Wayne McCurrie is our regular Monday evening market commentator, but tonight we have him in a different role.

THE year past was a tough one for the South African property sector but, with the recent strengthening of the rand and the likely four percentage point drop in interest rates before the end of 2003, the bull run in Cape property, halted in November 2001 when the rand began its downward spiral, is now again gaining momentum.

Pretoria - Listed property still represented good value for property investors wanting a relatively secure income stream despite a poor prognosis for rental income growth in the medium term, said Rode & Associates, the property economists, in its latest review of the property market.

PURSUING its growth plan which is designed to add some 20% annually to its asset base and turnover, Spearhead Property Holdings, the JSE-listed property loan stock company, has formed a joint venture with the Lukhanyo group, one of the fastest growing black empowerment companies in South Africa.

Amid choppy seas, the sector offers relative security, writes John Sukazi

PROPERTY'S underlying value as a defensive investment opportunity will continue to attract investor focus despite a volatile environment characterised by high interest rates, says Andre Stadler, managing director of Catalyst Securities.

Paramount Property Fund (Paraprop) has announced the acquisition of 13 commercial properties to the value of R161 million.

South Africas big three property unit trusts (PUTs), Grayprop, Martprop and Sycom, are preparing to launch a joint take over bid for listed property loan stock (PLS) fund Primegro. It could be the first of a number of such deals in the property sector this year.

Shops for Africa, the focused retail property company that listed in the JSE property loan stock sector in July 2001, is aiming to more than treble the value of its portfolio to R1-billion.

But listed sector is starting to offer good buying opportunities for investors