HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA 13 SEPTEMBER 2019 WWW.BUSINESSLIVE.CO.ZA
MUST-READ
Heritage meets luxury in new hotel PAGE 2
Best offshore coastal investments PAGE 12
Where to settle along the seaside PAGE 16
Zululami Luxury Coastal Estate in KwaZulu-Natal has just launched its second phase comprising sea-facing stands with incredible ocean views
Coast to coast Although living, working and playing in the city remains a popular Just in: chic urban option, especially among millennials, many South Africans and garden apartments foreigners prefer to invest in dream homes on the coast PAGE 19
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4 EXCLUSIVE GARDEN APARTMENTS JUST LAUNCHED FROM R2.495 MILLION
HELLO ORANJEZICHT
www.TheAster.capetown Key features:
CAPE TOWN
Beautifully landscaped private garden area for each apartment with private jacuzzi option Communal braai & pool deck 5 minutes drive to Camps Bay Beach Fully managed short-term let investment option, from 7% net yield Completion end 2020
Office - 021 425 8586 David - 072 385 4386 Maxine - 078 452 5559
CO NSCI O US L I V I NG
HOMEFRONT HISTORY AND INTERIORS
Lovely Labotessa Cape Town’s newest boutique hotel took years to materialise. Its determined owners artfully combined historical luxury with the hum of the city WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED
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Lion’s Head takes centre stage in the entertainment area of the Governer’s Suite penthouse
“Five years ago, there were already 30,000 apartments in progress in the City Bowl. That is a lot of footfall coming into the city at night” Johan du Plessis, co-owner, Labotessa
One of the penthouse bedrooms
or many modern lifestyle travellers, the appeal of a coastal destination such as Cape Town goes beyond beaches and ocean views. It is about unpacking the cultural charisma of a place to find its rhythm. For that, inner-city hotels offer convenience, good dining access, the freedom to wander and first-hand glimpses of those going about their routines, viewed from a comfortable room. Spectator privileges, if you like. Guests at Labotessa’s six luxury suites and a double-volume penthouse overlook Church Square, where Spin Street and Parliament Street intersect. This narrow pale-blue structure would fit any Amsterdam street, and its history is colourful. Church Square is home to the Groote Kerk, the oldest church in the country. The fact that Simon van der Stel, the first governor of the Cape Colony, once lived in the building, inspired the name of the Governor’s Suite, a modern 300m2 penthouse with three bedrooms, two spacious bathrooms and a kitchen/entertaining area extending to a balcony with a plunge pool. Glorious Lion’s Head views stretch above the urban skyline. The boutique hotel’s South African-born owners Jan Fourie and Johan du Plessis were childhood friends and both worked overseas before launching this project. “Jan called me and said: ‘I think I’ve found a building for us.’ It was pure luck that no agent or third party was involved,” says Du Plessis, who gained most of his international hotel career experience with the lifestyle brand Andaz by Hyatt. He moved to Cape Town to oversee Labotessa’s design and interiors, and has managed the hotel since it opened in August. “The name Labotessa was concocted over a glass of wine – we thought it
HOMEFRONT
PLUS POINTS OF A SIGNATURE SUITE Each of the Signature Suites has a comfortable lounge
Understated five-star luxury in a generous 65m2 space, with crisp white linen, quality bathroom fittings and practical lighting details on bedside units. Three pillows apiece are standard on each bed (find your preferred microfibre or down option). Home comforts: a table and chairs as well as crockery, cutlery and glassware for a relaxing glass of wine or for bringing food back to your suite to eat in. Considerate extras: alcoholic and soft drinks from the concealed fridge, plus crackers, cheese, hummus and olives, all included in the room rate. There is also fresh milk for the Nespresso
machine and a vase of flowers, as well as nougat and fruit. The flatscreen is wallmounted in the lounge, but with Wi-Fi, full DStv bouquet and Netflix, it’s tempting to catch up on a movie from the comfort of the king bed too.
lift access to the relevant floor. A doorman/concierge provides come-and-go assistance 24/7.
Inside the café
Décor extra: a room opening onto a plant-filled nook, a chill space for contemplating the city sounds or reading.
Good pressure powers a hot shower (with Cape Town having to be water-wise, baths are only standard in the Governor’s Suite). Underfloor heating and heated towel rails warm chilly nights.
A delicious breakfast and a hot beverage are part of the deal. Have yours delivered to your room or, much nicer, take a table at Starlings Café downstairs and watch city dwellers pass by or page through a glossy magazine while sipping your cortado.
The guests in each suite receive a unique key disc for
Kim Maxwell was hosted overnight.
The Starlings Café BLT sounded quite grand,” Du Plessis chuckles.
HERITAGE Bringing to life a building that dates back to the 1700s was no laughing matter, though. Its heritage status and age meant endless planning and approvals, and an insistence on using sanctioned engineers and architects. It took seven years to open. “Just for the planning permission we had to write 500 letters to residents and businesses in the area,” Du Plessis says. “Two objected, so we tweaked some things and then wrote to everyone again.” Exterior changes were finally made: two penthouse floors were added and two front windows on the ground level were converted into doors.
A Luxury Suite bathroom
“When I travel I always want to be somewhere in the city; I want to feel the architecture and atmosphere. Of course we don’t have the foot traffic 24/7 yet. But there are plans for more lifestyle outlets in this neighbourhood,” says Du Plessis. FYN fine dining restaurant and Kleinsky’s Delicatessen are current neighbours. One of Labotessa’s achievements was to persuade the City to light up Church Square by lamppost at night. “When we saw the development proposals five years ago, there were already 30,000 apartments in progress in the City Bowl,” says Du Plessis. “That is a lot of footfall coming into the city at night. The lifestyle traveller usually likes to
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PRODUCED BY BLACKSTAR PROPERTY PUBLISHING
EDITORIAL TEAM Editor: Debbie Loots Designer: Samantha Durand
stay in a specific area of a city for a reason.”
COLOUR ACCENTS There is precise attention to detail in Labotessa’s spacious suites, right down to the custom shade of blue Du Plessis used on the walls, the rugs on the French oak floors and the contrasting furniture colour accents such as burntorange velvet couches. Three contemporary Cape Town artists – Emma Aspeling, Pierre Fouche and Rina van Zyl – were commissioned to add vibrancy to the interiors. Du Plessis’s decision to introduce a city branch of Claremont’s Starlings Café is genius. “Hotel restaurants and bars are a white elephant if not managed properly. Unless you have a culinary
experience restaurant, hotels are generally offering a boring buffet that is often disappointing and impersonal,” he says. Starlings’ elegantly casual furniture injects a dose of continental café culture on the ground floor, aided by comforting breakfasts and lunches from a tiny ethically inspired menu. The allday breakfast (served at weekends) includes eggs benedict with crisp artisanal bacon, and aloo tiki potato cakes with poached egg and homemade chilli jam. “We’re thrilled with the way the hotel has turned out,” says Du Plessis. “The result is incredibly faithful to our original vision for this truly special heritage building.” labotessa.com
PUBLICATION ADVERTISING SALES
Copy Editor: Christine de Villiers Production: Joanne le Roux
Susan Erwee Sarah Steadman
susan.erwee@thecreativegroup.info sarah.steadman@thecreativegroup.info
083 556 9848 083 222 9153
FOCUS ON: CENTRALBLUE, BLUE DOWNS
ADVERTORIAL
The centre of attraction Quality, affordability and a central location near transport hubs are just some of the powerful selling points of the new CentralBlue neighbourhood in Blue Downs WORDS AND PHOTOS: SUPPLIED
C
entralBlue is a new collection of developments in Blue Downs that will include 1,800 homes and apartments, as well as shops, offices, a community hall, a crèche and a Curro school, offering convenience and lifestyle benefits, not to mention good investment opportunities. This new neighbourhood in Blue Downs is ideally situated between the City of Cape Town and the Stellenbosch Winelands. It features good public transport connections, with two railway stations within walking distance and a new station in the pipeline, bus services on Hindle Road and a MyCiti route being planned for the future. There are also taxi nodes in the area, and Cape Town International Airport is only about 15km away. Indigo Heights, the first apartment node to be developed, includes three secure developments, each with three-storey buildings. It is a modern village of 380
contemporary units ranging from 38m2 (one bedroom, one bathroom) to 64m2 (three bedrooms, two bathrooms). Prices start from R525,000. Emerald Square, one of the first townhouse nodes, is an inviting combination of sleek modern townhouses and a high street style retail area. These single- and doublestorey homes are a great investment opportunity with all the lock-up-andgo convenience suited to a modern lifestyle. With prices starting from R754,000, the options range from a 46m2 two-bedroom, one-bathroom townhouse to an 84m2 three-bedroom, two-bathroom townhouse. At Ochre Place, another node that forms part of the first phase, the main drawcard is the smart
design concept of the Citra E-homes. The construction materials feature excellent thermal properties and are recyclable and affordable in terms of construction and maintenance. Homeowners have a choice of three predesigned options with excellent green credentials and can add security features such as burglar bars and security gates. Streetscape CCTV cameras will provide even more peace of mind. The E-homes range from 52m2 (two bedrooms and one bathroom) to 82m2 (three bedrooms and twoand-a-half bathrooms) and cost from R769,000. Prices are set to rise in 2020 so there’s no better time than the present to see the CentralBlue neighbourhood for yourself.
GET IN TOUCH We Trade Property Tel: 087 096 0961 E-mail: centralblue@wetradeproperty.co.za centralblue.co.za
HOMEFRONT LOCAL
Coast to coast
Although living, working and playing in the city remains a popular option, especially among millennials, many South Africans and foreigners prefer to invest in dream homes on the coast WORDS: TRACY ANN VAN BLERK :: PHOTOS: SUPPLIED
S
A is renowned for its magnificent 3,000km stretch of coastline offering a wide range of places to live. From spectacular clifftop homes and quaint beachfront towns to secure coastal estates, lock-up-andgo holiday homes and trendy apartments, it’s good news indeed that this is the time to buy. On Cape Town’s Atlantic Seaboard – arguably SA’s most expensive area – recent FNB statistics show that the growth rate in home prices has fallen from 25.5% in the first quarter of 2016 to 5.1% in the first quarter of this year. “Even luxury estates such as Zimbali on the KwaZuluNatal North Coast have experienced this trend, with asking prices of certain properties decreasing from R16.9m to R13m and from R15.9m to R12m,” says Rory O’Hagan, head of the Luxury Portfolio division of Chas Everitt International. With one of the best buyers’ markets in decades,
Ocean Villas, Yzerfontein
1001 The Fairmount, Sea Point
“Local buyers who want to downsize, foreign investors, semigraters and short-term buy-to-let investors are all part of our buyer pool on the Atlantic Seaboard” Richard Hardie, Knight Frank
Sitari Country Estate, Somerset West
SA presents a great opportunity for local and foreign property investors to get a foot in the door at some of the country’s most desirable coastal locations. Low interest rates and keen competition between banks to grant mortgage loans are two additional factors fuelling the current market conditions.
Atlantic Seaboard & CBD Proximity to the city and Cape Town’s natural beauty is the winning combination of this sought-after area. “Local buyers who want to downsize, foreign investors, semigraters and short-term buy-to-let investors are all part of our buyer pool on the Atlantic Seaboard, from the V&A Waterfront and Sea Point to Bakoven and Camps Bay,” says Richard Hardie of Knight Frank. “This extends from apartments to freestanding homes.” Rob Stefanutto, Dogon Group director and head of developments, concurs. The secret to success, according to him, is creating a product
HOMEFRONT
Manhattan on Coral, Blouberg offering to fit all consumers’ needs, ranging in price from R899,000 to R30m. Moreover, partnering with well-respected development groups that can deliver high quality properties is crucial. “Lock-up-and-go convenience with a twist” is how Horizon Capital Residential MD David Sedgwick describes The Aster in the City Bowl’s Oranjezicht. “These apartments are ideally suited to owners looking to downscale, with the benefit of a spacious outdoor area for easy entertaining and access to the beaches of Camps Bay, Bakoven and Clifton,” he says.
“The Aster apartments offer a spacious outdoor area for easy entertaining and access to the beaches of Camps Bay, Bakoven and Clifton” David Sedgwick, MD, Horizon Capital Residential
Cape Town's Western Seaboard With its white beaches, postcard-pretty views of Table Mountain, excellent schools, restaurants, shopping centres and easy public transport to and from the city, the Western Seaboard is a popular choice for property investors. The value proposition is also much
CentralBlue, Blue Downs
more attractive to buyers who are unable to afford the high prices characteristic of the Atlantic Seaboard. Manhattan on Coral, a New York-style apartment block in the Blouberg area, offers a selection of bachelor, one- and two-bedroom units, says CleverProp.com CEO Schalk Pienaar. “The design is distinctly edgy and based on typical industrial warehouse conversions. The open-plan apartments feature segments of exposed brickwork and steel beams, as well as floor-to-ceiling industrial-style windows.” Andrew Plunkett of The Milnerton Estates says buyers of its new Sandown development, currently being built on Sandown Road, mostly come from the surrounding environs. “They are homeowners wanting more modern architecture, with security, education facilities and convenience in mind.”
Somerset West In the heart of the Western Cape’s famous Winelands, close to the beaches of
Strand and Gordon’s Bay and with beautiful views of the Hottentots Holland Mountains, lies Somerset West. The multiple awardwinning Sitari Country Estate, with its exclusive Curro school, is situated here. Since its launch five years ago, this 192ha, R4bn megaproject has become a local landmark that attracts first-time buyers, families and investors not only from SA but as far afield as the UK and Sweden. Another attractive option is Central Park in the security enclave of Heritage Park on the eastern border of Somerset West. It is marketed under the Harcourts Platinum banner. “There are four design options, all offering three bedrooms, two bathrooms and a double garage, plus some bespoke options,” says Lorraine Bezuidenhout, marketing manager for this division. “To date, 50% of the estate has been sold to buyers that include firsttimers and retired singles, or as investment properties for letting.”
Annual inflation: Coast vs non-coast THE TIME IS NOW!
10%
Annual inflation
8% 6% 4% 2% 0% February April June August October December February April June August October December February April June August October December February April June August October December February April June August October December February April June August October December February April June August October December February April June August October December February April June August October December February April
-2%
2010
2011
2012
2013
Coast
Source: Lightstone Property
2014
Non-coast
2015
2016
2017
2018
2019
Natural beauty and quality of life aside, there are more pragmatic reasons for investing in coastal property. According to Lightstone’s Residential Property Index, at the end of July this year the national house price inflation index was at 3.6%, with the Western Cape continuing to buck the national trend with an annual rate of 5%. And while inland municipalities’ rates are between 1% and 4%, coastal areas generally perform above this range at about 3%. This means a seaside home is an attractive investment option, whether you are an international investor or a local resident wanting to semigrate, buy a holiday home or retire.
HOMEFRONT
The Wetland Clubhouse with its eco-pool will be central to the newly launched second phase development of Zululami Luxury Coastal Estate on the KwaZulu-Natal North Coast
Kurland Valley, Plettenberg Bay CentralBlue on Hindle Road in nearby Blue Downs offers easy access to the ocean as well as the Stellenbosch Winelands. “CentralBlue is a collection of developments that combines the charm of neighbourhood living with innovative design and technology,” says Sandra Lindecke of WeTradeProperty.co.za. About 1,800 homes are planned and will bring a new heart to the community. With various public transport connections close by, a new Curro school,
a choice of security options, walking and cycling paths and proximity to shopping centres, CentralBlue offers residents a premium yet affordable lifestyle.
The West Coast An assortment of fynbos, a beautiful rocky coastline and an annual show of flowers blanketing the the hills and farmlands in spring are only a few of the drawcards of the Cape West Coast. Yzerfontein, once a sleepy little town, is now attracting a variety of investors – in
fact, says Graham Katz of Yzerfontein Property Developers, the show house of its development Ocean Villas was recently bought by a Belgian couple planning on holidaying there a few times a year and letting it in between. “Other clients who have bought at Ocean Villas, built to reflect contemporary West Coast architecture, are a combination of local and national investors who want to take advantage of the exceptional lifestyle and value offered at this exclusive gated beachfront
estate. Buyers have a choice of either doubleor single-storey homes,” says Katz. Laaiplek, a small enclave near Port Owen and Velddrif, is the site of Atlantic Waves, a new development by Multi Spectrum Property. The perfect entry-level option for buyers looking for a holiday house on the West Coast, it consists of 216 two- and three-bedroom units. The development is pet friendly and each open-plan home features an enclosed garden.
KwaZulu-Natal Balmy weather, an ocean warm enough to swim in and green rolling hills epitomise this part of SA. Coastal estates on the KwaZulu-Natal coast have experienced unprecedented growth over the past few years. San Lameer sales director Derek Thomson says buyers at this secure beachfront family leisure and golf estate are primarily affluent businessmen and -women from Gauteng and Tshwane looking for a piece of
natural paradise. “Wealthy retirees have recently started to settle here, along with a handful of foreign investors or swallows who chose to enjoy the province for a couple of relaxing months at a time,” he says. The Dunes is another attractive option in Ballito. “It’s a small estate comprising 34 grid-tied sectional title homes. There has been a mix of purchasers and tenants, with downsizing being the most common reason for buying,” says Rick Pulvirenti of Sanhall Property.
“Since launching in 2016, 80% of Zululami Luxury Coastal Estate’s first phase was sold out and I believe Phase 2 will get even greater reaction, as it offers the most outstanding sea-facing stands in Zululami and on the North Coast” Murray Collins, Collins Residential
THE APPEAL OF THE GARDEN ROUTE Ling Dobson, Pam Golding Properties area principal in Plettenberg Bay and Knysna, says the area is sought after among a broad crosssection of buyers. “Not only is it perceived to be the Côte d’Azur of SA, it also offers a wonderful lifestyle for young families and retirees.” The region has good private schools, which serves the interests of families seeking a safer and healthier environment away from cities, traffic and crime. “All this is impacting on the dynamics of real estate here,” says Dobson. “Luxury estates around Plett and Knysna are seeing an influx of buyers. The most popular options include Thesen Islands, Simola, Pezula, Brackenridge and Schoongezicht.”
BALWIN'S COASTAL OFFERS Balwin Properties' Fynbos development in Big Bay (pictured) is close to the beachfront and fibre ready, and features solar panels. One-bedroom units start from R859,900. Other seaside developments by Balwin include The Jade in the exclusive Paardevlei Precinct in Somerset West, with the Strand beach just down the road. Apartments here start from R1,859,900. In KwaZulu-Natal, Ballito Hills is close to the beach and offers secure and central living, with apartment prices starting from R1,994,900.
The depictions herein are for illustration purposes only and are subject to change without prior notice.
Stands from R 1, 5 million. First transfers achieved in August 2019.
SHEFFIELD BEACH, KZN NORTH COAST
Following the success of Phase 1, Zululami Luxury Coastal Estate has officially unlocked Phase 2. Varying from 880m2 to 2100m2, Phase 2 reveals the most premium sea-facing stands within the entire estate. These spacious, luxury residential stands rival any seaside lifestyle along KwaZulu-Natal’s North Coast. Situated only 100 metres from KZN’s Sheffield Beach, Zululami provides the perfect environment for families, professionals and first-time homeowners. The coastal-inspired, family lifestyle is enhanced by the world-class facilities including private beach access with a luxury beach clubhouse, mountain bike and jogging trails, a beach pavilion, a signature Wetland Clubhouse that boasts a swimming pool, revitalised wetlands, bird hides, kids’ park, and multisport courts.
Gatehouse complete. Clubhouse construction has commenced and is due to be complete in August 2020. DIRECT ACCESS TO SEATON BEACH HOUSE
VISIT OUR ONSITE SALES OFFICE
Andrew: 082 654 5062 | Charlie: 079 128 8695 sales@zululamiestate.co.za | www.zululamiestate.co.za
RAINMAKER 09|19
UNRIVALLED COASTAL FAMILY LIVING
HOMEFRONT
The Emporium in Porto, Portugal, combines modern design with classical architecture. The apartments are priced from €330,000 and are marketed by Pam Golding International.
The Mercury Tower in Malta was designed by Zaha Hadid Architects. Marketed by Seeff, a one-bedroom apartment starts from €315,000.
INTERNATIONAL
Property hotspots G on foreign shores Governments offering investment migration programmes are attracting an increasing number of South Africans. HomeFront weighs up some of the most popular countries – Portugal, Greece, Malta and Grenada WORDS: DEBBIE HATHWAY :: PHOTOS: SUPPLIED
Converted character houses on the outskirts of Gharb, Malta, are popular with South African buyers.
lobal wealth migration is accelerating, with about 108,000 high net worth individuals (HNWIs) migrating last year, compared with 95,000 in 2017. That’s according to the AfrAsia Bank Global Wealth Migration Review 2019, in which research partner New World Wealth presents insights on wealth trends in 90 countries. Australia attracted the most HNWI inflows in 2018, followed by the US, Canada, Switzerland, the UAE, the Caribbean, New Zealand, Singapore, Israel, Portugal, Greece and Spain, in that order. Monaco, Malta, Mauritius, Latvia and Hong Kong are also favoured. “Based on our estimates, about 3,000 HNWIs have left SA over the past 10 years. Most of these individuals have gone to the UK, Australia and the US. Switzerland and Portugal are also popular destinations,” says Andrew Amoils of New World Wealth. Meanwhile global investment migration firm Henley & Partners notes that Brexit, Bolsonaro and the ongoing protests in Hong Kong are all contributing to a significant spike in interest in the Portugal Golden Residence Permit Programme and the Greece Golden Visa Programme. Amanda Smit, managing partner, says investment migration programmes are designed to manage the combination of risk and opportunity. “On the one hand, they create security, reliably diversifying risk through greater protection from volatile markets and political instability. On the other hand, residence- and
HOMEFRONT
The exclusive seafront development Aphrodite in Crete, Greece, has landscaped gardens, a large communal pool and magnificent views of the Mediterranean Sea. Prices start from €265,000 for a two-bedroom apartment. Kimpton Kawana Bay in Grenada, marketed by Pam Golding International, offers share investment for $220,000.
PORTUGAL Why: Visa-free travel in the Schengen Area; the right to live and work in Portugal; EU residency. How: Invest a minimum €500,000 in real estate.
GRENADA Why: Visa-free travel to 140+ countries, including the UK and Schengen Area; eligibility for a US E2 treaty investor visa. How: Invest $220,000 as a donation or $350,000 in a government-approved real estate project.
MALTA Why: First proven European destination where you can get citizenship rather than just residency. How: Residency costs start at €30,000 plus investment of €150,000.
GREECE Why: The Greek property recession is over; low real estate prices and high demand mean higher returns. How: Qualify for residency when you buy real estate for more than €250,000. Seven years of residency in Greece qualifies you for citizenship.
citizenship-by-investment programmes permit access to a significantly expanded suite of opportunities for travel, investment and influence. In both cases the benefits of having multiple citizenship and/or residencies create significant and unique value for the investor that goes beyond simply providing political risk insurance.”
BEST PROSPECTS Portugal remains the top destination of choice, with the capital, Lisbon, having been voted Europe’s best investment prospect for 2019. Head of Pam Golding International Chris Immelman says: “Ranked ahead of Berlin, Dublin, Madrid, Frankfurt and Amsterdam in the Emerging Trends in Real Estate: Europe 2019 report, Lisbon is one of the smaller newcomers to the top 10, vying with the tried and tested markets in terms of ‘quality of life’ and ‘leadership’.” Since Pam Golding International began marketing property in this country a few years ago, it has concluded real estate transactions with nearly 300 South Africans. Lisbon and Porto are most popular. “Over the past few months there’s been an uptick in enquiries and sales, mainly for properties in the price band between €500,000 and €1m to meet the minimum investment criteria,” says Immelman. In special circumstances, the entry level may be lowered to €350,000 for investment in refurbished units in renovated buildings that are at least 30 years old in historically significant locations earmarked as
urban regeneration areas. Porto’s Hotel Belas Artes and The Rebello Luxury Hotel Apartments, where construction commences in October, are such examples. “The current political climate in SA, coupled with the Golden Visa scheme and Lisbon having been named by PwC as the best city for investment and development in Europe, has created the perfect storm for South African investors,” says Oliver Banks, senior negotiator for international residential developments at Knight Frank. “We are seeing an influx of investors looking to acquire the Golden Visa and switch rands to euros via a property purchase.” Investors can also achieve net yields of more than 4%. With capital growth of 10.1% year to date, this positive trajectory is set to continue thanks to improvements to infrastructure, low levels of unemployment, a booming tech industry and competitive pricing against other European cities. Just eight minutes from Lisbon International Airport, Martinhal Residences has a luxurious family living environment with concierge services and superb amenities in the Parque das Nações neighbourhood. The project offers guaranteed 4% yields for six years and a two-week stay per year in your unit or another Martinhal property. Prices range from €265,000 for a 38.7m² studio apartment to €1.05m for a four-bedroom apartment of 161.5m².
MOST INEXPENSIVE The most inexpensive way to get a residence permit in the EU is via the Greece Golden Visa Programme.
The minimum property investment is €250,000, with citizenship possible after seven years of residence. “Acquiring real estate in Greece is now one of the most profitable types of investments, with ample opportunities for capital appreciation in a depressed real estate market,” according to Henley & Partners. “From being on the brink of bankruptcy a decade ago, Greece is quickly becoming a leading destination for entrepreneurs, remote workers and digital nomads due to its exceptional and relatively low cost of living.” Successful applicants and their families benefit from visa-free access to the Schengen Area within two months of applying. They can let their property and hold shares and receive income from the dividends of a company registered in Greece (but they may not be employed in the country). Residence applies to the spouse, children under 21 and parents of the main applicant and spouse, and there is no requirement to live in Greece. The residence permits do not expire.
SECOND PASSPORT Malta is a sought-after second home and investment destination for those looking for a second passport, especially since it offers a route into the eurozone. “It’s less than three hours from London, less than two hours from Europe and about five hours from the Middle East. The sunny Mediterranean climate and fabulous island lifestyle are big drawcards,” says Seeff Atlantic Seaboard director Lance Cohen. Malta has a stable economy and property
market that showed the best growth rates in Europe last year. “There is a large expat community and a busy tourism market, so demand for rentals is high. Capital growth averages about 7%-10% per annum,” Cohen says. “There are two aspects to the Malta promotion in SA. The first is to buy real estate without residency or citizenship, purely for investment or second-home purposes. You can find property from just R3m, far less than what you would pay for an apartment on the Atlantic Seaboard. If you want to go for a residency or citizenship option, the property investment will be from about R10m.” The cost of residency starts at €30,000 plus an investment of €150,000 into government bonds, which you have to hold for five years, and a property investment of more than €320,000. Citizenship costs from €650,000 to about €1m for a family of five.
FIVE STARS Kimpton Kawana Bay is the leading citizenship-byinvestment (CBI) project in Grenada. A five-star resort located on Grand Anse Beach, named USA Today’s best Caribbean beach in 2018, Kimpton Kawana Bay offers deeded, freehold real estate at the minimum CBI investment amount of $220,000. “Our clients are investors looking to safeguard for their families’ future by obtaining Grenadian citizenship,” says Geoffrey Crow, global head of marketing for Kimpton Kawana Bay. “With a low investment from just $220,000 for a multititle suite, clients are able to become shareholders in a financially sound resort operated by the reputable Kimpton brand, which is part of InterContinental Hotels Group.” Adds Immelman: “It has a transparent revenue-sharing model and hassle-free ownership with no additional cash outlay requirements. Its one-bedroom suites and studios are for sale as freehold condominiums and properties can be resold after five years to buyers who are also eligible for Grenadian citizenship.” Grenada’s CBI programme gives global access rights that other CBI programmes around the world simply cannot rival. It is one of the few countries in the world that has a 30-day stay permit (visa waiver) with China. Citizens who are tax residents in Grenada are not subject to pay Grenadian tax on their foreign income, nor do they pay any wealth, gift, inheritance or capital gains tax.
For more information contact Theresa Fernandez on +27(0)21 762 2617 or mail international@pamgolding.co.za pamgolding.co.za/international
HOMEFRONT RETIREMENT
Take me to the seaside! Why so many over-50s are semigrating to secure coastal estates to kick off their golden years WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED
DID YOU KNOW? Between 2015 and 2050, the world’s population aged over 60 will almost double from 12% to 22%. By 2020, people aged 60 and older will outnumber children younger than five years. 80% of older people will live in low- and middle-income countries in 2050. Source: World Report on Ageing and Health 2018, World Health Organisation
Zimbali’s prime position adds to its appeal
The Colonial Lodges at Fancourt, George
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esearch by Retire KZN shows that South Africans over the age of 50 don’t like the word retirement. “In fact, many over 50 will not consider an estate if it has the word retirement in it; even if it is on par with modern, luxury lifestyle estates,” reports the market research initiative. It points out that this life stage tends to have negative associations to do with ending a career and a prime life span, as well as frailty, dependency, secluded and clinical units, bad care and a bland existence. Yet more often than not, buying into a secure lifestyle estate aimed at mature residents proves to be a positive experience. The common denominators: good design and site layouts, and amenities catering for a broad range of requirements. Convenience, security, innovation and capital growth are part of the package in many cases. So which are the coastal destinations drawing mature buyers for scenery, lifestyle and investment potential?
KwaZulu-Natal This province has had a surge in retirement developments after a drive to attract over-55s. “We noticed this trend and responded by purchasing prime land in Umhlanga Ridge and Zimbali Lakes near Ballito. We also hold sought-after land in Hilton,” says Evergreen Retirement Holdings director Arthur Case. “The Midlands has always been a retirement destination for KwaZuluNatal and Gauteng retirees, and the North Coast is gaining popularity.” Evergreen is set to commence construction
of “world-class estates” at the end of 2020. The Umhlanga Ridge development, close to the Gateway shopping centre, will have uninterrupted ocean views, whereas Zimbali Lakes will be an upmarket offering adjoining an 18-hole golf course. Pam Golding Properties area principal for Durban Coastal Gareth Bailey says a carefree lifestyle with facilities and services at hand is a selling point. “Newer offerings along our coastline include Mount Edgecombe Retirement Village in Kindlewood Estate, which will comprise 260 homes, a clubhouse and a care facility.” Also on the North Coast, Palm Lakes Estate near Ballito is experiencing an upward sales curve. Palm Lakes Retirement Village offers tailor-made retirement packages from spacious full title to sectional title units. Kevin Fisher, Lazuli Lifestyle and Retirement Estate spokesperson, says Port Zimbali is a true gem. “With its pleasant climate, top golf courses, beautiful beaches, upmarket shopping and nearby amenities, it really does have it all.” At Lazuli buyers can invest in modern homes with ocean, wetlands, indigenous forest or inland views. The contemporary threebedroom, three-bathroom Fig Tree Villas, priced from R5.495m (no transfer duty), will be ready in November. Lock-up-and-go Lazuli Lifestyle Apartments are selling off plan, with completion set for mid-2021.
Garden Route Home to some of SA’s most scenic locations, with an exceptional lifestyle offering and an emphasis on a more balanced way of life, it’s not surprising that this region enjoys high appeal. “Recently there’s been a marked trend towards relocating for a better quality lifestyle in a tranquil, secure environment on this spectacular coastline,” says Pam Golding Property group CEO Andrew Golding. Residential property can be acquired in the area from less than R2m up to R30m-plus, with a general range in the R1m to R5m bracket. Devmark Residential Holdings director Jean Ehlers singles out Plettenberg Bay for “an excellent return on investment”. It has magnificent scenery and two Blue Flag beaches, and strict town planning prevents high-rise buildings. When it comes to retirement property, Plettenberg Manor offers eight accommodation types in the Cape vernacular style. More than 40 homes are
HOMEFRONT RETIREMENT HOTSPOTS FOR WEALTHY SOUTH AFRICANS Ballito and surrounding villages make up SA’s “luxury residential estate capital”. It’s home to Zimbali, Simbithi, Brettenwood and Dunkirk Estate, with several more exclusive estates currently under construction. Knysna is one of the top local retirement destinations. Sought-after residential estates here include Pezula, Simola and Thesen Islands. George, home to the esteemed residential estate Fancourt, also ranks among the most popular retirement options in the country. Hermanus is in demand among well-off semigrators from Johannesburg and Pretoria especially. Source: South Africa Wealth Report 2019, AfrAsia New World Wealth
De Plattekloof, Cape Town
A bird’s-eye view of the Umhlanga area
“De Plattekloof’s luxury homes set a new benchmark for retirement living with meticulous attention to detail” Johan Laubscher, Arun Holdings
Mount Edgecombe Retirement Village, KwaZulu-Natal
completed and construction of apartments, selling from R1.495m, is set to start soon. “Plettenberg Manor offers everything you can think of. Beautiful surroundings, excellent security, direct access to a private beach, lovely hiking trails, bird hides and bowling greens – all on the estate,” says Ehlers.
IN DEMAND
Zevenwacht Lifestyle Estate outside Stellenbosch
Residential property in George is always in demand, Golding points out. Besides world-famous Fancourt, other prestigious lifestyle developments in surrounding areas include Kingswood Golf Estate, Oubaai, Kraaibosch and Welgelegen Estate. Not every retiree buys into a development labelled “retirement estate”, of course. “Our research shows that 62% of recent Fancourt residential property buyers were mature buyers. Fancourt appeals to retirees,” says Pam Golding Properties George area manager Stephen Murray. Vacant stands at Fancourt start from R1.2m and freestanding homes from about R8m.
Cape Town and vicinity
Clara Anna Fontein Lifestyle Estate, rural Durbanville
Greater Cape Town remains the retirement destination of choice for investors keen on lifestyle and capital appreciation. “It enjoys the legacy of a well-run municipality, which includes great infrastructure, wellmaintained roads and a strategy of striving towards
a symbiosis between the public, businesses and local government,” says Rabie Property Group director John Chapman. “Add beautiful landscapes, and living in Cape Town becomes a very attractive proposition.” In the Northern Suburbs, De Plattekloof Lifestyle Estate is proving to be a premium retirement address with its views of Table Mountain and Robben Island, plus convenient proximity to the city. Independent-living apartments start from R1.586m, and Exquisite Homes from R5.425m (no transfer duty) in a full ownership model. “De Plattekloof’s luxury homes set a new benchmark for retirement living with meticulous attention to detail applied during the planning process,” says Johan Laubscher of Arun Holdings. Multigenerational Clara Anna Fontein Lifestyle Estate is a popular option in semirural Durbanville. “Retiring in Oasis Life Clara Anna Fontein offers owners a slice of farm life, with the security and benefits of an estate located in a traditional suburb setting,” says Chapman. Residents have access to premium facilities while living on the larger estate. Oasis Life Clara Anna Fontein sales are on a life rights basis, with the first show houses due for completion this November. All the luxury retirement homes are freestanding and
single-level. One-bedroom homes start from R2.38m.
ocean proximity, in the West Coast holiday town of Langebaan, about 90 minutes from Cape Town. ADDED VALUE The Langebaan Manor At Buh-Rein Estate, also in retirement development the Northern Suburbs, Buhwill offer accommodation Rein Retirement Village is a ranging from apartments financially smart retirement investment and has a host of to three-bedroom homes, priced between R1.87m and amenities. Its first residents R3.35m. Security, garden moved in in August. and cleaning services, Well-priced sectional affordable levies, assisted title ownership properties living and a frailcare include 461 apartments centre are some of the key in three-storey buildings features. From October a with lifts. It offers both sales office on site will be independent-living and able to assist buyers. assisted-living units priced Zevenwacht Lifestyle from R919,900. “The Cape attracts seniors Estate is ideal for retirees wishing to invest in a looking for a country-coastal retirement lifestyle that lifestyle on the outskirts offers security in times of of Stellenbosch with easy economic uncertainty,” says access to Somerset West. Case. “Many follow their “An estate exclusively children who have relocated for those 50 years and here for an improved lifestyle over, it is adjacent to for their young families.” Zevenwacht Estate in one Evergreen Muizenberg is of the most picturesque an established village with Winelands settings, 260 homes and apartments offering unsurpassed and a 2,000m² lifestyle views,” says Multi Spectrum centre. “It’s close to the ocean Property spokesperson and shops and services. Werner Scheffer. Homes are set in landscaped At this boutique estate gardens and the village has retirees can choose between an active social programme,” freestanding lifestyle says Case. homes, independent-living Its life rights-model twoapartments and assistedbedroom, two-bathroom living suites on either a apartments sell from R1.7m, full title or sectional title whereas new threepurchasing model. bedroom, two-bathroom Lifestyle homes with two homes with garages start or three bedrooms, quality from R1.8m on Evergreen’s finishes and garage options flexible pricing model. sell from R2.619m. For a savvy retiree, an additional consideration is the HOLIDAY LIFESTYLE potential of seeing aboveDevmark is selling full average capital growth. title homes, also with
HOMEFRONT PROPERTY NEWS
Johannesburg’s revamped BankCity precinct unveiled
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s a commitment to Johannesburg’s inner city rejuvenation, FNB has unveiled the first phase of its BankCity precinct revitalisation project. It offers a work/eat/play experience open to all residents, with 34 retail tenants employing about 230 people. Nearly 12,000 FNB employees occupy these properties in 181,000m2 of space. The colourful surface of Fraser Street now connects
Pritchard and Jeppe streets, offering access to exciting new retail spaces, eateries and lifestyle options. “When we opened our FNB head office in Simmonds Street, we expressed our commitment to be a part of the growth and evolution of the Johannesburg city centre,” says FNB CEO Jacques Celliers. “Our investment in BankCity is a tangible demonstration of our
understanding of the vital role that inner cities play as hubs of growth, inclusion and employment and contributors to social and economic development.” The bank has committed to “ongoing rejuvenation of the two piazza areas” and the creation of a safe, welcoming environment for working and living experiences, urban markets, festivals and a growing tourism industry.
Cape Town residential Prime office space leased garden apartments for sale in Nairobi and Sandton
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our exclusive garden apartments have been launched in Horizon Capital Residential’s Cape Town development The Aster. They are pitched at pet owners and at young professionals keen on convenient urban living as well as privacy. “We adapted our original design to bring something unique to market in the form of garden apartments in the City Bowl, offering purchasers a new apartment with the benefit of escaping into a private landscaped garden,” says Horizon Capital Residential MD David Sedgwick. Situated on Oranjezicht’s Firdale Avenue, the block consists of 21 apartments, four of which have access to a private landscaped garden. These range in size from 22m2 to 80m2. Purchasers have the option of upgrading the large
outdoor garden space with a Jacuzzi. “Residents can enjoy the benefits of sustainable features such as solar water heating, water-efficient fittings and LED lighting,” says Sedgwick. “The fourstorey building offers lockup-and-go convenience with secure basement parking, CCTV, electric fencing and access control.”
The apartments are priced from R2.495m (including VAT) and no transfer duty applies. The development should break ground in the third quarter of 2019, with completion at the end of 2020. A fully managed offering is available to investors wishing to let their properties on a short-term basis.
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ccording to Broll Property Intel’s latest Kenya Office Market Snapshot H1: 2019 report, creative leasing deals are helping innovative landlords offset the challenges of high vacancies in an overstocked Nairobi office market. Broll Kenya’s research and valuations head Vivian Ombwayo says A-grade office space registered the highest year-on-year occupancy growth (more than 27%) to 83% in 2019, up from 65% in the first half of 2018. B-grade office space grew at 9% during the same period, recording an occupancy growth rate of 88% in the first half of 2019. “The rise in occupancy levels can be attributed to increased interests from new entrants, coupled with tenants realising their expansion plans, particularly in the manufacturing,
pharmaceutical and electronics sectors,” says Ombwayo. “Innovative landlords help drive the market by offering flexible occupational terms and commercial concessions.” Meanwhile, in SA’s financial capital, Sandton Central continues to attract investment and real estate developments from large businesses. Research from Sapoa’s Office Vacancy Survey Q1: 2019 shows that while Sandton is home to most new development in SA (26.4% of new office space in total, nearly double the development elsewhere), a low percentage of this is speculative. Only 2.5% of space under development in Sandton Central is unlet. This is a strong sign of investor confidence, distinguished by the fact that the area has more prime-grade offices than
anywhere else in the country and is dominated by large single-tenanted corporate head offices. According to Sapoa, P-grade offices in Sandton increased from 1,000m2 in 2010 to 95,000m2 in 2019. Sandton Central Management District’s city improvement district manager Elaine Jack says several iconic new developments have come on stream on the Sandton Central skyline in 2019. Among them is Katherine Towers, owned by Vanguard Trust, Bidvest Bank and Bidvest Properties, and developed by Alchemy Properties. This 20-storey building at 1 Park Lane spans 22,000m2 of lettable space with 11 floors of P-grade offices that are fully let. Due for completion in September, the project represents an investment of about R800m.