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| Brettenwood Coastal Estate News Release ~ Sweet Success Naturally! |
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The launch of Brettenwood Coastal Estate above Sheffield Beach, near Ballito, has been a fantastic success. One of the last remaining sea-facing sugar farms in close proximity to the beach and the burgeoning area of Ballito, this magnificent property has been developed into a sub-tropical residential paradise.
Over 75% of the sites of offer in phase one, have been snapped up. These range in size from 700m2 to 1900m2, with prices from R635 000 to over a million. Stands surrounded by coastal forest, glade forest or grasslands have magnificent mountain views, dam views or breathtaking sea views.
“There has been genuine excitement at the unique approach to creating an estate that improves the magnificent natural heritage of the Natal North Coast”, says Brendan Falkson of the Hulett Development Company. “Brettenwood will have 30 hectares of open conservation space within four distinct eco-zones, linked by an historic tree-linked nature trail with bird-hides and forest walks.”
| Brettenwood Coastal Estate News Release, 06-06-2007 |
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| Green Building Council Announced for South Africa |
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SAPOA CEO Neil Gopal announced at the 39th SAPOA International Convention, the establishment of a Green Building Council for SA, a move that will bring the commercial and industrial property industry in line with global environmental practice
The mission of a Green Building Council is to promote and encourage environmentally sustainable practices in the property industry through, as Gopal points out, market-driven solutions. Green Councils in Australia, New Zealand, the US and Canada also manage a certification system for new and existing buildings.
“The Board fully supports the establishment of a Green Council in SA,” says SAPOA CEO Neil Gopal, who attended the Green Building Council of Australia’s annual conference in February for preliminary talks on the way forward.
“As an industry, we need to start thinking seriously about the environmental impact of developments – and we need to think green concepts within development plans in advance of government regulations,” says Gopal. “We must ensure that government alone does not set the regulations.”
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| Claremont Upgrades Central Area |
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The cranes are flying in Claremont Central - Claremont's Business District. They provide the obvious symbol of some R2-billion of private sector investment that is creating new office, retail and residential development in the area
The City has been working with the CIDC on proposals for upgrading the entire public environment of Claremont Central and a two-year study by consultants has been completed. Officials hope to obtain Council approval for its recommendations by the end of the year. The public consultation process now underway is an important step in this process.
A public participation programme, including exhibitions and a public meeting, has also been formulated.
The study's proposals see the streets and squares of the area being reclaimed for pedestrian use, with residents benefiting from a selection of treed outdoor places, where birds and birdsong replace motor cars and tarmac.
| Claremont Improvement District Company, 02-05-2007 |
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| Tourism Encourages Interest in South African Market |
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Foreigners are definitely showing a stronger interest in SA’s property market, particularly the hotel and leisure property sectors
Pace Property Group MD David Green says the interest in the hotel and leisure market is due to the fact that the country is becoming a popular tourist destination and investors consider SA to be “undersupplied” with quality hotel accommodation.
“Generally there is a trend throughout the world to seek investments in emerging economies such as eastern European countries, Asia and southern Africa.”
But the South African property market still has a way to go in terms of the size of the property transactions available.
Green says a recent single European transaction was equivalent to, if not greater in size than, any of SA’s largest JSE-listed property funds.
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| House Price Trend Growth Firm in the First Quarter |
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Property Trends - House Price Index
According to the latest Absa House Price Index, nominal year-on-year growth in house
prices remained firm at 15,5% on average in the first quarter of 2007. This development
was supported by continued strong growth in transaction volumes during the period January
to March this year.
In March, nominal house price growth of 15,5% year-on-year was recorded in the middle
segment of the market (see explanatory notes), compared with a revised growth rate of
15,6% in February. This brought the average price of a house in this segment of the market
to about R902 200 in March 2007.
In real terms, year-on-year growth of 9,3% was recorded in February compared with a
revised growth rate of 9% in January, based on the headline consumer price index.
On a month-on-month basis, nominal price growth was lower at 1% in March after growth
of 1,3% was recorded in February. House prices increased by 1,4% month-on-month in
real terms in February (0,6% month-on-month in January).
| Absa Group Economic Research, 04-04-2007 |
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| US Slump Will Not Hit South Africa Property Market |
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The current slump in the United States’ housing market is unlikely to have a major impact on South Africa’s housing market
“Local house prices are unlikely to be affected materially by the lower segment housing crisis in the US,” said Standard Bank senior economist Elna Moolman.
“Local house prices are driven primarily by local economic factors.” The median house price in South Africa rose marginally in March to R580,000 from R570,000 in February, recording a 1.8 percent month-on-month growth, while year-on-year growth moderated modestly to 8.4% from 8.6% in February.
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| Cape Developers Experience Delays |
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A number of golf estate developers in the Western Cape have apparently been waiting for more than a year to get the necessary go-ahead (or dismissal) for their projects from planning authorities
Meanwhile, holding costs on many of these multi-million rand proposed developments continue to mount.
This follows the release at end-2005 of stricter development guidelines for golf and polo estates by Tasneem Essop, Western Cape MEC for environmental affairs, planning and economic development.
The developer of the R6bn Lagoon Bay project, one of the biggest planned golf and eco estates on the Garden Route near George, has been waiting for 14 months to obtain final approval for a so-called guide plan amendment. This relates to the conversion of former agricultural land for housing purposes.
Lagoon Bay developer Werner Roux says the guide plan amendment was approved by the George municipality at end-2005. Fourteen months later Roux is still not sure when or even if he will get the go-ahead for the project, which will boast two 18-hole golf courses designed by Retief Goosen.
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| Property Heading for Meltdown? |
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The question is popping up increasingly amid growing concerns of mounting mortgage debt (in South Africa and overseas) and house prices that some believe have increased too far too fast
The big worry is that SA homeowners, like many of their US counterparts, could soon find themselves in the dreaded negative equity situation - when your mortgage debt exceeds the market value of your house.
That usually occurs when interest rates rise, property prices fall and homeowners start defaulting on their mortgage repayments. Such a scenario was evident in SA in the late Nineties after interest rates shot up to 25%.
However, data released in recent weeks by SA's banks and other housing commentators suggest that the chances of house prices falling (in nominal or even real terms) anytime soon are highly unlikely.
In fact, economists have been surprised by how buoyant housing sales and price growth still are, prompting some to upgrade their growth forecasts for 2007. Both Jacques du Toit (Absa) and John Loos (FNB) no longer expect house price growth to dip below 10% this year.
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| New Project To Aid Wynberg Renewal |
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The remarkable transformation of the Wynberg CBD, which is beginning to draw favourable comment from urban designers, will take a leap forward when a new R230m development is launched in the next few weeks
Grand Central-Wynberg, is about to begin on a 7 017m2 site on the east side of Main Road.
The site is almost opposite the well-known Wynberg Pharmacy on Main Road. It is currently partially occupied by a number of shops, the art deco 1920s façades of which will be incorporated in the overall design so as to preserve the village atmosphere of the Wynberg High Street trading precinct.
Grand Central-Wynberg will ultimately consist of three large similar residential blocks, all with a retail component on the ground floor. It could introduce about 2 000 new residents to the area.
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| International Residential Buying On The Rise |
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Readers of the latest annual review published by Anne Porter's UK based partners, Knight Frank, have been gratified to learn that year on year South African residential property has emerged as one of the top five performers in the 30 precincts surveyed by Knight Frank
South African price increases were significantly bettered by those of only two countries, Bulgaria and Latvia, and were on a par with such top level performers as Belgium and Denmark, both of which saw value increases of around 20%. The Knight Frank review says that in under a decade investment in residential property beyond the borders of one's home country has caught on throughout the western world and, they add, this activity has changed from being the pursuit of a privileged minority to being a recognised investment channel for a far wider market.
| Knight Frank Annual Review, 23-03-2007 |
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