Business Day Home Front 23 September 2016

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FRIDAY, SEPTEMBER 23 2016

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LIVE-FIRED FOOD FERVOUR AT MARBLE

PROPERTY FLIPPING NEED TO KNOW

IS FULL-TITLE HOME DEMAND WANING?

ROSEBANK’S NEW URBAN PRECINCT

Unpacking Africa’s hotel demand The THINC Africa conference highlighted tourism and hospitality trends that will shape hotel property development in southern Africa WORDS: MEGAN HOOPER :: PHOTO: ISTOCK

Beverley, Sandton

Negotiating from R3.99 million

Balinese architecture, entrance hall to lounge with fireplace, dining room, TV room, open plan kitchen with breakfast bar, pantry & scullery. 3 Bedrooms all en-suite. Main bedroom with own lounge/study. Wine cellar, covered patio onto landscaped garden & pool with water feature. Staff, dbl garage. 24 hr security. Contact: Sally 082 451 3111, Marilyn 083 415 8909 Web ref 1807830

Each office is independently owned and operated

CONTINUED ON PAGE 6

Fourways, Sandton

Asking R4.295 million

Immaculate entertainer’s dream home. 4 Large bedrooms and fitted study plus office, 3 bathrooms, gourmet kitchen, 3 reception areas including home theatre / 5th bed. Separate entertainment room with pub & built in braai overlooking pool, jacuzzi, boma area with fire pit. Double staff, double garage. Contact: James Christelis 082 416 5343, Ryan Rodda 076 979 4330 Web ref 1799722

Steenberg Golf Estate, Cape Town

Asking R10.9 million Upper Constantia, Cape Town

Relaxed informal living is offered by this farmhouse type home. Well positioned on the estate this family home offers four bedrooms, three bathrooms, study, lounge, eat-in kitchen and staff accommodation. Contact: Dave Burger 083 458 3333, Brenda Pretorius 083 442 1318 Office: 021 701 2446 Web ref 1736182

www.sothebysrealty.co.za

Asking R24.9 million

One of only 8 units in a sought after estate. Offering a secure family lifestyle and a sound investment in your future. 4 Bedrooms, 4 bathrooms, gourmet kitchen & open plan living areas or relax in the alfresco lounge. A blend of clever design, superb quality & stunning finishes! Rouvaun Mc Kirby 071 671 0821, Jo Thomas 084 404 4120, Phyl McCance Price 082 593 1624 Web Ref: 1833223

LIFESTYLE

The hot seat

David Higgs’ new livefire restaurant, Marble, is the talk of the town

WORDS: JULIA FREEMANTLE :: PHOTOS: ELSA YOUNG / SUPPLIED

Friday September 23 2016

over the past few years.

Big-name chefs have been lured here with the promise of fresh pastures and a receptive audience hungry for newness. Higgs was one of those. He moved here in 2011, leaving Rust en Vrede, in Stellenbosch, to join the Radisson Blu Gautrain Hotel.

He was there for a year before he was asked to head up the Saxon’s fine-dining Five Hundred restaurant.

Says Higgs: “Working and living at Rust en Vrede was idyllic, but it was almost too comfortable.”

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ever before has the opening of a restaurant in Johannesburg been so hotly anticipated.

With construction delays pushing out Marble’s launch date not once but twice, and full-house bookings having to be changed each time, the anticipation had grown to unforeseen levels by the time it was eventually ready in early August.

“I really didn’t anticipate that the interest and attention would be this

great — from the media and the public,” says chef David Higgs. It was on him that the attention had been focused.

His profile, in addition to the hot new concept of live-fire cooking — something that has not been done before in SA at this level — as well as the sexy urban setting, was a recipe for “It” restaurant status even before it opened.

Not having been revered as a particularly foodie city in the past, Johannesburg’s culinary profile has grown

THE CONCEPT Marble has been about two years in the making and it has been a year since Higgs was approached by businessman and now partner Gary Kyriacou with the open-flame kitchen concept. Higgs had originally been shown the space as a potential venue for a solo venture but did not want to take it on alone, so when Kyriacou pitched the idea, Higgs knew the exact location for it.

Even for Higgs, who has done it all as far as food goes, from catering to cooking

“I wanted to create a grown-up space here so we used Persian rugs and leather chairs” Irene Kyriacou, owner, Oniroco

LIFESTYLE

SEARED TUNA ON AVOCADO WITH LIME AND CELERY WATER

“We’ve now got special vests with cooling gel in them to keep the temperature down” David Higgs, chef owner, Marble

school and fine dining, it was a huge learning curve.

“We’re trying something different and so each step has presented something new to navigate. It’s the hardest thing I’ve ever done,” he says of developing and perfecting a menu while wrangling with the new, and unpredictable, cooking medium.

In the first few days after opening, some chefs passed out from the heat. “It’s intense in there. We’ve now got special vests with cooling gel in them to keep the temperature down.”

You would never know it was anything but smooth sailing, however, as you watch the team work efficiently and calmly behind the pass — the kitchen is open, in line with the sense of theatre that open flames bring to the table.

THE FOOD Live-fire cooking is nothing new in SA. A nation of fanatical braaiers, we are familiar with the idea of food grilled over flames.

But it is relatively new to the restaurant scene and has become a trendy way to cook internationally. At Marble everything on the varied

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menu gets the treatment, not just the red meat — from fish to vegetables, even bread. The bar has a snack menu and the main restaurant offers starters, mains and desserts, with a comprehensive wine list. It is on the pricier side at R200 for a vegetable main and about R300 for meat. While that may deter some, you are not paying for just the food but for the whole experience.

Higgs is quick to stress that it is not a fine-dining restaurant, a perception that seems to follow him on account of previous posts he has had. “We’re really doing comfort food.” The term does not quite do the food justice but it has some merit: the food is unpretentious and down-to-earth.

Kyriacou did the décor and has brought a sense of understated sophistication using pale wood, natural textures and linen napery. It is earthy but elegant.

Says Kyriacou: “The setting and views are so spectacular that we didn’t want to detract from that, so we kept the look quite low key and tactile, with accents of impact.”

The bar, however, is all-out sexiness. “I wanted to create a grown-up space here so we used Persian rugs and leather chairs,” she says.

For the bar and dining spaces Kyriacou was cued by the spirit of the Keyes Art Mile, which is about furthering art and design, particularly by local talent,

Friday September 23 2016

as well as the industrial architecture. She played on it, using both edgy and classical elements.

Kyriacou sourced pieces from a range of skilled artisans, including art

by Krisjan Rossouw, tiles from Mervyn Gers and a ceramic wall installation

by Peter Mthombeni, as well as furniture by Wiid Design, Anatomy Design and Casamento.

It is Damian Grivas’ contributions that are the most breathtaking, however — the elaborate carved wall panel and mouldings behind the bar and macramé curtain screening off the private dining rooms both speak to an innovative approach to materiality and luxury.

THE SETTING As part of the newly formed Keyes Art Mile, Marble occupies the entire third floor of the Trumpet building. The space is impressive. The huge angular area is divided into open kitchen, restaurant, bar and two private dining rooms for big groups or private functions.

Oniroco’s Irene

PUBLICATION

Editorial Consultant: Bridget McNulty Copy Editor: Lorraine Kearney Content Business Manager: Catherine Davis

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HOSPITALITY

Friday September 23 2016

CONTINUED FROM PAGE 1

Unpacking Africa’s hotel demand WORDS: MEGAN HOOPER :: PHOTOS: ISTOCK

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he growth in demand from local businesses is changing the operational dynamics of the hospitality sector and the future of the luxury accommodation market, delegates at the September 2016 THINC Africa Tourism Hotel Investment and Networking Conference heard.

Africa’s growing middle

class is expected to reach 1.1-billion from 355-million in 50 years, pointing to an increased appetite for regional and domestic travel.

“Research shows that the African brand is bigger and better than the US brand and that local tops multinationals when it comes to this sector of the market choosing where to stay,” says Tim Smith, managing

partner of global hospitality consultant HVS. In the local hospitality market, and indeed across Africa, new accommodation platforms are continuing to emerge, catering to the growing demand from local business tourists and millennial-minded travellers who appear to lean more towards loosened uniform standards that enable a

hotel’s design to reflect its local culture and environs, and offer product lines that vary from the traditional franchise model into the realms of soft brandings.

Goodbye standalone hotel Modern lifestyle hotels, mixed-use hotel developments, business service and residential components all form a vital

“SA’s business events industry is at the centre of the country’s tourism growth” James Vos, tourism spokesman, DA

HOSPITALITY

Hospitality in numbers 3% – travel and

tourism contribution to South African GDP in 2014

4.6% –

annual expected growth in contribution to 2025

66% – room

occupancy in Cape Town in 2015

30% –

growth in average daily rate in Cape Town

16% –

revenue per room growth in Johannesburg Source: HVS, 2016 African Hotel Valuation Index

IN THE PIPELINE Marriott has announced plans to construct a flagship hotel at Melrose Arch in Johannesburg.

Tsogo Sun Group has started building a 500-room hotel complex comprising three brands in Cape Town.

There is a planned development at the Capetonian Hotel in Heerengracht.

The Gorgeous George Hotel and Bar is being built in St Georges Mall in central Cape Town.

V&A Waterfront is preferred bidder for construction of a R179m dedicated cruise terminal.

“Research shows that the African brand is bigger and better than the US brand and that local tops multinationals when it comes to this sector of the market choosing where to stay” Tim Smith, managing partner, HVS

Friday September 23 2016

part of the new mix for SA’s property investors, with today’s standalone hotel not necessarily always a destination in itself. Savvy developers and investors are increasingly realising the value of merging different asset classes as a means to produce stable and consistent yield and benefit from increased foot traffic.

Large revenue gains can be made in the hotel-retail mixed-use environment.

iconic destinations, such as the Serengeti and Victoria Falls, achieving high average room rates of up to $1,600 (R23,000) a night.

High-end challenges Though high-end international hotel brands still enjoy great opportunity in SA, steep development costs and the challenges of upholding brand service standards in emerging economies throughout Africa make luxury properties a greater challenge in terms of yielding a return on investment. Budget and mid-market hotels generally represent the most opportunity for growth with this sector regarded as easier to operate than high-end developments.

Panellists Neil Bald, CEO of AHA Hotels and Lodges; Josh Littman, vice-president of EMEA Hardrock Hotels; and Mike Devereux, director of acquisitions and development at Starwood Hotels and Resorts Worldwide, concur that Africa as a whole challenges international brand perceptions of what luxury means in the hospitality space. Different backdrops existing from country to country mean that luxury hospitality brands generally benefit best from positioning in well-known locales where they can offer extraordinary experiences.

According to Bald, the luxury lodge sector continues to offer good returns relative to investment, with build costs for top-end accommodation in choice destinations remaining relatively low and offerings situated in

Middle market best All agree there are compelling factors as to why the economy and mid-market hotel segments are a cogent choice for the African region, with lower build costs, reduced staff and payroll expenditure all attractive factors. All are looking for opportunities to expand market penetration across the region.

Although the luxury hotel market is typically more easily defined in SA than on the majority of the continent, many international hotel groups are reticent to embark on large-scale fivestar developments other than destination specific lodge-style offerings or larger developments in gateway cities or economic hubs such as the Cape Town CBD and Sandton.

EMEA Hard Rock hotels is exploring opportunities that will allow the group to debut the country’s first Hard Rock branded hotel.

Business tourism buzzing Business tourism is another growth area, with increasing opportunity for developers.

In 2015, SA hosted 140 international associations generating more than R1bn in economic impact for the country and increasing opportunities for tourist and hospitality development abound, says James Vos, DA tourism spokesman. The country has already secured 66 international association conferences and meetings for five years starting in 2017.

Says Vos: “SA’s business events industry is at the centre of the country’s tourism growth. It contributes enormously to the sector’s development as a generator of income, employment and investment.”

SHOW DEVELOPMENT September 23 2016

Sophisticated urban living Sea Point’s The Solis offers stylish living designed to maximise the best that Cape Town’s Atlantic Seaboard has to offer WORDS AND IMAGES: SUPPLIED

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ocated in upper Sea Point, Horizon Capital Residential’s latest premium quality development, The Solis, has been designed for a panoramic urban lifestyle in one of Cape Town’s favourite neighbourhoods. Nestled in the popular Main Drive, The Solis is close to everything that the Atlantic Seaboard has to offer, from public artworks on the Promenade to golf at the Metropolitan Golf Course and shopping at the V&A Waterfront.

The exclusive block features 11 beautifully designed apartments, including two rooftop penthouses, which have been designed for buyers with an eye for a quality residence. The Solis

reflects the hallmarks of every Horizon Capital Residential development: sophisticated design, lockup-and-go convenience and high quality fittings.

Each apartment has airconditioning, Smeg kitchen appliances, floor-to-ceiling glass and aluminium sliding doors, engineered stone counter tops and heated towel rails.

Says John Witter, CEO of Horizon Capital: “The Solis has been consciously designed to make the most of the prime north-west orientation. The terraces were strategically positioned to maximise the natural light and the views of Sea Point, the Cape Town Stadium and the Atlantic Ocean beyond.”

SHOW DEVELOPMENT September 23 2016

“The terraces were strategically positioned to maximise the natural light and the views of Sea Point, the Cape Town Stadium and the Atlantic Ocean beyond” John Witter, CEO, Horizon Capital

CREATIVE STYLE Generous covered terraces and sliding doors allow seamless indoor-outdoor living while the neutral palette provides a blank canvas that can be transformed to suit a buyer’s own creative style.

The building also has environmentally friendly features and initiatives such as low-voltage LED lighting, recycling facilities and solar geysers, which aim to reduce operating costs for the end user.

Juan Bernicchi of BBB Architects was the architect for The Solis. He says: “From a design perspective the site’s angled front boundary provided a challenge which we turned into an opportunity to create a

striking angular façade. We created generous terraces along the boundary to optimise the building’s orientation. We also cut the boundary wall back, widened the street verge with planting and introduced a welcoming entrance portico. We designed every apartment to ensure maximum functionality and easy, open-plan living.”

ROOFTOP VIEW The two rooftop penthouses offer 360° views. Each has its own private sky-deck and swimming pool, as well as timber flooring, built-in gas fireplaces, heated towel rails and integrated appliances.

Horizon Capital, a boutique property firm, specialises in local

and offshore property investment, management and development.

Established 11 years ago, Horizon Capital has become a leading expert in commercial property.

Its recently constructed flagship commercial property, Ibis House, was the smallest four-star Green Star SA rated building in Africa, which pioneered the way for environmentally sustainable development, proving that green building can be financially feasible on a smaller scale.

Says Horizon Capital Residential managing director David Sedgwick: “Horizon Capital Residential focuses on designing and developing high-quality residential buildings that

meet the practical needs of future owners.

“The buildings represent a commitment to conscious living, where design is crafted with mindful intent to create spaces that suit the modern lifestyle.”

The four-storey building offers lock-up-and-go convenience with secure parking, CCTV, electric fencing and access control to offer owners peace of mind.

The Solis apartments are

priced from R2.695m for a one-bedroom and R6.795m for a two-bedroom. No transfer duty is payable.

The Solis is set to break ground in January 2017, with completion set for early 2018.

GET IN TOUCH

Call Horizon Capital on 021 425 8586 or visit thesolis.capetown

PROPERTY INVESTMENT Friday September 23 2016

Would you flip for a profit?

Depending on who you talk to, flipping property is as easy as printing money, or a surefire way to spiral into debt WORDS: LUCINDA JORDAAN :: PHOTOS: ISTOCK

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EXPERT ADVICE Always buy vacant occupation. You do not want someone else’s tenant, no matter how long the sale takes to go through.

Be area specific. Before you buy, get to know the area — neighbours can make or break you.

Get your own lawyer to do the property transfer.

This way, not only can you negotiate the attorney fees, but you can be satisfied that your attorney has your best interests at heart.

Do not expect to get in or out of it quickly, unless you are lucky. It is not unheard of for a sale to take years to go through.

You might lose out if interest rates spike. Watch the economy and adjust your calculations accordingly.

Ensure that you have pre-approved finance before buying.

DID YOU KNOW? 110,008 investors or entities in the US completed at least one home flip in 2015, the highest number since 2007, says real estate datatracking firm RealtyTrac. £4.8bn worth of homes were flipped across England and Wales in 2015 in almost every market, according to UK property agents Countrywide.

veryone knows someone who has done it: bought a house at below market value, fixed it up at little extra cost, and sold for a tidy profit. Then there is the other side — horror stories of tenants who overstayed their welcome, overinflated ancillary costs, or sales that took years to go through.

While it can offer handsome rewards, house flipping, say those in the know, is as big a gamble as playing the stock market and is not for the fainthearted.

SA’s formal residential property is estimated to be worth R3.9-trillion, according to the Property Sector Charter Council’s findings released in July 2016, but there are no statistics for home flipping. Does that mean it is not considered a viable investment vehicle?

Says property finance consultant Gary Peterson, owner of mortgage origination company The Bond Man: “It was a lot more common before the recession. People were buying investment properties and second homes with ease before; with the downturn, banks became much stricter and this killed off buy-to-let or the property flipping market.”

The Consumer Protection Act also had an impact, says Peterson. “The act pressured banks to look more carefully at a client’s credit exposure, which meant one couldn’t easily get fat loans as the banks share information with each other. This makes it a lot more difficult to raise finance to flip property.”

Banks also no longer take sureties unless they are from a spouse, another obstacle to obtaining finance, says Peterson. “Before, if you didn’t have income to qualify for a bond, you could get parents or someone to stand suretyship of anyone in favour of anyone else.”

RULES AND COSTS Rigid regulations and excessive fees are two reasons Matthew Rogerson no longer flips homes for

added income. Rogerson, a British expat who lives in Cape Town’s Hout Bay, successfully bought, renovated and sold several houses in the UK in the late 1990s to mid-2000s in London and Oxford, before moving to SA and flipping here.

“It’s a lot harder to do it here as the price has to be inflated to factor in so many extra costs: here, estate agents ask for 5% commission or more; in the UK, the top rate is about 1.5%. And there, transfer duty, called stamp duty, is a fraction of what it is here. So while in England

“Look out for ‘cheeky’ offers — while the only bad buy is a house with major structural defects, a property is only worth what someone is prepared to pay for it” Andrew Chin, financial adviser

getting about 15%-20% on a flip is a good return, here you’d need a lot more than that, because of all other incremental fees and cost of borrowing that money.”

Nevertheless, flipping can be financially rewarding, says Rogerson. “There’s still money to be made in it, but you’ve got to buy well.”

BUY TO SELL That is essentially the secret to successful flipping, says Andrew Chin, a Cape Town financial adviser who first dipped into the property market 13 years ago. Chin, a well-known extreme swimmer, bought three

properties with a partner and renovated them with the intention of renting to students. Within six months, they received an offer on one of the homes, selling at a healthy profit.

“When we started, we didn’t intend on buying to sell; the opportunity just came along and that allowed us to explore both options.”

Within three years, Chin and his partner had bought 10 properties and sold half, with the rest providing rental income. Today, they know exactly what to look for when buying, whether to flip or rent, and have developed a formula for success. “We never overcapitalise, because we buy right.” While the market is a good predictor of success, there is never really a good or bad time to buy, he says. “The time is right if the right property comes along.

I don’t have to have every house I see; it has to make financial sense.”

So how does he know a particular property is a good buy? “We look at the returns it will offer, offset against the bond repayment. For instance, if buying to let, the property has to be ‘cash positive’, ie what you get in in terms of rental income has to be more than what you pay out in mortgage instalments. Do the sums and make sure you will get your returns.” If buying to flip, he says: “Look out for ‘cheeky’ offers — while the only bad buy is a house with major structural defects, a property is only worth what someone is prepared to pay for it.”

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PROPERTY TRENDS

Friday September 23 2016

Full title being phased out?

South African property needs are evolving, and a hot topic is the uncertain future of full-title homes WORDS: ANNE SCHAUFFER :: PHOTOS: ISTOCK

I

n SA in 1960, 46.6% of the population lived in urban areas; by 2014, the number was 64.3%, according to World Bank data. While this urbanisation is by no means a uniquely South African phenomenon, the country is urbanising faster than the world average. The prediction is that globally, by 2050, 66% of people will live in urban areas — about 6.4-billion people.

For the South African market, density, scarcity and re-urbanisation are key longterm themes.

Pressure on consumers, scarcity of land, a shifting demand for a new type of lifestyle and rapidly evolving technology are expected to accelerate change.

THE RESEARCH The Homeowner Insights report is a partnership between Absa bank and Columinate, a digital market research company. The annual report delves into consumer behaviour and experiences during the various phases of home ownership. The sample included rental tenants, established and new

homeowners, single parents, individuals planning to buy within five years, and buyers of properties as investments.

It is pertinent to compare SA’s urbanisation rate against the country’s current property stock. At present, 82.7% of property is full title, 12% is sectional title and 5.3% is estate developments.

Clearly current stock does not support South African property needs, so there is a disconnect.

LAST OF THE FULL TITLERS? Globally, consumers’ property needs are evolving rapidly. Cultural globalisation — accelerated by a massive influx of foreign buyers in prime central locations — has helped to spark a new urban lifestyle and property trends that are reshaping the nature of real estate.

Take Londoners: their wants and needs are influenced by urban lifestyles that prioritise work and socialising. Lateral living — single storey — and open plan is the desired shift from their traditional enclosed rooms. Londoners seldom entertain at home, and homes with gardens are considered

BUYERS’ CHOICE Preferences per category of home buyers: Families — large, suburban home with more space and gardens

Source: Absa Homeowner Insights

Single parent families — sectional title units Young couples — pet-friendly developments Investors — flats and townhouses Source: The Homeowner Insights — Absa and Columinate

Property stock in SA

FULL TITLE

of Homeowners Insights respondents would consider buying a townhouse or cluster

Young and recently married couples — townhouses and cluster developments

EVOLVING PROPERTY NEEDS

82.7%

64%

Independent singles — flats

12%

5.3%

SECTIONAL TITLE

ESTATE DEVELOPMENTS Source: Absa Homeowner Insights

luxury living.

In comparison, South Africans prefer larger properties with gardens, swimming pools and entertaining at home, mainly because of SA’s good weather. Full-title properties have proven to be the most popular type by far.

According to current Homeowner Insights findings from 2015 research, 90% of respondents stated they would seriously consider buying a full-title property, while 64% would consider a cluster or townhouse, and 45% a flat.

UP WITH SECTIONAL TITLE However, over the past few years the total number of sectional title properties being registered each year is on the increase against that of full-title properties.

Currently, while the South

African property market consists of 12% sectional title units compared to full-title residential stock, demand is evolving in favour of sectional title developments.

Reasons for this shift include the lock-up-and-golifestyle, the security offered by sectional title, townhouse living and the feeling of belonging to a community, as well as the reality of the cost of buying larger suburban properties, according to Absa Home Loans.

DIFFERENT PICTURE SOON Says Carel Grönum, managing executive of Absa Home Loans: “The trend for a preference toward sectional title and townhouse living does not mean there isn’t a demand for properties in the suburb. There most certainly is — with families outgrowing the sectional title unit and

“For the South African market, density, scarcity and re-urbanisation are key longterm themes”

PROPERTY TRENDS

Friday September 23 2016

26.6%

In the past 20 years flats and townshouses have made up 26.6% of newly completed buildings Source: Absa Homeowner Insights

63%

In the past three years, 63% of all residential development units financed by Absa were sectional title units.

Source: Absa Homeowner Insights

needing the bigger home, the demand will always be there.

“Having said that, with the current demand for housing — along with more sectional title/ townhouse developments being constructed than individual properties in a suburb environment — the percentage of sectional title properties versus full title from a national property stock perspective should start showing a different picture in the years to come.”

HIGHER DENSITY DEMAND “So the disconnect can be viewed as the current property stock type, which is predominantly full title. But with the realities of the needs and wants for secure living, the challenging economic environment, urbanisation, a shortage of housing and consumers moving toward community-type living environments, the demand for sectional title type properties would be on the incline versus the demand for full-title suburb living.”

In the past 20 years, flats

and townhouses made up 26.6% of newly completed buildings. But in the past three years, 63% of all residential development units financed by Absa were sectional title units.

The drivers of demand, which include factors such as finance costs, regular maintenance and running costs, scarcity of land, and rapidly evolving technology, are expected to reduce the popularity of the traditional, large South African home with an expansive garden, swimming pool and staff accommodation. South Africans are steadily embracing higher density living — a higher demand than the property stock that is currently available.

Increased financial pressure on consumers is a factor leading to an increase in the popularity of apartment living in newer, high density sectional title units where one can live, work and play in one community. In generations to come — and if global trends are anything to go by — freestanding, full-title

properties may well become an impractical and outdated luxury for most South Africans.

SUBURB TO CBD An international study conducted by The Business of Cities, a London strategy firm, tracked the steady return of people from suburban living to CBDs. It found that many in big, traffic-clogged cities gained family time and quality of life by moving from the suburbs. This shows the reurbanisation trend is as much about a preferred lifestyle.

Should this trend continue, it will become more attractive to convert full-title properties to higher density developments, while remaining freestanding houses will become more expensive.

Absa predicts it may reach a point where these properties become a luxury and where, in generations to come, freestanding houses close to major metros could become the exception rather than the rule.

“South Africans are steadily embracing higher density living — a higher demand than the property stock that is currently available”

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Surrounded by three awe-inspiring mountain ranges, Val de Vie Estate falls

VALLEY OF LIFE Jack Nicklaus Golf Course and Driving Range Two world-class polo fields and equestrian facilities Three world-class fitness centres 25 metre heated indoor pool that hosts the Ryk Neethling Swim School

within the Paarl-Franschhoek Valley, located in the heart of the Cape Winelands - one of South Africa’s most treasured attractions. Here historic farms and the natural splendour of the Cape Floral Kingdom beckon visitors from across the globe. Situated 35 min from Cape Town, Val de Vie Estate has a variety of offerings to suit your lifestyle. Surrounded by beautiful mountains and bordering the Berg River, Val de Vie truly is a secure paradise for families. Fall in love with the Cape Winelands and discover a Life worth Living.

Conveniently situated in the Paarl-Franschhoek Valley RANKED TOP RESIDENTIAL ESTATE IN SOUTH AFRICA 2015 & 2016 - NEW WORLD WEALTH -

www.valdevie.co.za

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• Top-end finishes, basement parking and optional Integrated appliances, air-con and storage.

• Flexible payment plans enabling you to pay your deposit in instalments.

Visit our

Fully Furnished Show Unit

Watch the video at pamgolding.co.za/park-central

ON SHOW: Weekdays 9am - 5pm. Saturday and Sunday 12pm - 5pm.

Proudly developed by

Follow the pointer boards from Jellicoe Avenue and Baker Street into Sturdee Avenue.

P R O P E R T I E S

To become an investor today or add to your property portfolio, please contact: Jak Redelinghuys 082 445 2130 • jak.redelinghuys@pamgolding.co.za Theo Joannides 081 313 4907 • theo.joannides@pamgolding.co.za Victoria Russell 074 683 1222 • victoria.russell@pamgolding.co.za Office: 011 268 1637 • pamgolding.co.za/property-development

PROPERTY NEWS Friday 23 September 2016

Emira joins forces with ONE Commercial property: now online E Until recently, no dedicated commercial property portal matched the residential property portals in terms of ease of use and media-rich content. That has all changed WORDS: BRIDGET MCNULTY :: PHOTO: ISTOCK

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rivate Property launched its commercial section in early July after identifying a need in the market for a property portal that made commercial property listings as accessible as residential property listings.

The company believes it has designed a platform that now does just that.

“A lot of hard work went into getting our commercial platform online and we’re really pleased with how it turned out” Simon Bray, CEO, Private Property

COMMERCIAL SECTOR Says CEO Simon Bray: “We’ve spent a lot of time in consultation with the commercial real estate sector, identifying the needs of the market and we’ve built a platform that will effectively showcase commercial listings — whether they are industrial, retail, agricultural, office or hospitality.” The commercial platform is available for commercial sales and rental listings, and advertising and searching for property has been simplified as much as possible, with multiple listings types available and media-rich content such as photographs and video highly recommended.

EASE OF USE What sets the portal apart for commercial renters, buyers and sellers is the trademark ease of use that residential property has long enjoyed. It is a great online experience that taps into Private Property’s current audience

and national presence, and brings clarity to commercial property online. That is not to say there were no other options for commercial property sales and rentals before the launch of this platform. But the various platforms on the market did not yet have a substantial audience as they were not dedicated to commercial property, or they were not able to offer an effective, content-rich experience to a large enough audience.

South African Commercial Property (commercialproperty.co.za), for example, was one of the highest ranking websites on searches for commercial property, yet offered an outdated, difficult to use website.

EASY ACCESS Private Property’s commercial property listings are accessed directly from the homepage and have garnered a positive response so far, with rentals more popular than sales. It is too early to be able to report on data, but the team at Private Property is confident.

Says Bray: “A lot of hard work went into getting our commercial platform online and we’re really pleased with how it turned out. Behind everything that we do is that idea of giving users, whether it’s industry or browsers, the best possible experience. We believe we’ve achieved this.”

mira Property Fund has joined forces with retail property specialist ONE Property Holdings to grow their retail assets together and create a larger low LSM retail portfolio.

For this venture, Emira and ONE will launch a specialised fund called Enyuka Property Fund. Enyuka means ascend in isiZulu.

Medium-cap diversified Real Estate Investment Trust Emira will contribute its 15-asset rural retail portfolio to the new associate business, which is dedicated to growing a significant retail portfolio. ONE will contribute its development pipeline of similar lower LSM retail assets. Competition Commission approval is expected in the near future.

The Enyuka Property Fund is starting out with Emira’s R575m portfolio of retail properties, a R50m cash contribution and a gearing cap of 50%, which creates a war chest for immediate acquisitions and developments up to a further R625m. There is a current pipeline of R400m of similar assets, and further development opportunities of up to R500m.

In addition, Enyuka has first right on opportunities for lower LSM retail coming from ONE and Emira.

The strategic focused relationship is set to grow Emira’s low LSM retail portfolio at a faster and better rate than that currently achievable within its existing structures. Emira will hold a 49.9% share of the ordinary equity in the businesses, and ONE 50.1%.

Says Emira CEO Geoff Jennett: “We’re excited about this strategic partnership, which enables us to expand our retail assets. This relationship brings together two strong players, in the form of an investment property fund and a capital growth property find, which creates a synergy with a shared vision for growth from lower LSM retail property.

“By venturing with ONE, we will enjoy added benefits and transactions. We will grow our lower LSM retail assets at an accelerated pace, retain exposure to our portfolio of retail assets, enjoy access to otherwise more remote transactions, and effectively use our assets to fund growth.”

“We’re excited about this strategic partnership, which enables us to expand our retail assets” Geoff Jennett, CEO, Emira Property Fund

Park Central proving popular

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here is healthy investor interest in flats and penthouses at Park Central, a high-rise being developed in Rosebank, Johannesburg, which will offer residents private sky gardens and unrestricted views of the city.

The building forms part of an integrated urban precinct, with a vision to include pedestrian links via

the parks to the Gautrain Station and through to Rosebank Mall, to assist residents in achieving a highly convenient and fully integrated lifestyle.

Sold through Pam Golding Properties, they are bought off-plan without transfer duty, according to Victoria Russell, the company’s project co-ordinator. The development is scheduled for

completion in late 2018.

There are one- and twobedroom flats and threebedroom penthouses. Units are priced from R1,895m and penthouses from R8m.

The demand for one-bed flats has been particularly strong and the developers have incorporated provision for more of these into the design. A show unit is on show daily.

Priced from R1.85 million. No Transfer Duty.

One-on-Whiteley, the new residential phase of Melrose Arch, is the ultimate in luxury cosmopolitan living. When you invest in an apartment at One-on-Whiteley, you are investing in a secure, convenient and vibrant lifestyle.

One-on-Whiteley provides an amazing opportunity to be part of the success and attraction that this unique new urban quarter offers. By owning an apartment in One-on-Whiteley, you open the door to 21st century living.

On Show at the Pam Golding Office - No. 5 The High Street, Melrose Arch.

To be part of the ultimate in luxury cosmopolitan living, please contact: Victoria Russell 074 683 1222 • victoria.russell@pamgolding.co.za Peet Strauss 083 675 1212• pstrauss@pamgolding.co.za Tersia Taljaard 063 695 7571 • tersiat@amdec.co.za Office: 011 684 2995/6 • pamgolding.co.za/melrose-arch

WE BUILD HOMES

IN THE SKY O U R L AT E S T B E S P O K E L U X U R Y PENTHOUSE IS NOW ON SHOW: COME AND VIEW YOUR SLICE OF SKY ON SHOW DAILY

FIVE STAR HOTEL IN DEVELOPMENT

SHOW PENTHOUSE 12720

RIGHT HERE

FINAL PHASE ALMOST SOLD OUT – DON’T DELAY…

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APARTMENTS ALL BATHROOM EN-SUITE TOP DESIGN AND FINISHES · FULL AMENITIES

Houghton on 12th, 53 Second Ave, Houghton - Show apartment 12720 ALAN BECKER – 082 718 8100 || WARREN BECKER – 082 302 3004 || EMAIL – alan@thehoughton.com

WESTERN CAPE A MAJESTIC MANSION OF GRAND PROPORTIONS From the imposing triple volume entrance to the magnificent reception rooms, boasting the most exquisite chandeliers, one is led to a vast gourmet kitchen – obviously the heart of this home.

Seamless flow to outstanding state-of-the-art entertainment facilities, complete with a glamorous decked pool, a bar room, a wine cellar, a cinema room and a gym plus Jacuzzi. Nestled in a quiet cul-de-sac, on an acre, and this luxurious residence offers total of 9 bedrooms. Every accommodation need is catered for, from sumptuous family suites , a large separate cottage and staff accommodation. A home that will fulfil the most discerning buyer’s aspirations.

UPPER CONSTANTIA R27 million

BEDROOMS: 7 BATHROOMS: 7 Ingrid Hoaten 082 490 6246 Charné Shipper 083 274 6336 Web Ref: 100593

GAUTENG YOU’RE DRAWN, MAGNETIZED! You'll be won over by its overwhelmingly compelling beauty & the out-of-this world lifestyle it represents. Phenomenal all-round Quality.

Discriminating taste. Garaging for 5cars, Private.

Quiet. 24hr security/patrol vehicle, highly soughtafter Estate. Low levy.

BEDROOMS: 4 BATHROOMS: 4.5 Irene De Bliquy 083 727 9073 011 656 0888 Web Ref: 106534

SANDTON COUTRY CLUB ESTATE R9.75 million

GAUTENG This Tuscan mansion is positioned on the top end of the estate and the views are breath-taking! This enormous home boasts two wings. The left wing consists of 5 large bedrooms (4 upstairs and a spacious guest suite downstairs), 4 bedrooms en-suite. The master suite is luxurious with private gym. Open-concept gourmet kitchen, scullery and laundry. Kitchen flows seamlessly to the dining room, formal lounge and family room with fitted bar, built-in braai and pizza oven. Awesome state-of-the-art cinema room. Wine cellar / games room. The living areas all flow to the covered patio and swimming pool. Low-maintenance garden with automated irrigation. Garaging for 5 plus cars and guest parking. Staff accommodation. The right wing of the house is currently being utilized as a business, offering a reception area, a guest cloakroom and boardroom downstairs and a kitchen, full bathroom and 4 offices upstairs.

RUIMSIG COUNTRY ESTATE R7.599 million

BEDROOMS: 7 BATHROOMS: 5 Kim Thompson 083 400 3750 Brett Thompson 084 655 5007 Web Ref: 107757