Showing posts from May, 2013

Financial statements reveal R2.2bn loss for Sharemax investors

Download the financial statements Nova Group’s directors wouldn’t make public. Financial statements for Nova Property Group show that investors who bought Sharemax products have lost R2.2bn. Nova is the company that owns all the properties that used to belong to investors in the various Sharemax property syndication companies. Nova was formed as a result of a ‘Section 311’ rescue scheme which received court sanction in January last year. The full Article on Moneyweb is available HERE . The Financial Statements are available HERE . Here is a breakdown of the losses suffered by Sharemax investors:     SHAREMAX SYNDICATIONS VS NOVA DEBENTURES Name Location Syndication value Value in 2012 % decline financial statements INCOME PROJECTS 148 Leeuwport Boksburg R 9 700 000 R 5 679 539 -41% Centurion Hazel Centurion R 6 140 000 R 5 860 347 -5% Oxford Gate Durbanville R 28 000 000 R 21 976 348 -22% The Village Mall Nelspruit R 29 400 000 R 27 689 974 -6% Witba

UDZ tax incentive lucrative boon for property investors

UDZ tax incentive lucrative boon for property investors The Urban Development Zone (UDZ) tax incentive seems to be one of the best kept tax break secrets of the South African property sector. Since its introduction by the Treasury in 2003, a steady stream of investors has been using the scheme to invest in property in areas earmarked for the incentive, such as the Cape Town central business district (CBD). The Cape Town central business district has benefited extensively from the Urban Development Zone tax incentive scheme. However, not enough investors have taken advantage of this profitable incentive. Investors and developers need to acquaint themselves with the scheme, and take advantage of its tangible benefits. The Cape Town CBD, a world class premier business destination, has certainly made use of the scheme. Close to R15 billion has been invested in the city centre since the scheme was promulgated. Between 2006 and 2011, the City of Cape Town has issued location cert

Sharemax property investors misled by 'copy-and-paste error'

Sharemax property investors misled by 'copy-and-paste error' Sharemax's directors told their auditors they made a "copy and paste" error in the prospectus of the Zambezi property syndication that misled investors about the security of their investments. This is revealed in the latest determination by Noluntu Bam, the Ombud for Financial Services Providers, in which she orders an adviser, who is an accredited Certified Financial Planner, as well as Sharemax and four of its directors, to make good the loss suffered by an elderly woman who invested in the scheme. The Zambezi property is now an empty shopping centre, and millions of rands need to be spent to rectify problems with the roads around the centre, the ruling reports. Investors stopped receiving payments in 2010. In her latest ruling, Bam relates replies from Advoca Auditors, then known as Act Audit Solutions, to her questions about whether the auditors reported the transfer of investors' funds

EAAB's intern monitoring system almost 'unworkable'

Although I am not an Estate Agent by profession, I do deal with Estate Agents on a daily basis and would be interested to know if Estate Agents share the opinion of Tony Clarke, Managing Director of the Rawson Property Group???  Click HERE to visit us on Facebook EAAB's intern monitoring system almost 'unworkable' The latest figures from South Africa's Estate Agency Affairs Board show that currently only 32,718 estate agents are still working in the formal recognized sector of the industry. Of these, 10,373 are now fully qualified agency principals, 12,162 are full status (i.e. fully qualified) estate agents and 10,183 are interns learning to become fully fledged agents. Another 47 are attorneys who have chosen to acquire Fidelity Fund Certificates. Tony Clarke, Managing Director of the Rawson Property Group, stated that it is now law that all new entrants to the estate agency profession, regardless of whatever qualifications they may have, have to be reg

New electric fence regulation set to be implemented

In my humble opinion, this is yet another example of an over-regulated "nanny state" , where the "man in the street" is being drowned in red tape. As an attorney, I guess that I should be happy if government puts so much legislation in place that the individual can't possibly keep track of it all and at any given time may be breaking a hundred laws without even knowing it ... the only beneficiaries being the attorneys dealing with the fall out. HOWEVER , at the same time it restricts free economic activity and thereby harms the economy ... which is bad for property attorneys (except maybe insolvency practitioners and those representing bank robbers). Gareth Shepperson  Click HERE to visit us on Facebook  New electric fence regulation set to be implemented Property owners are going to have to be more careful about who they contract to install electric fences so as to comply with a new regulation. A new regulation stipulates that electric fenc

Tshwane boasts of property and tourism at travel show

Tshwane boasts of property and tourism at travel show Tshwane hopes to woo tourists to the Jacaranda City with its exhibition at the annual travel show, Indaba, being held in Durban. The exhibition showcases all the capital has to offer, from ambitious property developments to sporting events and even wildlife. Among the developments being promoted is the 110-storey Symbio City, planned to tower over Centurion and include residential, hotel and shopping facilities. On the tourism front, the city is offering a range of options, including monuments and attractions for nature lovers, including the Groenkloof and Rietvlei nature reserve, the National Zoological Gardens and the Dinokeng Game Reserve, where one can see the Big 5 on the city's doorstep. Executive mayor of Tshwane Kgosientso Ramokgopa said that as part of the city's Inner City Regeneration Project, work will start on the Tshwane International Conference Centre (TICC) and supporting mixed-use developments. The

Julius Malema's property auctioned for R5.9 million

Julius Malema's property auctioned for R5.9 million Expelled ANC Youth League (ANCYL) president Julius Malema's half-built mansion in Sandown, Joburg, was sold for R5.9 million on auction yesterday. The half-completed property in Sandown, Johannesburg. The buyer was Norman Tloubatla, chief executive of the company Magnified Designs. He left in a hurry, in a white Porsche, after clinching the purchase. He refused to speak to reporters. Auctioneer Pieter Geldenhuys said the auction for the three-storey property had gone exceptionally well. "It actually exceeded my expectations." He said he expected the property to sell for between R4m and R4.5m. Much more needed to be spent to complete the house, which would be the best in the neighbourhood, he said. Asked if the fact that the house previously belonged to Malema had played a role in the interest shown, Geldenhuys said: "Without a doubt. I must say this specific property drew a lot of interest, even

Denny Crane

Denny Crane
It's not me ... yet. Denny Crane from the TV series Boston Legal. Click on picture if you're not sure who he is!