The dynamic nature of the Cape Town property market, particularly in the commercial sector, has helped Standard Bank Properties to boost its property finance portfolio by R100 million a month, for the first six months of 2003, solidifying its position as a major property finance house.

The central business district has benefited with Standard Bank's R60 million financing of The Terraces office building and parking garage, now under construction in Bree Street.

The parking garage will provide a further 700 parking bays upon completion to accommodate the demand in the CBD and the tenants and users of The Terraces.

"The catalyst for the success of our financing is our innovative and service-orientated packages," says Ian Mason, director of Standard Bank Properties.  

"We have more than doubled our lending activities during 2003, which excludes the recent R928m financing for the purchase of Canal Walk Shopping Centre by Hyprop and Ellerine Brothers."

Other significant property deals include The Rosmead Centre, the financing of Point Business Park on Koeberg Road, Montague Gardens, and a state-of-the-art 21-unit apartment development known as Aquarius in Mouille Point.

"While we continue to take a dynamic approach to property finance applications we ensure that the property fundamentals are in place.

"We also believe that the decline in the interest rate will see this upward trend continue in the Cape for a while," said Mason. - Cape Argus