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FRIDAY, AUGUST 28 2015
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CONSTANTIA ON CULINARY TRACK
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Shooting skywards Poised to bring high-rise living to Illovo, Renprop’s latest development The Beacon offers convenience for business executives, value and views
Constantia, Cape Town
Asking R16.25 million
Family home with extensive private, guest entertainment & living areas in tune with the unique vlei setting with vineyard and mountain views. Open plan reception areas and en-suite bedrooms flow through floor to ceiling doors to covered patios and courtyards. Top security. Jo Thomas 084 404 4120, Rouvaun McKirby 071 671 0821 & Phyl McCance-Price 082 593 1624 Web Ref: 1008668
Each office is independently owned and operated
Bishopscourt, Cape Town
Asking R14.85 million
Grand traditional family home with magnificent views. Immaculately fully refurbished 4 bedroomed home, plus a separate 2 roomed guest suite. Offering an easy open-plan flow from living areas to large terrace, solar heated pool and landscaped garden. Staff acc & excellent security. Contact: Barbara Manning 083 407 3656, Lesley Payne 082 455 4808 Web ref 1391714
Beverley, Sandton
Asking R12.5 million Dainfern Golf Estate, Sandton
Highly profitable, exclusive guest lodge for sale - conveniently situated with 10 individually styled luxury en-suite rooms, shady patio overlooking the manicured lawns, pool and tennis court. Contact: Sally 082 451 3111, Marilyn 083 415 8909 Office: 011 467 1031 Web ref: 797529
www.sothebysrealty.co.za
P.O.A
Beautiful north home facing on golf course - A perfect blend of light and glass with timeless quality finishes incorporating expansive living and entertainment areas. 4 Bedrooms all en-suite, study. Landscaped garden with atrium and koi pond. Entertainers patio with rim flow pool. Contact: Dermot 083 680 5286 / Dawn 082 575 9956 Office: 011 465 1187
LIFESTYLE
FOOD
Friday August 28 2015
Constantia back on the culinary track Constantia Uitsig wine farm is a familiar tourist landmark with a strong local following. With the launch of Open Door restaurant, its food and wine appeal has increased tenfold WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED
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“The wine list is comprehensive but approachable. It appeals to somebody with less time to linger. So if somebody wants more of an experience, please mention it and we’ll help you find one” Neil Grant, sommelier/restaurateur, Open Door
here is a lot of interesting property history to ponder when you’re seated at a stylish table at the new Open Door restaurant in Constantia. The renovated venue traded previously as Spaanschamat River Café. But order a glass of wine and start contemplating what to eat from the menu and you’ll be forgiven for becoming a little sidetracked. Open Door co-owner Neil Grant and executive chef Annemarie Steenkamp have been busy during the past three years. First they opened contemporary Italian restaurant Burrata in Woodstock in 2012. Then came vibey Bocca in central Cape Town in late 2014, with its Neapolitan-style pizza and plates to share. Constantia’s Open Door started trading in May this year, offering modern cooking with an emphasis on flavour. A small café menu includes daytime classics, from popular burgers to chicken Caesar salad, but here it’s made with kale instead of cos. MODERN CUISINE Alternatively, a single-paged à la carte menu services lunch and dinner customers. So you could enjoy cured tuna gravlax with fresh notes of lemonyavocado purée to start, with a hit of salty, crunchy warmth from a green olive beignet, served with radish and celery salad. Or have fun with the clever vegetarian roasted pumpkin dish. It arrives with a curried fritter squiggle that you dip into pumpkin purée and a spiced seed crumble, then dab at a blob of ginger-spiked buttermilk labneh. Vegetables feature creatively in mains such as pan-roasted kabeljou on peas and sweetcorn kernels, its crisp skin topped with charred turnip slivers, served on a leeky froth of poached oyster velouté sauce. Or try the inspired open lasagne. Unusually, homemade pasta partners a tumble of exotic mushrooms and a pool of creamy vichyssoise
soup; all topped with a crunchy Parmesan crisp. Restaurateur-sommelier Grant’s 150-strong wine list is eye-catching inside a glasswalled temperature-controlled display that has capacity for 1,000 bottles. Most labels are South African, and he delights in listing smaller, independent producers and newer labels such as Thorne & Daughters’ Rocking Horse white blend. “The wine list is comprehensive but approachable. It appeals to somebody with less time to linger,” says Grant. “So if somebody wants more of an experience, please mention it and we’ll help you find one.” Unsurprisingly, a number of business deals are sealed over lunch. Constantia is also full of old money, so the well-to-do set are regulars. ARTFULLY REPURPOSED The restaurant interior has a time-worn quality, with repurposed beams in ceiling alcoves, and old brass handles and hooks forming quirky decorative detail. Most of this brass, against charcoal-toned walls, was building originals. Open Door’s design team honoured the original building heritage in tall sash windows that show glimpses of stately trees. A central bar with an Art Deco feel is new. The tasteful decor extends to dining banquettes in midnight blue, occasional sofas and a long “kitchen table” for a group, with diners seated adjacent to the noisy open-plan kitchen action. The restaurant is rolling out a pairing concept where kitchen table diners book a surprise three- or four-course menu. “Neil’s keen that it won’t be a standard food-and-beverage pairing. So a tuna dish might be paired with a gin martini, or other dishes with beer or even sake,” explains Steenkamp. There’s more. Come September, Open Door will be serving creative breakfasts from a spectacular outdoor deck that overlooks gardens and a mountain bike track.
PROPERTY HISTORY LESSON
The original Constantia Uitsig farm dates to 1685 when Governor Simon van der Stel was granted a tract of land. The property later became part of Plumstead Farm. In 1902 a privately funded schoolhouse was built on the farm. Tokai Primary School educated about 60 children a year until it closed in 1917. The colonial government built a new schoolhouse, educating the children of warders working at Porter Reformatory and Pollsmoor Prison. Tokai Primary School operated until 1987. In 2001 the McCay family bought and renamed the farm Constantia Uitsig. Pepkor CEO Pieter Erasmus bought this property in 2014. Sommelier/ restaurateur and co-owner Neil Grant is leasing the space, having started Open Door restaurant in May this year.
“The restaurant interior has a time-worn quality, with repurposed beams in ceiling alcoves, and old brass handles and hooks forming quirky decorative detail”
LIFESTYLE Friday August 28 2015
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DESIGN
“Globally, we’re seeing people trying to produce and store their own electricity in a bid to live more sustainably and be less dependent on the national power grid”
Off the grid Living sustainably isn’t about choice but necessity WORDS: CHRIS REID :: PHOTOS: TESLA MOTORS
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oving homes at least partially off the grid has been the dream of environmentalists and the ecologically inclined for some years. Now, however, it’s shifting from being a nice-to-have to an imperative, as legislation
BEER
and circumstance compel people to find sustainable solutions for their living and working spaces. Globally, we’re seeing people trying to produce and store their own electricity in a bid to live more sustainably and be less dependent on
WORDS: RICHARD HOLMES :: PHOTOS: SUPPLIED
Make mine an IPA With craft beer booming in Cape Town, there’s simply no excuse to drink boring old bottled lager. Try these top beer bars
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f there were an election for the leader of the craft beer revolution in Cape Town, Devil’s Peak Brewing Company would get my vote. The taproom attached to their Salt River brewery is an industrial-chic space where you can taste your way through both their Founders and Explorers series, and if you’re lucky they’ll have their
barrel-matured Vannie Hout on offer too. While the beers are all superb, the food easily holds its own: the pulled-pork sandwich and beer-battered fish and chips are legendary. The burger also has a fan club. A short way down Albert Road, Woodstock Brewery is beginning to turn heads with a compact range of beers crafted in its state-of-the-art
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 Acting Editor: Kim Maxwell Creative Director: Mark Peddle
brewery. The American IPA is a hit, while the German Pilsner and Hazy Days Wit Beer are also well worth a taste. Brewery tours are offered by appointment, or taste their five brews upstairs at The Local Grill steakhouse. You’ll also find their brews on offer at Beerhouse, which opened on Long Street in 2013. Alongside more than A
the national power grid. Countries such as France have even made solar panels or green roofs mandatory for new builds in some areas. Brands are following suit: homeware giant Ikea, for example, recently tapped into this sentiment by introducing consumer solar panel systems in many of it stores. On the more futuristic end of the spectrum, Tesla Motors recently introduced the Powerwall battery system – available in SA in 2016 – giving
homeowners the chance to claim energy independence by storing power from either the grid or an alternative, sustainable means. Once stored, it can be used at times when power becomes more expensive, as is the case in some countries. Or when supply becomes temporarily suspended, as is a familiar scenario in South Africa. Load shedding is a reality in SA. If nothing else, the situation in which we find ourselves may force us to leapfrog steps in the innovation cycle to come up with new and uniquely homegrown sustainability solutions – other than the ubiquitous Consol Solar Jar, that is.
20 craft beers on tap, the beer menu here stretches to 99 bottled beers from around the world and offers a helpful “taste map” to help you find one that fits your palate and pocket. Although Long Street can get raucous in the wee hours, visit in the early evening for a relaxed pint and a bite from their beer-friendly menu of pub grub. (Gauteng beer lovers aren’t left out either: Beerhouse Fourways opened in July 2014.) While Beerhouse offers a dizzying array of brews, the taproom at Triggerfish Brewing in Somerset West is all about sampling the handful of craft beers from owner Eric van Heerden. His flagship is the delicious Ocean Potion, a classic American pale ale, but he’s forever tinkering with unusual beers. Watch out for The Kraken, a hop-heavy Imperial IPA that clocks in at a hefty 11,5% alcohol. Brewmaster Wolfgang Koedel of the Cape Brewing Company is also fond of his heavily hopped ales, with the Bavaria and Imperial IPA two of the best on offer at the tasting room and brewery on Spice Route estate. Tutored tastings are available in the brewery, but the beers are also on tap at the Barley & Biltong restaurant next door.
BusinessDay PUBLICATION
Art Director: Lucia Viglietti Editorial Consultant: Bridget McNulty Chief Copy Editor: Yaron Blecher
SEE FOR YOURSELF: Tesla Powerwall teslamotors.com/ powerwall
TASTE FOR YOURSELF: Devil’s Peak Brewing Company 021 200 5818 devilspeakbrewing.co.za Woodstock Brewery 021 447 0953 woodstockbrewery.co.za Beerhouse 021 424 3370 beerhouse.co.za Triggerfish Brewing 021 851 5861 triggerfishbrewing.co.za Cape Brewing Company 021 863 2270 capebrewing.co.za
ADVERTISING SALES Michèle Jones Susan Erwee Ian Pepler Bradley Sparks
michele.jones@thecreativegroup.info susan.erwee@thecreativegroup.info ian.pepler@thecreativegroup.info bradley.sparks@ thecreativegroup.info
084 246 8105 (WC) 083 556 9848 (WC) 082 465 2734 (GP) 073 666 3842 (KZN)
CROWDFUNDING Friday 28 August 2015
ERIK VAN EETEN, COFOUNDER AND CFO OF REALTY AFRICA
“Property crowdfunding, on the other hand, is all about investors investing directly into projects for developing property or other types of infrastructure developments, and getting a monetary return” Erik van Eeten, cofounder and CFO of Realty Africa
Crowdfunding:
cashing in on property investor and developer returns WORDS: GEORGINA GUEDES :: PHOTOS: ISTOCK
It hasn’t made great strides into Africa yet, but some companies are taking tentative steps. Property crowdfunding, in which developers attempt to cash in on the potential of ‘the crowd’ to raise money for developments, is starting to attract global attention
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PATRICK CHELLA, COFOUNDER AND CEO OF REALTY AFRICA
“Realty Africa is currently looking for projects in three countries: Zimbabwe, Botswana and SA, and it intends taking the concept into other southern African countries” Patrick Chella, cofounder and CEO of Realty Africa
roperty crowdfunding is one way for smaller developers and investors to access the tough property development market. Their individual investments are modest but the total sum is large, and they then enjoy a split of the revenue generated through rental or sale. For developers, it presents a great opportunity to market a property on a new type of platform, and to obtain sufficient capital for the development to proceed. The potential investor “crowd” differs widely. Some crowdfunding platforms in the UK target young people who can’t raise the funds for a deposit on their own home, but who still want to invest in fractional ownership of buy-to-let properties. At the other end of the scale is the more typical developer model, where investors put money into a development and then enjoy the returns. SPREADING THE WORD Realty Africa is the second type of crowdfunding platform, providing investors with investment opportunities in property developments
in southern Africa, and providing developers with a platform to showcase their plans and attract new investment. It is believed to be the first platform of its kind in the region. “We see it as part of our mission to spread the word on property crowdfunding and how this can be a tool for business owners to develop their project, as well as a tool for them to market themselves globally and build a track record,” says Erik van Eeten, cofounder and CFO of Realty Africa. “At the same time, it can be a tool for people globally to see that southern Africa holds many opportunities to invest, and that investing in this beautiful continent doesn’t have to be as scary as some might think.” Most people have heard of
crowdfunding as applied to creative endeavours such as music artists who fund their albums through platforms like Kickstarter. Property crowdfunding differs slightly. “There are different types of crowdfunding: donationbased, rewards-based, lending-based and equitybased. On rewards-based crowdfunding platforms, you are not allowed to offer monetary rewards. Property crowdfunding, on the other hand, is all about investors investing directly into projects for developing property or other types of infrastructure developments, and getting a monetary return,” says Van Eeten. Realty Africa ran a campaign on crowdfunding website Indiegogo to build
“Investors on our platform are not investing in Realty Africa as a company, or in an investment fund. They are investing directly into a project” Erik van Eeten, Realty Africa
global awareness and to attract some funding for its start-up company. It didn’t reach its target, but Van Eeten believes that, from a marketing perspective, they were successful. “We knew in advance that we wouldn’t reach our funding target because Indiegogo would not allow us to offer shares in the company as a perk. We chose Indiegogo because of its global reach – not many platforms out there have that yet. In parallel, we used alternative ways to attract funding for our company.” CROWDFUNDING CHECKLIST With its crowdfunding projects now up and running, Realty Africa facilitates the investment process in numerous ways. A thorough checklist means investors have the opportunity to invest in projects that have passed a rigorous due diligence process. “Investors on our platform are not investing in Realty Africa as a company, or in an investment fund. Instead they are investing directly into a project. They can choose from any of the projects available on the website at any time,” says Van Eeten. The time frames of Realty Africa investment projects vary, spanning one year for a build-and-sell project to 10 years for a hotel or eco-lodge development, and will then operate for a number of years. Realty Africa is also attempting to source projects
Friday August 28 2015
“There is no standard rule of thumb, and returns vary depending on the location, duration and complexity of the projects. Investments start at $1,000”
PROPERTY CROWDFUNDING 101 1. Create an account with a property crowdfunding platform 2. Browse the available investment opportunities and select one you like, based on projected time frames and potential returns 3. Verify your identity and make your investment – if the target is not met within the time frame, your funds will be returned to you 4. Manage your portfolio of investments online 5. When each investment matures, receive your returns
TOP PLATFORMS The leading global property crowdfunding platforms, according to Crowdcrux.com, are
for investors looking for impact investments such as social housing. Patrick Chella, cofounder and CEO of Realty Africa, says many people hope to participate in an investment class that helps local communities to advance. These could include social housing projects, where they get a return but also help a local community to develop. “We’re looking at not only properties in the strictest sense of how you define a property, but also at renewable energy plants, eco-lodges and other types of sustainable developments.”
The big question for many is the kinds of returns offered. There is no standard rule of thumb, and returns vary depending on the location, duration and complexity of the projects. Investments start at $1,000. Realty Africa is currently looking for projects with potential in three countries: Zimbabwe, Botswana and SA. They intend to take the concept into other southern African countries too. Breaking into this new market with a new investment proposition is challenging because, as Van Eeten puts it, “the road is unpaved”.
OPPORTUNITIES FOR LOCALS While external investors are turning to Africa for its great growth potential as an emerging market, at the same time, many local investors are keen to access real estate investment opportunities in leading stable markets around the world. An organisation called Wealth Migrate now has offices in SA, and offers crowdfunded real estate transactions with proven local operators in foreign countries. The offering is thorough: members can access details of every investment, review the due
diligence reports prior to investing, and manage their own real estate portfolio online. The platform will also assist with the conversion of South African currencies to and from the foreign currency in question. While crowdfunded property development is still in its early stages globally, and especially in southern Africa, it looks set to take off both as a property development tool and as an investment platform. Once the foundations of this kind of enterprise have been laid, the sky could well be the limit for crowdfunding participants.
Fundrise Realty Mogul RealtyShares CrowdStreet Collaperty GroundBreaker Crowdbaron iFunding Prodigy Network Patch of Land
DOES YOUR CROWDFUNDER DO THIS? Check investors by using a full KYC (know your customer) process to make sure no terrorist financing or money laundering is involved Check projects for validity with the help of Deloitte Secure the project for the investor with a mortgage bond and secure the money on escrow accounts Use a fiduciary agent (or similar) to represent the investor in the local market as many investors are offshore
Private Property’s
Neighbourhoods NEW Initiative
Paarl to Franschhoek Great food and wine culture
Find a home and a lifestyle that suits you. A home for everyone www.privateproperty.co.za
FOCUS ON THE BEACON, ILLOVO Friday August 28, 2015
Iconic skyline living Renprop launches The Beacon, Illovo, in September, bringing more than 200 executive apartments to this sought-after location. Priced from R1.5m, they offer excellent value WORDS AND PHOTOS: SUPPLIED
GET IN TOUCH To attend the launch function or for more information on The Beacon, contact Russel Peach on 082 800 2082 or visit www.renprop.co.za.
FOCUS ON THE BEACON, ILLOVO Friday August 28, 2015
“Its elevated positioning and northeast orientation will ensure that its residents enjoy some of the most incredible views over Sandton, Morningside and surrounding areas” Chris Renecle, MD, Renprop
H
ome to the famous Bidvest Wanderers Stadium and the Wanderers Golf Club, the Johannesburg suburb of Illovo will soon also be the site of a landmark 20-storey apartment building. Named The Beacon, it is a joint development by Renprop and Probuild. With its 240 apartments spread over 20 floors, this development is poised to bring high-rise apartment living to the Illovo precinct. Renprop MD Chris Renecle says that the development is aptly named, as it will be located on the highest geographical point in the area. The height of the land, coupled with the fact that it will be the highest apartment building in the area, means that The Beacon will undoubtedly be a landmark structure for Illovo. “Its elevated positioning and northeast orientation will also ensure that its residents enjoy some of the most incredible views over Sandton, Morningside and surrounding areas,” adds Renecle. Launching to the public in September, The Beacon is well situated on Rivonia Road, close to the business and entertainment hub of Sandton. Apartments at The Beacon are ideally suited to executives working in the Sandton/Illovo area. Renecle says that there is a strong rental demand in Illovo, which will appeal to investors who are looking to
add to their portfolios and benefit from both capital growth and steady rental income. “Aside from those who want to live closer to their place of work, the strong rental demand in the Illovo area is due to its excellent positioning between Sandton and Rosebank,” says Renecle. “This location provides unrivalled access to amenities, from shops and schools to public transport, such as the Gautrain, as well as to major road networks and medical facilities.” According to Renecle, Illovo is developing into an up-and-coming office node, and The Beacon will cater to the rise in demand for apartment living brought about by increased business operations in the area. The Art Deco-style building will include a combination of one- and two-bedroom apartments as well as exclusive penthouses. Communal facilities will include a clubhouse, boardroom, gym, swimming pool and even a concierge service. Residents will also have access to secure basement parking. Russel Peach, divisional manager of Renprop Residential Projects, says that The Beacon will be one of the best-priced apartments in the greater Sandton node, with onebedroom units selling from about R1.5m and the twobedroom apartments priced from about R2.2m.
INVESTIGATION Friday August 28 2015
“A rule of thumb would be to put away between 8% and 10% of the yearly rental income for maintenance”
How to benefit when you become an accidental landlord Circumstances can force homeowners to consider renting out their homes as a way to bring in more money. Here’s how to make your property work smarter
WORDS: DAVID A STEYNBERG :: PHOTOS: ISTOCK
RENTAL DEALBREAKERS According to Dexter Leite, Pam Golding Properties area manager for Cape rentals, potential tenants are likely to be turned off a rental unit if it lacks any of the following features: Secure off-street parking A fully-fitted kitchen with at least an oven/hob Additional security A pet-friendly environment (this depends on the target demographic)
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hether it is a single stroke of misfortune or merely the spiralling costs of living that force a change to your personal situation, how can you make your home work as a viable source of rental income? Homeowners who are ill-equipped to think like an investor are often poorly prepared to be landlords to potential tenants. Rental agents and industry professionals agree that very few cases merit not enlisting the services of a reputable rental agent in the area. Dexter Leite, Pam Golding Properties area manager for rentals in the Cape region, says that when interrogating the rental agent, ask questions such as how long has the agent been letting homes in the area, how many properties on average have been let in the past six-month period and what kinds of rental have been achieved for similar properties?
FIND A GOOD RENTAL AGENT Carol Reynolds, area principal in Durban and surrounds at Pam Golding Properties, stresses the importance of finding a reputable agent, as not all agencies have experienced or successful rental departments. “Once an agent has been appointed, he or she will take care of the listing, advertising and marketing and should secure a tenant within a few weeks,” says Reynolds, adding that the agent will then manage the property listing. Tracy Pugin, rental licensee for Seeff Randburg, says rental agencies typically list the properties on portals where they are likely to receive the greatest response, be it their own websites, Private Property or the local newspaper, in print or online. “A good rental agent will have the knowledge and tools to manage a property that an inexperienced landlord does not. A new landlord in this
instance would be advised to make use of a specialist rental agent,” says Simon Bray, CEO of Private Property. Harry Meyburgh, director at Etchells & Young Property Brokers, says that although the rental agent is an important factor in timeously letting a property, it is equally important to find a good tenant: affordability and previous landlord checks are vital, as is a thorough interview. A rental agent will manage this for you, but if you decide to exclude an agent and rent out your property yourself, the Tenant Profile Network can perform the required checks prior to entering into a contract with a prospective tenant. A real estate agent will be able to advise you on the rental earnings you can expect to earn off your property. Since there is no set calculation, a rental value is based on a range of variables such as the area, age and
condition of the property, as well as the security features, says Pugin. MAINTENANCE COSTS As well as ensuring that the property is in good condition prior to finding a tenant, it is the landlord’s responsibility to provide for any maintenance expenditure that may ensue over the life of the rental contract. This is generally dependent on the state of the property. A property in good condition would require a fresh lick of paint every five years, whereas an older property may require heavier maintenance. A rule of thumb is to put away between 8% and 10% of the yearly rental income for maintenance. Lorraine-Marié Dellbridge, rental manager at Lew Geffen Sotheby’s International Realty, says it is important to insure the property, as incidents such as a burst geyser could put the landlord
INVESTIGATION Friday August 28 2015
Analyse it WORDS: PATRICK CAIRNS
The financial sense in owning your own home
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out of pocket by R8,000 or even more. In sectional title properties, says Dellbridge, damaged items such as geysers are often covered via a body corporate’s insurance, but don’t take this for granted, as some policies only cover the building exteriors and the common areas. Property owners may be able to explore insurance claims for sectional title “resultant” damage too, says Dellbridge. For example, find out if your property is covered if the neighbours’ geyser bursts or their pipes leak into the cavity of a common wall and cause damage to your home’s interior. For an accidental landlord, finding a tenant quickly is likely to be the chief concern. A rental agent should be able to advise on renovations that can be done to increase the property’s marketability. FURNISHED OR UNFURNISHED? Another consideration would be whether to rent your property furnished or unfurnished. Typically, in the South African market, it is an unfurnished property that is rented out, especially in longterm rental agreements.
A market does exist for furnished executive apartments and homes in certain areas. However, renting furnished apartments to the executive market requires that furnishings and utensils be of a high quality. This adds value for the tenant but increases the potential maintenance costs for the landlord, says Meyburgh. “There is, however, a payoff: value is perceived by the tenants and is increased in their mind when the amount of extras also increases.” Dale Purdon, director of Imagine Property Investments, says furnished lets are unlikely to attract long-term tenants. In the short term, it is less admin for tenants who don’t want to move all their furniture into a property, he says. In general the factors considered in purchasing a property are the same as those influencing the attractiveness of a rental property. It is wise to do your homework on all of these aspects, taking into consideration every eventuality up front. “Becoming an accidental landlord is identical to becoming a buy-to-let investor,” says Purdon.
SIMON BRAY, CEO, PRIVATE PROPERTY
“A good rental agent will have the knowledge and tools to manage a property that an inexperienced landlord does not. A new landlord, in this instance, would be advised to make use of a specialist rental agent”
RENTAL CONTRACT MUST-HAVES Harry Meyburgh, director at Etchells & Young Property Brokers, identifies the following rental contract essentials: Compliance with both the Rental Housing Act and the Consumer Protection Act The parties to the contract, correctly identified Terms of the contract, with the start and end dates Renewal and terms of renewal or extension What the rental amount includes and excludes The deposit amount required, what it can be used for and who keeps it Breach and cancellation and their consequences
etween 1990 and 2014 the average house price in SA, as calculated by Absa, went up by more than 10 times. It was a very rewarding time to be invested in local property. Many investors have enjoyed a boost to their wealth because of this increase. However, it has also been a very unusual time. This extreme price growth was largely correcting another anomaly, which was that for many years leading up to it property values had not kept up with inflation. When looking over the longer term, the trend is that house prices more or less reflect the rise of inflation. And if one considers that owning property also comes with expenses such as rates, taxes and maintenance, the investment case for it from a purely financial point of view is difficult to make. After costs, you often get a negative real return. It is different if you are earning an income through rentals, but purely from the point of view of asset price growth, property is far from the best place to put your money. This has led some people to argue that you shouldn’t own property at all, that it is better to rent the place where you live and, instead of paying off a bond, put any money you save into other investments such as the stock market or listed property. Over the long term, they argue, you will probably be financially better off. If one was only looking at the numbers, this might well be true. However, life is not a mathematical equation, and buying a house is, ultimately, far more than about a simple return on investment. Owning the house that you live in provides a level of security that renting can never afford. Having a substantial asset does, of course, come with expenses, but it also gives you a financial foundation. Given that South Africans are notoriously poor savers, buying a house also becomes a form of forced saving. Most people would be willing to pay far more on their bond than they would invest every month, and so buying property is an important form of wealth accumulation, even if it isn’t the best kind. For these two reasons alone, the argument for
owning property makes a lot of financial sense. To be truly financially secure it is vital that your property is not your only investment and that you diversify your wealth into real growth assets. But it can be a very important one.
The average house price in South Africa in 1990 was R116,443. The average South African house price last year was R1,275,530
FOCUS ON WATERFALL VALLEY MATURE LIFESTYLE ESTATE Friday August 28, 2015
over-50s can enjoy Carefree living for Active a healthy lifestyle with all the five-star trimmings at over-50s at Waterfall Waterfall Valley Mature
Lifestyle Estate, where they can buy their dream home from as little as R3.8m
WORDS AND PHOTOS: SUPPLIED
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GET IN TOUCH For more information, contact Vee Hofmeyr on 082 937 1680 or at vee@century.co.za, or visit www.century.co.za.
ust 10km north of the Sandton CBD, between Woodmead and Kyalami, lies the 24ha Waterfall Valley Mature Lifestyle Estate. Located within the impressive Waterfall development precinct, this sought-after lifestyle estate offers the over-50 resident a truly upmarket, secure, hassle-free lock-up-and-go lifestyle in a spacious, fivestar-resort-like environment. Clients will be spoilt with a myriad of facilities and the ability to buy a completed showhouse or customise and have their dream home built from only R3.8m. Waterfall Valley offers an opportunity to experience a quality lifestyle that is unparalleled in SA. It has been designed for mature clients who enjoy an active, socially varied lifestyle with an emphasis on healthy living but who wish to simplify their lives by removing the issues of the maintenance, insurance and security normally associated with private home ownership. With state-of-the-art security, a multitude of lifestyle facilities, permanent on-site nursing staff and a fully equipped care centre, residents will be fully catered for in every way in an upmarket, social environment. Says Mark Corbett, CEO of Century Property Developments: “There is a growing trend among mature buyers towards high-security estates that focus on living rather than growing old, and 90% of our buyers cite this as a major reason for
moving to Waterfall Valley rather than elsewhere.” NEW FURNISHED SHOW HOUSES AVAILABLE With more than 460 homes and apartments already sold, the final phase of just 40 houses is on show daily from 9am to 5pm. Clients have the options of either securing a stand and building their dream home, or buying a completed cluster, both of which are a great investment. AN EXCELLENT TIME TO INVEST Property at Waterfall Valley is almost sold out and, as with the earlier phases, the developer is expecting a 50% increase in property values. Since Waterfall’s launch, its clients have already seen their initial investment amount double — at least. Owing to high demand and Waterfall Valley’s unrivalled lifestyle facilities, the value of properties on the estate will continue to far outperform the industry growth norm. “It is definitely not too late to invest, as we expect values to continue to double every three years,” says Corbett. “Buying to rent is also a good investment as owners are receiving high rental returns that easily cover their expenses, all while benefiting from exceptional capital appreciation.” On completion, Waterfall will comprise secure residential estates, maturelifestyle villages, business parks, a Netcare hospital, fivestar hotels, a Reddam House
FOCUS ON WATERFALL VALLEY MATURE LIFESTYLE ESTATE Friday August 28, 2015
“There is a growing trend among mature buyers towards highsecurity estates that focus on living rather than growing old, and 90% of our buyers cite this as a major reason for moving to Waterfall Valley rather than elsewhere” Mark Corbett, CEO, Century Property Developments
private school, a Gautrain station and convenient commercial and retail elements, including southern Africa’s largest shopping centre, the Mall of Africa. CUSTOMISE YOUR DREAM HOME Waterfall Valley consists of 244 stands at an average size of 800m². Buyers may select from a variety of customisable building designs and get the opportunity to meet and brief Century Property Developments’ team of experienced architects to discuss the design of their dream home. Meticulous attention to detail has been paid to every aspect of these homes. Only the best fittings and finishes have been selected for each unit. All units feature liquid petroleum gas for cooking. Under-floor heating is standard in the living areas and in the master bedrooms and bathrooms. All units have access to the Smart Village fibreoptic connection, which is linked to the fast Seacom cable, ensuring high-quality DStv reception, speedy internet connectivity and clear sound over not just the intercom system but also the internal and external telephony services. FACILITIES One of the key elements of Waterfall Valley Mature Lifestyle Estate has to be its array of phenomenal facilities. The clubhouse, offering panoramic views of the valley,
river, natural greenbelts and chipping and putting greens, is the social core of the development. It boasts a 100seat movie theatre/auditorium, multifunction ballroom, library, multiple lounges, an elegant restaurant and ladies’ bar and a fully equipped gym with steam rooms and swimming pool. For the more active retiree, the estate offers 37km of walking paths along the scenic river. Tennis courts, bowls, croquet, a horticultural centre, arts and crafts studio, hairdresser’s salon, billiard room, cigar lounge, delicatessen, health spa and travel agency are available at Waterfall Valley’s sister retirement development, Waterfall Hills, nearby. HEALTH In addition to offering an alluring lifestyle of abundance, other important considerations also come into play at Waterfall Valley, particularly the health of its residents. To provide for this vital facet of the estate, specialist doctors and nurses are on call 24 hours a day. The nursing staff is permanently on site, offering assisted-living services to residents within their homes, or referring them to the fully equipped care centre at Waterfall Hills. Also, rapid access to specialist medical services is ensured by the development’s proximity to both the Netcare Sunninghill Hospital and the new Netcare Waterfall Hospital on Maxwell Drive.
SECURITY Designed to raise the bar for secure lifestyle estates in SA, security at Waterfall is managed at the highest level while maintaining a sense of personal freedom for residents and their guests. A combination of thermal imaging and optical cameras with built-in analytics allows security personnel to monitor movements in and around the estate. Visitor access to the estate is controlled by state-of-theart systems and well trained security personnel. The 4m-high perimeter wall is reinforced with concrete and topped with electric fencing and mounted cameras. There is a dedicated control room for monitoring all aspects of security on the estate, ensuring peace of mind for residents and their guests. Fixed panic buttons will be placed in all units in Waterfall Valley and will be linked to the central security room. All security systems have dedicated back-up generators to ensure uninterrupted surveillance. AWARD-WINNING DEVELOPMENTS Century Property Developments has a trove of accolades to its name, including being voted Best Retirement Development in the World 2009 at the prestigious CNBC International Property Awards and again in 2011 in the Global Over-50s Housing Awards. Sophistication, comfort and elegance are
what the estate’s residents have become accustomed to and have worked so hard for. Corbett says the award for best retirement development in the world is a major coup for a South African developer, not to mention SA. “This category is intended to differentiate mature lifestyle resorts from typical retirement villages and old-age homes,” he says. “The judges were particularly impressed by the focus on bespoke homes and the quality of amenities available to residents.” SUSTAINABLE DEVELOPMENT There is a strong focus on green design within the development, the aim being to create a healthy community centred on the principles of environmental sustainability. This means living in harmony with the natural environment, considering the social, environmental and economic aspects of one’s decisions and reducing one’s carbon footprint by adopting a lifestyle that is less energy-, water- and material-intensive. In line with the green initiatives at Waterfall, Century Property Developments is striving to implement a long-term energy management strategy. The group believes that it is its moral obligation to start thinking not only smarter but greener. To achieve this, it is introducing initiatives that will ensure a minimal impact on the natural environment while creating long-term cost savings.
PROPERTY TREND Friday August 28 2015
“It’s a good market to buy into because lots of old houses are becoming available that haven’t been renovated in 40 to 50 years, so young people can afford to move in and fix them up” Anabela da Silva, Orange Grove area agent, Pam Golding Properties
The rise of Orange Grove Once viewed as crime-ridden and derelict, Orange Grove, one of Johannesburg’s oldest suburbs, is enjoying a fresh burst of public and private investment
WORDS: GEORGINA GUEDES :: PHOTOS: TER HOLLMANN
GAPS FOR YOUNGER RESIDENTS There is a lot of residential real estate up for grabs in Orange Grove, as many of the older, established residents are moving on, either to retirement homes or to stay with family, or to smaller, easier-to-maintain flats. And, naturally, death is a factor too. “It’s a good market to buy into because lots of old houses are becoming available that
haven’t been renovated in 40 to 50 years, so young people can afford to move in and fix them up,” says Anabela da Silva, the Orange Grove area agent for Pam Golding. She says house prices have shown a steady increase over three years. Gerald Harris, the area agent for Vered, says the increase is driven by high costs in the surrounding suburbs.
“Norwood and Orchards have much higher prices for the same stand size. For the younger set or first-time buyers, Orange Grove is the natural place to go.” Both agents believe the area is improving and that developments in Paterson Park and along Louis Botha Avenue will help to clean it up and make it more desirable.
PROPERTY TREND Friday August 28 2015
“Two new developments promise to breathe new life into areas of the suburb once seen as undesirable: the Paterson Park Precinct, which was initiated in 2005 (although construction only began this year), and the Corridors of Freedom project, started in 2014, which involves the roll-out of the bus rapid transit (BRT) system along Louis Botha Avenue”
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or years Orange Grove has acted as a buffer suburb between busy Louis Botha Avenue, which stretches from the Alexandra township in the north to the Johannesburg CBD in the south, and the more affluent suburbs that surround it. However, Orange Grove has recently started to enjoy something of a renaissance, with a number of local government and private sector initiatives promising to uplift the area. Property prices are rising as homes in the neighbourhood become increasingly appealing to first-time buyers. Two new developments promise to breathe new life into areas of the suburb once seen as undesirable: the Paterson Park Precinct, which was initiated in 2005 (although construction only began this year); and the Corridors of Freedom project, started in 2014, which involves the roll-out of the new bus rapid transit (BRT) system along Louis Botha Avenue. “These are seen as working in tandem, one creating viable transport and the other becoming an inclusive housing project,” says Roger Chadwick, chairman of the Orange Grove Residents Association. “The urban design framework has been completed and the concept is exciting. The town planning process will take about eight to 14 months to complete.” FUTURE COMMUNITY SPACES Collectively these areas will include the completed art complex, which contains the creative industries hub, a sports centre, a new housing development and a park. “Paterson Park is designated as the development site for the proposed densification and construction of suitable dwelling units,” says Chantal Janneker, senior manager of marketing and communications at the City of Joburg Property Company (JPC). “The Paterson Park recreation centre will be redeveloped by the city’s community development department via the
Johannesburg Development Agency to provide a range of new and upgraded facilities, including a park and sports facilities, a new library and a swimming pool.” Janneker adds: “Paterson Park is an existing public park which is to be upgraded by Johannesburg City Parks and Zoo. The JPC is assisting in the activation of the park, and with the proposal to re-engineer the existing canalised river into a daylighted stream. The park will become a focal point for the precinct’s developments.” “The impact of these developments will see a comprehensive live/play/ shop atmosphere that will bring much-needed impetus to development along Louis Botha Avenue and Grant Avenue through the increased residential availability within the precinct,” says Chadwick. TEMPERING ENTHUSIASM While a great deal of the local government’s investment in the area is being marketed as “breathing new life” and “revitalising”, there have been obstacles along the way. Many residents are sceptical of the stated time frames being adhered to, and are wary of the resultant traffic congestion as cars are restricted to a single lane on one of Johannesburg’s busiest roads. Chadwick says that although the area might appeal to developers, there is still a great deal of illegal land use. “There is a lot of development but not all to the good, as we experience overcrowding, illegal land use and few approved building plans. The reality is that there is little or no planning enforcement, but this is metro-wide and not particular to Orange Grove.” However, he believes that official developments in the area are moving in the right direction. “Much present development is sporadic and the Paterson Park Precinct Development can be seen as a focal point that can create confidence in the regeneration of our suburbs.”
Orange Grove homes in numbers
R819,000
— average house sale prices in 2013
R922,000
— average house sale prices to date for 2015
41%
— buyers in the youth (18-35) market
34%
— buyers in the middle-age (36-49) market
FOCUS ON THE ARIA August 28 2015
THE ARIA FEATURES Nine “Pure” spacious two-bedroom en-suite apartments with garden and penthouse units including covered terraces 15 “Sheer” luxury three-bedroom en-suite apartments with garden and penthouse units including covered terraces and pools Three Infinite “Supreme” four-bedroom en-suite penthouses: both ground-floor units have a garden, pool and covered terrace, while the second-floor unit has a covered terrace and Jacuzzi Two-bedroom en-suite from R4,295m Three-bedroom en-suite from R7,795m Four-bedroom en-suite from R9,795m High ceilings Refined finishes Staff rooms Storerooms Lifts Heated indoor pool and boutique gym Secure basement parking Guardhouse with state-of-the-art 24-hour security
The Aria
Elite apartments and penthouses offer the luxury of private sparkling pools and lush gardens with entertainment areas
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he launch of The Aria luxury apartments and penthouses, an exclusive new development in Wierda Valley, Sandton, heralds the future of opulent urban living. Lynn Estates, specialists in marketing top-end developments in Sandton’s platinum mile, has begun promoting this exclusive 27-unit development, which consists of ultra-luxurious two-, three- and fourbedroom apartments and penthouses, with spacious covered terraces and pools. Says Lynn Estates CEO Lynn Petzer: “Sandton’s central business district has seen massive and rapid growth. It is fast developing an international character, combining living, working and entertainment as they are in the great cities of the world.” The demand for highrise apartments in Sandton has increased, and The Aria offers something unique for Sandton’s most discerning residents. It embodies the ultimate in exclusivity, with just nine “Pure” two-bedroom en-suite apartments, 15 “Sheer” threebedroom en-suite apartments
and three “Infinite” fourbedroom penthouses. Units on the ground floor also include sparkling pools and lush gardens. The Aria has been designed by AMA Architects, a firm well known for forward-thinking architecture that expresses, in its own words, the “dreams and ambitions of our society”. In designing The Aria, AMA has considered not only the development’s contribution to an uplifting urban environment, but also the finer details of the discerning urban lifestyle made possible in an individual unit, whether it is a penthouse or an en-suite apartment. Each one of The Aria’s apartments has been impeccably conceived and features the finest appliances and quality finishes throughout, generously proportioned open-plan spaces, including high ceilings, and indoor/ outdoor appeal. Both the upper and ground-floor units benefit from spacious covered terraces, while the threeand four-bedroom garden apartments offer the luxury
FOCUS ON THE ARIA August 28 2015
GET IN TOUCH
Lynn Estates 083 655 5539 info@lynnestates.co.za lynnestates.co.za
of a private swimming pool, a lush garden and an entertainment area. The units include a spare room that owners can tailor to their needs, such as a study or a butler’s suite. Apartments can benefit from private lifts allowing you direct access from the secure underground parking to your front door. Special features include an indoor heated pool and boutique gym. The estate is highly secure, including 24-hour guards and controlled access to the basement parking. Its central location allows for easy access to the city’s most prestigious schools, high-end shopping centres, restaurants and entertainment venues. “The Aria is a glimpse of the future, embodying a new model of urban living designed to suit Sandton’s
rapidly changing skyline and urban character,” says Annie Lan from Fatasy Property, the developer responsible for this interesting project, which is neither a high-rise nor a cluster development but something quite different. The Aria’s green space, privacy and generous proportions will preserve the area’s lifestyle association as being a leafy haven on the cusp of Sandton’s financial epicentre. “The Aria preserves the ultimate in luxury while paving the way to a quintessentially sophisticated and international lifestyle,” says Lan. Lynn Estates has a 26-year long record of successfully marketing landmark projects in the Sandton area, including The Michelangelo Towers, Sandton Skye and Masingita Towers.
“The Aria is a glimpse of the future, embodying a new model of urban living designed to suit Sandton’s rapidly changing skyline and urban character” Annie Lan, Fatasy Properties
INTERNATIONAL Friday August 28 2015
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or the past decade, prices in Toronto and Vancouver have performed well above the national Canadian house price average. Home prices have recently shot well past the affordability levels of average Canadians. For investors, while high prices mean tenants should be in easy supply, the costs of renting are also pushing many out of the market. This is significant, given that the Toronto market made up 20% of the national home sales in the first six months of the year, according to the Toronto Real Estate Board (TREB). Jason Mercer, TREB director of market analysis, notes that Canada sold 216,012 homes nationally between January and June this year, while 54,453 sold in Toronto during the same period. But there is affordability-related stress in Vancouver and Toronto, according to the Royal Bank of Canada. In a housing trends report published in June, the bank reported that Vancouver’s and Toronto’s “high and rising prices make it a stretch for a typical household to own a home at today’s market values, especially in the singledetached segments”. Despite these trends, the Toronto market continues to trade. TREB president Mark McLean said that July saw a new record for the month’s historical sales. The Greater Toronto Area (GTA) – which includes Halton, Peel, Toronto, York and Durham – saw 9,880 sales in July. This represents an 8% increase year on year.
ACTIVITY DRIVERS What is driving this level of activity? “As we move towards a new record for home sales this year, it is important to point out that home ownership demand has been driven not only by low borrowing costs, but also by the fact that the
Toronto soon out of reach?
The Toronto housing market is hot and showing little sign of slowing down. If you’re an investor, you ought to consider it. But act quickly, before it is priced out of the market
WORDS: DAVID A STEYNBERG :: PHOTOS: TORONTO REAL ESTATE BOARD
GTA economy has been performing quite well, with the unemployment rate lower compared to last year,” McLean was quoted as saying. “Homebuyers remain confident about the long-term benefits of owning a home.” Mercer adds that the regional economy of the GTA has been performing quite well, with the unemployment rate trending lower despite issues in the oil and gas sector. “Moving forward, many export-oriented firms in the GTA are expected to benefit from the lower Canadian dollar vis-à-vis the US,” he says. “On top of this relatively positive economic picture, homebuyers continue to benefit from historically low interest rates.” Detached homes continue to drive price increases, according to the MLS Home Price Index Composite Benchmark, which studies the benchmark home prices in communities throughout the TREB region. It suggests that a greater number of high-end homes were sold in 2015 compared with 2014, showing a 9.4% year-on-year increase in July 2015. The average selling price was up by 10.6% for the same period to C$609,236 (about R5,9m) as compared with 2014’s C$550,000 (R5.3m). “With the level of inventory in the GTA trending below two months, many listings continued to generate a lot of interest from buyers,” says Mercer. “Not surprisingly, this supported further price increases well above the rate of inflation. Assuming similar interest rate and economic environments over the next five months, strong price growth will remain the norm for the rest of 2015.” INSUFFICIENT SUPPLY OF HOMES According to TREB’s July statistics, the bulk of sales (34%) fell in the C$300,000 (R2.9m) to C$499,000 (R4.8m) price band. Mercer
“For investors, while high prices mean tenants should be in easy supply, the costs of renting are also pushing many out of the market” noted that in the GTA the key driver of home price growth is the constrained supply of listings in many neighbourhoods, particularly for low-rise homes (detached and semidetached houses and townhouses). “We are on pace for a record number of home sales this year in the GTA, but the supply of listings has not kept pace,” he says. “The result is strong competition between buyers, which has translated into robust annual rates of price increase.” While TREB says sales of houses, townhouses and condominiums in the GTA hit 11,992 in June, up more than 18% from 10,132 in June 2014, the rental market has battled to keep pace with demand. “The rental market has remained quite
tight in the GTA, even with strong completions of condo apartments in recent years,” says Mercer. He adds that recently completed condominiums rented by investor-owners have been an attractive choice for tenants who wish to live close to popular neighbourhoods with transportation alternatives. “There has not been very much purpose-built rental construction over the past decade, so investor-owned condo apartments have filled the void to a certain degree, especially for higher-end rental units.”
best places to live and do business,” explains McLean. He adds that more renter households were focused on investor-owned condominiums, resulting in strong growth in the supply of units for rent. These were closely matched by higher numbers of units rented, indicating a “certain degree of pent-up demand in some specific segments of the rental market”. Mercer says rental hot spots exist in central Toronto and downtown. He lists downtown average onebedroom rentals in the second
quarter 2015 in the C$1,700 to C$1,750 (about R16,700 to R17,000) range. “In contrast, the average one-bedroom rent for the TREB market area as a whole was C$1,608 (about R15,700),” he says. “Growth in average rents is generally impacted by both market conditions and the type and size of units rented from one period to the next. Both these factors played into rent increases over the past year. But the bottom line is that despite robust listings growth, strong renter demand has provided a firm foundation for rents.”
CONDOS FOR RENT TREB reports a 20.3% year-on-year increase in the number of condos rented out, hitting 8,821 in the second quarter of 2015, compared with last year’s 7,333. The number of condos listed for rent during the second quarter also increased by 23% year on year. “The demand for rental accommodation in the GTA increased in the second quarter in response to the sustained population growth we continue to enjoy. This is as a result of our region’s status as one of the
“There has not been very much purposebuilt rental construction over the past decade, so investorowned condo apartments have filled the void to a certain degree, especially for higher-end rental units” Jason Mercer, Toronto Real Estate Board
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INTERNATIONAL Friday August 28 2015
“There is already a large community of South Africans on the island, estimated at more than 500 people” Mel Roberts, consultant with the Maitland Group’s Malta office
Malta's doors set to close Anyone interested in investing in property with a view to securing a Maltese passport should start the ball rolling now WORDS: LEA JACOBS :: PHOTOS: MAITLAND MALTA
T Malta in numbers 1,800 – Malta’s
estimated applications for citizenship by the end of 2016
424,204 –
population of Malta in January 2015
60% – estimated
Maltese students that complete their education at a tertiary level
ime is running out for those considering Malta’s Individual Investor Programme. Launched less than 18 months ago, this initiative restricted the number of applicants (excluding dependants) to 1,800. Identity Malta, the government agency charged with interviewing the applicants and processing their applications, has been inundated. So far roughly 600 applications have been received, representing more than 40 nationalities, according to Mel Roberts, a consultant with the Maitland Group’s Malta office. “SA is represented, with perhaps a dozen applications in the pipeline. There is already a large community of
South Africans on the island, estimated at more than 500 people," says Roberts. Not surprisingly, given the political situation, well over half of the 600 applications to Identity Malta thus far are from wealthy Ukrainian, Russian or other Eastern European citizens, with a fair sprinkling of Chinese and Middle Eastern individuals. MALTA PASSPORT ADVANTAGES Roberts lists a number of advantages to securing a Maltese passport. In addition to living in a relatively crimefree environment, citizenship guarantees visa-free travel to more than 160 countries, and the right to work and pursue economic activities in all 28
European Union countries. However, there has been a lot of pressure from Maltese citizens to close the programme at some point. According to James Bowling, CEO of Monarch and Co, this is due to the rights the citizen programme affords investors, including the right to vote. The island’s small size already supports a large population, which is also of concern to existing citizens. “Malta has attractive benefits such as the wonderful people, lifestyle, appealing tax benefits, good work ethic, a great climate and general quality of life, as well as a low cost of living,” says Bowling. “Malta is also a very secure and well managed country and their economy continues to do well,” he adds. “The negatives, however, are that the cost of the programme includes a very large contribution to the Malta National Development and Social fund, starting from €650,000 for a single person on the application,
which really adds up to being a donation. This is a substantial amount that the investor is not benefiting from or investing, other than contributing to the necessary investment requirements for citizenship.” THE COSTS INVOLVED Roberts notes that investors have to make a €25,000 contribution for a spouse, €25,000 for each child below 18 years of age, and €50,000 per dependant child between the ages of 18 and 26 years. The costs for a typical family consisting of a father, mother, and two teenage children (16 and 19) would be €750,000. Additional smaller due diligence and passport fees will add a further €20,000 to this amount. There is also a requirement to invest €150,000 in Maltese stocks, bonds, debentures or social partner ventures for a minimum of five years. Finally, Roberts says you need to prove that you have invested in property, to a minimum value of €350,000, or alternatively
entered into a five-year lease agreement on an apartment or house at a minimum rental of €16,000 per annum (€1,350 per month). Despite these somewhat onerous financial obligations, there are a number of solid reasons why this country attracts high net worth individuals. Educational standards are among the highest in the world. Malta is regarded as an industry-orientated, business-friendly country. In a recent interview Dr Christian Cardona, Minister for Economy, Investment and Small Business in Malta, stated that despite its small size, the country’s economy is presently outperforming the growth rate of its counterparts in the EU. Other advantages to living in Malta include the low cost of living when compared to the rest of Europe, and the fact that property on the island is well built and relatively inexpensive when compared to many desirable places on the continent.
“Malta has attractive benefits such as the wonderful people, lifestyle, appealing tax benefits, good work ethic, a great climate and general quality of life, as well as a low cost of living” James Bowling, CEO Monarch and Co
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PROPERTY NEWS Friday 14 August 2015
STREET CAMERAS FIGHTING JOBURG SUBURBAN CRIME
Working to improve infrastructure delivery
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op local development and engineering professional teams are working towards optimising cost, time, quality and socioeconomic outputs of infrastructure delivery programmes in SA. South African Forum of Civil Engineering Contractors (SAFCEC) CEO Webster Mfebe says a memorandum of agreement by the Development Bank of Southern Africa (DBSA), SAFCEC and Black Business Council Built Environment (BBCBE) is to be implemented on a project-by-project basis
in upcoming months. The memorandum was signed in March 2015. “A sub-committee to represent SAFCEC in interactions with the DBSA and BBCBE has been appointed. We have also begun identifying expertise within current and past SAFCEC members who can contribute to the goals and outcomes. The aim is effective delivery of infrastructure and to foster skills development, job creation and contractor development,” says Mfebe. The memorandum envisages a collaborative
approach to planning, costing and resourcing of specific infrastructure programmes at pre-developmental stage, to provide greater certainty to project outcomes. Mfebe says the memorandum addresses alternate building technologies, innovative procuring or contracting models and large-scale mentorship programmes to develop emerging contractors, local community involvement, youth employment and also encourage female-owned construction companies. “Given the constraints on government finances,
the lack of resources and project management skills, it is imperative that the public and private sector collaborate to find better ways to deliver projects, given the modern demands of the current infrastructure delivery environment. We need to find new and different ways of providing that infrastructure,” says Mfebe. Sinazo Sibisi, group executive of Infrastructure Delivery at the DBSA, says they want to be a solutiondriven centre of excellence with a focus on the delivery of infrastructure in SA and the
rest of Africa. They want to do this by transforming the built environment sector. “We help drive infrastructure solutions within our sphere of operation with a view to addressing institutional failure to accelerate socioeconomic infrastructure,” she says.
says Gerhard van der Linde, MD of Seeff Pretoria East. He notes that the minimum build size of 220m2, together with an average stand sales price of R650,000, would enable potential buyers to build their own home for about R2,3m. “Currently, 40 houses are completed and occupied, and 70 houses are being built.” As a largely buy-to-live market, residents are attracted by the bushveld lifestyle on offer, according to Inge de Klerk of Pam Golding Properties. “Not only is the estate set within nature, but all of the conveniences of modern living are at the fingertips of residents,” she says. “The Hills is located on Garsfontein Road in Pretoria East, five to 10 minutes from shopping centres such as Menlyn, Woodlands and Parkview. Reddford House Private School within the estate is also proving a popular
attraction to families.” Other schools nearby include Presda Primary School and Montessori Primary School, both in very close proximity, says Van der Linde. “Woodhill College and Doxa Deo are popular English private school options within 8km of The Hills,” he says. “Garsfontein Primary, Garsfontein High and Constantia Park Primary are Afrikaans-medium government schools. They are all feeder schools to the area.” While resales are only now coming onto the market, the demand from buyers seems to be for vacant stands. During 2014 a total of 289 stands were transferred, while this year 64 transfers have already taken place. Walking, mountain biking and game trails are in the pipeline, and a clubhouse with a gym and restaurant starts construction soon.
The Hills in Pretoria East relaunched
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educed stand prices have provided the impetus for buyers to snap up stands at The Hills in Pretoria East. The Hills Game Reserve Estate sits in a fast expanding area on the outskirts of Pretoria East, near Mooikloof. The estate offers residents an unusual concept within a metropolitan setting: there are roaming
antelope and zebra, with a location on the doorstep of top private and public schools, shopping and private hospitals. “The development was recently relaunched and consists of 879 stands ranging in size from 590m2 to 3,900m2, selling at almost half the price compared to the original launch prices four years ago,
Kyalami’s housing market is booming
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ome to a former Formula One racetrack as well as equestrian smallholdings, Kyalami has in five years witnessed a real turn of fortune. The establishment of Waterfall Estate has been central to this change, spurring developers to tackle a range of builds, including Africa’s largest first-phase shopping mall, new sectional title schemes, healthcare facilities and private schools. Graham Pronk, estate agent: Pam Golding Properties, says Kyalami is booming and rapidly densifying. “In our view, this is only likely to create increased demand for residential property of all kinds,” he says. “The development of the commercial and industrial segments of the local economy creates employment and an increased demand for
accommodation within the greater Kyalami area. We expect this to assist in stimulating and driving the residential property market throughout the region.” But isn’t all the building activity having a negative impact on demand from buyers? “Kyalami is stable. The building activity has added more value to Kyalami and the surrounding areas,” says Charles Vining, MD: Seeff Sandton. In the past 12 months about 150 full-title properties have been sold, at an average sales price of R2,4m, ranging from R1,5m–R3,4m. And roughly 75 sectional-title properties at an average sales price of R1,9m, ranging from R1m–R2,8m.” Saskia Williams, broker/ manager: RE/MAX Central, says people are moving from Sunninghill, Lonehill and
“Kyalami is stable. The building activity has added more value to Kyalami and the surrounding areas” Charles Vining, MD: Seeff Sandton Midrand to Kyalami, thanks to its centrality. Over and above the many corporate head offices in the area, education is another draw card. “There are a number of preschools in Kyalami, as well as Summit College Primary
and High School, and Kyalami Preparatory private schools,” says Williams. Five years ago the Kyalami residential property market was muted as a sluggish economy encouraged homeowners to take a wait-
and-see stance, says Pronk. He says the area has seen tremendous local economic growth, with demand for all residences, including estate and sectional-title homes. First-time buyers have also stimulated the market.
With increased pressure on the South African Police Service and fewer crimefighting resources at their disposal, the city’s suburbs are coming together to implement their own security measures through necessity. Ashleigh Parry, MD: CSS Tactical, says the suburb of Dunkeld already has 59 street security cameras in place, and 80 deployed in Craighall and Craighall Park, as part of Phase 1. Another 50 are planned for Phase 2. Atholl, Inanda, Illovo, Winston Ridge and Elton Hill are following suit: CSS has rolled out 24 cameras in the first phase of their security upgrade. The suburb will eventually have 86 overview cameras and nine licence plate recognition (LPR) cameras. LPR cameras can detect and flag number plates in the system, either for further investigation or for immediate response from a tactical unit on the ground. But do security cameras actually help in beating crime? Parry cites an example of an attempted hijacking in Pitts Street in Dunkeld West, where camera footage assisted the SAPS and CSS in their investigations and led to the arrest of two suspects. The cameras employ an “intelligent” software system called iSentry that “learns” behaviour and alerts CSS about unusual behaviour or loitering. This helps CSS to respond immediately and effectively. Wendy McAllister, deputy: Craigpark Residents’ Association (CRA), says the software recently helped catch a suspected cat burglar in Hamilton Avenue. “He was detained overnight, but because the affected residents did not press charges, he was eventually released,” she says. This multimillion-rand initiative required proactive residents and security companies, and astute budgeting. Parry says Fibrehoods installed the fibre-optic cables, which allows for quicker and more consistent transfer of camera feeds. “The initial outlay of funds to install the camera systems was provided by CSS Tactical and, as part of an agreement between CSS and the CRA, was passed on as an increase in the armed-response fee of residents, which will eventually cover the cost,” she says.
HOMEFRONT
Marketplace From sea to suburb to city, the8country’s most beautiful Chapter Home loan homes await you Home loan application process application process
Chapter 8
MAKE Home loan Chapter 8 Chapter 8
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application process Home loan
application process IN HOME LOANS SIX SIMPLE STEPS
Chapter 8
Home loan application process
HAPPEN
Chapter 8
Home loan application process
1. APPLY FOR YOUR HOME LOAN
2. GET A BOND APPROVAL
3. VALUATION OF YOUR DREAM HOME
4. LOAN IS APPROVED
5. BOND REGISTRATION
6. HOME OWNERSHIP
Go to nedbank.co.za/homeloans for all you need to know, from the loan application to moving in. Whether you are a first-time buyer or not, we’ll make finding your home sweet home quick and easy with the Nedbank Home Buyer’s Guide. For the full guide and video visit Nedbank.co.za/Homeloans.
nedbank.co.za
Nedbank Limited Reg No 1951/000009/06. Authorised financial services and registered credit provider (NCRCP16).
Benmore Gardens Bedrooms: 6 | Bathrooms: 6 | Parkings: 10
Web Ref: 3293911
R8 000 000
Lucratively located minutes from prestigious Sandton, conveniently accessible to the Gautrain. Opportunity of either executive accommodation of six luxuriously appointed suites to meet the high demands of the corporate world OR a 4-Star guesthouse licenced with financial records in place. A well-appointed kitchen and separate laundry facilities, this property offers an independent management cottage with poolside entertainment set in a landscaped garden with magnificent views.
Barbara Pipolo 083 307 3529 | barbara.pipolo@everitt.co.za | Sandton Office 011 463 2033
Northcliff Bedrooms: 5 | Bathrooms: 2 | Garages: 4
Web Ref: 3304240
R5 650 000
This Northcliff split level residence will be a real pleasure to own, with an impressive entrance area, private study for the work from home executive. Gourmet kitchen, stylish living distinguished by the flowing reception areas, a marvellous entertainment area overlooking a manicured garden. 5 bedrooms and 2.5 spacious and modern bathrooms. Separate to the main house is an income producing flatlet with spacious kitchen area, lounge and bedroom, home gym / office area with superior security.
Debbie Rosz 072 225 3351 | debbier@everitt.co.za | Randburg Office 011 801 2500
Live with the stars at your doorstep VISIT OUR LUXURY RESIDENTIAL APARTMENTS ALONGSIDE THE HOUGHTON HOTEL A MEMBER OF THE LEADING HOTELS OF THE WORLD PORTFOLIO
LIMITED APARTMENTS LEFT – DON’T LOSE OUT
ON SHOW DAILY – LIFESTYLE OPPORTUNITIES FROM R3,9 MILLION Visit the latest apartments on Saturday and Sunday. SHOW APARTMENT Unit 12018, The Houghton on the 12th, 53 2nd Avenue, Houghton Office – 011 034 2201 || Alan Becker – 082 718 8100 Email – alan@thehoughton.com
WESTERN CAPE EXCEPTIONAL NORTH FACING DUAL-LIVING HOME, AN ENTERTAINER’S PARADISE! The formal lounge leads to an elegant dining room and fantastic games room. The gourmet kitchen flows onto a lounge/ dining room with French doors onto patio overlooking beautifully manicured lawns, tennis court, entertainer’s patio and pool. Upstairs comprises of 4 bedroom suites plus study all featuring magnificent views. An interleading cottage with separate entrance offers a beautiful kitchen; lounge/dining room and family room plus 3 well-appointed bedrooms. 6 garages, 2 staff suites and state of the art security. BEDROOMS 4 BATHROOMS 4
UPPER CONSTANTIA R19 million
Charne Shipper 083 274 6336 Ingrid Hoaten 082 490 6246 Web Ref: 91426
GAUTENG WHAT YOU SEE IS NOT WHAT YOU GET This beautiful home has to be viewed to be appreciated, the surprise is inside. Beautiful versatile spaces with intimate settings that express a lifestyle geared for entertaining. Light and airy with superb finishes. Features include, Spacious kitchen with Gagganau appliances, 5 bedrooms, 3 bathrooms, Wine cellar, Beautiful 2 bedroom cottage, Lovely tennis court, Heated pool, Borehole, Koi pond, 3 Garages, Undercover parking for 5 cars. Only on rare occasions do you find a home of this quality, live in it to appreciate it. BEDROOMS 5 BATHROOMS 3 Gail Katz 083 443 5633 | 011 880 3550
SAXONWOLD
Web Ref: 92291
R11.95 million
GAUTENG SUN-FLOODED, CONTEMPORARY. A MUST SEE! A SUN-SATIONAL, modern home ! The doublevolume entrance hall greets you as you step inside this spacious north-facing home. Open plan kitchen, looks onto the dining area and covered patio, making entertaining easy. A comfortable& luxurious TV lounge, alongside a more formal lounge, is warmed by a gas fireplace. The built-in braai with prep area and sink, overlooks the sparkling pool and large garden, with irrigation system. Upstairs, 4 bedrooms (2 en-suite) with balconies. The master bedroom features a walk-in dressing room. This tech-savvy house makes connectivity a breeze. LED lighting throughout. A double garage completes this desirable home.
WATERFALL ESTATE R5.4 million
BEDROOMS: 4 BATHROOMS: 2.5 John Conradie 082 859 0940 | 011 466 0966 Web Ref: 90379 RESIDENTIAL SALES & MARKETING • RENTALS • DEVELOPMENTS • HOME LOANS