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| Overview of Pinnacle Point Holdings (Pty) Ltd |
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Property group Pinnacle Point Holdings has carved a niche in the development of lifestyle residential property and golfing estates throughout South Africa
In the short space of five years, Pinnacle Point Holdings has moved from being a leading player in the local estate development market to an international contender.
In October last year PPH became one of the industry’s leading black economic empowerment companies, when it's BEE consortium, headed by Lazarus Zim, acquired a 26% stake in the company.
In June 2007 PPH won a R9,2 billion tender from the Seychelles Government to develop the world’s most exclusive golf and lifestyle estate on a small island off Mahé, in the Indian Ocean watersport paradise.
Winning the tender against tough international competition, PPH intend adding to the island, previously reclaimed from the sea, to create an 18-hole championship golf course. South African and Seychellois consultants and contractors will be employed on the project.
PPH CEO Ashley Stone says that since its inception the group has generated close to R2bn in sales, developing premier projects across the country, including their flagship development, Pinnacle Point Beach and Golf Resort near Mossel Bay.
This multi-million-rand leisure and residential development constructed atop rugged Indian Ocean cliffs with due sensitivity to sound environmental practices, has validated the group's commitment to preserving and enhancing the natural environment. The Wildlife and Environment Society of South Africa (WESSA) has publicly acknowledged the manner in which the group conducts its environmental impact investigations.
Since it’s launch in November 2006, glowing accolades have been received for the new resort by local and international golfing experts, amongst which was the selection of Pinnacle Point as one of the World’s Top Ten Best New Courses for 2006 by the US magazine Travel + Leisure GOLF. This is the first time, in the history of golf, that a South African course has been selected.
Added benefit in a departure from the normal practice of many other developers is PPH’s continued after-sales management of the golf courses, thereby removing this responsibility from homeowners’ associations.
Stone says although golf remains the central premise on which PPH undertakes its developments, other features suited to an adventurous, active lifestyle offer investors within the estates added value for their properties.
The bulk of the group’s developments, including The Clarens Golf and Trout Estate in the eastern Free State Highlands and The Wedgewood Golf and Country Estate in Port Elizabeth, have upgraded existing golf courses to create lifestyle packages, residential properties for investors and retirement lifestyle options.
Investors in the Overberg-based Romansbaai Beach & Fynbos Estate are in negotiations for membership with the neighbouring Gansbaai Golf Club. If successful, the result will be a mutually beneficial synergy between the two.
At Romansbaai, management has worked with the land owners to establish a low-risk business model profitable to both parties. Risk and profits are shared between the developers and land owners, essentially unlocking value in the long-term.
Stone says the group is keeping abreast of international trends in retirement living concepts, focusing on bringing to the market secure, well-priced housing and lifestyle options with an eye on investors’ needs in later years.
In this context, the group’s Bethlehem-based Wesselheim development is addressing the demand for retiring farmers seeking town estates close to shops and facilities, as well as those suburban dwellers desiring a secure environment.
PPH is also developing a multi-billion-rand suburb near Bloemfontein, the Cecilia Lifestyle Estate, in a move expected to ease the pent-up demand for affordable housing and retirement facilities within the Free State provincial capital. The development brings to the market around 2000 free-standing housing units and a 600-strong retirement village complex on a 500ha site.
On the outskirts of Pietermaritzburg, the Elephant Hills Lifestyle Estate is in the final planning stages. The 3 200 home development - the biggest single development of its type in KwaZulu- Natal will reduce the sudden demand for new housing caused by the migration of public servants from Ulundi to Pietermaritzburg, now the official capital of KZN.
On the commercial property front, PPH are developing the R70m Goldfields Plaza shopping centre in Welkom, which is scheduled to open in December 2007. Situated adjacent to the Goldfields Casino, the development will create 11000 sq mt of office and retail space provide more than 1000 jobs upon completion.
| Press Release Pinnacle Point Holdings, 10-09-2007 |
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