JOHANNESBURG - Intersite Property Management Services, specialists in the management and development of state assets, auctioned a prime City-owned property in Hurlingham near Sandton in an online auction today.  The site the most valuable item to ever be auctioned on-line in South Africa and its sale has proven the effectiveness of the web site, specially tailored for sale of State land.         

The auction was conducted on behalf of the City of Joburg Property Company (JPC) with whom Intersite has a management contract. JPC have been preparing the site for sale and after the rezoning process, the site was auctioned by Intersite via its website, www.intersite.co.za .

The web site auction process is easy to use and registration is open to any interested parties.  Currently, 43 parties are registered as potential bidders on the auction site.  Bidding on the Hurlingham site opened on Tuesday and commenced at R10,3-million with automatic increments set at R 100 000.

“We are delighted at being party to the utilisation of State assets to the best benefit for all concerned. We have generated income for the City of Joburg in the most expedient, most transparent and effective means possible” said Neil Gopal, Senior Manager Marketing and New Business at Intersite.

The web site also assists with the BEE benefits allowed by JPC. The on-line auction mechanism automatically applies the increments allowed for Black owned companies throughout the process.

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Much of Intersite’s business to date has been done via this web page.  In fact, the Intersite on-line auction of 22 properties early last year was the fourth on-line sale of state land in South Africa, making the company a ground breaker in the sale of state assets via e-commerce.

“The on-line auction process is fair and equitable, and ensures that public assets are dealt with in a transparent manner and we are currently engaging other Provincial and Local government departments and other State entities to provide this service for them,” added Mr Gopal.

In addition to the Hurlingham site, another two of the largest items in terms of value that have been auctioned in South Africa over the internet have been via Intersite’s website. The first record was for a property in Hyde Park which fetched R3,4 million, the second record was for a property in Suideroord which had a market value of R2,5 million but fetched R4,3 million, while a property in Ruimsig recently went for R5,4million.

The Intersite website is updated on a regular basis, thus informing the market of the status of every property.

For more information on the Hurlingham sale, see media statement from JPC dated 8 August, slug “millions”, titled R23,9-M  GENERATED FOR CITY OF JOBURG IN ONLINE PROPERTY SALE.

Ends.

For more information:                Neil Gopal

                                                            Senior Manager

Marketing and  New Business

                                                            083 222 9608

Issued by:                                           Julie Wells

                                                            Ad-Uppe Public Relations

                                                            082 903 8119