Neighbourhood JHB - 20 March 2022

Neighbourhood 20 MARCH 2022

PROPERTY & LIFESTYLE

Showing off Steyn City’s City Centre is hosting a show weekend with a difference from 26 to 27 March: not only will visitors have a taste of luxury living, but also of chef Darren O’Donovan’s magical cooking. Book now, page 3

4 IN THE NEWS

8 OUT WITH THE OLD...

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12 YOUNG AND BUYING

14 MOVEMENT IN DURBAN CBD

Connecting homeowners with great communities

2

PROPERTY NEWS

20 MARCH 2022

“But, considering the current costs of building and vacant land, it can still be worth your while as it can be more economical and much easier to create your dream home this way than to build from scratch.”

Freehold

appeal

According to Lightstone data, Randpark Ridge last year saw a record number of house sales (324), the highest number of houses since 2012 changed hands in Melville, and in Blairgowrie sales volumes matched the previous high of 196 in 2015.

Older estates

Diedericks says that in Midrand, established estates are also attracting the attention of buyers looking to add their own value and personal stamp.

Kyalami Estate, Carlswald Lifestyle Estate and Kyalami Glen seem to be attracting a lot of interest in this market and are great options because for the most part, they require cosmetic upgrades such as a fresh coat of paint, landscaping and minor kitchen and bathroom upgrades.

“And, being sought-after developments, you will always get a return on the extra investment if you don’t overcapitalise with additions like smart home technology, pool installations and ultra‑high‑end finishes.

Bryanston

The freehold market in Johannesburg has fared well since the onset of the pandemic with some suburbs reporting record median sale prices and volumes since the beginning of 2021 WORDS: SUPPLIED IMAGES: HAMILTON'S & TIMEOUT

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luster and complex homes are in high demand from a security and convenience perspective, but freestanding homes are still the preferred option for Joburg city dwellers who prioritise freedom of movement, privacy, nature and sizeable gardens, especially those who want to add their personal stamp to their homes.

since it reached R1,7m in 2019, increasing to R1,75m in 2020, R1,854m in 2021 and rising again to R1,9m this year. Likewise, in Noordwyk, last year’s record median house price of R1,505m has already been trumped this year when it reached R1,6m before the end of February,” says Diedericks.

So says Cobus Odendaal, CEO of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg, adding that house sales have risen in sought-after suburbs like Duxbury, River Club, pockets of Bryanston, Sandhurst and other older established suburbs where freehold homes still dominate.

Much has been made over the years about finding that elusive gem in the rough – the “renovator’s dream” – which can be transformed and then sold at a good profit and, while it’s still possible, Odendaal says these properties are now fewer

Fixer-uppers

and farther between. “The best suburbs to explore are Linden, Blairgowrie, the southern side of Northcliff Koppie, Randpark Ridge and Melville.

To snap up one of these gems you need to keep your ear to the ground and be aware of these properties as they come onto the market,” says Odendaal.

“The best way to do so is to establish a relationship with an experienced agent in your preferred area who will notify you as soon as they are listed – and then do not hesitate because it’s very likely to be snapped up while you’re still thinking about it.

“Any successful modern renovation offering good finishes receives more than its fair share of buyer attention at the moment and you can’t go wrong if you focus on creating a fresh first impression and ensure there are no tired aspects to the house,” he says.

“Make sure you know the ceiling value of properties in your area and focus on quality over quantity, especially regarding craftmanship. Replace the items that really date a home such as light fittings and tired linoleum flooring. And if your budget stretches to it, guest suites or granny cottages are always in demand,” Odendaal says.

In River Club, where the highest median house price was R4,2m in 2015, it reached R4,215m this year and sales volumes have also spiked with 76 transactions recorded last year compared to the previous high of 60 in 2013.

In Bryanston as a whole, a record number of houses (410) changed hands last year, although some areas fared better than others.

Grahame Diedericks, manager principal in Midrand for the group, says location is an important factor when it comes to freestanding homes. Areas like Vorna Valley are very popular, as they are situated close to Waterfall, Midrand’s new amenities, and major arterial routes.

“The median sale price of freestanding homes has been consistently record-breaking

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20 MARCH 2022

ADVERTORIAL

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It’s showtime!

Steyn City’s City Centre

While trying out true luxury living for yourself at Steyn City’s City Centre over the weekend of 26 and 27 March, culinary entertainment will be an additional delight WORDS & IMAGES: SUPPLIED

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teyn City’s City Centre has made a promise: to ensure that every day feels like a holiday. That’s a tall order – but it’s a promise that City Centre has been able to keep, by offering activities that are out of the ordinary and facilities that are nothing short of superb.

The development’s show weekend, taking place on

26 and 27 March and featuring cooking demonstrations by celebrity chef and restaurateur Darren O’Donovan, is a case in point.

Darren will be whipping, stirring, seasoning, and generally creating culinary magic with the professional-grade Gaggenau appliances at City Centre’s Brand Experience Centre – and, what’s

more, he’ll be helping the children of visitors do the same.

Darren’s pedigree speaks to the calibre of City Centre, and Steyn City in general: he is, after all, the brains behind Embarc, one of the most highly regarded eateries on Johannesburg’s restaurant scene.

Embarc has been lauded for its fresh and novel approach to food; just as City Centre has been commended for redefining urban living through its stunning use of design.

Clustered around leafy piazzas, a series of villages comprising exquisite one-, two-, threeand four-bedroom homes and penthouses, boast features that ensure they can compete with any family home: think private studies, separate TV lounges, large entertainment areas, and private lifts (in some homes), as well as rooms large enough to accommodate king-sized beds and high ceilings.

Roof-top pool

What’s more, Darren is a preferred Gaggenau chef and the kitchens

Luxury penthouse decorated by interior designer Stephen Falcke in each City Centre home feature integrated Gaggenau appliances. Double glazing, Kohler sanitaryware, and aircon complete the offering, making for unbeatable comfort.

There’s no denying the luxury aspect of City Centre – nor is there denying that this is an address made for families, with

the one-of-a-kind 300m lagoon (where kayaking, waterslides and SUP paddleboards are just some of the activities on offer) giving residents the biggest pool imaginable in their own back garden.

It’s perfect for making memories, without any of the tedious cleaning up that usually follows a day of fun!

Make yourself a promise and come and see what extraordinary living looks like.

City Centre, where every day is extraordinary.

EXPERIENCE IT FOR YOURSELF City Centre showcase weekend: 26 to 27 March Prices range from R2,3m to R35m Call 010 597 1170 or email ccsales@steyncity.co.za to make a booking

The 300m lagoon at City Centre at Steyn City

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PROPERTY NEWS

20 MARCH 2022

Tyson Properties restructures amidst growth Although 2022 will be a challenging year for the residential property market in South Africa, there are still multiple opportunities for growth, says newly appointed chairman of Tyson Property Holdings, Chris Tyson.

Knysna development changes township lives National property developers Latitude Properties in joint venture with EPCM Holdings, a global oil and gas engineering and product development firm, are set to open a new 4,500m² shopping mall in October in Concordia, Knysna.

“Phase 1 of the development will bring shopping convenience to this underserviced area, while Phase 2 will add a further retail component together with a strong focus on quality affordable housing and community-centric amenities such as a co-working space, day‑clinic, action-soccer fields as well as house a local early childhood development (ECD) centre,” says CEO and retail developer Harry Pretorius.

Major national retailers Shoprite, Ackermans and Pep have confirmed tenancy in Phase 1 of the project. The residents of the catchment area who travel mostly by foot into Knysna for higher order goods, will now have a better shopping experience on their doorstep.

“We’re extremely excited about our new multi-functional Kunjani concept developments.

By creating more equitable developments with more cohesive, inclusive spaces, we’re making townships better places for residents. The Kunjani Concordia development in Knysna will play a key role in enhancing the neighbourhood’s fabric, and most importantly contribute to job creation.

While it is estimated that at least 200 builders and labourers will be involved in the construction of the development, it will also yield at least 100 permanent jobs on completion,” says Pretorius.

“We’ve also made allowance to support informal traders and smaller retailers within the space, so our approach is very much a collaborative one that will stimulate the entire area and have a positive social impact.”

Despite the pandemic having a devastating effect on retailers, retail in “township” areas has recovered more quickly, as shoppers in outlying areas do not utilise online shopping as a rule and buy necessities much more frequently than urban dwellers.

national operations. Pearson and Tyson will continue to work together to position Tyson Properties as the next iconic real estate brand in South Africa.

Tyson Properties registered its best growth year ever in 2021, with turnover increasing by 25% from the previous year.

Tyson, who founded the company in Durban in 2005 with just six agents, saw the company grow to the point where it became one of the leading real estate brands in the province by 2010. Offices in Johannesburg and the Western Cape opened in 2015 and aggressive growth across all three markets has positioned the company to benefit from accruing strong market share within a short timeframe. Today, the company boasts 420 agents and envisages growing this number substantially within the next year.

Nick Pearson, CEO

Tyson says his role will now be more strategic as he guides the leadership of the company to respond to a volatile market while implementing the growth strategy put in place during lockdown.

Nick Pearson, currently general manager, has been appointed as the new CEO overseeing

Chris Tyson, chairman

New off-grid eco-estate offers huge stands An exclusive gated eco-estate comprising just 22 vast stands is being launched this month along an unspoilt expanse of the winding Gqunube River in the Gonubie district of East London.

A unique aspect of Riverspride Eco-Estate is that the plots on offer range in size from 8,000m² to just under 12,800m², and all offer stunning views.

But by far the most significant feature of Riverspride is how completely it lives up to the “eco-estate” part of its name by offering residents the opportunity to live completely off the grid, says Lofty Nel, East London principal of Lew Geffen Sotheby’s International Realty.

“Every South African dreams of life in an Eskom-free utopia where load shedding isn’t a constant threat, the lights always turn on, and there’s hot water when you want it.

“Riverspride Eco-Estate has been developed entirely on green solar power to take advantage of the year-round sunshine in the Eastern Cape, and borehole connections are already installed at each stand to provide households with independent fresh water supplies.”

Nel, whose company has the sole

mandate to market Riverspride Eco-Estate, says a development of this kind is a first in the East London region and with so many people still working from home, the project is already drawing national interest. “We haven’t even officially launched the estate yet, but three river-front plots have already been sold and we’re busy concluding the sale of a fourth at the moment.”

not least of all because the enormous stands are priced to sell.

“We have an 8,386m² stand with gorgeous views across a pristine natural valley on offer right now for R700,000, while river-front stands that are larger top the price list at R1,3m. All prices include transfer duties. It doesn’t matter where on the estate you buy, though – with stands this big you’re not going to see your neighbours!”

Nel says Riverspride Eco-Estate is attracting this much attention from investors for myriad reasons,

Because the estate is zoned for agriculture, buyers are permitted to build two homes on their

properties and there are no design restrictions to the builds.

“The estate is also a paradise for families who love the outdoors. On every property there’s ample space to build stables or outbuildings to store kayaks, ATVs or mountain bikes, and with at least 8,000m² of your very own private nature playground to explore, every day is an adventure.”

Nel says estate costs at Riverspride Eco-Estate are also

low compared to comparable exclusive gated communities around the country. “Monthly levies for owners will be an extremely affordable estimated R120 per month, with an additional agricultural zone rates levy of around R150.”

Riverspride is located less than 10km from a variety of shopping and entertainment amenities in Gonubie, as well as medical facilities and numerous primary and high schools. The nearest beach is less than 10km away.

20 MARCH 2022

ADVERTORIAL

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Sandton Gate Precinct takes shape J

Construction at The Terrace in the exciting Sandton Gate Precinct is under way – and with just 40 apartments still available, now’s the time to jump at this opportunity

ust five minutes away from Sandton, The Terrace Sandton Gate is set to blend the very best in urban and suburban lifestyles.

WORDS & IMAGES: SUPPLIED

The first commercial and retail building for the Sandton Gate Precinct was completed in 2019 and now that construction on the first phase of the residential

component has begun, potential buyers can begin to see the development coming to life.

Big and bustling

Once complete, the Sandton Gate Precinct will be epic in scale and create a new focal point for life in the bustling suburb of Sandton.

Lifestyle needs are covered with coffee shops and restaurants, both high-end and casual, within a bustling piazza. On site are commercial and retail facilities, which cover both the needs of residents within the precinct as well as those from surrounding suburbs.

Plans for the second commercial and retail building within the Sandton Gate Precinct are under way, and construction is expected to start mid-2023. Major retail operators and a hotel operator are expected to be part of the mix during this phase. Sandton Gate also offers direct access to the Braamfontein Spruit greenbelt.

Rehabilitation of the spruit area is scheduled to take place this winter and will provide plenty of opportunities to cycle, jog or walk in a pristine natural setting.

Much more than an apartment Apartments within The Terrace are available from R1,975m. “Early investors at The Terrace have the potential to realise an excellent

return on investment. When the precinct reaches its full potential in a few years’ time, they will benefit the most,” says Jarrid Rahme, sales and marketing director, Craft Homes.

“Purchasers are not just buying an apartment but buying into a world-class precinct.”

Buyers can choose between two-bedroom apartments and three-bedroom penthouses. Each apartment comes with premium finishes and has been designed to make the most of all available space, optimising natural light and creating a seamless lifestyle.

The Terrace building will feature 24-hour security, a swimming pool with sundeck and braai facilities, basement parking and three lift cores, as well as access to all of the amenities within the Sandton Gate Precinct.

SEE FOR YOURSELF On show every Saturday and Sunday from 10am to 3pm or by appointment 7 Minerva Ave, Sandton 08600 CRAFT (272 38) info@crafthomes.co.za crafthomes.co.za/selling/ theterraceatsandtongate

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ADVERTORIAL

20 MARCH 2022

Game-changing Sandton development After over five years of construction, the Acsiopolis Node in Sandton is almost at completion. This 21-storey high-rise will change not only the Sandton skyline, but the lives of future residents by offering myriad amenities and conveniences under one roof WORDS & IMAGES: SUPPLIED

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ixed-use developments have understandably been on the rise for many years.

People want to work, live and shop safely and conveniently within a community, without daily commutes for basic services and facilities.

In response to this growing need, Acsion Limited and its development wing Anaprop, have created the Acsiopolis Node – a landmark development that’s pushing the envelope and creating an incredible quality of life for its residents. So incredible, in fact, that residents may never have to leave!

“There’s nothing like this in Sandton. Acsiopolis is a building that provides ease of living for all its residents, with all amenities and services under one roof,” says Astrino Nicoloudakis, Chief Investment Officer, Acsion Limited.

“After assessing the demand and the investment by multi‑national companies within the area, it was clear that reasonably priced, high-end accommodation was required. Acsiopolis is all

about luxury at an affordable price tag and we can’t wait to see how this groundbreaking development evolves.”

With 1,041 units in total, Acsiopolis comprises residential (@Sandton Apartments), hospitality (@Sandton Hotel), retail and services (@Sandton Lifestyle) – essentially, a city within a city that provides everything a resident could need, in one location.

“What makes this particularly exciting is that all ages and lifestyles are catered for,” says Nicoloudakis. “Whether residents are single professionals, families or business travelers, we’ve thought of everything to make their lives more convenient and comfortable.”

A city within a city

In providing the ultimate ease‑of‑living, Acsiopolis is centred around essential offerings.

First and foremost, there’ll be no interruption to electricity and water services – with back-up power and water on site, there’s no

concern about water outages and electricity interruptions.

Safety and security are paramount, and the building is monitored 24/7 by artificial intelligence, with biometric access and licence plate recognition in all parking areas. It’s not just the security that’s tech-savvy – high-speed Wi-Fi is available throughout the node, and rooms and apartments are VoIP- and DStv- ready, with complimentary plug-and-play satellite channels available immediately.

Services such as laundry, housekeeping, ATM, car washes and shuttles are provided within the building, while medical suites are scheduled to open within the node soon.

Families are well taken care of.

Parents will be incredibly excited about the in-house crèche where professional child-minders look after children while keeping them busy with stimulating arts, crafts and games. A children’s

swimming pool and play area with all the bells and whistles will keep them entertained for hours.

A small cinema is available for movie nights.

As remote working continues to be a reality for many South Africans, the CoWorx working space provides a professional setting where small businesses, freelancers and hybrid workers can get things done with flexibility and collaboration.

It’s all about the lifestyle

What would the ultimate lifestyle be without excellent food and wine? @Sandton Hotel boasts several eateries, each offering a delicious dining experience – these include casual poolside bites at the Pool Bar, lattes, espressos and cortados at the Coffee Bar, gourmet grills at @ Sandton Restaurant, and high‑end dining at the Tasting Room.Perere by Gushima and Fileto by chef Coco Reinarhz will open their doors on the Acsiopolis Node’s Piazza in April. Both owner-run

20 MARCH 2022

t restaurants were hand-selected by the development team as they epitomize the philosophy of hands‑on service and authentic fare envisioned for the node.

The in-house @Deli is a one-stop foodie shop with grab-and-go items such as smoothies and sandwiches, heat-and-eat meals, and basics like bread, milk, and cheese. The on-site liquor store offers a curated selection of wines and artisanal liquors, perfect for a night in, and a walk-in wine viewing cellar, liquor storage facility and opulent Cigar Bar round off the exceptional food and beverage offerings.

If it’s wellness you’re after, you won’t have to travel far. What could be better than having an in-house spa team at your service? From manicures and pedicures, waxing and facials, to full-body massages, the @Sandton Spa team is ready to soothe away the worries of the day.

Those who would prefer to work out their stress on the treadmill can do so at the 24-hour gym, which comes fully equipped with the latest in fitness machinery, while the yoga and Pilates studio provides a calm space in which to stretch, breathe and reconnect.

There’s no place like home

@Sandton Apartments is housed within Acsiopolis Node’s residential towers and provides long-term luxury rentals for those who want to call this dynamic hub home.

The apartments come complete with high-end fittings and quality appliances, and command breathtaking views across the north of Johannesburg towards Magaliesberg.

Conveniently, they’re available either unfurnished or plushily furnished with bespoke pieces, and rooms can also be configured for corporate use.

Units range from an elegant studio apartment (41m²), starting at R8,700 per month unfurnished and R10,600 furnished, up to a spacious three-bedroom apartment (118m² to 283m²) starting from R28,800 unfurnished to R32,000 furnished.

One-bedroom apartments (50m² to 72m²) are available with a lounger (R11,600 per month unfurnished, R14,000 furnished), as well as a separate study for those who’ll be working from home (R12,300 unfurnished, R15,000 furnished). Two-bedroom apartments (71m² to 146m²) start from R18,300 unfurnished and R22,400 furnished.

It's not just the beautiful apartments that are turning the heads of prospective residents – access to exclusive amenities is the cherry on top of this gorgeous Sandton lifestyle.

“For residents, life at @Sandton Apartments epitomises luxury living,” says Simoné Muller, property manager, @Sandton Apartments. “Residents have full access to the @Sandton Hotel amenities, as well as residents-only access to areas of the Clubhouse, Vinstore and CoWorx. Combined with the luxury fittings used throughout the apartments, the incredible views and the amenities within Acsiopolis, this is the place to be!”

EXPERIENCE IT FOR YOURSELF @Sandton Hotel sandton-hotel.com Instagram: @sandtonhotel @Sandton Apartments sandton-apartments.com Facebook: @SandtonApartmentsAndLifestyle Instagram: @sandtonapts

ADVERTORIAL

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PROPERTY NEWS

20 MARCH 2022

Old site redeveloped

brick by brick Investec Property is to redevelop Durban’s old Corobrik site into one of the largest business and logistics parks in KZN. The Brickworks is being positioned to attract large users of warehousing and logistics space, nationally and internationally

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n a vote of confidence for KwaZulu-Natal, Investec Property is redeveloping Durban’s Corobrik site, located in Durban’s northern corridor.

Investec Property estimates the total development over three phases including the top structure will be valued at over R6bn on completion. The Brickworks will become one of South Africa’s most pivotal logistics and distribution hubs due to its superior location, access and security.

“Investec Property, a subsidiary of Investec Bank, is proud to be the development company spearheading the creation of what is set to be an iconic industrial park,” joint-CEO David Rosmarin says.

“We believe this development is a vote of confidence in the future of KZN and South Africa. While the property market has been challenged by the pandemic and lockdowns, industrial property, in particular warehousing and logistics facilities, have proven to be resilient. The growth in e-commerce has driven demand for best-in-class logistics offerings.”

Strategically located between Riverhorse Valley and Umhlanga, The Brickworks will offer world‑class facilities to a range of users, with the capacity to store and distribute goods without them being compromised.

Attractive & reliable offering

The development currently represents one of the largest earthmoving contracts in KZN, moving 1,7 million cubic metres of earth to create extensive platforms.

The commencement of top structure development is planned to begin in the second half of 2022.

“Our large platforms will allow for the construction of warehouses with up to 100,000m2 under roof.

Having access to platforms of this size is our biggest strategic advantage. The market has responded positively, and we are in discussion with numerous users and clients,” says Investec Property’s Iain Burns, development manager of The Brickworks.

The site is exceptionally well located and the logistics park’s access to major arterial and alternative road networks offers a strategic advantage to users. The

major infrastructure improvements and top structure developments will also provide significant job creation opportunities.

Rosmarin explains that the first phase of construction will result in approximately 150,000m2 of gross lettable area (GLA), worth close to R2bn. Once all three phases have been developed, The Brickworks will measure in excess of 450,000m2 of GLA at an estimated value of R6bn.

Respecting history

David Rosmarin

The Corobrik factory originally opened in 1898 and for more than 100 years, it provided brick materials to a range of construction users and property developers. “Investec Property has developed some of South Africa’s most prominent and progressive world-class properties over the past four decades. We are proud to be able to bring a business and logistics park of this size and stature to the region,” says Rosmarin.

The reinvigoration of the factory site will bring ongoing sustainable long-term economic stimulus to KwaZulu-Natal.

Iain Burns

20 MARCH 2022

ADVERTORIAL

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Reaping rewards Investors seeking new property avenues to explore would do well to look at the more affordable sector WORDS & IMAGES: SUPPLIED

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partments and houses priced under R1m might not have the glamour of high‑end luxury developments, but with a large tenant pool and high return on investment (ROI), the affordable sector holds many rewards for the savvy property investor. Thanks to the low interest rate, demand for apartments within this price bracket has dramatically increased over the past two years, leading the Central Developments Property Group to sell apartments within some of their previously rental-only developments.

Alda Erasmus, head of communications, explains why it’s still a good time to invest in this property sector.

What do properties priced under R1m offer investors?

As an investor, you don’t want to put all your eggs in one basket.

Investors can, for example, afford to buy two more affordably priced

apartments for the price of one higher-priced buy-to-let property which allows them to spread their risk. Should an investor have an issue with a defaulting tenant, their income is dented but not wholly affected. Their tenant pool is also much bigger – properties in the more affordable sector are in high demand and there are more potential tenants able to rent for R6,000 to R8,000 a month than for R15,000 or more a month.

Are you seeing much movement in this space?

When the interest rates dropped two years ago, people who were previously renting could suddenly afford to buy an apartment and pay less for their bonds than on their rent. We’ve seen many people become homeowners over the past two years who might otherwise not have been able to.

These have typically been young, first-time homebuyers. As the drop in the interest rates increased the

demand for these more affordable properties, we began to sell off the apartments in some of our previously rental-only complexes.

It was the perfect time to do so as the demand was there and the market was ready for it.

How are sales within these developments tracking?

All the apartments within Boardwalk Heights (Pretoria East) and The Junction Village 1 (Centurion) are sold out, Route 82 (Kibler Park) is 50% sold out and Oxford Heights (Montana) is 85% sold out with 480 of its 560 apartments sold since sales started in July last year. We have plans to take San Ridge Heights (Midrand) to market soon. What has been quite interesting is that a few of the apartments have been cash-flow positive investments from day one, which is quite rare in investment properties as it usually takes about three years to achieve this.

What ROI are investors seeing?

It depends on the selling price – the more affordably priced, the higher the ROI. Apartments within Route 82, for example, cost between R665,000 and R839,000 with a projected ROI of 12,5% and 13,7%.

Oxford Heights’ apartments cost between R685,000 and R1.041m, with an estimated ROI of between 13,3% and 11,8% in year one. The ROI in these cases is calculated on a projected capital growth of 5% and net rental income per year.

Do you think it’s still a good time to invest in this space?

Investors will still get a good ROI now. Even though interest rates have started increasing slowly, they’re still low compared to pre‑Covid rates.

What are the benefits of buying within Central Developments?

When we build these developments, they must be financially viable for us. To ensure that they are, we

do extensive research before we develop and choose prime areas close to public transport routes, shopping centres, recreational amenities, and schooling. These developments are also already fully tenanted, in high-demand areas and have been operating successfully for four to six years; so the proof is in the pudding.

We also have a preferred property management partner, CSi Property Management, which is an added benefit for investors. For a small monthly fee, they will take care of the nuts and bolts of the rental – from lease agreement renewal and maintenance to tenant vetting and chasing up payments.

SEE FOR YOURSELF centraldvelopments.co.za 086 173 8473

20 MARCH 2022

PROPERTY NEWS

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Buying off-plan As a new generation of retirees emerge, the retirement living property market finds new ways of catering to the needs and lifestyles of those looking to settle down in comfort and security

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ne of the key trends emerging in striving to provide retirees with secure, community‑based property investments that carry all the benefits of homeownership is off-plan property developments.

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“Purchasing property off-plan for retirement purposes gives one freedom of choice,” says Gus van der Spek, director of AVIEW and retirement lifestyle estate Wytham Estate. “Retirees can choose the position of their home, the location, the size and even some of the finishes.

Ultimately, you get to choose where you want to be and how you want to live.”

What is an off-plan property?

Off-plan properties are homes within housing developments that are sold to buyers prior to construction. Purchasing a home that does not yet exist might scare away some buyers, but many retirees who have invested in off-plan properties are reaping the rewards.

Financing

Most developers opt for life rights as their funding model of choice when developing a retirement lifestyle estate.

“Simply put, life rights buys you the right to live in a home in a retirement facility and gives you the security of tenure for the rest of your life,” he explains.

“Once a buyer elects to purchase (or fund) a property, they will need to either put down a 10% deposit with bank guarantees or a 30% deposit without guarantees. Deposits are kept in an interest-bearing account and the interest is paid to the retiree (in full) upon transfer.

It’s important to make sure that the deposit is kept with a credible conveyancing attorney,” says Van der Spek.

As the current state of the housing market remains a challenge, he adds that rather than having to sell their homes to release equity upfront, developers can take the retirees’ share portfolios into consideration as collateral. “This way, the seller has more time and can sell when they are ready to.”

Reduced cost of living

Another financial benefit of purchasing property off-plan and through life rights is that retirees are far less likely to incur hidden costs or special levies.

“The Housing Development Schemes for Retirement Persons Act (HDSRPA) requires developers of a life rights village to produce a transparent statement declaring how levies will be calculated, as well as a two-year projection of what levies will be. This is a big help to occupants, who can plan their finances accordingly,” he says.

Retirees in developments geared towards retirement living save on maintenance costs owing to the responsibility development managers take for upkeep.

“The developers are committed to maintaining the condition of

the unit, the facilities, and the village because the ongoing perceived value is directly related to the condition of the estate,” he adds.

Other cost savings

“Purchasing a property off‑plan and through life rights ensures that the retiree incurs no transfer costs or VAT expenses (15%), including bond registration. This offers a substantial cost savings, especially when buying a multi‑million-rand unit where transfer costs could amount to hundreds of thousands of rand on top of the purchase price.”

These transactions are governed by the HDSRP, which states that life right holders are entitled to the same rights they would have if they had entered into a registered long-term property lease. Retirees only pay in full once the development is completed and the developer only receives payment once the keys are handed over.

“This ensures a transparent, mutually beneficial transaction,” says Van der Spek.

Lifestyle and independence Modern retirement property developments boast entertainment and healthcare facilities that allow retirees to maintain their lifestyles while having access to medical facilities as they grow older.

“Living in a modern village with extensive on-site facilities and access to healthcare is of major benefit to retirees and relieves a lot of stress that would be a part of living in a freehold property.”

Flexibility and customisation The off-plan purchase process allows buyers to make final decisions on design qualities and interior finishes. “Retirees are then able to relocate to a home that is truly theirs when they reach retirement age, giving them a unique living experience that is both secure and customised,” he concludes.

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PROPERTY NEWS

20 MARCH 2022

Younger homebuyers

to the fore Younger buyers invigorate residential property market in smaller towns WORDS & IMAGES: SUPPLIED

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istorically, statistical reports on residential property price appreciation and market activity tend to focus on the major metros and hubs in South Africa.

However, Andrew Golding, chief executive of the Pam Golding Property group, says that in recent years it’s become apparent that there are numerous towns that cannot be underestimated from a medium to long-term capital growth perspective, not to mention lifestyle and value for money – in many instances resulting in an influx of younger buyers.

George, Garden Route

George is considered the “capital” of the Garden Route and attracts business people wanting to relocate, semigrators, and retirees seeking a gentler way of life in an appealing environment.

According to Lightstone stats, recent buyers (February 2021 to January 2022) are widely distributed across all age groups, suggesting that George’s housing market holds broad appeal.

However, with 43% of recent buyers falling into the 36 to 49 age category, and a further 16% young adults (18 to 35) it seems the town is also attracting a large number of young professionals and families.

“The natural scenic beauty of the surrounds is highly appealing – including the Outeniqua Mountains which ensure that the area enjoys good rainfall, providing a lush, tranquil environment. Buyers are purchasing mainly for primary residential use and often with retirement in mind.” says Stephen Murray, Pam Golding Properties area principal in George.

“As a property class I also anticipate that in the not‑too‑distant future popular new developments may take the form of sectional title apartments as affordability becomes more important.”

Middelburg, Mpumalanga

Dullstroom, Mpumalanga (R4,95m)

This town services farmers in the area, and 34% of recent buyers were young adults, many presumably first-time buyers.

As this is considered one of the top municipalities in the country, many people choose to live in Middelburg and work in nearby Witbank (eMalahleni).

“Between May and July 2021 the Steve Tshwete Municipality sold approximately 644 stands to the public, adding to the town’s appeal,” says Louis Greeff, area principal for Pam Golding Properties.

These included residential and commercial stands ranging between R98,000 and R2,132m.

Accurately priced housing accommodation in the town is also in high demand with a shortage of stock in the R800,000 to R1,2m price range.

Clarens, Free State (R3,245m)

Port Edward, KZN (R2,35m)

Rustenburg, North West

Following the trend towards a younger generation of buyers, this mining town seems to be regenerating and is experiencing an influx of young adult homebuyers up to the age of 35, which now comprise more than a third of all purchasers, as well as middle-aged buyers. Although the town has experienced muted price gains, activity has rebounded steadily over the past decade.

“Positively, the mines are stable and operating and also reemploying staff. As a result, there is limited rental stock available while there is a strong demand for properties below R1,5m,” says Ian Straarup, Pam Golding Properties area principal in Rustenburg.

Le Jardin, George (R1,175m)

Lydenburg, Mpumalanga

This mining town also reports a marked inflow of younger buyers, with the majority (57%) of recent purchasers being middle-aged (36 to 49 years) and a further 31% aged 35 years or younger.

Although price gains have remained modest, activity has strengthened in recent years.

“This is a mining community with an abundance of job opportunities, as well as being a thoroughfare to the Kruger National Park and with numerous tourist attractions within an hour’s reach,” says area principal Andreas Greeff.

Deneysville, Free State

An extraordinarily high 78% of homeowners here have owned their homes for 11 or more years.

After remaining steady for much of the past decade, the sale of freehold homes surged in 2021, while vacant plot sales accelerated sharply in recent years – particularly in 2020 and 2021.

“Looking at these graphs shows the amount of people who during the Covid-19 period have opted to move out of the cities to country towns. We have seen this trend with our ‘weekender’ homes whose owners now live at the dam and work from home or commute to Johannesburg,” says Pam Golding Properties area principal, Phil Medlock.

Port Edward, KZN South Coast Port Edward continues to attract older buyers such as retirees mainly from the larger metropoles and the Eastern Cape, and the town retains its reputation as a desirable retirement destination.

“Value for money, a good year‑round climate, beautiful Blue Flag beaches on a pristine coastline and top-class golf courses are a drawcard for this market, coupled with a close-knit, friendly community,” says Cath Molyneux, area principal for Pam Golding Properties.

Dullstroom, Mpumalanga

Renowned for its trout fishing and with frequent snowfalls in winter, picturesque Dullstroom is experiencing a flush of new

interest in houses, cottages, smallholdings and farms.

This town trends towards an older homeowner. With 65% of homeowners having owned their properties for 11 years or more, indicating a stable housing market, 35% of these are retirees, while 46% of recent buyers are in the mature age group.

“Apart from the mature age category, we are seeing families who want to work from home and raise their children in the countryside, as well as investors seeking properties to accommodate weekend tourists, leisure buyers and those looking to acquire trout farms,” says Elisme Swart, Pam Golding Properties area principal.

Clarens, Eastern Free State

Some three to four hours from Gauteng, Bloemfontein and Durban, this village offers a secure country lifestyle that is attractive to homebuyers of any age, as commuting back to the metros is do-able.

“Prices of residential properties here have been on the rise since 2014, and we have seen noticeable interest from buyers from within the province. Most of these buyers are looking for property in the R1m to R2m price bracket,” says Anne Maree, Pam Golding Properties area principal.

Hoedspruit, Limpopo

At the foot of the Drakensberg, Hoedspruit is arguably the fastest growing inland hub, with an active residential property market. “Our key selling point is definitely the bushveld. The weather is good, we have lovely open spaces and offer a good choice of schools, a broad selection of interesting shops and restaurants, internet and also security,” says the company’s area principal, Engela van Staden. Homes in secure wildlife estates are popular and there is also a demand for townhouse complexes as these are more affordable, as currently homes on the older wildlife estates are priced from R2,5m.

14

PROPERTY NEWS

20 MARCH 2022

Urban rejuvenation According to the Parliamentary Monitoring Group, more than 70% of South Africa’s population will be urbanised by 2030, which calls for some innovative plans to accommodate the fast‑increasing demand WORDS & IMAGES: RAINMAKER

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evelopers and property owners will need to be more competitive in their offering to attract purchasers and tenants, says Craig Turner of THE WATT CLUB project, a 247-unit office-to-residential conversion in the Durban inner city. “All the buildings that we are working on in city centres across the country aim to give individuals a space to thrive within central city locations.”

residences offer a unique take on property ownership that solves a range of challenges faced by South Africans.

THE WATT CLUB is Urban Lifestyle Investment’s most recent flagship development and it has made property ownership more accessible to a market that has traditionally struggled to get a foot on the property ladder.

THE WATT CLUB is injecting new life into the inner city through innovative spaces with easy access to local amenities. “It unequivocally sets the standard for what largescale inner-city rejuvenation can become,” Turner says.

Urban Lifestyle Investments pecialises in converting existing, under-utilised buildings in city centres across the country into safe buildings with incredible technology and a choice of lifestyle amenities.

Follow the data

With urban densification taking a front seat in the eThekwini Municipality, these new, innercity

“We are fortunate enough to spearhead the conversion of under-utilised, existing commercial buildings into residences that are driven by proximity, convenience, lifestyle and affordability,” says Turner.

“Working with property marketing specialists, Rainmaker Marketing, we have conducted extensive market research and found that as a result of the pandemic, consumers’ mindsets have shifted significantly in terms of living and accommodation priorities,” he says.

Due to Covid-19 fast-tracking the trends of working from home and

co-living – consumers saw lifestyle, building amenities, security and location as key determining factors when choosing where to live.

“Survey results also indicate that more emphasis is being placed on the quality of people’s living environment which means that as developers it’s vital that we create spaces that will appeal to these needs.”

Based on research results, Urban Lifestyle Investment has purposefully pushed the boundaries with THE WATT CLUB project in Durban. They are injecting new life into an existing 17-storey building, while creating a community-focused shared economy lifestyle with 24-hour hi-tech security, facial recognition access control, gym, co-working spaces, games rooms and communal lounge areas, and a rooftop communal space with 360 degree views of the city–all for an affordable monthly cost.

“By creating more appropriate post-Covid buildings with free Wi-Fi and co-working spaces, more

communal and entertainment areas, we will promote the city as an address of choice.”

More options

“Taking the changing needs of consumers into consideration and deliberately implementing solutions that cater to the market, we sought to create options for new homeowners who cannot pay towards a deposit or transfer and bond costs – particularly in the aftermath of the riots and the financial strain of the pandemic,” Turner says.

Their new Rent-2-Own product is a solution that gives individuals the ability to increase a property portfolio without upfront capital, and without extending debt exposure with banks.

“By creating solutions for property ownership, rather than driving the long-standing rental market demand, we will create a greater sense of ownership and pride in city dwellers, which will translate to better run and maintained city buildings,” he says.

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The estate lives up to its name (French for aviary) with contemporary Cape Vernacular homes, designed by the Dennis Moss Partnership, as well as state-of-the-art security, landscaped gardens, co-working space, outdoor gym and perimeter running track. Stellenbosch town centre is just 3,5 km from Voliere, which has direct and easy access to the R44, while joggers, cyclists and nature lovers can easily escape to the surrounding mountains.

Visit https://voliere.co.za/ or contact Maria de Villiers on +27 83 251 3008 or email sales@voliere.co.za

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