Showing posts from October, 2014

A step closer to Sharemax successor`s shareholder register

A step closer to Sharemax successor`s shareholder register NGHC dismisses bulk of Nova, Frontier and Centro’s interlocutory application. A swift judgment in the North Gauteng High Court (NGHC) has paved the way for Moneyweb’s application to inspect the shareholder registers of several companies related to the restructured Sharemax investment scheme. Judge Neil Tuchten dismissed the most contentious request from the Nova Property Group, Frontier Asset Management and Investments and Centro Property Group to force Moneyweb journalist Julius Cobbett to hand over all his correspondence with third parties during his extended Sharemax investigations.

Nova Property CEO on Absa, Grindrod funding issues

Nova Property CEO on Absa, Grindrod funding issues Dominique Haese says "funding is in no way related to the Sharemax or SARS issues." ANDRIES VAN ZYL:  You are listening to RSG Geldsake presented by Moneyweb. The Sharemax property syndication, which is facing a liquidation application by the South African Revenue Service, is once again in the news because, according to a communiqué, the Nova Property Group, which has taken over the interests of the Sharemax investors, has been unable to access critical funding from Absa and Grindrod banks. Tonight we are talking to the Nova Properties incoming chief executive, Dominique Haese. Good evening, Dominique. DOMINIQUE HAESE:  Good evening, Andries. We appreciate the opportunity.

LETTER FROM LONDON: A snub and a murder raise unfortunate headlines

LETTER FROM LONDON: A snub and a murder raise unfortunate headlines | Columnists | BDlive SA  made the headlines in the UK for all the wrong reasons again on Monday morning. The top news items, rightly so, were on the killing of Bafana Bafana and Orlando Pirates captain Senzo Meyiwa. His death is a loss too great to quantify for his family, loved ones, fans and the nation. But it is the manner of his death that reinforces the view that SA is a violent, gun-crazy nation, where life is cheap. From the Marikana massacre to the killing of Reeva Steenkamp by Oscar Pistorius, much of the news coverage here is about violence in SA. It’s tough to get a positive message out amid all of that. And there are many positives about our country — we’re not exclusively about crime and violence. This week, SA’s image was to be burnished by a series of planned events. Instead, diplomatic relations between SA and the UK have become rather awkward.

Competition Commission to revisit exclusivity in lease agreements

Competition Commission to revisit exclusivity in lease agreements THE Competition Commission is due to revisit the contentious issue of exclusivity in lease agreements between the owners of large shopping centres and anchor tenants after receiving a fresh complaint about the effect of such agreements on competition in the retail market. This comes after a similar investigation by the commission in 2009 against the major supermarket chains and wholesale retailers. However, at the beginning of this year the commission announced that it did not find sufficient evidence to refer the matter to the Competition Tribunal for further prosecution.

Judges rule for property owners against banks

Judges rule for property owners against banks After three years, the Moores finally own their house. Again! Six years ago, the Vereeniging couple fell prey to a reverse mortgage scam known as the Brusson scheme, named after the unregistered credit provider who managed to dupe about 900 people into handing over ownership of their properties in exchange for a loan. The Moores received notice that the sheriff of the court would attach their property in August 2011, but less than two weeks ago, they knew that their home was safe.

SA`s encroaching crisis

A thought provoking article by Max du Preez.  There are so many questions without suitable answers or the motivation to implement the changes that are required.  When dealing with massive & rapid urbanisation, I don't believe that we need to "reinvent the wheel".  We need to look at countries that have dealt with similar massive and rapid urbanisation ... I'm talking about China. See my Blog post at: Gareth Shepperson Commercial and Property Attorney SA`s encroaching crisis Is the real land ownership crisis in urban areas? Conventional wisdom has it that urbanisation is a positive phenomenon: it is supposed to be easier and cheaper to deliver services, education and jobs to concentrated populations. But certain realities have meant that over the last two decades urbanisation in South Africa has brought with it more bad than good and has contributed to the c

Cape Town's R1 billion rates write-off

Cape Town's R1 billion rates write-off The City of Cape Town has passed up on income of more than R1 billion for the 2013/14 financial year by granting exemptions, reductions and rebates on municipal rates. Mayoral committee member for finance Ian Neilson said this was income that could have been generated for the city. 'The purpose of these various forms of rebate are to ensure that rates are affordable to our residents, and that owning a home does not become prohibitive to those on low or fixed incomes.

FirstRand woos Swiss investors with property fund

FirstRand woos Swiss investors with property fund As it plans to raise as much as $500 million from Swiss private banks. FirstRand, Africa’s largest lender by market value, plans to raise as much as $500 million from Swiss private banks and other investors for a property fund focused on the continent. Ashburton Investments, the asset-management arm of Johannesburg-based FirstRand, will start raising money when its existing $250 million property fund is 75% invested early next year, said Chief Executive Officer Boshoff Grobler. Ashburton put up a fifth of the money for the first fund.

Tough times for commercial property

Tough times for commercial property Even shopping malls take some pain. The commercial property sector has been under pressure during 2014 and persistent macro economic difficulties suggest its fortunes may not improve anytime soon. Erwin Rode, p roperty valuer and economist at Rode & Associates, says rental trends indicate that the industrial subsector may have been the best performer over the last few months followed by the retail sector (shopping malls). Office space has lagged both other subsectors. Neil Gopal, chief executive officer of the South African Property Owners Association (Sapoa), says the industrial sector has continued to show good growth, but a prolonged slowdown in the manufacturing sector is expected to result in a drop-off in the demand for space in the sector.

What you need to know about land loans

What you need to know about land loans Although land and stand purchases generally only account for a small percentage of property transactions, they are increasing, probably in response to the growing shortage of built properties for sale in many popular areas and the concomitant rise in property prices. 'Many people view buying a stand as a good way to get a foothold in a sought-after area or estate, even if they can't afford to build a home on it just yet,' says Shaun Rademeyer of BetterBond, 'while others just see such purchases as good medium to long-term investments.'

Commercial property over the ages

Wow - what a fascinating article for anybody interested in the South African property industry.  I would love to hear more from the "old hands", who have been in the industry for such a long time. Gareth Shepperson Commercial and Property Attorney Commercial property over the ages Constant change. In the 1930’s, 40’s and 50’s the grandest buildings in South Africa were usually the vast cinema and theatre complexes that were found in the heart of every major city and town in the country. With names like the Alhambra, Colosseum, Savoy, Empire, Plaza and Embassy these gracious theatres, which accommodated 900 to 1700 people at a time, were the centre of a city’s social life. The Schlesinger Organisation, which was the largest property company in the country at the time, owned many of these theaters, though smaller proprietors also existed.

Unlocking the value in 'abandoned' sectional title units

Unlocking the value in 'abandoned' sectional title units What happens when the levy and bond arrears on a sectional title unit together total more than the property is worth? 'There is no provision in the Sectional Titles Act for the body corporate to write off levy arrears and facilitate the sale of the unit in such cases,' says Andrew Schaefer, MD of leading national property management company Trafalgar, 'but they are occurring more and more often, especially in inner city blocks of flats where there has been no strong body corporate or group of trustees to prevent levy arrears getting out of hand, and a solution needs to be found.'

Property sales upswing 'best since recession'

Property sales upswing 'best since recession' South Africa's property market is showing signs of steady growth, with the Western Cape scene looking particularly promising. The Investment Property Databank South Africa Biannual Indicator, released recently, showed that the South African property sector delivered an improved 7.4 percent total return for the first six months on this year. This is 90 basis points more than the December 2013 biannual total return of 6.5 percent. Commenting on the recent performance of the Western Cape's retail property sector, the chairman of Seeff Properties, Samuel Seeff, said there was a significantly better mood in the property market this year.

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!