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| Property Boom in Gonubie and Beacon Bay |
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East London is creeping eastwards as the city’s economic growth sucks more residential property developments into Gonubie and Beacon Bay
The growth trend is so strong that property developers predict that Beacon Bay and Gonubie will eventually merge and turn all the farmland in between them into a new and bigger suburb.
Dean de Villiers, from De Villiers Properties in Gonubie, said it was “inevitable” that Gonubie and Beacon Bay would eventually merge.
“it is already happening. A lot of farms have been bought up by developers who had some foresight three years ago. These are in the process of being rezoned for residential use,” he said.
| Eastern Cape Development Corporation, 30-07-2007 |
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| Cape Town Convention Centre to get R800m Growth Boost |
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Cape Town's highly successful international convention centre had been given the go-ahead to start an estimated R800m expansion
Rasool confirmed that Public Works Minister Thoko Didiza had said at the weekend’s presidential imbizo in the province that her department had agreed to put Customs House “at the disposal” of the centre.
The convention centre last year hosted 46 international conventions and the joint partnership between the province and the city council had been a runaway success story, attracting thousands of business tourists in the meeting, incentives, conferences and exhibitions sector, seen as the key to boosting SA’s tourism industry.
Rasool said at the opening of the Southern African Association for the Conference Industry’s national conference in Cape Town on Monday that negotiations had been in progress for the past two months with Didiza on the future of Customs House.
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| New Hotel Developers have to Get Up Early to Catch 2010 Visitors |
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Mega-Billion-Rand hotel developments and resorts are taking shape across South Africa. Most of the developments under construction, range from ultra-luxury five- star hotels to exclusive spa resorts
Protea Hotels has at least three developments worth over R520-million under construction; and a joint venture with the Extreme Group, founded by Alistair Gosling, opened its first Extreme Hotel in Cape Town in November last year. The partnership plans to invest more than R2.8-billion to roll out a chain of Extreme hotels, which are aimed at the backpacker market.
The UK and Dubai-led consortium, Istithmar, that bought Cape Town’s landmark Victoria & Alfred (V&A) Waterfront for R7-billion last year is investigating new five- star hotel and resort developments on “Africa’s Riviera” ahead of the 2010 Soccer World Cup. Istithmar plans to splash out another R7-billion on marinas, new shopping developments, apartment blocks, offices and a 250 bedroom luxury hotel and resort hotel.
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| Traffic a Key Factor in New Developments |
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It will become increasingly important to invest in property close to work, business nodes and key transport routes
As congestion on South African roads increases , residential property areas situated on major transport corridors and near businesses are going to become sought after “hot spots”, says John Loos, property strategist at First National Bank.
Loos says this situation is going to happen increasingly rapidly over the next five to 10 years.
“I t is realistic to expect that by early next decade we could have a million new vehicles coming on to the roads each year. At the moment, it is nearing 700000. ”
He says it will be increasingly important for investors and home buyers to invest in property close to key places of employment and business nodes, as well as key transport routes. Such properties are “probably first prize” for residential property performance as they will be highly sought after.
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| Freehold Outperforms Sectional Title |
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Latest Lightstone house price index shows that owners of freehold houses have earned much higher returns on their properties over the past three years than investors who bought sectional title townhouses, apartments and flats
Latest house price data released by various banks and other industry players confirm that the widely anticipated slump in housing sales and prices has yet to materialize.
But not all sectors of the residential property market continue to perform equally well. Latest house price index released by Johannesburg-based mortgage risk management company Lightstone shows that owners of free hold houses have earned much higher returns on their properties over the past three years than investors who bought sectional title townhouses, apartments and flats.
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| Developers Await Final Decisions on Inclusionary Housing Policy |
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After months of waiting, South African developers will soon be hearing the final outcome on the national housing department’s policy on inclusionary housing
The proposed final draft of the government’s policy on inclusionary housing is currently being negotiated between the housing department, commercial property association SAPOA (South African Property Owners Association) and other industry stakeholders, and its results are imminent.
Inclusionary housing refers to government ordinances that require a given share of new construction and development to be made available to low and lower-middle income groups. Taking the form of a mandatory or voluntary ordinance, many cities internationally subscribe to inclusionary housing policies and include countries throughout Europe, the UK, the USA, Canada, Australia, Malaysia and China.
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| World Cup Fever Germany Balances the Books |
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As 2010 World Cup fever continues to climb, South Africa may be wise to temper its expectations as Germany balances the final books on its own World Cup and discovers the post-match coffers are not quite as full as predicted
Shortly after the announcement in May 2004 that South Africa would host the 2010 FIFA World Cup, it was predicted that the country could expect R21,3 billion to be pumped into the economy. The latest predictions place that amount at R30 billion, resulting in an estimated 150.000 new jobs created. The impact that this will have on the South African economy is being touted as “enormous”, spurring economic growth to between 5 and 6%, and everyone — from the tourist trade to the property industry — is breathless in anticipation. But are we expecting too much?
One year post the hosting of the last World Cup, Germany is finalising its own balance sheets on the event and finding that — while the event no doubt boosted national pride, PR and patriotism — it has had virtually no impact on the economy as regards short-term growth and employment.
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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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