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10.6% distribution growth in Texton property fund

Texton Property Fund are betting the fund’s future growth on ‘tight management’, as the property counter announced a distribution growth of 85, 47 cents up by 10.6% for the year up to June 30^th.

Investors from Texton Property Investments purchased the management company of Vunani Property Fund for R117million last year, followed by a subsequent board reshuffle which Texton claims the benefits of this shakeup have been evident.

Benefits of the report for the financial year includes the fund increasing its acquisition activity by 40% in comparison to the previous year, which has been said to enhance the portfolio quality and income sustainability.

Prime Properties

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Developing Limpopo

The Limpopo province is the latest region to be a part of South Africa’s goal to develop rural areas across the country. The Ministry of Rural Development and Land Reform have been appointed to the forefront of rural progress.

South Africa has a major mining industry, with the country’s economic foundation having been built upon it. It delivered great amounts of income, establishing and attracting big-business ventures. This led to the modernisation of urban South Africa.

Presently, as part of South Africa’s goal, malls are now common in rural South Africa, with many more under construction. The Limpopo province is now a rural infrastructure buzz, being included in this new development.

The arrival of luxury shopping to Limpopo has benefitted young rural consumers as well as their families. This owes to convenience of close proximity and therefore saving money on travel.

Waterfall development to feature mixed commercial use

A waterfall development, spanning either side of the N1 highway from Allandale to Buccleuch Interchanges, has already secured developments valuing over R7billion. This makes this one of the fastest-off-the-ground mixed-use developments yet, of Gauteng.

Capital growth property fund, Attacq, which is widely involved in the development, claimed yesterday that the project is procuring rewards and expecting an eventful year as a number of its major developments are completed.

Situated midway, effectively closing the gap between Northern Sandton and Midrand on a 340 hectare acre tract of land lined by the Buccleuch, Kyalami and Woodmead suburbs, the Waterfall development boasts 1.753 million square metres of bulk for development. To date, over 175,000 square metres has already been developed.

Foreign buyers in South Africa's Luxury Real Estate Market

Cape Town’s ‘the Castle’, an imitation of Germany’s Lichtenstein Castle, a historic neo-Gothic fortress, houses a banquet hall lined with armour suits and stained windows, 12 bedrooms and a swimming pool. With views over the city's Hout Bay, there is a helipad and natural waterfall, accessible only by a private mountain road or helicopter.

‘The Castle’ is one of the most famous real estate landmarks of Cape Town, formerly a guest house and popular wedding reception venue.

However, it has now closed a deal during 2012, sold to a ‘high-profile’ Russian businessman for $2.2million.

This is just one piece of prime real estate acquired from the Cape Town market by a Russian. It has been claimed by local real estate agents that affluent Russian buyers have also purchased numerous other multi-million-dollar homes along the city's coast over the last several years, moving into the region's blend of sun, mountains and sea.

Residential property trending amongst investment trusts

Freedom Property Fund, the fourth property company listing on the Johannesburg Stock Exchange (JSE) this year, last week announced it had launched two major residential property developments in an attempt to boost the group’s portfolio.

Residential property exposure on the JSE was mostly represented by two sister companies, Octodec Investments and Premium Properties — However, this is set to shift as interest in the residential sector is accelerating amongst South Africa’s listed Real Estate Investment Trusts (REITs).

Retail assets such as shopping centres have been proving popular, however property funds are finding opportunities within housing.

Porsche South Africa - Highest bidder of Kyalami

The Kyalami Racetrack has been sold for R205million to Porsche South Africa, who intend to preserve the property as a racetrack.

Yesterday saw South Africa’s first racetrack auction with the highest value received for High Street Auction Co, according to Joff Van Reenen, the lead auctioneer. The auction was held at Summer Place in Johannesburg.

Seven bidders were registered for the property, depositing a refundable R4million for participation in the auction.

As well as the racetrack being retained, the name will also remain to be Kyalami Racetrack. Van Reenen has also claimed to be pleased with the purchase price.

600 to 800 participants were anticipated for the auction.

Kyalami track under auction

Kyalami racetrack, host to Formula One Grand Prix races for almost twenty years, is to be sold and may be given to motorsport, according to auction organisers today. 

A minimum price of 200million rand ($19million) has been set for the celebrated circuit upon 72 hectares of land within a rapidly developing region, North of Johannesburg, as claimed by a representative of the High Street Auction Company. 

It is said if a developer is to purchase the track, the nature of the Kyalami property would be expected to vary quite considerably, with the possibility of there no longer being a track. 

However, some potential buyers were looking at the possibility of keeping the track whilst developing its surroundings. 

More residential building plans passed, contribute to ZA leading index increase

South African Reserve Bank figures have today revealed that South Africa's leading index moderately increased during May, after remaining stable the month before.

The leading index, measuring perceptions of economic conditions in the future, increased by 0.1 points to 99.6 during May, from 99.5 the month before.

Four out of 11 components increased during May, as six decreased and one remained unchanged.

May’s slight improvement owed to a drive during the twelve month percentage change in job advertisement space, plus a rise in the number of residential building plans passed.

The leading index declined by 1.2% yearly during May, following a 1.5% decrease during April.

The coincident index, measures present economic activity, which increased by 0.9% to 118.3 during April from 117.3, the month before.

Meanwhile, the lagging index, measuring previous economic conditions, rose by 104.3 during April from 102.2 in March.

Interest in Western Cape Residential Market

Estate agent, Pam Golding Properties have found that many South Africans still aspire to reside in ‘cosmopolitan’ Cape Town. This is as well as foreign buyers who are attracted to the favourable rand exchange rate.

The FNB Western Cape housing price index has reported that the average price for a house in the region has risen by 12.5% during the second quarter year-on-year.

An FNB survey of estate agents also found that the period for a house of the Western Cape to sell has decreased from an average of 13.7 weeks to 13.3 weeks.

Agents estimate that 81% of sellers are currently being requested to decrease their asking price, in comparison to 95% early last year.

The managing director of Pam Golding in Cape Town, believes the residential property market throughout South Africa is receiving intense interest. The market is enjoying what seems to be a continuing upturn, defying the economic constrictions said to be experienced by other sectors.

The areas within and surrounding the Western Cape, specifically the Cape Town metropolis, provide an intriguing sample of the whole country's housing market, resulting in the region often being considered as a national property barometer.

Despite the growth rate of Western Cape's property sales, FNB analysts claim it is second to Gauteng as the most affordable residential market.

The most expensive property ever on the South African market

The most expensive property to ever come on the South African market has been valued for over US$35million.

Described as ‘The Great Gatsby-esque’, it is situated in Camps Bay, Cape Town, known as ‘Enigma Mansion’. It is home to seven bedrooms and bathrooms, Persian carpets in every room, a luxury Olympic sized swimming pool, an elevator, as well as a six car garage.

The property is also characterised with over US$5million worth of imported handmade door handles, hinges, chandeliers and lamps. Additionally, the wallpaper is said to be velvety, which was imported into the property as it was hand printed at Zuber, Paris. It also offers sea views.

Foreign buyers purchase within developing regions of South Africa

Nigerians have been ranked amongst some of the top foreign buyers of choice properties throughout different parts of South Africa, who are particularly focusing on developing areas rather than the major regions of Cape Town, Durban, Johannesburg and Pretoria.

For example, Nigerians alongside other foreign buyers purchased around 670 properties worth approximately R800million in Kwazulu Natal and 260 properties worth approximately R23million in the Eastern Cape. It has been revealed that there is a growing trend amongst the said foreign buyers towards purchasing properties in South Africa as an investment, rather than for personal use.