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HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA
Page 1 Template BD_Homefront straussv 12:41:18 13/10/16
HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA WWW.BUSINESSLIVE.CO.ZA 15 MAY 2020
MUST-READ
Luxury areas remain popular PAGE 17
The benefits of going green PAGE 20
Retirement estates v Covid-19 PAGE 22
Business as usual? Offshore investment update PAGE 24
Many developers and building sites were hoping for a lockdown reprieve this month. Instead they are having to navigate the knock-on effect PAGE 18
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HOMEFRONT
Ellipse Waterfall in Midrand, Johannesburg
LUXURY ESTATES
The allure of the Big Four
Val de Vie Estate, Paarl
Amid uncertainty about the future following the Covid-19 postlockdown, many are hesitant about investing in property. Yet luxury estate developments in four key areas are still drawing interest from buyers attracted by lifestyle and safety aspects WORDS: HELÉNE MEISSENHEIMER :: PHOTOS: SUPPLIED
T
here is no denying that SA faces immense challenges to rebuild its economy following the devastating effects of the coronavirus crisis, but there are many investors and first-time homebuyers who believe the country still offers excellent value in the luxury property market. SA has the largest wealth market on the continent and the 32nd largest worldwide in terms of total wealth held. This is according to the SA Wealth Report 2020, New World Wealth’s latest annual report released at the end of April. It also states that, based on the wealth statistics available in December, about 38,400 millionaires (high net-worth individuals or HNWIs) were living in the country at the time. Most of these HNWIs live or own property in the country’s “Big Four”, namely Johannesburg, Cape Town, the Boland towns of Paarl, Franschhoek and Stellenbosch in the Cape Winelands, and Durban and Umhlanga in KwaZulu-Natal. SA was already in a technical recession before the Covid-19 pandemic hit. For more than a year now, sales in the higherend residential property market have been slowing down as many investors adopted a wait-and-see
approach. The nationwide lockdown from the end of March brought the property market almost to a standstill, so it is quite surprising and most promising to note that property leaders and developers report continued activity in the luxury residential market. “There are more buyers out there than one may expect,” says Fine & Country SA CEO Linda Erasmus. According to her, the worldwide coronavirus crisis and the current exchange rate mean that buying property overseas has become less attractive for local buyers in the luxury market. What’s more, some international buyers are very much aware that they can pick up bargains in sought-after areas while the exchange rate favours them significantly. Seeff Property Group chairman Samuel Seeff says he does not expect demand to flare up in the luxury residential market because it had already been in decline over the past 18 months because of the state of the economy. However, luxury estates are the exception “as there is an increase in demand for the secure lifestyle on offer,” he says. Property developers involved in luxury estates confirm this. Rawson Developers property consultant Brad Morgan says
The Vera in Cape Town’s City Bowl despite the lockdown the company had record sales at The Westwood, a new luxury apartment development in Upper Observatory, one of Cape Town’s southern suburbs, during April. Other developers, too, report an increase in market activity at luxury estate developments. In Johannesburg there has been an increase in queries as well as sales in Tricolt’s luxury security estate developments says CEO Tim Kloeck. “We’ve signed more deals than in February,” he says in reference to the high-rise residential development Ellipse Waterfall in Waterfall City, Midrand. “For those who have the money to invest, with the banks offering very low interest rates right now, this is the perfect time if you want a house in a good area,” says Rawson Property Group chairman Bill Rawson.
1. Johannesburg Kloeck says Tricolt has had an increase in queries from people looking to downscale from their houses to buy a home that is safe and secure. “In the first place they are looking for safety and security, but the lifestyle also appeals to them,” he says. For instance, the luxury residential development Brookfield at Royal in the Royal Johannesburg & Kensington Golf Club offers
kilometres of running and cycling tracks. “Unique properties like Brookfield at Royal and Ellipse Waterfall are standing the test of time and selling despite Covid-19,” says Kloeck. Even during the lockdown, although representatives were not allowed to see clients they were signing deals via video conferencing and online communication networks. Also attracting attention are luxury estates in nearby Centurion, such as Midstream Estate and Centurion Gold Estate, whereas in Pretoria East luxury estates such as Waterkloof Boulevard and Woodhill Golf Estate are in high demand.
2. Cape Town The Cape Town Metro comprises some of the country’s most exclusive neighbourhoods such as Clifton, Llandudno and Camps Bay on the Atlantic Seaboard; Oranjezicht and Vredehoek in the City Bowl; and Constantia and Bishopscourt in the Southern Suburbs. “There has been some activity; however, there’s certainly been no rush to jump into the property market quite yet,” says David Sedgwick, managing director of Horizon Capital, the developers of a collection of penthouses in Oranjezicht
and Vredehoek. He believes people are proceeding cautiously and conserving cash until the full extent of the economic damage and the road to economic recovery are clear. On the Atlantic Seaboard, Seeff has had continued interest in apartments in the Waterfront and in the Mouille Point and Sea Point area, with sales predominantly in the R6m to R18m price bands. Welgedacht Estate in the Northern Suburbs and Silverhurst Estate in Constantia in the Southern Suburbs are also among the developments that have remained popular with upper-end buyers.
3. The Cape Winelands The Cape Winelands has broad appeal, with the towns of Paarl, Franschhoek and Stellenbosch offering luxury estate living in convenient locations – close enough to Cape Town yet retaining the sought-after country lifestyle. Jordan Greenhalgh, Pam Golding Properties agent at Val de Vie Estate and Paarl Valley, reports getting enquiries from international buyers and investors looking for bargains. “Most of the international buyers have visited SA before or have some connection with the country and the area they are buying in,” she says. In Stellenbosch there is a lot of interest in new
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Balwin Properties’ Izinga Eco Estate in Umhlanga developments, which hold considerable appeal as there are no transfer fees payable, according to Vanessa Johnson, the Pam Golding Properties agent here. “People prefer luxury upmarket lifestyle properties that require little maintenance,” she says. Stellenbosch, Paarl and Franschhoek are also attractive to HNWIs wishing to retire. According to Di van Graan, another Pam Golding Properties agent for Stellenbosch, retirees tend to prefer lifestyle estates over retirement villages. “People looking to relocate from upcountry mostly rent in secure estates while they decide where they would like to live, so there is
always a demand for rental properties,” she adds.
4. Durban and Umhlanga The New World Wealth report lists Umhlanga and Ballito in KwaZulu-Natal as two of the fastest-growing areas in SA in terms of wealth growth over the past 10 years. The apartments on Lagoon Drive in Umhlanga are some of the most expensive in the country. “The trend in the luxury property market, even before lockdown, indicated a strong swing towards estate living and security,” says Erasmus. The North Coast continues to attract an influx of buyers from the rest of the province, as well as Gauteng and other regions and even globally,
says Seeff North Coast principal Tim Johnson. Palm Lakes Estate, one of the largest residential estates on the North Coast, is one of the property hotspots. Ecofriendly developments such as Simbithi Eco Estate in Ballito and Balwin Properties’ Izinga Eco Estate in Umhlanga are another popular trend. Ultimately, as Kloeck says, despite the country’s economic challenges and the viral pandemic, the main benefits of real estate as a long-term investment still stands. Key among them is location, location, location – particularly if a property is situated in one of the sought-after lifestyle estate developments in one of the country’s Big Four areas.
PUBLICATION ADVERTISING SALES
Copy Editor: Christine de Villiers Production: Joanne le Roux
Susan Erwee
susan.erwee@thecreativegroup.info
083 556 9848
HOMEFRONT HOT TOPIC
Business as usual?
Many developers and building sites were hoping for a lockdown reprieve this month. Instead they are having to navigate the knock-on effect WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED AND SHUTTERSTOCK
W
ith SA having shifted to lockdown Alert Level 4, many property developers were hoping to return to work. But with building construction sites not yet allowed to restart, the collective industry frustration is palpable. Estate agents, too, are being hampered by a trading environment where virtual showhouses are their only hope of motivating for new residential sales. HomeFront asked key industry commentators for their input on how the lockdown is affecting the local property landscape. How badly has business been affected in terms of halted development projects and off-plan sales? Tricolt CEO Tim Kloeck says they had been hoping
Construction is standing still on Rabie Group’s Bridgewater One in Century City, Cape Town
for more wriggle room around productivity issues for their operations based in Johannesburg. “We have the completed developments and the projects we are building. So it is an absolute disaster. Construction is a handto-mouth industry and so much is down to imports and exports, and small contractors who are affected. “I do not really understand why the construction industry hasn’t been allowed to reopen. It’s not like they’re inside in confined spaces; staff are working outside where the virus cannot spread as easily,” Kloeck says. “If it is about stricter health and safety regulations, contractors will do anything to get back on site in terms of being compliant.” He predicts this will have a massive ripple effect left
unchecked. “In construction the margins have been low for such a long time that this will be a nail in the coffin for a lot of the bigger players, unfortunately. They won’t continue to pay those staff because of affordability issues. The problem is, when the bigger construction companies fold, they take down so many of the smaller subcontractors too.”
LOSS OF MOMENTUM Horizon Capital is a boutique developer of residential apartments in Cape Town’s Atlantic Seaboard and City Bowl. Its MD David Sedgwick likens minister of trade and industry Ebrahim Patel’s Level 4 decision to “operating off a dart board”. Sedgwick says logic did not seem to have been applied regarding when sectors
of manufacturing could resume, while construction workers are watching their jobs evaporate. “There were numerous submissions from industry bodies, political parties and private companies setting out a very detailed, responsible and internationally accepted proposal to allow the commercial construction industry to get back to work,” he says. “These guidelines were devised by international best practice and consistent with other countries’ measures taken, to allow the construction industry to operate even under lockdown conditions. “As contained in a number of the submissions, it is unfathomable how mining – open-cast and underground – can be allowed to resume, and in some instances all the way up to 100% capacity, while commercial construction remains shut. “The great uncertainty all firms are grappling with is how long Alert Level 4 could last and can they hold out for Levels 3 and 2, which may be months away, given the accelerating spread of Covid-19,” said Sedgwick. Rabie Property Group’s COO Colin Anderson says there has been a loss of momentum in the Cape Town company’s sales and letting, which will take time to recapture. The reason is not necessarily the delay in construction, but the fact that many – especially the retirement market – prefer to visit a show house physically and often won’t make life-changing decisions while there is uncertainty in the markets. The bigger issue for Rabie as a developer is a lack of progress. “Our main business, being that of development, is standing still because there is no construction activity. This will unfortunately cause delays in delivery to our
purchasers and increased holding costs,” he says “Our Clara Anna Fontein Oasis Life development in Durbanville was progressing very well before lockdown – we were completing the homes of our first residents as well as our clubhouse. Now there will be a delay in handovers. “At Century City, our new commercial office building, Sable Corner, would have been complete this month. We’re also busy constructing Bridgewater One, a mixed-use development consisting of offices, retail, a hotel and residential components in Century City. Under lockdown Level 4 restrictions, this is all standing still. “We have some exposure to the hospitality sector too,” Anderson says. “We foresee this sector starting to recover only towards the end of the year if all goes well.”
SALES MOVEMENT According to BLOK sales and brand manager Lior van Embden, there are obvious negative effects of the delays in construction and the uncertainty around a return-to-work date being felt across multiple industries. However, since lockdown started this Cape Town residential developer has been buoyed by off-plan sales of almost R25m at its development FOUR ON O, planned for Sea Point. “While the pandemic and lockdown have created a lot of fear in the market, we are fortunate to have had continued sales across our developments, possibly linked to dropping interest rates and a weakening rand,” she says. “The recent volatility of the stock market has inspired renewed faith in the slowmoving nature of property. In times of uncertainty, a strong investment strategy is to invest in resilient
suburbs that are the last to be hit and the first to return.” Balwin Properties is one of the biggest sectional title developers in SA. “The sooner we can get back to construction, the better it will be for the economy of the country,” says Balwin Properties GM Jaco Strydom. He emphasises, however, that the company and its banks and attorneys are all managing to operate remotely, so it’s largely business as usual for them. “Balwin architects and other professionals have been working furiously from a design and planning perspective,” Strydom says. “When we’re out of lockdown, we shouldn’t have any planning delays or challenges – we’ve tried to resolve all of that during this period.” Nationally the real estate industry is also under pressure and representatives are calling on government to allow agents more operational freedom to transact. RE/MAX of Southern Africa regional director and CEO Adrian Goslett points out that the deeds office may be open but bond approval is near impossible because appraisers are not allowed to do home inspections to sign off on bonded amounts. “Property to the value of R20bn is ordinarily registered in the deeds office every month. This creates much-needed liquidity in the market for buyers and sellers. If people are unable to sell their property easily, they cannot raise any capital. The number of distressed sellers is on a rapid rise. “Real estate in isolation contributes about 5% of SA’s GDP and about 42,000 people work in the residential real estate sector,” said Goslett. “Many other organisations, industries and businesses
HOMEFRONT “If it’s about stricter health and safety
regulations, contractors will do anything to get back on site in terms of being compliant”
Tim Kloeck, CEO, Tricolt
rely heavily on the real estate sector to trade.”
RECOVERY SECTORS Which property sectors are likely to recover eventually? Anderson believes people will always need a place to stay. “Residential and retirement are possibly the more resilient categories. We also think seniors have realised that living in a retirement village or estate has many community benefits, especially during forced isolation and restrictions on movement.” Kloeck says Tricolt hasn’t seen much effect on sales so far, fortunately. “We’ve had eight sales of luxury apartments at Ellipse Waterfall in Waterfall City during the lockdown period. We’re currently in negotiations on a penthouse
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sale. It’s a great property in terms of position, being between Joburg and Pretoria. “So there is that side of the economy where people are looking for secure premium investments with limited risk. Residential property is a safe bet. And if you buy in the right area, you are going to get that capital growth.” Kloeck cautions, however, that the office market will be worse off owing to defaulting tenants. Anderson agrees. “All companies are now reassessing whether working remotely is the preferred option, and whether to reduce or expand their space according to new physical distancing measures. “Many businesses will not survive the lockdown either,” Anderson says.
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“We have to remain openminded and flexible about how we approach these new developments.” Yet there could be some industry positives. “So much of what we are all trying to navigate is new territory. For the construction industry this could bring about new hygiene and PPE measures to protect the labour force,” Van Embden says. “It’s also testing how we plan projects and keep certain parts of development going under lockdown. For example, the City of Cape Town’s planning department is working remotely,” she says. “I’m sure this crisis will force innovation and a digitisation of processes.” Martin Raymond, cofounder of the UK consultancy The Future Laboratory, says the pandemic will shape lives and how business is done, with a knock-on effect on the design and locations of both residential and commercial property. “We’re already seeing that workers want to stay local, work local and live local, while remaining a part of a larger corporate structure. That’s going to have a huge effect on how we want our houses to look, our businesses to behave and our towns to be shaped,” Raymond says. “For the first time in history, there is a captive global audience contemplating the future. Now is the chance to do things differently.”
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HOMEFRONT SUSTAINABILITY
Greening brings benefits Residential property development is joining the global trend to implement green measures from the ground up. The planet is depending on it WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED
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n the rush to return to normal, let’s consider which parts of normal are worth returning to.” This quote from Dave Hollis is one of many messages doing the social media rounds. An appreciation of the planet’s state and an understanding that fastpaced lifestyles and other manmade factors may have contributed to the spread of the coronavirus pandemic are causing more people to consider sustainable choices. In theory, apartments and homes factoring in green elements mean a decreased carbon footprint whereas their inhabitants benefit financially through utilities savings, a cleaner lifestyle and increased long-term property values. “Residents and investors want to know what is being done to reduce impact on the environment,” says Amdec Property Development MD Nicholas Stopforth. “Modern trends in development and construction are focused around sustainability.”
FUTURE FIT What will the green home of the future look like? “Probably not that different from the homes we’re living in now, but it will be an improvement,” says Grahame Cruickshanks, former managing executive for marketing engagement at the Green Building Council South Africa (GBCSA). “A home 20% more energy efficient would benefit the environment and the homeowner significantly. Renewable energy is likely to be a more common sight on roofs. Such homes will reward people for reducing their water consumption.” Cruickshanks believes poorly insulated structures requiring extensive winter heating will be a thing of the past in 10 years’ time. “Walls, floors and roofs will be designed to reduce heat loss in winter and heat gain in summer. Air quality and good natural lighting will be part of that design too.”
In June 2019, the sectional title property developer Balwin Properties registered 16,000 apartment units with GBCSA’s Edge certification, a global first. The company is also committed to achieving net zero and six-star Green Star ratings for all lifestyle centres in its developments. “As a leader in sustainable residential development, our mission is to generate affordable green living at scale and reduce our carbon footprint,” says Bruce Jelley, Balwin Properties regional quantity surveying manager for Gauteng. GBSCA Green Star tool categories address environmental and sustainability aspects of designing, constructing and operating a building. Targeted credits are assessed for a score. Its Edge software offers a measurable way to cut back on the resource intensity of a building. The online platform determines the financial viability of including green elements in a build. The Edge standard is set at a minimum 20% reduction across energy consumption, water and embodied energy. Jelley says all Balwin units have energy-efficient appliances and LED lights. Many developments also have solar panels. Certifying so many units allowed Balwin to negotiate a green bond product to encourage accessibility for the middle class. The Absa Eco Home Loan, a collaboration between Balwin Properties and Absa Group Limited, was launched in March.
MINIMAL COST Jelley says green buildings are fairly easy to develop at scale, so developers should be open to embracing technology at minimal additional cost. The best way to reduce a building’s energy requirement is through its design – reducing windowto-wall ratios, through roof insulation and low-e coating on glass. Such measures
The lifestyle centre at The Reid by Balwin Properties in Linbro Park, Johannesburg have resulted in huge savings in Balwin’s developments. “The Polofields in Midrand, for an example, achieves operational savings of 3.72 total CO2 per unit per year, 31% lower energy consumption, 34% reduced water consumption and 38% lower embodied energy in materials as rated by Edge,” Jelley says. At The Reid in Linbro Park, all 1,294 units received a preliminary Edge certification and the process has begun for final certification on all units. The development’s 1,500m2 lifestyle centre uses technology and innovation to fulfil all criteria, including air quality sensors and submeters that monitor energy consumption. The centre is targeting a sixstar Green Star Public and Education Building rating and net zero Carbon Level 2 certification. Green spaces are proving popular in city centres where they used to be rare. With the rise of smart cities, developers bring nature back into the concrete jungles that
replaced it. An urban precinct such as Amdec’s Melrose Arch in Johannesburg operates on the principle of accessibility. Its garden areas and courtyards provide a green lung and help create a sense of community. Cape Town’s foreshore is set to have its first environmentally friendly mixed-use development in Harbour Arch. Plans for the 5.8ha precinct include a green rooftop. Solid Green Consulting director Marloes Reinink says sustainable development is a must, as buildings account for more than 30% of greenhouse gas emissions. “Our sustainability initiatives are mainly focused on energy and water,” says Amdec Property Development investment manager Antonie Jordaan. These range from LED lighting to façade design and double glazing. Groundwater is extracted and desalinated, and grey and black water is harvested and treated on site. “This is not limited to the completed product,” he adds.
BLOK did not anticipate the temperature regulation benefits of the metal screens installed at its TWELVEONV development in Bantry Bay, Cape Town
“As a leader in sustainable residential development, our mission is to generate affordable green living at scale and reduce our carbon footprint” Bruce Jelley, Gauteng regional quantity surveying manager, Balwin Properties
“It begins with the sourcing of building materials from responsible suppliers, utilising water- and energyefficient methodology and ultimately reducing the impact on the environment.”
GREEN BY DESIGN
Amdec Property Development’s One on Whiteley in Melrose Arch, Johannesburg
Melrose Arch operations manager Reiner Henschel says the green-bydesign approach at this Johannesburg precinct includes a R13m solar project. It also has electric car charging stations and a water storage facility. “There are no council services such as refuse removal. Waste goes to a separation plant, then to a recycling plant; the balance is converted into gas. In all, 43% of recycling is turned into gas, making the site’s waste 100% recyclable.” Constructing on a more boutique scale in Cape Town, Horizon Capital’s residential
developments are located in Sea Point, Camps Bay, Oranjezicht and Vredehoek. “We will continue to ensure that our new developments are adaptable to the environment we operate in. Our buildings now come standard with full back-up generators and, in some cases, off-the-grid independent water supply,” says MD David Sedgwick. “In terms of value-added extras, our developments have storage pods and other green features to ensure they are adaptable to modern living.” For residential developer BLOK, also in Cape Town, a standout structural element of TWELVEONV unwittingly became a green feature. Sales and brand manager Lior van Embden says they wanted to make an architectural statement with screens, as the luxury development is located on high-traffic Victoria Road in Bantry Bay.
“What we didn’t expect was the passive design impact the screens have on the temperature regulation in the apartments,” she says. “In summer, when the arc of the sun is high, they provide shade. In winter, when the arc is lower, they let in more sunlight and warmth.” Developers and financial institutions’ bottom lines are also boosted by going green. “There is a huge benefit in executing water-saving measures at construction stage rather than retrofitting. Not only is it better to have systems in place at the start, it also saves money in the long run,” says Jordaan. With current economic challenges causing tenants to default, those looking to rent in 2020 will be spoilt for choice. Melrose Arch leasing manager Renee Feeney says more and more tenants are demanding greener buildings because they provide a
healthier, more productive indoor environment. Reducing the consumption of energy and resources is also becoming paramount. “It is not just about the environment,” Feeney says. “The bottom-line benefits of building and operating green buildings are important, considering rising energy costs and water scarcity. Add to that lower risks, improved productivity, better investment returns and higher property valuations.” Don’t be afraid of committing to green development. It is imperative and will soon become regulation, advises Jelley. “Building sustainably is not only simple but also sensible: it reduces costs and is a powerful marketing tool,” says Reinink. “Building sustainably is the future norm and it is my sincere hope that no developer gets left behind.”
FOCUS ON: FLYT PROPERTY INVESTMENTS’ 12J TAX BREAK ADVERTORIAL
A legal tax haven Drill down the monetary calculations of a Section 12J investment and it is clear that SA currently presents an excellent opportunity to earn a 100% tax break WORDS AND PHOTO: SUPPLIED
Another development by Flyt ready for 12J investment is Wink, a self-catering aparthotel in Cape Town’s CBD with 39 contemporary sectional title studio apartments, all furnished and equipped; other amenities on the premises include a trendy retail space, a coffee shop and restaurant
Developed by Flyt Property Investment and ready for 12J investment, Eaton Square in Cape Town’s Diep River comprises 66 modern one- and two-bedroom boutique and co-living apartments with an outdoor entertainment deck, braai areas, a coffee shop and co-working spaces
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can be invested annually, an individual is still permitted to invest up to R2.5m a year (a total of R5m for 2020 and 2021). A company is limited to R5m per annum (a total of R10m for the two years). “So an entrepreneur who owns their own company can easily – and legally – enjoy a R15m tax deduction,” says De Decker. Salary earners can also take advantage of the structure. For example, if you earn R1m per annum, you can invest the
any investors and financial advisors do not fully understand Sars’ Section 12J tax incentive, which expires June 2021, says Flyt Property Investment MD Zane de Decker. “Consider this,” he says. “One hundred percent of what you invest can be deducted from your taxable income via the 12J structure.” Since the introduction of the limit to the amount that
abovementioned R2.5m per annum (a total of R5m). By doing so you create a tax loss that will shield the next R5m of your salary. In other words, you will pay no tax for the next five years. Sars will reimburse your monthly tax deductions when you submit your tax return.
LIMITED OPPORTUNITY “When our clients catch on to this tax haven window, they look in all sorts of places for some money to invest,” says De Decker. “Flyt has
developed its Section 12J product to such an extent that it offers clients who do not have the money available an option to borrow the funds. The tax deduction or reimbursement will take care of a large portion of the repayment, after which income derived from the investment can be used to pay off the remainder. “Instead of coming up with expensive ideas of how to avoid paying tax, why not just find a decent Section12J fund and shield it?” he says.
Many HNWIs invest their money offshore in tax havens such as the Bahamas, but what does it really mean to send your hard-earned cash to an island holiday destination? “You would probably be investing in a random company or fund you know little about that yields a low ROI and attracts handsome setup costs and ongoing management fees – all somewhere exotic you’re hoping to visit one day,” De Decker says.
However, the aim of Section 12J is to stimulate investment in our economy with the goal of creating jobs. Any South African who has the chance to invest would be missing a huge opportunity to boost the economy, be part of the solution and take advantage of the short-lived tax haven status we are currently enjoying legally.
COMPLETE MANAGED SOLUTION Real estate has always been an attractive investment
to add to a portfolio. Flyt partnered with Cape Townbased Section 12J specialist Anuva Investments to offer property diversification via the Flyt Hospitality Fund, dedicated to finding exceptional opportunities in the property sector. The strategy is simple: seek out excellent opportunities in strategically located hospitality properties, with a focus on serviced sectional title apartments. “Our developments come with
a complete management solution and an experienced operator,” says De Decker. “We have stuck to our recipe of creating wealth for our shareholders while contributing postively to the built environment and progressive landscape of the Western Cape.”
GET IN TOUCH E-mail: zane@ flytproperty.co.za www.flytproperty.co.za
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8 Kings Avenue, Westville
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HOMEFRONT
De Plattekloof Lifestyle Estate in the Northern Suburbs of Cape Town
RETIREMENT
Are retirement estates prepared for Covid-19? Research shows the coronavirus affects the elderly and people with underlying medical conditions most severely. HomeFront asked some of SA’s top retirement estates about the safety measures they have in place to protect residents WORDS: DEBBIE LOOTS :: PHOTOS: SUPPLIED
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ith no vaccine available yet, the coronavirus will continue to affect the way we live our lives in months and possibly years to come. Masks, handwashing and social distancing are fast becoming the norm. Evidence shows the elderly are most vulnerable, with global death rates rising sharply among those aged 70 or higher. Retirement estates play a significant role in keeping residents safe by strict adherence to prescribed lockdown measures while reassuring them of swift assistance in case of emergency.
STATISTIC EVIDENCE The Chinese Center for Disease Control and Prevention analysed 72,314 patient records, focusing on 44,672 confirmed cases of the virus in mainland China from February 11 2020. It found that 80.9% of all confirmed cases were classified as mild, 13.8% as severe and 4.7% as critical.
Out of the total confirmed cases, 1,023 deaths were recorded, which amounts to a fatality rate of 2.3%. No deaths were recorded among children up to the age of nine, and among those aged between 10 and 39 the fatality rate is 0.2%. The rate rises to 3.6% in the 60-69 age bracket and even further to 8% among people between the ages 70 and 79. For those aged 80 and over it is 14.8%. In Italy, 82% of the 827 deaths that occurred by March 11 fell into the 60-plus age category.
ACTION PLAN According to Statistics SA’s 2019 midyear population report, SA has the highest number of older people in Africa. The disease is spreading rapidly across the country, and with several residents at an upmarket Cape Town retirement estate recently testing positive for Covid-19, there is a sense of urgency among these communityfocused estates to take extra care.
Exclusive retirement lifestyle estates do not always have medical facilities on their premises but in the case of De Plattekloof in Tygerberg Hills in Cape Town, with the Panorama Clinic 1.5km down the road, access to emergency care is close. Like many other retirement estates, De Plattekloof has its own strict Covid-19 action plan in place and it is following the World Health Organization’s (WHO) prescribed procedures. The estate’s clinic also offers appointment services where residents can be checked by doctors. We look at what is being done at other retirement estates countrywide:
Central Developments In Gauteng, Central Developments’ retirement estates are managed by CSi Property Management. To help combat the spread of the virus, access to all its estates is restricted and no visitors or deliveries are allowed. Residents observe the lockdown regulations,
Study: elderly most at risk from Covid-19 Fatality rate by age (as of February 11 2020)
10-19
0.2%
20-29
0.2%
30-39
0.2%
40-49 50-59 60-69 70-79
0.4% 1.3%
whereas employees wear protective gear and have their temperatures scanned twice a day. All Central Developments’ estates have frail-care facilities. Although these are not considered to be medical facilities, they are prepared to deal with Covid-19 cases. Each estate’s nurse monitors the residents’ health. Should it be suspected that a resident has contracted Covid-19, the estate’s doctor would test them and upon return to the premises, the village nurse would ensure that the patient and anyone else they have been in contact with self-isolate for 14 days. Residents in self-isolation are able to contact the village nurse on an emergency number at any time. Meals from the restaurant, groceries and medication would be delivered to the front door or porch of their unit. The nurse and general manager also check on them regularly to ensure that they are coping. Should their health deteriorate, the nurse would arrange for them to be taken to hospital. The frail-care residents’ temperatures are taken twice a day and they are checked frequently for any other symptoms of the virus. These facilities are sanitised regularly. Should a frail-care resident display symptoms of Covid-19, the same procedure is followed as for residents of the rest of the estate. The general manager often updates all the residents on the estate’s Covid-19 status and developments through the estate’s newsletter and is available to address residents’ concerns directly.
MSP Developments
3.6% 8%
80+ n=44,672 confirmed Covid-19 cases in Mainland China Source: Chinese Center for Disease Control and Prevention
14.8%
Medwell SA manages MSP Developments’ retirement facilities – Buh-Rein Retirement Village and Zevenwacht Lifestyle Estate, both in the Western Cape. Medwell SA monitors the impact of Covid-19 infections
According to Statistics SA’s 2019 midyear population report, SA has the highest number of older people in Africa
Mount Edgecombe Retirement Village in KwaZulu-Natal in SA closely in order to guide MSP’s decisionmaking continuously. It follows the proposed guidelines and policies recommended by the WHO and the department of health to prevent the spread of the coronavirus. “We are ready to manage patients with suspected infections as well as those who have been diagnosed,” says MSP project liaison manager Werner Scheffer. “We follow all general hygiene measures, which includes the roll-out of selfquarantine and self-isolation in a doable way.” The workers at these two retirement estates are also reorientated on the impact of the virus and consulted and screened on an ongoing basis. They are also equipped with personal protection equipment for use when coming into contact with patients who have overt Covid-19 symptoms.
Mount Edgecombe Retirement Village Totalcare is the medical service provider at Mount Edgecombe Retirement Village in KwaZulu-Natal. Because its residents are considered high risk, infection prevention and control (IPC) protocols were created and are updated often in line with current guidelines. These protocols deal with staff and residents of the care centre as well as the independent village. Staff are trained on the nature of Covid-19, including early symptom recognition. Their temperatures are taken daily. During lockdown, all employees stay on the premises and healthcare staff work 10-day shifts to minimise contact with residents (these extended shift cycles also correspond with the average incubation period of the disease). The health status of new residents is assessed
and physical distancing is practised while taking care not to contribute to feelings of isolation. Twice daily, all residents’ temperatures are taken and those with a fever or respiratory symptoms are reported to management. If a resident is suspected to have contracted Covid-19, they would be isolated in a single room, complying with all IPC practices. A clinical assessment is conducted and severe cases are transferred to an acute health facility. If that is not necessary, the patient would be isolated and cared for at the Totalcare facility. The village nurse will continue providing home nursing services and check-ins during this time. This service is essential to ensure the physical and psychological health of all village or estate residents by checking for any symptoms of disease and combatting feelings of isolation.
As the overall wellbeing of every staff member and resident is important, care will be taken to provide healthcare while maintaining a calm and comfortable environment.
Evergreen Lifestyle Villages Evergreen Health, which forms part of Evergreen Lifestyle Villages, has prepared its villages for any unforeseen medical crisis such as Covid-19, says Evergreen Health MD Elize Porter. The Evergreen Lifestyle Villages were locked down even before the official nationwide lockdown and residents at the care centres are not allowed to receive any visitors. The majority of nurses and carers are being accommodated on site in the villages during this time. Everyone who enters the village offices
HOMEFRONT
Zevenwacht Lifestyle Estate in the Cape Winelands
Buh-Rein Retirement Village in Cape Town’s Northern Suburbs
The Evergreen Lifestyle Villages were locked down even before the official nationwide lockdown undergoes rigorous daily screening in keeping with workplace health and safety regulations. Those with high temperatures are referred for testing by Evergreen health nurses. The village management has built-in support structures that include assistance with shopping for groceries and other supplies such as pharmacy items to protect residents from exposure at shops. A counselling hotline has been established to provide mental-health support to the residents of all the villages. A team of volunteers also conducts
Waterkloof Marina Retirement Estate in Pretoria
daily check-in telephone calls to residents who may require assistance in alleviating loneliness and possible mood disorders. In addition, nursing staff check on villages regularly to assist with any home healthcare procedures and daily routine activities. Evergreen Lifestyle management prepares regular forms of communication to keep in contact with residents. These include updates on the virus, home exercises designed by its physiotherapy partners, as well as brain teasers and crossword puzzles. Recently
a booklet with details on the new Covid-19 Level 4 restrictions was also distributed to those who are able to return to work. The health management team has liaised with expert epidemiologists to develop an elaborate plan for a “basket of care” in consultation with medical aids, should the need arise to offer clinical care to Covid-19 patients. Collaboration with two medical emergency assistance companies should further reassure residents that ambulances will be dispatched immediately in case of a medical crisis.
Evergreen Lifestyle Villages staff
FOCUS ON: CRAFT HOMES ONLINE ADVERTORIAL
Adapting to a changing world It’s no secret that our world has undergone drastic changes these past few months – and it’s up to businesses to adapt however they can WORDS AND PHOTOS: SUPPLIED
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ost industries are having to relook the way they work. This is perhaps most applicable to the residential property sector. In fact, following more than a decade’s worth of slow growth, it’s likely that no other sector needs to change the way it operates more than those who are in the business of providing homes. This is why developers such as Craft Homes have completely reworked how they do things. It is evident from the launch of all Craft Homes developments in a totally online space. The company achieved this through specialised websites that centre around specific developments, with each site containing everything you might need to view, reserve and even purchase a property.
This allows Craft Homes to accomplish everything it normally would with a typical on-site launch – all while helping to flatten the curve. What’s more, its online initiatives have already proved tremendously successful with the launch of its latest developments, The Woods and Springwood, on 14 May 2020.
COMMUNITY FOCUS Situated in Kyalami, Johannesburg, The Woods is a development drawing inspiration from the surrounding wetlands as well as the area’s equestrian roots. It suits all stages of life, from single professionals to couples starting a family and even those looking to scale back in their later years. Each street here is treated as a smaller village within the whole, with varying landscaping and
hardscaping techniques creating a distinct street identity. The result is a blend of freestanding houses and apartments that promotes a holistic and unique sense of community. The Woods also has a secure green belt that makes it a walkable neighbourhood. This is an attractive prospect for those who currently have to make the most of set exercise times, as well as anybody craving a more natural and communitybased component to their daily lives.
SMART INVESTMENT Property in Kyalami has been rising in demand lately thanks to its proximity to
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Waterfall, an area many are now calling Joburg’s new emerging CBD. But the recent lowering of the repo rate to a record 4.25% means Kyalami is an even more attractive prospect at the moment – and properties such as The Woods are particularly smart investments. Now, more than ever, the saying “Don’t wait to buy property, buy property and wait” rings true. This is the time to act. It is an ethos that has galvanised Craft Homes. Because a wait-and-see attitude is no longer relevant. Those who adapt are the ones who will succeed in the face of a changing world.
To book an online appointment with one of our sales executives or to buy online, go to www.crafthomes.co.za/ thewoods. For a tutorial on purchasing online, visit https://www.youtube.com/watch?v=Lwq6NFIREaw.
HOMEFRONT MAURITIUS Why: Mauritius is the happiest country in Africa (World Happiness Report 2020) and the 24th most peaceful in the world (Global Peace Index 2019). How: A residential property investment for a minimum of $500,000 qualifies you for permanent residency for yourself, your spouse and children under the age of 24.
PORTUGAL Why: Portugal is the third most peaceful country in the world behind Iceland and New Zealand (Global Peace Index 2019). Benefit from visa-free travel in the Schengen area, the right to live and work in Portugal, and EU residency. How: Invest at least €500,000 in real estate.
GRENADA Why: Enjoy visa-free travel to more than 140 countries, including the UK and the Schengen area. You also gain access to the USA E2 Treaty Investor Visa. How: Invest $220,000 as a donation or $350,000 in a governmentapproved real estate project.
CYPRUS Why: Low property prices plus high demand equals higher returns. Cyprus ranks 63rd on the list of the most peaceful countries in the world (Global Peace Index 2019). How: You get residency when you buy property for more than €250,000. After seven years of residency in Greece, you will qualify for citizenship.
At Secret Bay on the Caribbean island of Dominica, investors can get shared ownership from $218,000
INVESTMENT UPDATE
Where in the world…? Where would you rather be once global travel tentatively takes off? Amid Covid-19 restrictions, we look at options for offshore property investment WORDS: DEBBIE HATHWAY :: PHOTOS: SUPPLIED
Manta Cove on the west coast of Mauritius
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he longer the Covid-19 national lockdown restrctions persist, the more questions are raised about when and how we can travel again. In the meantime, we dream – or we investigate the best alternatives to life as we knew it. As global markets suffer, the property sector is likely to be one of the most resilient. It always is. Accommodation represents security and has a high tangible asset value, which makes for an attractive investment prospect. Despite the current climate, demand for investment in propertylinked second passport residency programmes has spiked in SA. Nadia Read Thaele, MD of Lio Global, which specialises in residence and citizenship by investment programmes, attributes this to the pandemic, the resulting global economic slump andthe downgrading of SA to junk status by credit ratings agencies. “The rand has lost just over 20% of its value, which makes these programmes more expensive, but this is negated by significant capital growth and the fact that many investors are using funds already offshore,” Thaele says. “South Africans are looking at investing in residency
A villa at Hillcrest Residences in Cyprus or citizenship programmes linked to property.”
UNCHARTED WATERS Mike Smuts, MD at the highend UK residential property advisory Smuts & Taylor, says although sales were up 11% by March 23 compared with the same period last year (the best start to a year for the UK property market since 2016), the market is now basically treading water waiting for lockdown measures to be lifted. “We are in uncharted waters, with sellers unable to sell and buyers unable to buy,” he says. “But it does offer a unique opportunity for astute South African investors to increase their offshore investment.” Even though figures show that most sales deals agreed on before the UK lockdown are holding, new sales have dropped owing to social distancing measures. “Yet the rental market is doing very well, with an increase in online search volumes supported by initiatives such as video walkthrough viewing tours,” says Smuts. Sable Investment Migration MD Andrew Rissik says there has been an adjustment in the prices of some overvalued properties in its Portugal business in 2019 and the first quarter of 2020. “Covid-19 is now accelerating this process of adjustment. We are starting to see more flexible
payment conditions on new development contracts,” he says. “As for the true effect of the pandemic on the offshore real estate markets, time will tell, but we are expecting a very slight overall change in favour of buyers.”
SECOND HOME Meanwhile, Pam Golding International head Chris Immelman keeps going back to Portugal. “In my view it is still the best option for South Africans, be it for pure investment, EU residency or to retire. It is also one of the European countries that has handled the Covid-19 crisis very well,” he says. “For now, particularly in the good developments, prices are holding firm. We are receiving steady enquiries.” Mauritius has long been an attractive alternative, being closest to home soil. “If you’re one of those buyers on the fence about whether or not to move permanently to Mauritius, this may be the time to do it,” says Jonathan Tagg, project director at Pam Golding Properties (Mauritius). “The 2008-2009 crisis pushed more buyers to Mauritius. They suddenly wanted to make the change and spend their retirement years in a different environment.” Safety is another issue. The United Nations Office on Drugs and Crime (UNODC) ranks Mauritius as
substantially safer than SA for retirees. “In fact, it’s about 20 times safer, being closely comparable to the UK,” says Mauritius Sotheby’s International Realty consultant Rob Hudson. The Numbeo Cost of Living Index provides another perspective on living in Mauritius. “Mauritius consumer prices are higher than SA’s and almost on a par with Portugal’s,” says Hudson. “However, inflation rates have been lower in Mauritius over the past decade and stood at 2.2% in February/March 2020, compared with SA’s 5.2%. This suggests the cost-ofliving differential between the two countries is closing.” According to Henley & Partners, the investment programmes most relevant in this Covid-19 environment are those in Saint Kitts and Nevis, Grenada, Saint Lucia, Antigua and Barbuda, and Montenegro. All processing can be done without a visit to the destination. When it comes to deciding whether or not to invest offshore, Rissik says, get advice and make offshore hedging part of your longterm strategy. “Then allow yourself time to try to get a good average rate of exchange when sending funds offshore,” he says. “Never react emotionally and send funds out just as the rand has one of its now regular blow-outs.”
HOMEFRONT BLUE SKIES CALLING A selection of offshore investment recommendations: You can live in a luxurious beach estate on the west coast of Mauritius, where a four-bedroom apartment at 2Futures’ Manta Cove is priced from R36.5m. An investment here secures permanent residency and some of the best ocean and mountain views on the island. If you prefer the north coast, we offer a variety of projects including resortstyle living in Grand Baie with prices starting from R4.5m. – Sandra Colas, real estate project consultant, 2Futures In the north of Mauritius, we have luxurious apartments at Ki Resort, just two minutes from the Beach Club in Grand Baie. Built around a communal 700m2 pool in a spacious tropical landscape, this project offers an unrivalled lifestyle. Sanctuary Villas
at Mont Choisy Golf & Beach Estate will appeal to those interested in estate living. It is located on a heritage property that features the only golf course in the north. – Jonathan Tagg, project director, Pam Golding Properties (Mauritius) With the newer smart city legislation in Mauritius one can buy quality onebedroom apartments starting from $100,000. This, together with the relaxation of the requirements to obtain Mauritian residency as a foreign retiree, has made investment in Mauritius a lot more affordable as well as accessible as a safe and secure option for South African retirees. – Rob Hudson, property consultant, Mauritius Sotheby’s International Realty
In the heart of Canary Wharf, London, Wardian is a new riverside development offering 624 private suites and apartments in two highend residential towers. These units have state-ofthe-art living spaces and outstanding views, and some include a private sky garden up to 37.2m2 in size. Prices start from £750,000. – Mike Smuts, MD, Smuts & Taylor Grenadian citizens who are tax resident there are not subject to Grenadian tax on their worldwide income. They do not pay any wealth, gift, inheritance or capital gains tax either. At Kimpton Kawana Bay, overlooking Grand Anse Beach, the freehold condominiums comprising one-bedroom units and studios are priced from $220,000. Owners get two
weeks’ free usage per year and their properties are put into the hotel rental pool for the remainder. – Chris Immelman, head, Pam Golding International I believe the lowering of interest rates in SA will motivate foreign investment, especially in real estate, as more South Africans are now looking for safer environments for their families, their wealth and their businesses. Cyprus serves as a gateway to Europe with its citizenship and residency programmes. Considering the impact of Covid-19, the real estate sector is likely to adjust prices as needed. – Antonis Pisharas, overseas business development and sales executive, Aristo Developers Kimpton Kawana Bay in Grenada
“Covid-19 is now accelerating the process of price adjustment. We are starting to see more flexible payment conditions on new development contracts” Andrew Rissik, MD, Sable Investment Migration
Nadia Read Thaele, MD, Lio Global
Mike Smuts, MD, Smuts & Taylor
Antonis Pisharas, sales executive, Aristo Developers
Andrew Rissik, MD, Sable Investment Migration
Rob Hudson, Mauritius Sotheby’s International Realty
Chris Immelman, head, Pam Golding International
Jonathan Tagg, project director, Pam Golding (Mauritius)
Sandra Colas, real estate project consultant, 2Futures
FOCUS ON: CRAFT HOMES ONLINE ADVERTORIAL
New beginnings and a fresh approach We can all do with some good news, especially the property industry. Craft Homes’ Springwood represents a ray of sunshine WORDS AND PHOTOS: SUPPLIED
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or Craft Homes and many nervous home buyers, Springwood comes at exactly the right time. The latest of Craft Homes’ online launches, this development offers an
abundance of features and exceptional value. From their location in the charming Johannesburg suburb of Craigavon to their wide appeal to many life stages, the new duplex homes at Springwood hit the sweet spot.
DIGITAL SHIFT The Covid-19 “era of confinement” has pushed many businesses to make a digital shift, and Craft Homes has been one of the leading residential players to embrace this rapidly. With multiple launches in the pipeline for 2020, including The Woods in Kyalami, Highbridge in Bryanston and Springwood in
Craigavon, Craft Homes has opted to click play instead of pause. Its innovative new website gives buyers the opportunity to explore, reserve and buy homes online easily. Marketing manager Jessica Cabanita explains Craft Homes’ approach: “The safety of our buyers and our staff was always our main concern, so we knew an interactive digital experience was the way to go. The lockdown forced us to adapt quickly and we have tried to offer our clients a similar experience to that of our traditional onsite launches.”
HIGH QUALITY
available, these threebedroom, two-and-a-halfbathroom homes might just sell out before President Cyril Ramaphosa can say “Lockdown Level 1”. With a starting price of only R1.699m for a freestanding 150m 2 unit in the larger Fourways node, it is a great offering. The development caters for several life stages, from growing families to couples looking to scale up or down. Amenities include private pet-friendly gardens, double garages and high-quality interiors and finishes. The Craft Homes website has been abuzz with
activity as many visitors browse the development and connect with sales agents via Zoom, WhatsApp and Skype. The success of Springwood’s launch, along with those of Highbridge and The Woods, comes down to the ease of the online experience, the innovative approach to each development and the credibility of Craft Homes as it enters its 26th year of selling quality homes in SA. The year 2020 might not be one many businesses want to repeat, but Craft Homes has set an example of how to tackle a challenge head-on.
artist impression
Springwood launched on Thursday May 14, 2020, and already has 14 confirmed new homeowners, none of whom has set foot on the physical premises. And with only 50 homes
GET IN TOUCH To book an online appointment with one of our sales executives or to buy online, go to www.crafthomes.co.za/ springwood. For a tutorial on purchasing online, visit https://www.youtube.com/watch?v=Lwq6NFIREaw.
artist impression
artist impression
HOMEFRONT PROPERTY NEWS
The Village expands Steyn City’s offering
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teyn City in Midrand recently launched The Village, 125 new stands in Phase II of the development, located along a beautiful creek which runs throughout the parkland residence. Ranging between 800m² and 3,578m² in size, the stands are priced from R3m. The elevation, northfacing outlook and views of the creek and golf course make their positioning especially sought after. Residents will also enjoy easy access to the Cedar Road gatehouse, with all the amenities of Johannesburg’s new north close by. Steyn City is renowned
for its outdoor lifestyle, including running and cycling tracks, an equestrian centre, an indoor aquatic centre with heated pools, outdoor gym stations and play areas for children. The Village stands have an added advantage for families with young children, as the Dino Dig play area is nearby. The Steyn City School campus (from Grade 000 through to college) is also within walking distance, as are the lifestyle resort’s XIX Restaurant, The Deli and Capital Park offices. In 2019, New World Wealth chose Steyn City as the top residential estate in Gauteng.
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outh Africans who took transfer of a new home before lockdown commenced on March 26 or rented a home before April 30 are allowed to move. The June 7 deadline has been dropped. In accordance with a government gazette published and dated May 7, they need to have a permit, which can be downloaded from gpwonline.co.za, signed at their nearest police station and have proof of the lease agreement or transfer handy. A removal company may be
Country lifestyles set to trend after Covid-19
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efore the coronavirus crisis, the property market appetite favoured compact urban spaces close to work. However, after Covid-19 the picture could look very different. A major driver is the global shift towards working from home as more businesses get on board, realising the viability of remote operations. “This could prompt companies to cut their office footprint, with potentially significant ramifications for the commercial property market,” says Dr Andrew Golding, chief executive of the Pam Golding Property group. It is also likely that people would spend more time at home because of possible further lockdowns. They
may therefore reconsider their living spaces, says Golding, especially if they have compromised by living in compact studios, apartments or homes with shared facilities such as gyms, restaurants and coworking spaces. “The prospect of future periods of social distancing amid fears of infection could reduce the appeal of these options, particularly in highly densified areas.” Access to private outdoor spaces, no matter how small, and the imminent return of load-shedding may prompt a desire for a greater degree of self-sufficiency in the form of solar panels, boreholes or urban food gardens. Golding even imagines it could accelerate the move to smaller towns across SA.
You can move – the June 7 deadline has been dropped
Suburbs on urban outskirts, and smaller towns and villages traditionally seen as retirement or holiday destinations, especially along the coast, could now become permanent residential locations. “Many of these areas have seen an influx of younger buyers and those relocating for future retirement. They are attracted not only by the relative affordability but also by amenities such as private schools and hospitals, and a relaxed lifestyle,” he says. “Bearing in mind that we are in the early stages of this pandemic and therefore have no idea of its possible long-term implications, it is also likely that the longer it drags on, the greater its impact on the way we live and work will be.”
used, provided it also has the necessary documentation. Other good news for the property sector, according to Berry Everitt, CEO of the Chas Everitt International property group, is that certain banks can now perform physical property valuations where desktop valuations are not available or are believed to be inaccurate. “These may be small steps,” he says, “but they are at least moves in the right direction to reopen SA’s residential real estate industry, which usually
accounts for more than 8% of the country’s GDP and about 10% of all employment in home construction and the provision of home-related products and services, as well as the actual sale and rental of homes.” With new homeowners able to start paying their bonds, physical property valuations taking place, attorneys back at work and the deeds offices due to reopen soon, Everitt foresees the real estate industry taking up its role in rebuilding SA’s economy.
Luxury estate launches therapy pool
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e Plattekloof Lifestyle Estate in Cape Town is due to complete its luxury heated indoor lifestyle/therapy pool later this year with the aim of offering residents not only new recreational and fitness opportunities but also regular specialised treatments. The pool will be set in a spa-like environment with steam and treatment rooms. “This new facility will be another one of our special offerings adding to the appeal De Plattekloof holds for both residents and investors,” says Johan Laubscher of Arun Holdings, the developer. He says the estate has shown good capital return. “In 2014 the average house price was R2.65m and in 2019 it was R3.85m. That amounts to a growth rate of 45.28% over the five-year period or an average of 9.06% per annum.”
Various property types are available at De Plattekloof: independent-living apartments and penthouses, assisted-living suites, and luxury homes. Properties are sold with full ownership and have high-end interiors designed by Judith Hendry of Niche Interiors. An assisted-living apartment in the Tijgerzicht complex goes for R1.367m; an entry-level independentliving apartment in Diemerskuijl is priced at R1.586m; independentliving homes are sold from R4.995m; and the Penthouse Collection units start from R5.347m. No transfer duty is payable. De Plattekloof was launched in May 2017 and sales have exceeded the R350m mark. It was named Residential Development South Africa 2018-2019 at the African Property Awards.
C A NVAS FOR YO U R MASTERPIECE Steyn C it y Phase II stands now released
Following the success of Phase 1, Steyn City is releasing spectacular new stands in Phase II. This beautifully planted suburb with north facing views overlooks the first nine fairways and flowing river, and is within easy walking distance from the school campus, Aquatic Centre, children’s play nodes such as the Dino Park and teen’s Skate Park, and soon to be developed shopping centre off Cedar Road. Take advantage of this lifetime opportunity to build your dream home in a world of convenience and luxury. Stands 800m 2 and up – from R3 million.
Call 010 597 1040 Mark: 082 559 2989 Leanne: 072 078 9562 sales@steyncity.co.za steyncity.co.za
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