HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA 25 JANUARY 2019 WWW.BUSINESSLIVE.CO.ZA
MUST READ
Chef’s local spin on Japanese cuisine PAGE 2
Flexible office spaces: the future PAGE 12
New development on scenic Cape drive PAGE 14
Century Property Developments’ The Campus in Auckland Park, Johannesburg
Rising demand for student digs
Developers are struggling to keep up with the market recovery of Steady interest rate SA’s student accommodation demand, capitalising on investors and improves outlook students seeking better amenities PAGE 14
WE KNOW THE INS & OUTS OF EVERY NEIGHBOURHOOD Whether you’re looking to buy, sell or rent, speak to us for expert advice. www.jawitz.co.za
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HOMEFRONT DÉCOR AND FOOD
High-flying fare Peter Tempelhoff’s new Cape Town restaurant FYN is flexing its Japanese-inspired culinary muscles WORDS: HILARY PRENDINI TOFFOLI :: PHOTOS: BRUCE TUCK
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s new restaurants constantly launch themselves in Cape Town, Peter Tempelhoff’s hyperpolished FYN has separated itself from the herd by providing diners with this chef’s own spin on the sophisticated wonders of high-end Japanese cuisine. It’s a stylish performance — the food business is show business — and it has been playing to delighted audiences since its December opening. Given his background it’s not surprising. He has cheffed in Michelin-starred London restaurants, been voted Sunday Times Chef of the Year for his skill at Franschhoek’s Grande Provence and last October he was one of three South Africans to make the World’s Top 300 Chefs in Milan. Tempelhoff recently completed a decade overseeing the late Liz McGrath’s four hotel restaurants, including Greenhouse at the Cellars Hohenort in Constantia. Now he’s enlisted former Greenhouse executive chef Ashley Moss and La Colombe’s front of house manager for 14 years, Jennifer Hugé, to help him create his own stage for culinary talent. It’s in an unusual rooftop location above a refurbished fivefloor heritage building on one of the oldest squares in the country.
Design Church Square on the corner of Parliament and Spin streets behind Adderley Street’s old Groote Kerk was for years a parking lot. Now this historic heart of the city is being resurrected by the urban regeneration specialists who were among Bree Street’s initial movers, Urban Lime’s Jonny and Katie Friedman. In the space that was to become FYN restaurant they commissioned architect Jacques van Niekerk to create a cube with glass walls on two sides, maximising views of the city and its Table
Mountain and Lion’s Head backdrop. Viewed from below it looks like a highflying conservatory. What immediately engages you on entering FYN is the suspended mass of small spherical wooden discs that descend from the high ceiling in a golden cloud. More than 5,000 of them. This inspired installation lowers the ceiling while imparting warmth to the large open space. It’s the creation of German master craftsman Christoph Karl of Guideline. He also made the tables of dark oak edged with burnished brass, and the comfortable armchairs with leather seats.
SEXY INTERIOR This luxe ambiance, darkwalled and masculine, was designed by Johannesburgbased Tristan du Plessis, who at 30 has already made a name for himself both locally and internationally with his sexy sense-ofoccasion interiors. At the heart of this one is a generously proportioned open-plan kitchen. Here diners can choose to sit at
Peter Tempelhoff (left) and Ashley Moss
HOMEFRONT
the counter and watch the chef’s team turn out FYN’s delicate creations. There’s a small upstairs dining area as well.
Food The chef’s stints in Japanese restaurants over the years are what directly inspired FYN’s food. “I’m putting my own signature on Japanese dishes,” says Tempelhoff, describing himself as a “South African boytjie — my father was a regte Boertjie”. It accounts for the restaurant’s name, as he puts it: “the other half of fynbos”. Kaiseki is the traditional multicourse Japanese meal that inspired the Western tasting menu. Tempelhoff gives it a South African touch by including the occasional local ingredient such as springbok. If you have FYN’s dinner menu, expect a stately procession of 13 unexpected, delicious small taste combinations.
BENTO BOX It begins with what the Japanese call a Bento box. Prettily presented canapés. These four pairs of strangely delicious tiny wonders included
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A EDITORIAL TEAM Editor: Kim Maxwell Designer: Samantha Durand
spicy prawn samoosas, yellowtail on crisp chewy rice and chicken with coconut yoghurt.
TEXTURE The seductive treats that follow mingle freshness and texture. Tender squares of rosy tuna garnished with kelp and tofu cream. A tangle of delicate squid noodles. Roast quail with glazed eel and tea-aged pear. Braised morsels of springbok flavoured with, among other things, Japan’s peppery-lemon sancho berries. Cucumber pickled in something called koji fungus. Accompanying the bread rolls is that new culinary innovation, bone marrow butter. Nutty-flavoured and overly rich. Sourced from locally bred Japanese Wagyu cattle, it arrives blackened in onion ash, to be liquefied over a candle on the table. “Kissed by a flame” was the waiter’s lyrical description. His other trick concerned the palate cleanser. With liquid nitrogen the waiter crisped up the tiny flowers accompanying celery sorbet, and then ground them with a pestle. Fun dining theatrics.
Since visual presentation is as much a part of the Japanese dining experience as taste, a FYN meal is also a feast for the eyes, exquisitely presented in a variety of beautiful containers that turn each ingeniously crafted dish into a work of art. Each bowl is designed to fit on to a specific tray and to match another pottery piece.
STONEWARE Local potter Roché Müller created the textured terracotta and stoneware dishes, while Corinne de Haas crafted the finer plates and bowls. The small lacquered trays were imported from Japan. Desserts are a memorable selection of dolls’ house delicacies featuring lavish ingredients and pure, intense flavours. Salted Japanese plum and Madagascan chocolate. Blueberries and coconut. Lime-compressed strawberries and citrusy yuzu. It is a delicious end to a magical dining experience. fynrestaurant.com
The dinner menu is R975. The shorter lunch menu is R550. Hugé offers separate wine flights.
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Feenstra Group’s Hatfield Studios in Pretoria
HOUSING
Rising demand for student digs Developers are struggling to keep up with the market recovery of SA’s student accommodation demand, capitalising on investors and students seeking better amenities WORDS: GEORGINA GUEDES :: PHOTOS: SUPPLIED
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rom a business perspective, investing in student accommodation makes a lot of sense. “From internal research conducted on the national and international models we have found that student accommodation provides low vacancy rates, with most providers asking for high rentals,” says Eris Property Group development manager Johan Janse van Vuuren. “Two essential factors crucial for a successful product is ensuring that the property has the best location and is well managed.” Eris Property Group is an emerging student accommodation provider, providing a modern, secure offering at an affordable price in various student towns and cities. Thalitha Ramusi, who
heads the Eris student accommodation department with Janse van Vuuren, says that the way in which students live is changing.
STUDENT PROTESTS “The #FeesMustFall protests underlined the great shortfall in affordable and secure student accommodation in SA. It also brought into focus the low quality of accommodation that students were subjected to as a result of the shortfall and how students were desperate for a roof over their heads. Overcrowding, limited amenities and security were all factors highlighted.” Ramusi says that although it will take some time for supply to meet demand, the market has been responding to the call for more student beds. The Department of Higher Education and Training
has gazetted minimum norms and standards for student accommodation as a benchmark for providers should they want to be accredited by universities or to qualify for National Student Financial Aid Scheme (NSFAS) funding. “Investors and the banking industry are increasingly understanding student accommodation as an asset class,” says Ramusi. “We can see an increase in new entrants and investors in the asset class as returns in other asset classes are under pressure.” NSFAS approval is not without its challenges, however. Some student accommodation providers report significant delays in government payments, despite ticking all the necessary boxes. “Delays in NSFAS or university administration processing of student
allowances for accommodation can also have a significant impact on landlords’ cash flow, as payment of rental is dependent on this process working effectively,” says Respublica CFO Steve Marriott. “It is operationally intense with high operating costs relative to conventional residential property portfolios.” Respublica provides purpose-built student accommodation in residences ranging from 300 to 2,200 beds. Marriott says occupancy levels can vary from year to year. These are some factors at play in various student cities around SA:
Cape Town With its combination of in-demand property and a burgeoning student population, Cape Town is responding with a student
HOMEFRONT
The Baobab in Cape Town
“Two essential factors crucial for a successful product is ensuring that the property has the best location and is well managed” Johan Janse van Vuuren, development manager, Eris Property Group
Feenstra Group’s Hatfield Studios in Pretoria accommodation resurgence. RE/MAX Premier brokerowner Kevin Jacobs says the market for student apartments in Claremont and Rondebosch is buoyant. He says that accommodation of this nature was not affected by #FeesMustFall. “These kinds of properties are usually purchased by investors or by parents who are buying accommodation for their student children. Our office does not allow any subletting agreements,” he says. “In general, asset growth is very good in these suburbs due to the steady demand for student accommodation.” Accommodation in
Mowbray and Observatory has felt the pinch, according to Rasagee Pillay, a director of The Baobab, a small student accommodation business operating in five properties in those suburbs. The units operate on a fully furnished, self-catering rental model, offering 10-month leases to students.
the electricity and water crises, increasing levels of damage from students, payment challenges from parents, payment delays of more than 12 months by the government for funded students and increased red tape in terms of international payments.
RETURNS
#FeesMustFall also had an impact on their business model, with parents taking their children home and universities closing earlier and opening later, resulting in shortened leases. “The effect of the #FeesMustFall campaign meant that instead of 10-month leases, we had eight-month income with increased maintenance and resource costs,” Pillay says. “Our business has not yet fully recovered from those losses.” He says increasing regulation by the city of Cape Town is another challenge. “For example, the city insists that parking must be made available, even in developments right next to public transport. However, most students do not use vehicles — so the parking, which cost a huge amount to implement, stands empty.”
“Return on investment used to be fairly high, but has been steadily declining in the past few years due to a variety of factors,” he says. These include high municipal costs and necessary capital investments in the face of
LEASE LENGTH
QUALITY
Century Property Developments’ The Campus opens in February in Auckland Park, Johannesburg
Mike Pelteret founded A-MSquared to answer a need for quality, shared student accommodation in the student hubs of Mowbray and Rondebosch. The accommodation includes access control, CCTV, single and double rooms and entertainment facilities. A-MSquared offers Wi-Fi, on-site laundry and a cleaning and maintenance team.
#FeesMustFall necessitated a change in the business model to cater more for the local student market. Foreign universities appear to have discouraged students from coming to SA and this, with other negative perceptions including the threat of Day Zero in Cape Town, led to a significant drop in interest from abroad. “The switch in focus to local students has led to full occupation at all A-MSquared houses,” says Pelteret.
Stellenbosch More than 31,000 students enrol annually at Stellenbosch University and official residences are unable to accommodate everyone. This means that apartments, especially rental units, are in high demand in this university town. “When it comes to student accommodation, location is key. It is best to live as close to campus as possible,” says Louise Varga, Pam Golding Properties area manager for Stellenbosch and Somerset West. “The search for the ideal student apartment usually begins in September, for the next academic year, and the need is so great that rental properties are often not advertised on property portals, but allocated by agents who have a waiting list of interested tenants.” Students want convenient, lock-up-and-go living in a secure environment. “Top of the wish list when looking for a flat or house to rent, or to buy if it is an investment purchase by parents, are location, security and fast Wi-Fi.” Varga says that a new development in Stellenbosch, Da Vinci,
HOMEFRONT
“The switch in focus to local students has led to full occupation” Mike Pelteret, founder, A-MSquared
Respublica’s Eastwood Village in Pretoria ticks all these boxes, in walking distance from the university, furnished and with fibre internet. Other amenities include a laundry, communal braai area and a roof terrace.
Makhanda (Grahamstown) In Makhanda, agents report a shift in how students lease in 2018. “The economy is showing that the appetite for 12-month rentals is diminishing, leaving the investor with unlet properties from December through to January,” says Daphne Timm, Pam Golding Properties area principal. “Investment purchases have therefore slowed down, bringing down the prices of apartments and houses used for digs.” She says that bachelor, one-, two- and threebedroomed apartments are
far more popular than the previous digs catering for five, six or seven students. “We think this is all because upkeep and managing larger spaces and groups of people is more taxing,” Timm says. “Security has also become a priority for parents, hence apartments are becoming popular.”
Johannesburg and Pretoria A shortage of student accommodation offered by Wits, UJ and other tertiary institutions close to the Johannesburg city centre has resulted in almost unprecedented demand for student rentals in Braamfontein, says Seeff licensee in the Johannesburg CBD Byron Cornish. “While Braamfontein student accommodation is still below the curve when looking at prices near UCT, Stellenbosch and other
universities, the returns are still great for investors.” Cornish says the model in Braamfontein generally follows a trend of two students sharing a bachelor unit, two or three students sharing a onebedroom apartment and four students sharing a two-bedroom apartment. They are used to a sharing set-up from their days in res (students usually move to rentals after their first year). He says 95% of inquiries are for student accommodation, but because of Braamfontein’s size and no new development in the area, demand far outstrips supply. “Braamfontein offers residences and apartments and while Seeff mostly manages apartments belonging to individual owners, we have just taken on a beautiful new femaleonly residence named Ntombi Res, which has
proven popular and includes all utilities and Wi-Fi.”
LUXURY Century Property Developments has developed The Campus luxury student accommodation in Auckland Park near to UJ, Wits, ADFA and the Academy of Sound Engineering. It operates as a “five-star hotel for students”, says Jessica Hofmeyr, Century’s executive in charge of sales, rentals, marketing and operations. Phase 1 of The Campus opens its doors on February 15. The building offers modern finishes, up-to-date technology, advanced green design initiatives as well as unsurpassed lifestyle facilities geared towards ideal student living. Monthly fees include all water and electricity consumption, furniture and appliances, Wi-Fi, tutoring, two gym
classes daily and free monthly socials and events. “The core element that sets The Campus apart is the personal touch the landlord gives the tenant,” says Hofmeyr.
ON SITE “The building will have a full-time estate manager on site, a social manager, maintenance manager, an internal catering company, gym manager and fitness consultant, a dedicated cleaning company, an onsite security manager and a tutoring team.” The Feenstra Group accommodates more than 3,500 students in
Johannesburg (Auckland Park) and Pretoria (Hatfield). “Students want more than a place to live,” says Edelweiss Gray, marketing and operations executive at the Feenstra Group. “Having purpose-built student accommodation allows for clever design and the introduction of international trends to the South African student market place. “In so doing, we have created accommodation models that offer students privacy within a student community,” says Gray. She says demand outstrips supply for this type of accommodation.
STUDENT NEED-TO-KNOW Be aware of possible sticking points in student accommodation: Inclusions and exclusions — students can be caught out when the add-on costs (water, electricity, parking, Wi-Fi and so on) might make unaffordable a rental rate that looks affordable at face value. Lease terms — a landlord can lock a student into a 10- or 12-month lease during the academic year regardless of their personal circumstances. Fair value — use price comparisons to establish fair value, but Cape Town, Stellenbosch and Pretoria are always going to be more expensive than Port Elizabeth, Pietermaritzburg or Makhanda (Grahamstown). Full picture — understand the full cost picture. A cheaper rental far from campus might cost you more in the long run because of greater transport costs and you’ll find it harder to participate in varsity activities. Source: Respublica CFO Steve Marriott and Gumtree SA’s GM/director Claire Cobbledick
An A-MSquared residence in Cape Town
R E S O R T S T Y L E A PA R T M EN T S Luxury living with unequalled amenities...
Steyn City will soon be launching a sensational range of luxury apartments that exemplify ‘resort living’. Residents can enjoy access to world-class facilities that include resort pools, an 18 hole Nicklaus Design golf course, an award-winning clubhouse, an equestrian centre, fine dining restaurants and casual eateries, convenience retail, children’s play nodes, outdoor gyms, tennis courts, a skate park, basement parking, a pedestrian boulevard with kilometres of running and cycling tracks, a school, an office park (for those who never wish to leave home) and 100 more reasons to make this destination your home.
Register for our pre-launch in May: Prelaunch@steyncity.co.za
For more info, contact Mark: 082 559 2989 Leanne: 072 078 9562 steyncity.co.za
Visit our Sales Centre: Mall of Africa, Town’s Square, Parkade G5, Entrance 26
WATER FALL
Construction of Waterfall City’s first luxury residential high-rise development set to commence Visit our fully furnished 2-bed, 2-bath show apartment and sales centre at the Mall of Africa. Excitement continues to build as construction of Waterfall City’s first high-rise residential development edges nearer, so be sure to secure your investment now. The development team are set to break ground on construction of Ellipse Waterfall, comprised of four iconic towers that will come to define the precinct’s skyline. The first phase of construction will commence in March 2019, and will see two of the four towers completed by the end of 2020. Offering an exclusive residential experience in the heart of South Africa’s most connected and coveted urban precinct, Ellipse is set to redefine premium urban living.
“Ellipse Waterfall’s unique value proposition lies in its strategic location, affordable pricing, pristine surroundings and world-class amenities, which collectively make Ellipse Waterfall very attractive to discerning investors,” says Tim Kloeck, Chief Executive Officer of Tricolt. Prospective buyers are able to select from executive one-bedroom apartments (starting from 45m2), two-bedroom apartments from 82m2, and the flagship three-bedroom duplex en-suite penthouses, offering up to 327m2 of living space including a private rooftop garden, jacuzzi and heated pool. All apartments are finished to the highest standards, boasting imported tiles, Hansgrohe fittings, high-gloss kitchens with Caesarstone tops and fully integrated Smeg appliances.
Sales: 0861 882 882 Email: sales@ellipsewaterfall.co.za Website: www.ellipsewaterfall.co.za
P R O U D LY
D E V E L O P E D
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The New Jewel in the Crown at Waterfall City
“With prices ranging from R1.49 million to R12 million, Ellipse has broad investor appeal. Be it to first time buyers looking to get a taste of the property market, or to the more affluent buyer, drawn to Waterfall’s premium lifestyle offering, both sets of investors are guaranteed steady capital growth and rental income,” concludes Kloeck. Whether it’s a quality lifestyle or a smart longterm investment, Ellipse Waterfall caters for both. Be sure to visit our dedicated sales centre and showroom at The Mall of Africa, Town’s Square, Parkade G5, Entrance 26. Sales: 0861 882 882 Email: sales@ellipsewaterfall.co.za Website: www.ellipsewaterfall.co.za
HOMEFRONT COMMERCIAL
Changing the shape of workplaces Is your office agile enough to keep up with modern trends? WORDS: GEORGINA GUEDES :: PHOTOS: SUPPLIED
F Glee co-working space in Green Point, Cape Town
lexible workplaces and co-working spaces are supporting a new generation of worker — saving on commute time and costs, and benefiting businesses. A “corner office with a nice view” was once the pinnacle of professional success. Today, workers increasingly see “no permanent office at all” as the ideal working arrangement. This is playing out in a number of ways, with companies creating flexible working conditions and spaces for their staff, and staff increasingly working from home or from co-working spaces nearby. Add to this that increasing numbers of organisations now make use of “gig
workers” who are not permanent employees with allocated desks and it is clear that the office space of today and tomorrow is rapidly changing.
WORKFORCE The African workforce is mushrooming and between 2015 and 2035 is expected to grow by 450-million, according to the World Economic Forum (WEF). The forum says Africa stands to benefit in a big way from the fourth industrial revolution as it fuses technologies such as artificial intelligence, robotics, the Internet of Things, biotechnology and quantum computing. Africa may be uniquely positioned to jump straight past the
working model adopted in other countries to a more liberated future of remote and flexible working. In Cape Town’s Southern Suburbs, Spire Property Management was recently involved in providing 3,500m2 of vacant office space to a well-known shared office space provider. “For Cape Town this represents a significant area to let as a single unit,” says Spire CEO Gregg Huntingford. “It also creates a wonderful symbiotic relationship with other occupants in the building.” While these flexible working arrangements have been on the rise, so too has demand for aesthetic considerations. Working spaces now incorporate strong design elements so workers who pop in and out benefit from pleasant surroundings.
SHIFT IN FOCUS
Uber office in Johannesburg, by Trend Group
Dorethe Swiegers, senior designer at Trend Group, an interior design and build fit-out specialist for businesses, says there has been a shift in focus from the needs of employers to those of employees. Companies strive to retain talent in a highly competitive work environment. A challenge is having to deal with the requirements of a multigenerational workforce. The needs of both millennials and oldergeneration workers have to be taken into account. “Not all people appreciate a ‘chill zone’, for example, so private and more reflective spaces also have to be accommodated,” she says. When compared with trendsetting regions such as the UK, Swiegers rates the South African interior design industry as “definitely on par, if not one step ahead, in
HOMEFRONT CO-WORKING SHAKE-UP Spire Property Group CEO Gregg Huntingford says co-working spaces will continue to shake up the property industry in SA. “Some commentators say that the number of co-working spaces is estimated to double by 2020,” says Huntingford, who attended a global conference of real estate brokerage firms. “Now we are seeing large, multinational companies occupying co-working spaces. We will continue to see a shift in attitude towards office space to the point that people will regard the availability of this space as an
on-demand service rather than a fixed item.” The Workspace CEO Mari Schourie, whose company has branches in SA, says future trends show that big corporations will begin using co-working spaces, and also have increased levels of co-operation with those workspaces. What does this mean for the future of commercial buildings? “This growing worldwide trend is providing great opportunity for building owners. Large vacancies that would have stayed empty are now being leased as co-working spaces,” says Huntingford. Glee co-working space in Green Point, Cape Town
“The needs of both millennials and oldergeneration workers have to be taken into account” Dorethe Swiegers, senior designer, Trend Group
terms of innovation” The modern term is agile working. “It’s the hot topic at the moment. Neither does it seem a fad and is likely to be prevalent for a long time,” says Swiegers. “It translates simply into streamlining your business, and providing your employees with options to work differently, with an emphasis on collaboration and flexible office space.” She adds that there is no one-size-fitsall approach for Trend Group’s clients. They want bespoke solutions for their workspaces and their employees. Blue-chip clients include Uber and First Equity.
At co-working office spaces — which rather than attempting to retain employees are trying to retain customers — the element of design comes strongly into play.
CO-WORKING DESIGN Glee, a recently launched co-working space in Green Point, Cape Town, is a partnership between husband and wife Glen and Fee Ainsworth and self-taught carpenter Bheki Dlamini, responsible for the exquisite woodwork in the space. With its pop of playful colours and eye-catching artworks, Glee is big on natural design — its façade of
glass lets in light and timber is the material of choice for furniture, interior walls and ceilings. Plants help to make it feel more hotel than office. Glee has pay-as-you-go rates set up on an online payment platform. Prices range from R250 a day for booth seating to a 10-seater boardroom for R350 an hour. Glen Ainsworth says people who work in small teams or alone don’t always want to be in an office, even if it is conveniently at home. “For a change in scenery coffee shops become temporary ‘coffices’, but their Wi-Fi isn’t always reliable.” This form of office space is gaining recognition for
its contribution to the economy as the demand for co-working locations has begun to boom. Workshop17 opened in Johannesburg’s Maboneng district in 2012 and currently occupies five workspaces in Johannesburg and Cape Town. Now part of a 50/50 joint venture partnership with JSE-listed Growthpoint Properties, they host more than 2,000 members and 500 companies.
COMMUNITIES Workspaces also foster a sense of community. Workshop17 members are invited to attend public events that address
entrepreneurship, learning and networking, and community managers connect members. “We make it easy for businesses to grow and shrink with us,” says Workshop17 CEO and co-founder Paul Keursten. An International Workplace Group (formerly Regus) Exclusive Economic Survey in 2018 predicts that flexible working should contribute $10-trillion to the global economy by 2030. It can save businesses money, reduces costs and boosts productivity, causing a ripple effect across economies. The rise in flexible commuting is also expected to save 3.53-billion hours of travelling time.
FLEXIBILITY BENEFITS International Workplace Group conducted a flexible workspaces survey of more than 18,000 professionals in 96 countries. Some findings put SA ahead of the global curve.
In SA:
95% say flexible workspaces enable employees to be more productive on the move (91% globally).
91% say flexible working helps business growth (89% globally). 92% say flexible working helps their business stay competitive (87% globally).
89% say flexible working helps maximise profits (83% globally).
83% say that enabling employees to work from anywhere helps in recruiting and retaining top talent (80% globally).
Unilever Africa office in Johannesburg, by Trend Group
HOMEFRONT PROPERTY NEWS
Poland all good for EPP property fund
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SE-traded EPP delivered returns of 21% in 2018, making it the topperforming listed property company for the year. EPP, a purely Polish retail property fund, is one of few companies on the JSE property index (SAPY) to deliver a positive total return, according to Anchor Stockbrokers. EPP operates like a Reit, with a portfolio
of 19 retail properties, six office buildings and two development sites in Warsaw, with one presently under construction, offering a total of more than 835,000m 2 in Poland’s 20 biggest cities. Poland’s retail property sector paints a more positive picture for investors than many others in SA and abroad, says EPP CEO Hadley Dean.
“A common mistake business people make when evaluating the markets here in Poland is to compare them and at the same time lump the statistics together with the UK or the US.” Research has shown that in the UK, about 80% of total retail is on the high streets, whereas in Poland more than 70% of retail spending takes place in malls, says Dean.
Unchanged interest rates brighten outlook
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he Monetary Policy Committee announced last week that interest rates would remain unchanged. The prime lending rate therefore remains at 10.25% and the repo rate at 6.75%. Pam Golding CEO Andrew Golding says that after a tough 2018 the announcement helps make the outlook for 2019 “somewhat brighter”. Economic and residential activity appears to be rebounding modestly as buyers capitalise on sound buying opportunities in the current environment. “There are areas which have seen significantly improved activity in December 2018 compared with the same period in 2017.”
RE/MAX Regional director and CEO Adrian Goslett suggests that anybody delaying entering the market because of possible interest rate increases should reconsider. “Waiting for ideal conditions will delay your plans of entering the market, thereby delaying the time it will take for you to pay off your home loan.” Meanwhile, Absa Home Loans property analyst Jacques du Toit predicts that in view of recent trends, the economic outlook, household finances and consumer and building confidence, residential building activity should remain relatively subdued in 2019. Statistics SA data showed private sector-
financed building activity for new housing remained subdued in the first 11 months of 2018, says Du Toit. However, higher-density housing — flats and townhouses — was a major focus of residential building. The number of building plans approved for new housing rose by 4.8% year on year. Du Toit says this growth in approved plans was driven by flats and townhouses, which recorded a relatively strong 20.5% growth year on year. But the volume of new housing units reported as completed increased by just 2.3% year on year, in the first 11 months of 2018. Within this category, 27.7% growth was recorded for the flats and townhouses segment.
Revamp for Denver warehousing facility
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eading JSE-listed Reit Emira Property Fund is set to invest R8.2m in a revamp of its Denver, Johannesburg warehousing facility by March this year. With globalisation and a partial switch from manufacturing to distribution, the logistics industry is becoming
increasingly sophisticated. Property investors and developers are naturally tapping into this trend. “With this upgrade we are refreshing the building to support the latest warehousing and business operations,” says Emira COO Ulana van Biljon. When completed the
conveniently positioned facility on the corner of Mimetes Road and Kruger Street will offer nearly 9,800m 2 of modern warehousing including 1,000m 2 of contemporary office space, all with energy-efficient lighting and an eyecatching new entrance.
Luxury apartments set for Chapman’s Peak Drive
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luxury apartment complex has been launched on Chapman’s Peak Drive in Hout Bay, Cape Town. The 16-unit Sacha development offers three one-bedroom, two two-bedroom, 10 three-bedroom units and a penthouse suite, all with balconies that have sea and mountain views. All bedrooms have en-suite bathrooms. Prices start at R3.5m. Seeff Hout Bay sales manager Stephan Cross says the project has taken a decade to become a reality. In the first phase of
developing the land about 7,000m 2 of Cape olive and milkwood forest were preserved, including an estimated 400-year-old milkwood tree. Each unit has two parking bays, fibre connectivity, DSTV and temperature control systems. Finishes include hardwood floors in the bedrooms and terraces, designer kitchens and builtin bedroom cupboards. Amenities include a concierge desk, bicycle store and pool deck. There is CCTV coverage and a scanner access control system.
YOU’LL NEVER NEED TO LEAVE HOME Come see for yourself what a true luxury lifestyle is all about
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HOUGHTON GOLF CLUB
2 ND A VE
Last few luxury apartments for sale. Show apartmen 8555, is available daily for viewings. WARREN BECKER 082 302 3004 | warren@thehoughton.com ASHLEIGH SMITH 073 220 7357 | ashleigh@thehoughton.com Houghton on 12th, 53 Second Ave, Houghton | Show apartment 8555