Business Day HomeFront 30 November 2018

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Kimpton®® Hotels & Restaurants is part of the InterContinental Hotels Group®® Kimpton Hotels & Restaurants is part of the InterContinental Hotels Group Prices from $350,000.

Prices from $350,000.

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Fernandez is +27 (0)21of762 2617 | grenada@pamgolding.co.za pamgolding.co.za/international Kimpton® HotelsTheresa & Restaurants part the InterContinental Hotels Group® ® pamgolding.co.za/international Kimpton Hotels & Restaurants is part of the InterContinental Hotels Group® pamgolding.co.za/international pamgolding.co.za/international

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Interested in exploring more? Please contact: 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA 30 NOVEMBER 2018 WWW.BUSINESSLIVE.CO.ZA in exploring more? Please contact: Theresa Fernandez +27 Interested (0)21 762 2617 | grenada@pamgolding.co.za Theresa Fernandez +27 (0)21 762 2617 | grenada@pamgolding.co.za pamgolding.co.za/international pamgolding.co.za/international

New Protégé: Asia meets Provençale PAGE 2

Offshore tax questions to ask PAGE 10

Micro-apartments: a growing trend PAGE 12

Offshore investing: six top choices

More South Africans than ever are looking for lifestyle and Five clever changes property investment opportunities overseas. Attracted by citizenship for your home and residency programmes, these are the most enticing destinations PAGE 14

IT’S BEEN A BUSY YEAR... AND WE’RE STILL GOING STRONG! Whether you’re looking to buy, sell or rent, speak to us for expert advice you can trust, all year round.

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HOMEFRONT FOOD AND DÉCOR

Simple delights

Scot Kirton and Stephen Raaff’s Protégé presents a sophisticated take on casual WORDS: JULIA FREEMANTLE :: PHOTOS: ANDREA VAN DER SPUY

Scot Kirton (left) and Stephen Raaff

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“We wanted a Provençale effect, but a modern version — something crisp and fresh” Rotem Shachar, Protégé design team

cot Kirton’s culinary empire has grown steadily and substantially since he became chef proprietor of La Colombe when it reopened at Silvermist Estate. In subsequent years, he’s expanded his interests to include Foxcroft in Constantia (which he opened with Glen Foxcroft Williams) and La Petite Colombe in Franschhoek. His venues generally enjoy acclaim for offering superb dining experiences and immersive presentation. His newest venture, Protégé, has just opened in Franschhoek at Le Quartier Français boutique hotel, which forms part of the Leeu Collection. When an opportunity presented itself to take over the space at Le Quartier, Kirton saw a gap to open a counterpoint to La Petite Colombe across the passage — where he’s chef proprietor — that would offer a culinary journey on the more casual side to serve the hotel’s visiting

cosmopolitan clientele and any discerning all-yearround diners.

Cuisine “In general, hotel food has a bad reputation, and we want to change that with Protégé by serving casual, but upmarket food,” says Kirton. The core ideals of this new Kirton-led venue where longtime associate Stephen Raaff heads the kitchen are succinctly summarised by the chef as “fun and unpretentious dining, and food packed with flavour”. The format is laid back too — it comprises small plates designed to share. These you can enjoy à la carte, selecting as many as you wish, or curated as a Chef’s Menu (a selection of eight). “The concept is about sharing and enjoying the experience as a table,” says Raaff. “It’s also giving me the chance to give Franschhoek a different dining experience and offer flavours and combinations people aren’t always expecting, or familiar with.” French bistro-style influences allude to Kirton’s fine-dining foundation, but his love of Asian flavours makes the dishes fresh and dynamic. “We use a lot of miso, soy, ginger, chili and lemongrass through the menu,” he says. The fried chicken glazed in a Korean barbeque sauce with a


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coriander dip is deceptively complex and packs a punch, while the Keralastyle linefish with labneh is positively moreish, lifted by the ingenious addition of pickled vegetables. This kind of impactful flavour is something Raaff handles masterfully and understands intimately, having spent five years working at La Colombe and Foxcroft. “Food needs to be absolutely delicious. That is always my top priority,” says Raaff. “It’s about flavour, then making it pretty, never the other way around.” That said, the plating bears the group’s hallmark of compelling and original presentation. It’s a pareddown version, with much of it served in an uncomplicated way — such as mussels in their shells with a Thai-style sauce and braaied sweetcorn. Simple yes, but never rustic.

Décor The restaurant itself reflects this same marriage of understatement and sophistication, all the while underscoring the food’s lack of pretension. Relaxed and inviting, but beautifully put together, it’s a space that works

equally well day and night. The team behind the transformation of the existing Le Quartier location into one restaurant (previously two separate spaces that made up The Garden Room and Bar’s breakfast room and bar area respectively) is brand and spaces specialist Rotem Shachar and interior designer Megan Bond. The duo was also responsible for Protégé’s brand identity and logo, which played a significant role in informing the interior design direction. Deciding on a name prompted the central kitchen concept, to showcase Raaff and his team at work, and Kirton’s passing of the baton. With a brief to reuse as much as they could from the existing space, but create a new feel befitting the new concept, the team gave it all a fresh spin. So while the central kitchen and bar had always been there, Shachar and Bond amplified them by adding brass accents to the existing marble and smoky glass to place the emphasis visually on the kitchen. They kept the rest of the space simple, with the idea that the focus fades

PRODUCED BY BLACKSTAR PROPERTY PUBLISHING 1st Floor, Block H, Sable Square, Cnr Bosmansdam and Ratanga roads, Milnerton, Cape Town 021 447 7130

out towards the periphery. Adornment has therefore been kept to a minimum — it’s almost Zen-like in its simplicity — with blonde-wood tables and chairs and a simple dado rail displaying copper kitchen paraphernalia and charming gold-painted vegetables (a nod to the country location). A rabbit motif picks up on original Guy du Toit bunny sculptures on the street-facing side, with a new trio of rabbit sculptures in the back courtyard by Carol Cauldwell. Guy du Toit miniatures as table centrepieces create continuity. The existing raffia wall covering was painted with a custom shade of greenygrey that Shachar describes as “thyme”. This soothing shade is complemented by the muted green upholstered bar chairs. “We wanted a Provençale effect, but a modern version — something crisp and fresh,” says Shachar. This palette also serves to create an easy flow towards the alfresco areas at either end. Like the food, the feel is down to earth and unfussy, but layered and full of life. protegerestaurant.co.za A

EDITORIAL TEAM Editor: Kim Maxwell Designer: Samantha Durand

PUBLICATION ADVERTISING SALES

Managing Editor/Copy Editor: Michael van Olst Production: Joanne le Roux

Michèle Jones Susan Erwee

michele.jones@thecreativegroup.info susan.erwee@thecreativegroup.info

084 246 8105 083 556 9848


GRENADA’S NEWEST 5-STAR RESORT & CITIZENSHIP-BY-INVESTMENT OPPORT UNIT Y

FOR SALE: 1-bedroom suites and studios are now for sale as freehold condominiums. Purchasers in this stunning 5-star beachfront resort are eligible to apply for Grenadian citizenship through the country’s Citizenship by Investment (CBI) programme. Grenada is the only country in the Caribbean with a CBI programme that has an E2-Visa treaty with the US. Grenada has a source-based taxation system. Citizens who are tax resident in Grenada are not subject to Grenadian tax on their foreign income, nor do they pay any wealth, gift, inheritance or capital gains tax. Prices from $350,000.

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CO N SC I O US L I V I N G


HOMEFRONT PORTUGAL Why: Visa-free travel in the Schengen area; right to live, work work,and and study in Portugal; eligibility to apply for citizenship after six years. How: Invest €500,000 in real estate or €350,000 if the property is older than 30 years in an area of historical significance or urban regeneration.

MAURITIUS Why: Best place in Africa to do business; strong democracy and political stability; low cost of living compared with Europe; extremely tax efficient; continued infrastructure growth aiding business expansion; property value expected to grow by 40% in the next decade. How: Real-estate investments above $500,000 qualify for residency.

INTERNATIONAL

Offshore investing: six top choices More South Africans than ever are looking for lifestyle and property investment opportunities overseas. Attracted by citizenship and residency programmes, these are the most enticing destinations WORDS: DEBBIE HATHWAY :: PHOTOS: SUPPLIED AND SHUTTERSTOCK

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n its exploration of the movement of wealth around the world and the fluctuations of the world’s luxury residential property markets, the Knight Frank Wealth Report 2018 notes that demand for second passports and residencies continues to grow. The report, which provides a global perspective on prime property and investment, reveals that “34% of UHNWIs already hold a second passport and 29% are planning to purchase one, while 21% are considering emigrating permanently”. With more South Africans than ever looking for alternative lifestyle and property investment opportunities overseas for reasons that include lifestyle, safety and security, education, travel freedom, tax and citizenship incentives, governments have been said to be in a bidding war to win foreign direct investment. “The only (investment) programmes worth

considering are those that uphold high standards of due diligence and are free of corruption,” says Amanda Smit, director at Henley & Partners South Africa. “These are the ones that draw credible, wealthy and talented individuals with valuable business networks and entrepreneurial expertise to a country, enriching its social and economic capital.

RESIDENCE “Global families — and their businesses — today span countries and even continents. Acquiring alternative residence or citizenship is a means of participating in and moving through this interconnected world with greater ease, and we expect that the value of this kind of mobility and access will only increase as the tendency towards isolationist, immigrationhostile policies becomes more prominent worldwide.” Some of the most sought after locations include Portugal, Mauritius, Malta, Cyprus, Grenada and Antigua and Barbuda, all


HOMEFRONT MALTA Why: Citizens have the right to enter, work and live in all 28 EU countries and Switzerland through the Malta Individual Investors Programme. How: Contribute €650,000 to the National Development and Social Fund and acquire real estate for a minimum of €350,000, or lease an immovable residential property for five years or more for minimum of €16,000 a year.

CYPRUS Why: Flexible options with no residence required. Securing an EU passport in six months is the biggest pull. Its strategic location near Europe, Asia and Africa has contributed towards its development as a financial centre. How: A minimum property investment of €2m secures citizenship for the investor and family.

RESIDENCY VS CITIZENSHIP Residency allows the person to live, work and study in a specific country, but it is usually linked to property ownership and could have other conditions linked to it such as language tests, age restrictions on dependent children and minimum stay requirements. Residency is also usually renewable and is therefore riskier in terms of possible legislation changes.

Citizenship gives full citizenship rights, such as living, working and studying in that country or the jurisdiction it is part of, such as the EU. These rights could also include access to all benefits such as healthcare and education and could include the right to vote. Citizenship is usually given for a lifetime and will often also include citizenship for children and grandchildren.

Source: Nadia Read Thaele, LIO Global, World Residence and Citizenship

“The only (investment) programmes worth considering are those that uphold high standards of due diligence and are free of corruption” Amanda Smit, director, Henley & Partners South Africa

of which have the added attraction of their island or coastal location. James Bowling, international CEO and founder of Monarch and Co, says the three most popular countries for South African investors are Portugal, Grenada and Antigua and Barbuda.

PASS THE PORT Portugal is a leading migration destination for South Africans drawn by the prospects of a strong return on investment, residency, potential citizenship, quality of life and freedom to travel in the Schengen area. Lisbon, Cascais and Porto are still the favourites for property investment and good long-term value. “In the super-prime areas of Lisbon a three-bedroom apartment would cost upwards of €2m — about €9,000/m2, while something similar in Porto would cost about €6,000/m2 to €1.3m,” says Pam Golding International head Chris Immelman. “However, you could still find something just off super prime, so still very good, for below €1m in Lisbon

and below €800,000 in Porto,” he says. “Most South Africans will spend between €500,000 and €800,000 — mostly for oneor two-bedroom apartments in the good areas.”

ISLAND LIFE In Mauritius, now ranked 20th among 190 countries by the World Bank for ease of doing business, people who invest in property for a minimum $500,000 gain residency and can open a company on this “paradise island” off the east coast of Africa. Registration takes as little as two hours. The Economic Development Board Mauritius highlights the country’s rank among 51 upper middleincome economies. The island distinguishes itself ahead of countries such as Canada (22), Germany (24), France (32), Japan (39) and China (46). The top five countries in Africa include Mauritius (20), Rwanda (29), Morocco (60), Kenya (61) and Tunisia (80). Mauritius is ranked 31st for visa-free access in the

Henley Passport Index 2018. Portugal is in the top five. One of the top drivers of a country’s wealth is safety and security, especially of women and children. New World Wealth rates Mauritius, Botswana and Namibia as the safest countries in Africa and Malta as the second-safest country in the world for women. Malta is an archipelago in the central Mediterranean between Sicily and the North African coast. “Most of the countries in our top five are popular destinations for migrating HNWIs. Also, most have experienced strong wealth growth over the past 20 years,” say the authors of the New World Wealth Woman Safety Review, published in October.

POTENTIAL The report rates safety of women as “one of the best ways to gauge a country’s long-term wealth growth potential, with a correlation of 92% between historic wealth growth and woman safety levels”. So it concludes that a country’s wealth


HOMEFRONT GRENADA Why: Grenada is one of the friendliest and safest islands in the Caribbean. Citizenship gains travel freedom to the UK and Schengen area and eligibility to apply for a US nonimmigrant visa. How: Investment in government-approved real estate for a minimum of $350,000, to be held for a minimum of three years.

ANTIGUA AND BARBUDA Why: Passport holders may travel to Hong Kong, Singapore, the UK and Schengen countries, among others. How: Pay a minimum $100,000 (nonrefundable) for a family of four via the National Development Fund (NDF); invest $400,000 into an approved real estate project or $1.5m into an eligible business.

growth is boosted by strong levels of female safety. Cyprus, the third-largest and third most-populous island in the Mediterranean, is geared towards those who want to obtain a European passport in six months. When you acquire citizenship under the Cyprus Citizen-by-Investment Programme, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent. The cost? A minimum €2m — a bit steep for many South Africans.

ACCESSIBLE “In Portugal, it will take you the best part of six years to get an EU passport, but it’s the best investment you’re going to make in mainland Europe,” says Immelman. “It’s easily accessible, English is widely spoken and it’s a developed world environment. It’s cheaper to live there than in Greece or Spain and they’ve got unemployment below 6%.” By comparison, he explains, you have to invest €2m in property in Cyprus to get your passport — you

can sell your property after three years and get your money back. The Maltese government, however, requires you to make a substantial nonrefundable donation (about €850,000), as well as buy an apartment and not let it for five years. An investment in Malta is rewarded with EU citizenship in about two-and-a-half years.

“Grenada is one of the top options for South Africans seeking a foreign bolt hole”

MICROSTATES “For microstates with small economies, the benefits of citizenship and residency by investment programmes can be substantial,” says Dr Kristin Surak of The School of Oriental and African Studies, University of London, in Knight Frank’s The Wealth Report 2018. “In certain Caribbean islands, programme revenues account for up to a third of GDP.” She says the potential profitability of these programmes has led to investment migration policies spreading, allowing small economies to formalise and scale up previous informal offerings

Passport ranking

of residency and citizenship. “Nonetheless, the overall effectiveness of the programmes depends on how funds are used,” says Surak. “They may be spent responsibly to support long-term economic growth, along with educational opportunities, medical facilities, pensions and other forms of social support, but such assurances are typically not written into the policies. Whether the programmes deliver the benefits they promise is a

Country

question of implementation and oversight.”

CARIBBEAN In the Caribbean, Grenada is one of the top options for South Africans seeking a foreign bolt hole. Dubbed the Spice Isle because of its plentiful nutmeg plantations, it is home to only 100,000 people. Grenada is the only Caribbean country with a CBI programme that has visa-free access to China. Grenadian citizens

Countries offering visa-free access

can also apply for a USA E-2 Investor Visa, which entitles them to start a business and live in the US. Meanwhile in Antigua and Barbuda, from the Spanish words for “ancient” and “bearded”, located where the Atlantic and Caribbean meet, it’s possible to gain citizenship after living in the country for seven years continuously. It has one of the best education systems in the area and the most modern hospital of all the Caribbean islands.

Minimum capital requirement

5 Portugal 186 €350,000 7 Malta 183 €1m 15 Cyprus 173 €2m 27 Antigua and Barbuda* 150 $100,000 31 Mauritius 146 $500,000 33 Grenada* 144 $150,000 Source: Henley Passport Index *Excluding fees. Calculated if the client does not purchase real estate, but makes the required government contribution.


EU RESIDENCY PORTUGAL

Buzzing sidewalk cafĂŠs, a fascinating culture, relaxed lifestyle, EU Residency and the attractive Golden Visa Programme await you and your family when you purchase property in Portugal for â‚Ź500,000 or more. With this sound investment you will be able to live, work and play in Portugal and travel visa free throughout Schengen Europe. A life in Europe awaits. To find out more about our international offerings, please contact: Theresa Fernandez 021 762 2617 | theresa.fernandez@pamgolding.co.za


HOMEFRONT FINANCE

Taxing investments? Know the financial and tax implications of owning offshore property before you commit WORDS: SARAH HUDLESTONE :: PHOTOS: SHUTTERSTOCK

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irectly in contrast to SA, which is tightening up its immigration laws for skilled professionals who wish to invest in and live in the country permanently, dozens of countries offer automatic residency and even fast-tracked citizenship for South Africans hoping to invest, live offshore and opt for dual or changed nationality. Some preferred secondhome destinations offer a predetermined value of property investment in exchange for certain benefits. Some countries offer residency and citizenship rights in exchange for investment in businesses that result in job creation. But particularly for South Africans with no desire to leave SA permanently, it is crucial to understand the tax and financial implications of owning offshore property. David Honeyball, Port Elizabeth tax and audit

partner at BDO South Africa, says that an individual investor is entitled to send a oneoff remittance of R10m out of SA as a foreign investment allowance. In addition, there is an annual R1m single discretionary allowance that a private individual may remit abroad. “If the property abroad is owned in their own name, they will be taxed in SA on any rental income earned and will receive a credit for tax paid in the country in which the property is located, in terms of the Income Tax Act,” he says.

PROFITS “Often there is a double taxation agreement between countries, which would regulate the amount of tax each country may levy in respect of the asset and whom has the right to tax the profits,” says Honeyball. Suzean Haumann, investment and retirement financial planner at Brenthurst Wealth Management, says new


HOMEFRONT

“Often there is a double taxation agreement between countries, which would regulate the amount of tax each country may levy in respect of the asset and whom has the right to tax the profits” David Honeyball, tax and audit partner, BDO South Africa

RESIDENT OR NONRESIDENT From a tax perspective it makes a difference whether you are resident or nonresident in a country. Most countries, like SA, rely on the “days” system to establish if one is classified as a resident for tax purposes. In SA, one is deemed a resident if you meet the requirements of the physical presence test, which stipulates that the individual should be physically

present in SA for a period(s) exceeding: 92 days in total during the year of assessment under consideration. While that appears to be a simple requirement, it also applies to: 92 days in total during each of the five years of assessment preceding the year of assessment under consideration. These days should total: 916 days during those five preceding years of assessment.

Source: Suzean Haumann, Brenthurst Wealth Management

international regulations, known as the Foreign Account Tax Compliance Act and the Common Reporting Standard, were implemented last year. “These introduced significant changes in government efforts to improve global tax compliance. “More than 96 countries, SA included, agreed to the automatic exchange of information,” says Haumann.

ASSETS “This allows the individual tax authorities of different countries to obtain clearer information on their residents’ assets abroad and income received from foreign sources. “With the new legislation in place, avoiding tax is more difficult and if attempted could have significant consequences. It is always advisable to consult a tax professional or accredited financial adviser to ensure your tax affairs are managed correctly,” she says. Haumann says SA operates on a residence-

“With the new legislation in place, avoiding tax is more difficult and if attempted could have significant consequences” Suzean Haumann, Brenthurst Wealth Management

based tax system, which means residents are taxed on their worldwide income, irrespective of where that income was earned — with certain exclusions permitted. “Should you not meet any one of the conditions (see box), you will not be deemed as physically present in SA. “If you meet all the requirements, but are out of the country for a continuous period of more than 330 full days, you will be regarded as nonresident from the day on which you ceased to be physically present in SA. “Therefore, if you reside in SA on a permanent basis, you would be obliged to register for income tax purposes and pay any taxes on the income you earn,” says Haumann.

DOUBLE TAXATION Double taxation agreements are often in place. These are to encourage international trade flow between SA

and other countries, but also to prevent double taxation of a South African resident.

DIRECTIVE You might already be taxed in the originating country, in which instance you can apply for a Sars directive to claim back tax already deducted before you received the income. This prevents double taxation where you receive income from an international source. “By not registering for income tax in SA you would effectively be avoiding tax, which is a criminal offence.

FINES “That can carry fines or imprisonment should this become known to Sars,” Haumann says. Also important to remember is that in some countries, such as Mauritius, tax is not as high as in SA. Haumann says it is possible to apply to Sars for tax relief on a Mauritian property investment.


HOMEFRONT

The Pinnacle, Cape Town

SECTIONAL TITLE

City-dwellers turn on to micro-living Compact and secure, small urban apartments are pulling in first-time investors WORDS: HELEN GRANGE :: PHOTOS: SUPPLIED

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icro-living is an international trend, driven by busy young professionals prioritising location over square meterage. In SA, it is slowly starting to gather momentum, with Cape Town’s inner city taking the lead. Also called “compact living”, micro-living is defined as small sized apartments — ranging from 21m 2 to 75m 2 — ideally within a mixed-use complex that incorporates all the elements needed for inner-city living without having to leave the building. In Cape Town City Bowl, one of the more expensive property markets in the country, there is

also a pent-up demand to invest by first-time property owners. Thus the introduction of microliving apartments – priced from R1m — is meeting with keen interest.

ROOFTOP POOL One of the newest microapartment blocks is Investicore’s The Pinnacle, a 239-unit complex in Burg Street in the heart of Cape Town. It has integrated social spaces that include a rooftop swimming pool, on-site restaurants and retail, plus Wi-Fi with hot desks and meeting rooms. “The units are between 27m 2 and 31m 2 and are ideal for the young professional or investor, as prices start at R1.25m,” says Emanuel Germanis,

MD of Evolution Properties, which has the sole mandate at The Pinnacle. “The idea is to create smaller living spaces, but with a work-playlive lifestyle all in one building,” he says. “It speaks to the millennial who is seeking a place to live that is close to work and has all the necessary conveniences, be it getting a bite to eat, going to the gym or entertaining friends on the rooftop. There is also 24/7 security.”

OPEN PLAN The trick to the microapartment itself is open-plan design, with innovative spaces that move and adapt. At The Pinnacle, kitted with topend appliances, mutable furniture transforms into

1 On Albert, Woodstock


HOMEFRONT

Lil’ Apple, Sandton

MICRO-APARTMENTS TO RENT — JOHANNESBURG AND DURBAN In Johannesburg and Durban, demand for clean, safe and affordable city-based rental accommodation has driven the microapartment trend. The users are mainly students and city-based workers, especially in the hospitality and call centre industry, who

are after communal areas and other conveniences on site. Rentals are at about the R2,500 mark. Lil’ Apple, Sandton: 592 rental apartments in Morningside launch in March next year. Unit sizes are from 23m² to 47m² including balcony. Live Easy, Johannesburg: Rental

apartments in Kew, Ferndale and Highlands North. Unit sizes are from 15m² to 30m². City Life Towers, Durban: Rental apartments in Anton Lembede Street in Durban central. The building comprises 1,839 studio flats and 122 bachelor flats.

"The idea is to create smaller living spaces, but with a work-play-live lifestyle all in one building" Emanuel Germanis, MD, Evolution Properties

smart storage units. In the seven weeks after its launch The Pinnacle sold 50 units, reflecting the robust appetite for this concept. A full turnkey service is also available, including linen, cutlery and regular cleaning. Another player in the micro-living market is Rawson Developers, which will soon launch its third property in Observatory after the success of its flagship properties, Madison Place and The Paragon. The Carrington is a mixeduse complex of microapartments from 30m 2 , priced from R1.6m. Sales will open in the first quarter of 2019. “The key to these smaller units is to make them special inside, so no space is wasted. People today are simplifying; they don’t need a lot of space, as long as the development has communal areas and facilities,” says marketing director Brad Morgan. “From a price point of view, it enables us to attract new categories of buyers, particularly the first-time buyer.” In Woodstock is 1 On Albert, a seven-floor

development with 133 micro-apartments from 21m 2 , and also featuring communal recreational spaces, shops, a food court, laundry and heated swimming pool. Prices here start at R1.095m. The development is expected to be complete by April 2020.

INVESTMENT From an investment perspective, micro-living apartments in the city hub are a solid bet, as they can be Airbnb’d or let long term. At The Pinnacle, Totalstay will provide a short-term hospitality management — Rawson will offer this service at The Carrington. “It is similar to the hotel suite rental pool concept, and these units do well from an Airbnb point of view because of their central location,” says Morgan. Uber is also alleviating the need to provide parking spaces for every micro-apartment. “In Cape Town, the Uber trend is strong, and in five or 10 years the picture will look quite different, with autonomous cars, electric cars and so on. So transport costs will come down,” says Morgan.

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50 metres from the beach, this hens teeth home has approved plans to go double story - The sea views are breathtaking together with the charm of this ‘Old Wold Cottage’ one of the original homes with original Oregon Pine floors Boasting five bedrooms, two bathrooms, large kitchen with space for all modern appliances, large verandah overlooking the sparkling pool and the ocean, an entertainers paradise. Large level garden, garage, laundry and caretaker room/restroom, great investment property.

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HOMEFRONT

HOMESENSE

Five nifty tricks to boost your value You don’t have to break the bank to improve a home WORDS: STAFF REPORTER :: PHOTOS: SHUTTERSTOCK

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n the past first-time buyers have tended to move on to second homes within five or six years, but now can take up to 12 years to do so. One reason is a millennial penchant for buying older properties in good locations and renovating or remodelling them as finances permit. Making some small but clever changes to your property can make a substantial difference to the price fetched for your home, says interior designer Christo Koegelenberg. He was recently involved with the recent upgrade of 26 luxury apartments at Romney Park in Green Point, Cape Town. “You don’t have to break the bank when it comes to improvements to your home that add value,” he says. Adrian Goslett, regional director and CEO of RE/MAX Southern Africa, agrees. “In a buyer’s market, sellers often overinvest on renovations to make sure that their home sells. However, not all renovations will add value to your home,” he says. Five smart ways to get the most from your property sale:

1. Upgrade the kitchen and bathroom “Upgrading your kitchen need not be an expensive overhaul and small changes can go a long way,” says Koegelenberg. Replace stock-standard Formica with granite tops to instantly give a better look and feel. “At Romney Park, I changed the colour of the cabinets and used bespoke crystal doorknobs, a

luxurious update that was also cost-effective.” In the bathroom, make sure the grouting is clean and in good repair. “Tiles don’t always need to be replaced, but a good tile paint can be a huge improvement,” says Koegelenberg. And for a new look, swap your old taps for a contemporary mixer.

2. Allow more light and space Clever lighting can make your home look much larger. Koegelenberg suggests hanging a large mirror directly opposite the biggest window in the room to help brighten up the space. Another cost-effective option is to use lightercoloured curtains that will allow sunlight to spread through the room. A floor lamp is a great option to achieve upward light in the dark corners that natural light cannot reach. Install glass sliding doors and large windows to allow ample natural light. A mixture of sheer and neutral-coloured curtains helps create a bright room even on winter days. “There are several clever ways to create the feeling of additional space,” says Goslett. “As long as they do not affect the structural safety of the building, internal walls can be knocked down without planning approval to create an open-plan layout that will completely change the look and feel of a home.”

3. Go green Energy consumption is a growing concern in SA, so making your home more energy efficient will go a long way to adding property

value. Use LED lights and put timers on any outside lights so they are only used when necessary. In an average household the geyser accounts for 40%-60% of the monthly electricity bill. If a solar geyser isn’t an option, invest in a geyser blanket to clad the water cylinder and hot water pipes. And install a timer to ensure the geyser is switched on only when needed, says Koegelenberg. Watch the water usage. Ensure all taps are leakfree and install waterefficient showerheads.

4. Floors and walls should be pristine “First impressions count. If your walls aren’t looking great, it can give the idea that the house is shabby in other places,” says Koegelenberg. Make sure there are no chips, mould or bubbling from damp. The same goes for the floors. Replace any chipped tiles, and ensure carpets are clean and in good condition. Wood laminate is a costeffective option for floor areas that need attention.

5. Make a statement Use a few statement colours to make your home look luxurious. “I created a luxurious feel at Romney Park by using interesting wallpapers that gave the rooms a unique look and a touch of style,” says Koegelenberg. One wall painted a statement colour such as deep red or a beautiful chandelier taking centre stage can make a room look elegant without costing a fortune.


HOMEFRONT PROPERTY NEWS

Rosebank landmark nears completion

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he Park Central residential development in Rosebank, Johannesburg, is on schedule and expected to be ready in Q2 2019. The R472m complex will be one of the tallest buildings in the suburb. The development’s 159 units are mainly comprised of one-bedroom (90) and two-bedroom units (59) that should appeal to young professionals. Rosebank is well connected

via the Gautrain and major highways and conveniently placed for those who work in the city centre and Sandton. Five penthouse apartments feature doublevolume spaces, open-plan living spaces and ample outdoor entertainment areas including a rooftop pool and a clubhouse that has 360 o views of the city. All units are fitted with built-in cupboards, contemporary kitchens,

modern stone counter tops and top-of-the-range appliances. Other features include 24-hour security, covered parking and fibre connectivity. Architects Paragon derived the design concept from architectural master Le Corbusier’s Unite D’habitation in the 1950s. The development includes a roof garden and sky gardens. Special glazing will reduce the need for heating and cooling.

Real estate transactions up

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R435,000 savings in estate promotion

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itari Country Estate near Somerset West in the Western Cape is introducing a selection of promotional homes, offering savings of up to R435,000. The formal release of the apartments and houses is on December 1 at Sitari’s on-site sales office between 10am and 2pm, with 49 promotional properties

available for viewing. Attendees will be able to enjoy gourmet snacks and a “Ginstronomy” experience, with a range of gins on offer by professional mixologists. The promotion runs until December 31. The property promotion comprises 31 select apartments on offer in three schemes —Meadow Lane,

The Boulevard and Paradiso — with savings ranging from R75,000 to R300,000 a unit. Two Uvest Village Homes will be on promotion with savings of up to R435,000 on each. Five designer homes in The Residences offer savings of R145,000 on each. Weylandts furniture worth R200,000 is also up for grabs.

he residential real estate market is in much better shape than most think — and BetterBond statistics show that the impetus is coming from the affordable sector. BetterBond CEO Rudi Botha says both the number and value of transactions were up in all major centres monitored in the six months to the end of September, compared with the same period in 2017. The BetterBond and Lightstone Property figures show that in the

Johannesburg southeast region, bonded transfers of home ownership registered in the Deeds Office were up 10.9% for the period — and the value of transfers was up 16.9%. Greater Pretoria was up 4.05% and 9.76% respectively while KwaZulu-Natal figures rose by 8.73% and 21.28%. The Western Cape was up by 3.15% and 1.78%. Botha says bonded transfers represent only 45% of all transfers between April and September — the rest being

from cash purchases, indicating a large number of buyers are acquiring lower-priced properties for cash. But when it comes to value, he says bonded transfers in the AprilSeptember period account for 60% of the total. “The total value of bond approvals showed yearon-year growth of 14% at end-October, reflecting more lenient deposit requirements that make it easier, especially for firsttime buyers, to gain access to the market,” says Botha.

Cornubia Bridge unlocks investment opportunities

SA on international buyers’ radar

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nternational investors are showing renewed interest in SA’s luxury property sector, says Chas Everitt International property group CEO Berry Everitt. “Astute property investors are snapping up high-end real estate here, especially in Johannesburg.” Everitt says investors seeking primary residences or second homes generally dominate the city’s luxury property sector. “Our specialist Luxury Portfolio team in Johannesburg recently sold out a new

luxury cluster home development in Hyde Park within just a few weeks and has concluded sales worth $30m since the start of the year,” says Everitt. “It has also been mandated to market The Emerald, a new development of 298 luxury apartments close to Sandton, at prices from R2.2m.” The company has launched a Luxury Portfolio team in the capital city of Tshwane to meet rising international demand from buyers,

including ambassadors. “It is a major trend for high net worth and ultrahigh net worth individuals around the world to seek hot investment opportunities outside their own countries, and the purchase of a second or third residence in a certain location will often be accompanied or followed by a commercial investment in that location. “This is particularly true in cities such as Tshwane, which offers both business opportunities and an attractive lifestyle.”

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he Cornubia Bridge, a key component of eThekwini’s GO!Durban integrated rapid public transport network, is about to open to traffic. The R280m flyover crosses the N2 highway, linking on to Umhlanga Ridge Boulevard. It will complete the primary access into the mixed-use, mixed-income Cornubia development with direct access from the N2, as

well as provide additional alternative access into Umhlanga Ridge. The joint venture between Tongaat Hulett and eThekwini Municipality will open up Cornubia directly from Umhlanga — providing better access to Cornubia Town Centre, Cornubia Business Estate and the housing projects in Umhlanga Hills. Project engineer Brian Downie says the structure

comprises three individual bridges “stitched together” to form a single structure carrying six mixed-use traffic lanes as well as pedestrian sidewalks and two bus lanes. Tongaat Hulett Developments executive Selemo Sefehle says the bridge is not so much about moving traffic as about facilitating the creation of inclusive, compact urban precincts linking people to opportunities.


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