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Nedcor-BoE entity set for growth in Western Cape.

Posted On Wednesday, 16 July 2003 02:00 Published by
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Cape Town - The integration of Cape of Good Hope Bank, BoE, Nedcor Investment Bank and Nedbank Property Finance's property lending activities had progressed well and the new entity already dominated the Western Cape property finance market.

By Edward West

Cape Town - The integration of Cape of Good Hope Bank, BoE, Nedcor Investment Bank and Nedbank Property Finance's property lending activities had progressed well and the new entity already dominated the Western Cape property finance market, Peter Smith, the regional executive for Nedbank Property and Asset Finance in the Cape, said yesterday.

He believed about 80 percent of new development opportunities in the Cape were now crossing the company's desks for consideration. Fear that the restructuring would result in a loss of business had proved unfounded.

"We are set for considerable further growth in the Cape," Smith said.

Since the merger between Nedcor and BoE, Nedbank Property Finance's new business volumes were up 30 percent on last year. The demand for housing had remained strong and there had been an encouraging upswing in the industrial market throughout the Cape.

The residential development market in the Cape was at a higher level than ever before and Nedbank Property Finance was involved with many of the major developments including those in Parklands, Constantia, the Atlantic seaboard and at Big Bay, Tyger Falls, Royal Ascot and Century City.

These would bring over 6 000 new units to the market. Inner-city development was gaining momentum and there were signs of a large volume investment, which involved the rehabilitation of the central business district.

Similarly, Belynda Simon, the head of the commercial property sales operation in the Eastern Cape, said the residential property market in that region was "just unbelievable at the moment".

Nedcor shares traded R1.50 up at R101 yesterday.


Publisher: Business Report
Source: Business Report
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