HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA 26 APRIL 2019 WWW.BUSINESSLIVE.CO.ZA
MUST-READ
Cape Town’s new rooftop chill zone PAGE 2
SA’s dollar millionaires’ row PAGE 4
Divorce and your property rights PAGE 12
Luxury living in Paardevlei Lifestyle Estate, Somerset West
US citizenship initiative
Wealthy investors in estates and sectional title developments want the best, from top-notch security to state-of-the-art facilities — and developers are listening
PAGE 14
Top specs drive luxury property demand
Special Property Investment Focus Look out for the 24 May issue of HomeFront
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HOMEFRONT 180 LOUNGER ROOFTOP SPECS IN NUMBERS 400m²
– outdoor terrace offering views and a gazebo-covered bar
270m²
– indoor lounge seating area with secure luggage facilities, lockers for charging phones, uncapped Wi-Fi
One – kitchenette Three – men’s and women’s bathrooms with shower facilities
Five
– seats in a compact meeting room with Table Mountain views
DÉCOR AND LIFESTYLE
Views and more
Modern interiors designed with flexible formats for multiple user types are on the rise. Cape Town’s newest rooftop space fills a niche for those needing a breakaway destination WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED
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ocated 16 floors above Bree Street and the downtown businesses in Cape Town’s CBD, 180 Lounger offers a versatile business model. It hosts individuals who travel for work or leisure in twohour stretches, attracts locals for sunset drinks and can be booked for private parties or corporate events. An awesome urban view with city sounds is the drawcard: visitors stepping out on the rooftop of The Terraces building can take in a 180˚ visual sweep of Table Mountain, the V&A Waterfront and the Bo-Kaap below Signal Hill. French owner Christian Halm based his leisure concept on the idea of “expanding your peripheral vision during your downtime”. The numeral eight in the branding is relevant, representing an hourglass in a world where “an unforgettable experience can maximise an individual’s time”. Halm worked in the airline industry for 17
years, travelling frequently to global destinations. While visiting Cape Town for business, a frustrating travel delay got him thinking. “I had finished my meetings. Then my flight was cancelled and rescheduled for very late in the afternoon,” he says. “I wanted to work. So I came up with this idea: a place where you could chill in the city.” Launched in September 2018, 180 Lounger is slowly building traction in three flexible formats:
180 Rooftop Venue The space can be hired for private parties or by corporate clients and offers city and Table Mountain views, 16 floors up. “We host exclusive corporate events, business forums, product launches and private functions in this space,” says Halm.
180 Rooftop Chill Between 5pm to 8pm every Thursday (not only on monthly First Thursdays Cape Town
social evenings), a cash bar attracts locals for drinks while the traffic eases.
180 Lounger Capitalising on Halm’s initial idea as a frequent flyer, an upmarket lounge is aimed at local and international business and leisure travellers with a few hours to kill in the Mother City after a hotel checkout or business meeting, or after an early morning arrival, before their hotel room is ready. The facility has no membership system. For access control, two-hour slots are booked online only at R590 per adult and R245 per supervised child. The rate includes snacks and limited wines, beers and soft drinks. The lounge operates daily from 8am to 6pm, although guests who have booked in have the option to extend their visit or request a checkout at 10pm. Halm describes 180 Lounger as an improved airport Slow Lounge-type offering in the city. “It is
HOMEFRONT
MULTI-USE FLEXIBILITY: THE LATEST TRENDS Multi-use spaces are driven by the need for flexibility, developments in technology and connectivity, and the trend of experiencedriven offerings. Furniture: modular designs that can be configured in different ways lend themselves to a variety of applications. Airports: a sharper focus on retail and dining, with more comfortable spaces where travellers can relax or work. Wi-Fi connectivity while shopping, working or dining is key for travellers. Green wellness spaces are proliferating. For example,
Heathrow Terminal 3 has a glazed façade for more natural light, indoor trees and a small park. Hotels: a move towards creating welcoming, flexible spaces and reinventing the hotel lobby as an area where guests can catch up on e-mails, have meetings or grab a coffee by day, and that can be transformed into a function space in the evening. Retail: a more considered approach to outdoor spaces serving multiple functions at shopping centres — somewhere a concert can be staged or where shoppers can take a fresh-air break.
Child-friendly amenities with play areas are located near seating at dining outlets. Interior landscaping and water-feature elements are becoming more popular around the world. Business lounges: adopting the “resimercial” trend, these areas serve multiple functions but feel like living rooms, with an emphasis on comfort, beautiful furniture and design, drawing on the location for inspiration. May include a gin or champagne bar. Source: Emma Luyt, MD of Tétris SA
“I wanted to offer a new type of traveller experience. If you come to 180 Lounger, you are in the city without being in the city” Christian Halm, owner, 180 Lounger
PRODUCED BY BLACKSTAR PROPERTY PUBLISHING 1st Floor, Block H, Sable Square, Cnr Bosmansdam and Ratanga roads, Milnerton, Cape Town 021 447 7130
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important to feel like a VIP even if you are not one. The Slow Lounge airport concept was supposed to be quite exclusive but nowadays it often isn’t,” he says. “We’re offering a better environment and a different experience to staying in your hotel lobby to work. We’re saying, if you check out at 11am and have a late-night departure, what can you do with your time?”
DÉCOR The lounge is shaped in a 180˚ arc, with pale blue, grey and white hues on interior walls, and décor and lighting accents in charcoal and copper. Existing curved continuous glass panels surround the lounge rooftop space to dramatic
effect, meeting Halm’s specs to maximise the scenery from the outset. Stylish armchairs are scattered indoors but one of the high-backed cocoon chairs would be my pick for appreciating the views from inside while slouching into a more restful state. Uncapped Wi-Fi allows guests to work or relax. The rooftop’s outdoor space also offers comfortable circular day beds. “I wanted to offer a new type of traveller experience. If you come to 180 Lounger, you are in the city without being in the city,” says Halm. “The feeling is of being free; you can re-energise and freshen up, then enjoy a beautiful view.” 180lounger.com
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HOMEFRONT LUXURY BAROMETER
Dollar millionaires’ row Cape Town luxury homes still rank top among ultra high-end buyers globally WORDS: STAFF WRITER :: PHOTOS: SUPPLIED
A Bantry Bay apartment went for R80m – the highest price Seeff Properties achieved on the Atlantic Seaboard (and in Cape Town) for the period January 2018 to January 2019
Seeff Properties sold a luxury penthouse in Higgovale for R22.5m
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erhaps you thought the Atlantic Seaboard price balloon was deflating and luxury residential property sales were cooling off? Well, here are seven reasons why Cape Town is still rated as one of the world’s preferred ultra-luxury property destinations.
1. DOLLAR MILLIONAIRES Knight Frank recently launched its 2019 Wealth Report, an annual publication that tracks price movements across 100 luxury residential property markets. Research showed that 63% of the world’s ultra-high net worth individuals (UHNWIs) saw an increase in their personal wealth in 2018. These individuals typically have a net worth of $30m, excluding their primary residence. Nice for some … In 2019 the number of dollar millionaires globally will exceed 20-million for
the first time. This UHNWI population will increase by 22% within the next five years.
2. AFRICA RISING
Pam Golding Properties sold this Camps Bay home for R36m
hub in the region and retains this spot in 2019. The country will have a 32% share of Africa’s ultrawealthy population in five years’ time. Kenya leads Africa in the ultra-wealthy category with a 24% forecast growth in UHNWIs by 2023. The number of ultra-wealthy Kenyans is estimated to reach 155 individuals in that year, amounting to 6% of the continent’s total UHNWI population. Africa will grow its UHNWI population by 31% in the decade to 2023.
Those key European cities, plus Cape Town, lead with the highest predicted luxury residential growth for 2019. Liam Bailey, head of global research at Knight Frank, pinpoints these cities as increasingly popular investment hubs for Europeans this year, with a growing Chinese buyer presence too. Cape Town is flagged as a top performer for prime residential growth in 2019.
• SA is the largest wealth
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3. CALLING CAPE TOWN
• Madrid, Berlin, Paris
and Cape Town all top Knight Frank’s 2019 luxury residential property forecasts at 6% growth
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4. INDEX RANKING
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The Mother City’s performance is also ranked 28th globally of 100 cities in the Prime International Residential Index (PIRI 100) for 2019, showing a 3.8% annual increase. The PIRI 100 tracks the value of 100 luxury
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residential markets annually. This indicates a small but increasing movement in luxury residential price growth in Cape Town. (FNB supplied Knight Frank’s PIRI data and generally measures only Atlantic Seaboard sales.)
5. MICRO MARKET Cape Town has its own micro market and property comes down to lifestyle choices, according to Knight Frank South Africa CEO Richard Hardie. “It’s their main or second home. We sold a Bakoven oceanfacing home for R25.5m cash in late January. I could have sold it four times over. These people can afford to buy a R25m or R30m home in Cape Town quite easily, comparable to the price of
a one-bedroomed flat in Mayfair, London. That is the demographic we are dealing with: the ultra-high net worth market. There are also Johannesburg buyers looking for luxury Cape homes, with a budget of between R15m and R40m being very common.”
6. SUPER-LUXURY SLOWDOWN Seeff Property Group chairman Samuel Seeff says there has been a slowdown in local R20mplus residential luxury sales as buyers wait to see what unfolds politically and economically. While this top-end category is down by about 50% from the highs of 2015-17, Seeff says Propstats data shows that just less than R1.6bn
in super-luxury sales were concluded in Cape Town last year, about R1bn thereof on the Atlantic Seaboard.
7. PRICES FETCHED These recent higher-value sales were concluded in Cape Town suburbs during 2018/19: R80m – an apartment in Bantry Bay (Seeff) R62m – a home in Constantia (Seeff) R57m – a home in Kloof Road, Clifton (Seeff) R55m – a home in De Wet Road, Fresnaye (Seeff) R41.5m – a unit in Beach Road, Mouille Point (joint Seeff sale) R400m – 30 luxury apartments/penthouses at Lawhill Luxury Apartments, V&A Marina (Quoin Online/ TPF Advisors)
HOMEFRONT
The Saxony Sibaya in Umhlanga
PROPERTY TREND
Top specs drive luxury property demand
Wealthy investors in estates and sectional title developments want the best, from top-notch security to state-of-the-art facilities — and developers are listening WORDS: HELEN GRANGE :: PHOTOS: SUPPLIED
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Steyn City near Midrand
ven though house prices were under pressure last year, sales in luxury residential estates are thriving, with transactions in this sector outperforming the general market. This is according to real estate advisor Basil Weinrich, who estimates that more than 40% of SA’s high net worth individuals (HNWIs) live or own homes in residential estates. “Many lifestyle and golf estates have also started to add luxury apartments to their offerings. Those with parks, birdlife, walks and trails are becoming more popular,” Weinrich says. New World Wealth analyst Andrew Amoils agrees: “Most developers are now creating small neighbourhoods within estates, instead of spacing houses around the property. This allows for more parkland and open areas.” Since 2003, sectional title sales have increased by up to 5% a year, a Lightstone Property report shows, while
statistics by Stats SA show that “flats and apartments were the only categories that showed growth last year”. But what makes estate and sectional title living so attractive to the affluent? New World Wealth analysts have identified five key specs as the main drivers behind this trend – state-of-the-art security; location; design, layout and views; lock-up-and-go convenience with built-in maintenance advantages; and excellent facilities, onsite activities and a sense of community. Luxury buyers want the full package, says Geoffrey Crow, brand and marketing manager at Century Property Developments, whose Waterfall Estate in Midrand won the award for Best International Mixed-Use Development at the 2017/18 International Property Awards last year. Johannesburg’s The Houghton is another example of a development that continues to diversify its luxury residential portfolio. It recently launched a five-star
hotel and extended services, further attracting prime property buyers.
SECURITY Cutting-edge security is a priority for top-end buyers, exemplified by estates like Steyn City near Midrand. “As crime continues to contribute to stress levels, our security offering becomes more important. Yet no-one wants to feel as though they’re living inside a prison. That’s why most of our security is hidden from view,” says Steyn City Properties CEO Guiseppe Plumari. “For example, you may not realise that, in addition to a security hub manned by a 24-hour patrol, 500 cameras are placed around our perimeter wall.” Much of the luxury property market is in Cape Town, where safety is also important. “Security is top of mind for Waterfront and Mouille Point buyers,” says Kim Bailey, Pam Golding Properties agent for the area. “We sold two apartments at The Waterfront Estate this year for R18.9m and R12.9m
HOMEFRONT respectively, and here 24hour security and concierge service are simply a given.” In Paarl, too, luxury estates prize safety above all. “Security is the number one reason why people purchase property at Val de Vie, and it is our biggest focus and monthly expense,” says Val de Vie group marketing director Ryk Neethling. Its stunning French Provençale and Cape colonial architecture homes’ prices range from about R3m to more than R21m.
LOCATION
Mzuri Estate in Somerset West
Blue Hills Equestrian Estate in Kyalami
LATEST ESTATES AND SECTIONAL TITLE GROWTH NODES Estates: Western Cape Durbanville Somerset West
Gauteng Centurion Sandton and Midrand KwaZulu-Natal Salt Rock Ballito Sectional title: Western Cape Strand Stellenbosch Cape Town and Somerset West Gauteng Sandton Roodepoort KwaZulu-Natal Amanzimtoti Umhlanga Source: Lightstone Property’s overview of the past 12 months EIGHTONN in Sea Point
It is usually young families and professionals that prefer estate and sectional title living because of location, but they are not alone. “Many of our buyers are executives who travel often,” says Saxony Developments GM Michele White. Saxony Sibaya, the developer’s offering in Umhlanga, is particularly appealing thanks to easy access to highways and King Shaka International Airport. These penthouses are some of the most luxurious on KwaZuluNatal’s North Coast and range from R7.6m to R12.5m. Ballito’s Dolphin Coast is another favoured location, as evident in sales at Elaleni Coastal Estate, which is set to launch its Forest View apartments at about R2.95m each. “Location is definitely key here. Young families can choose from top schools within 15km of Elaleni, and medical facilities are close too,” says sales manager Devon De Lange. Proximity to schools, shops, medical facilities
"Most developers are now creating small neighbourhoods within estates, as opposed to spacing houses evenly around the property. This allows for more parkland and open areas" Andrew Amoils, analyst, New World Wealth
and public amenities are particularly important to buyers looking for a city neighbourhood lifestyle. Given the pace of a modern economy, owning a home in a friendly neighbourhood has become priceless. “People want to enjoy their new suburb, and amenities such as high-street shopping and restaurants come at a premium that many are prepared to pay for,” says Jacques van Embden, MD of Blok, specialists in modern urban apartments in Cape Town. Units at EIGHTONN, Blok’s new development in Sea Point, sell for more than R6m each. At Century City outside Cape Town you can enjoy a safe, city-like environment
with natural elements at prices from about R3.5m a unit. “You have canoeing and running clubs within the precinct, as well as restaurants, top retail, a gym, hotels, schools and a church. It’s what we call the live-work-play lifestyle,” says Rabie Property Group director John Chapman. Similarly, luxury properties in or near mixeduse precincts are popular for both location and an urban lifestyle. Ellipse Waterfall, the first luxury residential high-rise in Waterfall City in Midrand, with prices ranging from R1.5m to R12m, is a case in point. “Our unique value offering lies in its strategic location near world-class amenities,” says Tim Kloeck, CEO of Tricolt, the developer. Waterfall Estate and Blue Hills Equestrian Estate, both by Century Property Developments, are among the most prized addresses in the area, as is Balwin Properties’ The Polofields with its northeastern views over the Waterfall area. “If they are well located and offer a secure and convenient lifestyle, these properties will always be in demand. And instead of just developing a block of apartments, the trend is to create legacy buildings that homeowners can be proud of,” says Ilma Brink, Pam Golding Properties Pretoria’s regional development sales manager. The main attraction of Horizon Capital’s The Azure in Camps Bay, Cape Town, is its position, which affords
HOMEFRONT
The Rubik in Cape Town it staggering ocean views. Unit prices start at R2.4m. “Buyers will pay a premium for one of the best locations, within walking distance of the beach and promenade,” says David Sedgwick of Horizon Capital.
DESIGN Design, layout and views are paramount in SA’s most idyllic luxury properties, such as The Estate, Berman Brothers’ multilevel Sea Point development marketed by Dogon Group Properties. “With magnificent views of the ocean and Table Mountain, The Estate is priced from about R10.3m to R21.5m. It offers state-of the-art features unmatched by any other residential apartment in the area, such as five-star communal areas and chic design elements,” says Paul Berman, partner at Berman Brothers.
Another super-stylish option is The Rubik, developed by Abland in partnership with Nedbank and Giflo, designed by DHK Architects and marketed by Dogon Group Properties. With floor-to-ceiling windows and an imposing shape, the ultra-modern building offers striking city and mountain views. The apartments, offices and penthouses range from R2.4m to R11.9m. “The Rubik is the future standard for inner-city residential buildings that won’t be a mere ‘entry into the market’ but an address to be lived at,” says Dogon Group Properties development director Rob Stefanutto. A development setting the bar high in KwaZuluNatal is the R4.5bn Oceans Umhlanga, currently taking shape in a groundbreaking
Ellipse Waterfall, Waterfall City in Midrand
architectural style, with curvilinear lines expressed in glass, offset by generous wraparound balconies. Unit prices start from R3.8m.
"The Crescent Houses are restored masterpieces that have a personal touch of sophistication and boast undeniable character, luxury and space" Steve Balwin, CEO, Balwin Properties
LOCK-UP-AND-GO According to Pam Golding Properties’ Johannesburg North quarterly report, a number of buyers are requesting apartments that offer lock-up-andgo convenience and easy maintenance – relatively new specs to luxury estates. In Cape Town, the demand for convenience is driven largely by buyers living elsewhere. “Many of the purchasers of upmarket penthouse apartments or residences are either foreigners or from Johannesburg or Durban,” says Sedgwick. “Their properties serve as a Cape Town base when they are holidaying or working here.”
Balwin’s Paardevlei Lifestyle Estate in Somerset West ticks all the boxes of estate living convenience with its proximity to urban facilities and schools, and easy access to both city-bound highways and countryside escapes. Priced between R2m and R5m, units share the precinct with the historic Crescent Houses, one of which is owned by Balwin CEO Steve Balwin. “The Crescent Houses are restored masterpieces that have a personal touch of sophistication and boast undeniable character, luxury and space,” says Balwin.
Depending on the buyer market, some luxury estates promote their facilities, onsite activities and a sense of community more than other aspects.
EXCLUSIVITY “Purchasers in the top-end luxury segment are not as concerned about communal facilities, because many are quite private and want the exclusivity of their own gym or rooftop pool, for example,” says Sedgwick. Arabella Country Estate in Kleinmond, on the other hand, is distinctly family-orientated. Outdoor
activities for children are an important facet of living there. These include boating and fishing on the Bot River lagoon, as well as a central playground. Luxury estates on the Garden Route are also capitalising on the family market. “Sales have spiked, with Plettenberg Bay being the destination of choice,” says Ling Dobson, Pam Golding agent for the area. Mzuri Estate in Somerset West prides itself in its 360˚ offering. Situated on the lower slopes of the Hottentots Holland mountain range with sweeping views of False Bay, Mzuri affords residents a modern lifestyle with a clubhouse, gym and indoor swimming pool, as well as a lounge and outdoor braai facilities. A running and cycling track weaves through the development. Its lock-up-and-go apartments start at R1.19m. With their lifestyle requirements and expectations everchanging, be it as a young family investing in a country lifestyle estate or a millennial buying a highrise sectional title apartment in the city, wealthy buyers are now demanding more state-of-the-art specs from their residences – and there is no doubt that developers are coming to the party.
FOCUS ON: PAARDEVLEI LIFESTYLE ESTATE
ADVERTORIAL
Home of heritage and luxury Unique features and state-of-the-art facilities set the new Paardevlei Lifestyle Estate apart WORDS AND PHOTOS: SUPPLIED
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ollowing the success of The Jade and Paardevlei Square, Balwin Properties’ prestigious new development, Paardevlei Lifestyle Estate, has already achieved the highest accolade in the International Property Awards’ Development Apartment category for the Africa region – first in 2016 and again in 2018. Situated in the bustling, up-and-coming Paardevlei Precinct in Somerset West, Paardevlei Lifestyle Estate is designed with sheer luxury in mind. Home to magnificently restored Herbert Baker Crescent Houses priced from R4.99m, Paardevlei Lifestyle Estate also offers modern three-bedroom, two-bathroom apartments from R1.89m. Characterised by contemporary design, these open-plan apartments feature SMEG appliances and exquisite views of the Hottentots Holland and Helderberg mountains. Utilising the expertise synonymous with Balwin developments, Paardevlei Lifestyle Estate breaks the
mould with its additional superior elements. “These include elevators, basement parking, landscaped courtyards and storage, along with other key lifestyle facilities such as a private gym, a concierge service, a laundromat, a restaurant and a swimming pool,” says Balwin Properties CEO Steve Brookes. “We identified the Paardevlei Precinct as one of the prominent and affluent areas within the Western Cape as it offers easy access to world-famous wine farms, top-quality schools, Cape Town International Airport and the University of Cape Town. With property prices exploding in the centre of Cape Town, where apartments range from R2m to R15m, we understand that families and students in and around Cape Town, as well as international investors, are looking for something more affordable, yet close to all the popular and necessary amenities.” Key to the desirability of Paardevlei Lifestyle Estate is the fact that residents can enjoy a secure outdoor lifestyle with the benefit
of exclusive access to the Lifestyle Centre, which is right on their doorstep. Family time can be enjoyed in the shade of trees, in picturesque picnic “pockets”, or strolling along the paths through the estate.
“Paardevlei Lifestyle Estate has been designed with modern living, practicality and luxury in mind, and we are proud to introduce this unique offering to the Western Cape market,” says Brookes.
GET IN TOUCH Paardevlei Lifestyle Estate Tel: 072 571 8736 E-mail: shannon@balwin.co.za
HOMEFRONT LEGAL
Property 101: who gets the apartment or house? Know how your marriage contract affects your property rights in the case of divorce WORDS: KIM MAXWELL :: PHOTOS: SHUTTERSTOCK
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obody enters a marriage with the intention of ending the relationship. But if it happens, the type of marriage contract and each party’s individual circumstances can go a long way towards facilitating how a divorcing couple splits their property assets amicably. Family law specialist and director at Smith Tabata Buchanan Boyes Shereen Volks says individual legal advice on the best marriage contract for each spouse’s circumstances and property assets is crucial. The accrual system, for instance, seems simple in theory but can be difficult to apply and often gives rise to disputes as to the value of a property asset. Volks says there are permutations within the main types of marriage categories, and each system can be adapted legally within the confines of the Matrimonial Property Act. These are the three marriage categories in SA:
TRANSFER DUTY, CAPITAL GAINS TAX AND DIVORCE As a general rule for all types of marriages, the two parties can reach an agreement about the distribution of a property — and transfer their shares in that property to their spouse. No transfer duty is payable on a half-share or whole property transfer from one spouse to the other in the case of divorce. This only applies to a property registered in a spouse’s personal name.
If Susan takes over Johan’s property through divorce or an agreement between the spouses, while Susan’s payment of any capital gains tax is deferred in that particular year, she will be considered the original owner in terms of the Income Tax Act. So if the property is later sold, Susan becomes liable for capital gains tax in full as if she was the original property owner.
In community of property A union between equal partners, each partner has equal say over joint assets including property. So everything brought into the marriage – or acquired during the marriage – automatically falls into your joint estate. If either partner wants to sell property or apply for a bond over it, they need the signature and consent of their spouse. A marriage in community of property is the system that applies by default. Any validly concluded civil marriage (including a same-sex civil union) is automatically a marriage in community of property if those parties do not enter into an antenuptial contract.
Out of community of property without accrual Here the estates belonging to the two spouses remain separate throughout the marriage. A practical
example of a marriage out of community of property without accrual would be the following: Sarah and John marry out of community of property. Sarah owned a property before the marriage. This property remains part of Sarah’s estate and she can sell it if she pleases. The same principle applies if Sarah acquired the property while they are married. Simply put, you keep what you brought into the marriage and you keep what you earn during the marriage. An important distinction: the marriage partners have contractual independence. They do not need each other’s signatures on contracts; they own property independently and they can dispose of it if they choose. There are exceptions, however. “When parties are married out of community of property without the accrual system, they can provide for other forms of asset sharing in
HOMEFRONT
DIVORCE STATS FROM 2017 (LATEST DATA AVAILABLE) 25,390 divorces were granted in SA. First-time marriages had the highest divorce rate. More women than men filed for divorce, with men generally getting divorced at a later age than women. Source: Stats SA, Marriages and Divorces 2017
“When buying one or more residential properties together, a spouse should never rely on his or her antenuptial contract to ensure a fair result” Shereen Volks, director/specialist in family law, Smith Tabata Buchanan Boyes
their antenuptial contract,” says Volks. “For instance, a spouse can agree that she will buy the other spouse a home of a certain value after a certain number of years of completed marriage, or that she will contribute money towards an investment. Even though there is no accrual sharing, the parties can
agree to some other form of capital benefit.”
Out of community of property with accrual In this case partners sign an antenuptial contract stating that if the marriage comes to an end, a calculation will be done to make sure that each party shares equally in the joint accrual of assets, including property. So, for instance, the property Lunga owned before his marriage (unless specifically excluded from the accrual) will remain Lunga’s asset. But on dissolution of his marriage to Aphiwe, the increase in value of the property will be part of Lunga’s accrual, so it will be included when an assessment is made to equalise the accrual between Lunga and Aphiwe’s estates. If Lunga acquired the property during the marriage, the same principle applies: the value of his estate is then increased by the value of the property and this forms part of the accrual shared between the spouses. Effectively, half the difference in value between Lunga and Aphiwe’s separate estates accrues to the smaller estate if the marriage ends. But there are exceptions that make the process more complicated. Lunga could, for example, exclude certain assets from the accrual by naming them
specifically when signing the marriage contract. These assets may be things he owns at the time, or that he expects to acquire afterwards.
Partners who live together Is somebody automatically considered a commonlaw spouse if the couple parts ways and a property asset they lived in together is part of the dispute? It seems not. South African law does not recognise the concept of common-law marriage. Cohabitation does not result in any automatic sharing of assets. Drawing up a domestic partnership agreement is the only legal way to regulate ownership of a property between cohabiting partners.
ADVICE “While an accrual marriage will ensure a fair sharing of the value of the assets, when buying one or more residential properties together, a spouse should never rely on his or her antenuptial contract to ensure a fair result,” says Volks. Both parties should always take a direct interest in the process of purchasing, managing, marketing and selling of any property, she recommends. Knowledge is often strength when it comes to achieving a fair result, especially in the case of divorce.
HOMEFRONT PROPERTY NEWS
Cape Town welcomes The Yacht Club
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mdec Group’s The Yacht Club apartment development was unveiled on Cape Town’s foreshore in April. The R1.5bn mixed-use property includes 170 luxury residential apartments, 6,000m 2 of premiumgrade office space and Africa’s first AC Hotel by Marriott. (The prestigious chain lends its name from the initials of renowned hotelier Antonio Catalan.) Amdec Group, a privately owned property development and investment company, acquired the 11,816m 2 strip of vacant foreshore land in 2015. Construction was completed within two years.
The Yacht Club has two apartment blocks, separated by a corridor of open space to comply with local building regulations. The West Block comprises 120 apartments and the AC Hotel by Marriott, whereas the East Block houses 50 apartments above two floors of office space. Situated on the banks of the Roggebaai Canal, The Yacht Club offers harbour views to the north and Table Mountain views to the south. “Urban precincts such as The Yacht Club and Harbour Arch typify a growing worldwide trend evident in the likes of Canary Wharf in London, Hudson Yards
in New York and Darling Harbour in Sydney,” says Amdec Group CEO James Wilson. “One of our main objectives was to deliver a world-class lifestyle that also offered investors an excellent return. It is extremely rewarding to note that apartments that launched at R48,000/m 2 in 2015 had escalated in value to R75,000/m 2 by 2018, representing an impressive 50% return on costs.” Western Cape provincial minister of economic opportunities Beverley Schäfer says mixed-use developments are the future of cities, allowing people to live, work and socialise in close proximity.
New rural living benchmark for Malmesbury
K Swift sales at Paarl’s Le Parc
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ales of two- and threebedroom turnkey homes in Le Parc Residential Estate have been brisk since it launched in Paarl in May 2018. Thirtyfour homes are currently under construction, and the owners of the first completed properties took occupation this month. “It is clear that purchasers are recognising the covetable lifestyle aspects on offer at Le Parc, which, along with luxury and well-built homes at reasonable prices, has resulted in this exceptional sales momentum,” says Le Parc Residential Estate spokesperson Martin van Rooyen.
Families enjoy the secure environment of the property, according to Van Rooyen. “There is nothing like Le Parc in the greater Paarl region. It isn’t just a gated security estate, but a remarkable lifestyle offering where everything has been planned right down to the finest detail.” Recreational features include Le Grande Park, a central area with a grassed multisport oval, a children’s skate park and pump track, an outdoor gym, a tennis court and play equipment. There is also a cycling and jogging track and a nursery school. Olive groves, vineyards and orchards are being established.
Brick Art took care of construction, Malherbe Rust Architects designed Le Parc’s seven Frenchinspired home styles, and Landscape Architects Uys & White are creating distinctive landscaping. Spatial designs are by Niche Bespoke Interiors. Phase 3 will be launched shortly, and a few homes are still available in phases 1 and 2. Phase 1 has seven double-storey threebedroom units available, priced from R2.195m. There are five double-storey threebedroom units available in phase 2, priced from R2.24m. A 5% deposit is payable and transfer duty is included.
lipfontein Farm Lifestyle Estate has launched in Malmesbury, offering a modern, rural farmlike estate environment in a natural setting. Olive Place and Fonteine Village are the first of a number of subschemes on offer at this estate. Says Multi Spectrum Property (MSP) CEO Riaan Roos: “MSP is well known for its successful approach to super-estates such as Buh-Rein Lifestyle Estate. Malmesbury presented an ideal opportunity to extend our expertise to the countryside.
“The biggest challenge has been to provide buyers with a unique proposition. We believe that Klipfontein Farm, with its range of lifestyle and product offerings, makes for a compelling reason to move to the country without having to sacrifice modernday necessities.” The estate caters to firsttime buyers, larger families and retirees. The first of Klipfontein Farm Lifestyle Estate’s product releases is Olive Place at Klipfontein Farm. It includes 90 simplex homes – 49 in phase 1 and 41 in
phase 2. These freestanding homes are available in eight styles ranging from 119m2 to 140m2. All feature a patio with a built-in braai and a single garage. Pricing starts at R1,339,900 and no transfer duty applies. Fonteine Village is an upmarket full-title retirement scheme set on a north-facing slope with views of the Swartland Mountains and Table Mountain. Phases 1 and 2 are complete, with phase 3 now being released. The petfriendly homes are priced from R1,899,900, including VAT and transfer duty.
jobs, and the Green Card is valid for 10 years. “We have teamed up with American Dream, represented in Johannesburg, Cape Town and Durban,” says Immelman. “Over 15 years, American Dream has helped
hundreds of locals gain lawful permanent residence in the US via the EB-5 investment programme.” American Dream, in turn, works with CA Ventures, an established Chicago-based real estate investment management company.
US citizenship investment initiative
W
hile European residency programmes remain popular among South Africans, more and more are expressing a preference for the US, should they want to relocate overseas.
“As a result of this demand, we now offer access to the USA Immigrant Investor EB-5 programme, which provides the opportunity to acquire US citizenship via investment in a commercial property venture,” says Pam Golding International
head Chris Immelman. “But indications from the US government are that entry to this programme will increase to $1m-plus during 2019, so time is of the essence.” Created in 1990 to stimulate the US economy
through job creation and capital investment by foreign investors, EB-5 currently is the fastest way to obtain a US Green Card for your family, including children under 21. Applicants invest only $500,000 in an eligible business that will create 10
LD SO % 50
HELLO ORANJEZICHT NEW DEVELOPMENT F OR SALE FROM R1.95 MILLION
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Experience true luxury living with access to world-class facilities, including a pedestrian boulevard with kilometres of running and cycling tracks, an 18 hole Nicklaus Design golf course with an award-winning clubhouse, tennis courts, resort pools, an equestrian centre, fine dining restaurants and casual eateries, convenience retail, children’s play nodes, outdoor gyms, a skate park, basement parking, a school, an office park (for those who never wish to leave home) and 100 more reasons to make this destination your home.
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