Robben Island. Spectacular sunsets to be enjoyed from the pool patio and terraces.

Bedrooms: 4 Bathrooms: 3 Garages: 3 Web Access 1TV1196069 Rosemary Louw 082 743 5915

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 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

R5.995 million

Simply stunning residence. This triple-storey home is positioned at the highest point in Shelley Point and, as such, commands the most breathtaking vistas. Surrounded by views of the bays and the lush golf course laid at your feet, this contemporary residence is simply stunning.

Bedrooms: 4 Bathrooms: 4 Garages: 4 Web Access LA1190687 June Perrett 082 419 0098

WATERFALL EQUESTRIAN ESTATE • POA TRUE ELEGANCE RESIDES IN THIS ARCHITECTURAL MASTERPIECE. The sun rises and sets with an opulent flair in this extra ordinary home perfect for the executive family, highlighting the magnificent steel and glass structure masterfully crafted to cater for every aspect of contemporary living in a peaceful environment. It goes without saying that this home boasts a plethora of stylish and magnificent rooms and superb features including a Japanese Teppanyaki bar, underground sound proof theatre, wine cellar, gourmet kitchens, art studio, private spa, double self-contained guest suite, managers flat, quadruple en-suite staff accommodation, basement parking, sunken tennis court. You will just need to come in surround yourself with its spectacular setting and view this magnificence first hand with all its treasures.

GARETH OSTERLOH 072 382 8914 • garetho@everitt.co.za • 011 463 2033

WEB WEB REF:REF: 3140053 3240904

WEB WEBREF: REF:3140053 3236497

TOKAI • R 8 950 000 ENTERTAINER’S DELIGHT IN SECURE ESTATE This well designed family home has ample space for the family to live and entertain! 4 En-suite bedrooms, a study, bar room, family room, open plan lounge, dining room, kitchen and 3 garages. Living area opens up to enclosed sun room overlooking a swimming pool.

MARION BOLTON 082 408 5041 SALLY GRACIE 083 459 9523 • 021 712 5029

SIMONSTOWN • R5 995 000 PARADISE FOUND Tucked away on over a lush quarter acre (1444m²) in sought after Harbour Heights of Simonstown. 4 Bedrooms, 3 bathrooms (2 MES) and a separate self-contained cottage. Living and dining areas opening out onto covered patios. Double garaging, secure parking and alarm.

SCOTT TAIT 076 156 2619 • scott@everitt.co.za 021 784 1630

-

3140053 WEB REF: 3238167

GREEN POINT • R 15 500 000 STYLISH, SLEEK AND SOPHISTICATED This home offers you the opportunity to buy your dream home in the making. This house has been designed to draw in natural light with glass doors leading out onto your outside entertainment area with a sparkling pool.

PETRICK FOURIE • 083 443 1929 • petrick.fourie@everitt.co.za 021 434 8755

WEB REF: 3178385

LINDEN • R3 250 000 A DESIGNER DREAM HOME An immaculate 3 bedroom, 2 bathroom dream home with an upstairs studio which has its own entrance, bathroom and kitchenette. Every room in the home is sublime, from the dramatic entrance to the patio and pool. A designer granite kitchen, 3 fireplaces and underfloor heating. The main bedroom has its own fireplace, dressing area and spacious en-suite bathroom.

Landscaped garden with a beautiful water feature. Double automated garage. Small guest cottage/staff quarters.

ESTRELITA 072 264 6347 estrelita@everitt.co.za KARIEN 082 808 2151 karien.vdm@everitt.co.za 011 801 2500

WEB REF: 3238939

WEB REF: 3209088

BEDFORDVIEW • R5 480 000 THIS RESIDENCE WILL ENVELOPE YOUR FAMILY IN LUXURY! This immaculate, well-appointed 4 bedroom residence offers generous accommodation in tranquil surrounds. Boasting 4 open-plan receptions, entertainment room with fitted bar, potential self-contained cottage/work-from-home accommodation.

NATALIA 072 392 8421 • natalia.dias@everitt.co.za LUZ 082 444 9763 • luz.vazanna@everitt.co.za • 011 453 5599

BEDFORDVIEW • R 14 800 000 PALATIAL HAVEN FOR THE CONTEMPORARY ENTHUSIAST! This residence presents 4 regal bedrooms (all en-suite) with sumptuous bathrooms, to finely-honed receptions and grand entrance hall.This residence is an entertainment spectacle to be admired with an extravagant kitchen to dine and excellent security.

NATALIA 072 392 8421 • natalia.dias@everitt.co.za LUZ 082 444 9763 • luz.vazanna@everitt.co.za • 011 453 5599

WEB REF: 3231010

WEB REF: 3203506

PLETTENBERG BAY • R7 500 000 LOOKOUT BEACH This is an exclusive opportunity to own one of the most prestigious, luxurious houses adorning our beautiful bay. This home is definitely for the executive who enjoys the finer things in life. Magnificent uninterrupted views overlooking the majestic Lookout Beach.

BOBBY AND DI ROGERS 084 033 0316 • di.rogers@everitt.co.za 044 533 5250

GREEN POINT • R7 495 000 PRIME POSITION WITH PANORAMIC VIEWS This gorgeous and cozy 3 bedroom, 2 bathroom 200+ sqm² home is one of 2 units and is located in a sought after street in Green Point.

The house is the perfect size for a family with children, the home offers more than enough room to entertain both inside and out.

PETRICK FOURIE • 083 443 1929 • petrick.fourie@everitt.co.za 021 434 8755

-

WEB REF: 3033933

PECANWOOD • R2 800 000 LARGE WELL PLANNED HOME Open plan lounge, bar with sliders onto covered patio with braai, dining room, kitchen with sliders onto patio and pool. Pantry and separate laundry and scullery. Entrance hall leading into study. 3 Bedrooms and 3 en-suite. Guest WC. Granny flat and 2 garages.

ANNETTE 083 652 4033 • annette@everitt.co.za DEREK 083 653 3200 • derek.whitfield@everitt.co.za

WEB REF: 3239774

PLETTENBERG BAY • R6 995 000 KEURBOOMSTRAND Dual Mandate. This elevated house in Keurbooms boasts some of the best ocean views in South Africa. So sit back and enjoy the whales and dolphins while they play in front of you. A World class position.

DEON WESSELS 076 608 6038 • deon.wessels@everitt.co.za 044 533 5250

ADVERTISING FEATURE

November 21 2014

The ball is in your court It’s your retirement

S

eptember 2014 saw the start of the construction phase of Summerley Court in the Southern Suburbs of Cape Town. Says the spokesperson for the managing agent/developer, LifeTides Retirement Lifestyle Consulting group: “Conscious of our surroundings, we have

focused on environmental issues in the design of this over-50s apartment lifestyle development.

“In time the cascading vertical gardens enveloping the building will become a landmark feature in Upper Kenilworth. Rejuvenating what was previously The Palace

Hotel and, more recently, corporate offices, the development now integrates a number of energy-efficient design concepts. North-facing apartments are cooled by the vertical gardens, with some apartments having sliding shutters to help reduce the heat load into the

apartments; a central geyser and heat-pump system reduces electricity consumption; dual-flush systems in the bathrooms save water; and a white-sheeted roof design reflects heat and reduces heat transfer into the building.”

A sectional title ownership retirement property

ensures that home owners, as members of the body corporate, continue to be part of the decision-making process in conjunction with the on-site management team, which guides them in terms of the Housing Schemes for Retired Persons Act. “Summerley Court members will retain a substantial level of input into the well-being of their investment and in the decision-making process,” says the LifeTides spokesperson.

“Members will also benefit from in-apartment care and hotel services, such as cleaning, laundry and personal assistance. The ‘managed care levy’ approach allows members to personally tailor services as and when they require them.”

For those who may require a greater level of care, the Summerley Court healthcare wing will offer assisted-living and frail-care suites with 24-hour nursing and medical assistance.

“Become a member at Summerley Court and come dine with us, surrounded by mountain vistas from our clubhouse on the sixth floor” LifeTides spokesperson

CONTACT:

For more information about LifeTide’s Summerley Court, visit www.summerleycourt.co.za today.

Morningside – R20.99 million

There is a difference between a mansion and a masterpiece. This home, offers grand scale entertaining and family living. From the sumptuous double volume entrance hall you will be drawn to the oversized entertainment area. Set on almost 3600 m2, this beauty has 6 en-suite beds, a stunning kitchen, climate controlled wine cellar, gym, 3 garages, 2 staff rooms and so much more -Welcome home. Norma Robinson 082 554 7260 | 011 656 0888 | Web Ref: 84628

Contact: Liana Joubert: 083 411 4537 / 011 880 3550.

RESIDENTIAL SALES & MARKETING • RENTALS • DEVELOPMENTS • HOME LOANS

CREATIVE GROUP / DOOK

THE HOUGHTON ESTATE – THE 5 STAR LIFESTYLE YOU DESERVE

PLATINUM UNITS

CLASSIC UNITS

Ranging from

Three-bedroom en-suite upwards to six

three-bedroom en-suite to penthouses

Starting from R6.9m

Price on request FINGERPRINT SECURITY

ON SHOW DAILY

BACKUP GENERATORS

5 STAR HOTEL SERVICES

GYM

RUNNING TRACK

POOL

By appointment only

Visit the latest apartments on Saturday and Sunday

SHOW APARTMENT

APARTMENT SALES CENTRE

Unit 12018, The Houghton on the 12th 53 2nd Avenue, Houghton Office – 011 034 2201 Alan Becker – 082 718 8100 Email – alan@thehoughton.com

Located at 41, 2nd Avenue, Off 2nd Street, Houghton, On the Houghton Golf Course Lawrie Kreeve – 083 310 2516 Frank Nel – 083 695 1188 Email – frank@thehoughton.com

Safe. Secure.

Surrounded by nature.