Realestateweb - Picvest - our investors` assets are rock solid - Investment insights - South Africa's fastest-growing property website
The strangest aspect of this statement by Picvest is that there is absolutely no explanation as to why the properties have still not been transferred to investors and why investors' funds have been channeled into another company (namely Bosman & Visser).
This was probably drafted by Picvest's newly appointed Public Relations company (Fleischman-Hillard) because it contains a lot of hollow promises about how investors' interests are so dear to Picvest's heart but zero response to the allegations in recent press articles.
About Me
- Gareth Shepperson
- Pretoria, Gauteng Province, South Africa
- Property Lawyer & Conveyancer ... Lover of Life in general!! www.prop-law.co.za In this Blog we have always brought you the latest PROPERTY NEWS but now we will also bring you a Q & A SECTION, where we answer readers questions. Please e-mail your questions to gareth@propertylaw.onmicrosoft.com (The information contained in this Blog does NOT constitute legal advice. If you require legal advice, you are very welcome to contact me.)
21 April 2011
20 April 2011
End of the road for Sandton’s landmark Village Walk? - Property | Moneyweb
End of the road for Sandton’s landmark Village Walk? - Property | Moneyweb
Sandton’s popular Village Walk shopping centre (see images) is due for a major overhaul which will include the demolition of parts of the precinct for re-development. The final plans are yet to be approved by the Metropolitan Properties’ board before timelines for the project will become available. The adjacent Balalaika Hotel will also be refurbished. Metropolitan Properties’ managing director, Vuyani Hako, says part of the plans for the centre will be beefing up retail and the office component.
Sandton’s popular Village Walk shopping centre (see images) is due for a major overhaul which will include the demolition of parts of the precinct for re-development. The final plans are yet to be approved by the Metropolitan Properties’ board before timelines for the project will become available. The adjacent Balalaika Hotel will also be refurbished. Metropolitan Properties’ managing director, Vuyani Hako, says part of the plans for the centre will be beefing up retail and the office component.
SIU investigating R2bn housing contracts - South Africa | Moneyweb
SIU investigating R2bn housing contracts - South Africa | Moneyweb
I think that if they opened up this market to more players by creating a transparent tendering process, then by virtue of the fact that greater competition is present, then better services will be delivered. I am not referring to price competition but to product quality competition. In other words, those tendering should also be judged on the quality of their product and not only on price. There is too much cutting of corners by instant developers looking to make a quick buck. The only reason that they get away with it is because of some corrupt officials who are supposed to be monitoring the process.
I am a big admirer and supporter of Minister Tokyo Sexwale and I therefore hope that he can turn this department around.
Gareth
I think that if they opened up this market to more players by creating a transparent tendering process, then by virtue of the fact that greater competition is present, then better services will be delivered. I am not referring to price competition but to product quality competition. In other words, those tendering should also be judged on the quality of their product and not only on price. There is too much cutting of corners by instant developers looking to make a quick buck. The only reason that they get away with it is because of some corrupt officials who are supposed to be monitoring the process.
I am a big admirer and supporter of Minister Tokyo Sexwale and I therefore hope that he can turn this department around.
Gareth
19 April 2011
SAPOA seeks clarity on Consumer Protection Act
Property practitioners, rental agents and brokers have been urged to err on the side of caution until questions regarding property leases and the new Consumer Protection Act (CPA) have been resolved.
The South African Property Owners Association (Sa...
Read the rest of this story at
http://mg.co.za/article/2011-04-18-sapoa-seeks-clarity-on-consumer-protection-act
The South African Property Owners Association (Sa...
Read the rest of this story at
http://mg.co.za/article/2011-04-18-sapoa-seeks-clarity-on-consumer-protection-act
Picvest (previously PIC Syndications)
Please view our website at:
www.prop-law.co.za
I have had a good response to my postings about PIC Syndications. People would like to know what's happening and (hopefully) get some sort of assurance from me that their investment is safe.
Unfortunately, I don’t know enough about it to give investors proper legal advice or an unqualified legal opinion. I was commenting on an article on the Moneyweb website (www. Realestateweb.co.za).
The problem is that investors are contractually bound and would have to follow the mechanisms of their contract to withdraw their funds. I have not had insight into the agreements and therefore can’t speculate on what mechanisms are contractually stipulated.
However, I can broadly speculate that Investors MAY be able to claim a breach by PIC, since they invested in property that has never been transferred. It may therefore be possible to cancel and claim repayment based upon the breach. I am not aware of any “class action” by investors. However, if there is sufficient interest from investors, I would be happy to look into it.
Investors have a couple of options:
1. Julius Corbett wrote the original article for Moneyweb and he may have further information that was not included in the article (julius@moneyweb.co.za).
2. If you wish to instruct my firm, we can act on your behalf.
3. You may have a claim against the Law Firm into whose Trust Account the deposit was made since they paid it out without effecting transfer of the property.
4. You can contact the public relations firm appointed by PIC, namely Fleischman-Hillard in order to ascertain when they will be making an announcement.
5. Lastly, you can contact the FAIS Ombudsman. This is free of charge but you will need to drive the process yourself and then can only recover from your financial advisor (if he has the money to pay).
Gareth
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House prices show positive growth in March - Property | Moneyweb
House prices show positive growth in March - Property | Moneyweb
Property prices showed positive year-on-year growth in March, according to the latest results released by ooba – South Africa’s leading bond originator.
The March oobarometer price index reveals that the average house price rose 1.1% year-on-year to R860 492 from R850 864 a year earlier. The growth in the average purchase price amongst first time buyers also showed an increase, with year-on-year growth of 4.5% to R623 179 in March 2011 from R596 357 a year earlier.
Property prices showed positive year-on-year growth in March, according to the latest results released by ooba – South Africa’s leading bond originator.
The March oobarometer price index reveals that the average house price rose 1.1% year-on-year to R860 492 from R850 864 a year earlier. The growth in the average purchase price amongst first time buyers also showed an increase, with year-on-year growth of 4.5% to R623 179 in March 2011 from R596 357 a year earlier.
18 April 2011
Realestateweb - Picvest CEO lays complaint against Andre Prakke - Investment insights - South Africa's fastest-growing property website
Realestateweb - Picvest CEO lays complaint against Andre Prakke - Investment insights - South Africa's fastest-growing property website
Further developments since the article that I published about Picvest (previously PIC Syndications) earlier today. Where there is smoke ...
I find it inexplicable that the properties have not been transferred yet, when it was already confirmed last year that the syndications are fully subscribed?
I find it inexplicable that the attorneys transferred investors' trust funds prior to registration of the transfers of the property.
I find it inexplicable that Trust Funds were transferred to a third party (i.e. Bosman and Visser).
Hopefully explanations for these seemingly inexplicable facts will be forthcoming soon. Somehow I doubt it!
Gareth
Further developments since the article that I published about Picvest (previously PIC Syndications) earlier today. Where there is smoke ...
I find it inexplicable that the properties have not been transferred yet, when it was already confirmed last year that the syndications are fully subscribed?
I find it inexplicable that the attorneys transferred investors' trust funds prior to registration of the transfers of the property.
I find it inexplicable that Trust Funds were transferred to a third party (i.e. Bosman and Visser).
Hopefully explanations for these seemingly inexplicable facts will be forthcoming soon. Somehow I doubt it!
Gareth
Realestateweb - Picvest investors` precarious position revealed - Investment insights - South Africa's fastest-growing property website
Realestateweb - Picvest investors` precarious position revealed - Investment insights - South Africa's fastest-growing property website
The latest discovery is that investors in the four most recent (and most valuable) syndications - Highveld 19 to 22 - do not own any property. This is a strange situation for a company whose motto is "Where property is the basis of wealth."
There is a large amount of money at stake. The total value of the four syndications is R3.5bn. Most of this amount will have been funded by public investors, with a high concentration of senior citizens.
MY COMMENT
This is not the first time that PIC has been in the news. I find the history lesson at the end of the article most distressing because it appears as if PIC and Sharemax were "born of sin", so to speak. It seems as if DW was dissolved as a result of the managers selling property to the syndications at highly inflated prices and simply re-emerged as PIC and Sharemax. With all the financial and corporate regulation that we have in South Africa, I don't know how the authorities allowed this to happen. It seems as if the two companies merely continued where their predecessor left off. Sharemax has already collapsed and based on the info in this article it seems to be only a matter of time before PIC follows. In both cases, it is virtually certain that investors will not recover their funds.
The latest discovery is that investors in the four most recent (and most valuable) syndications - Highveld 19 to 22 - do not own any property. This is a strange situation for a company whose motto is "Where property is the basis of wealth."
There is a large amount of money at stake. The total value of the four syndications is R3.5bn. Most of this amount will have been funded by public investors, with a high concentration of senior citizens.
MY COMMENT
This is not the first time that PIC has been in the news. I find the history lesson at the end of the article most distressing because it appears as if PIC and Sharemax were "born of sin", so to speak. It seems as if DW was dissolved as a result of the managers selling property to the syndications at highly inflated prices and simply re-emerged as PIC and Sharemax. With all the financial and corporate regulation that we have in South Africa, I don't know how the authorities allowed this to happen. It seems as if the two companies merely continued where their predecessor left off. Sharemax has already collapsed and based on the info in this article it seems to be only a matter of time before PIC follows. In both cases, it is virtually certain that investors will not recover their funds.
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