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It is official. Century City Square, the new all-green commercial and hospitality hub of Century City, is South Africa’s top mixed use development.
While the look ahead will be challenging for the South African property industry as a whole, there are still pockets of opportunity for investors, landlords and tenants, says Tim Cable, director, who now heads up the real estate sector in South Africa for global professional services consultancy, Turner & Townsend.
Leading shopping centre investor Pareto today announced it has entered into new unsecured loans with Absa, achieving its ambitious goal of ensuring unsecured finance across its entire portfolio.
Sectional Title homes currently account for just 12% of SA’s total residential stock, according to the latest available figures from Absa, but there seems little doubt that this percentage will grow substantially in the next few years as more and more local homebuyers follow international trends and opt for apartments and townhouses instead of traditional freehold homes.
The property market in East London has just about everything a first-time buyer could wish for – affordability, lifestyle amenities in abundance and many new developments to choose from.
The new multi-million rand landmark Cosmo Mall Pedestrian Bridge, developed by the owners and developers of the mall, Bentel Group, is set to open to the public later this month (December) just ahead of peak festive season trading.
The value of outstanding credit balances in the South African household sector increased by 4,5% year-on-year (y/y) to R1 463,8 billion at the end of October 2015.
Absa Bank is set to consolidate its 14 offices in the Western Cape to one centrally located regional office at Century City.
The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) raised the key monetary policy interest rate – the repurchase, or repo rate – by a further 25 basis points from 6% to 6,25% per annum. Due to this hike in the repo rate, Absa announced that its prime lending and variable mortgage interest rates will rise from 9,5% to 9,75% per annum, effective from 20 November 2015.
South African Real Estate Investment Trusts (SA REITs) are increasing their representation in the JSE/Actuaries All Share Top 40 Companies (ALSI 40) Index, growing their representation among South Africa’s largest listed companies.