Newmarket is being developed on some 77ha of land in the heart of Alberton.

JSE-listed property development company Pinnacle Point has announced that it would list on the Nigerian Stock Exchange on Wednesday March 18.

The huge demand for housing in South Africa in the low to moderate income level, combined with declining rates and relative political and economic stability, continues to drive investment in the affordable end of the market.

Despite softer residential rental demand appearing in 2008, the Trafalgar index rose by nearly 13% from January to December

CONSTRUCTION group Raubex yesterday reported a strong performance for the first half of the year, boosted largely by its recent trail of acquisitions.

Financial director Francois Diedrechsen said the results were in line with expectations and that the group’s pre listing growth strategy was beginning to pay off. Since listing on the JSE in March last year, the company has made several acquisitions, which have ramped up its order book to just under R5bn and positioned it well to take advantage of the billions of rands being spent on Gauteng’s road improvement programme.

Operating profit jumped 108,1% to R398m from R191,2m in the previous comparable period, while headline earnings per share grew 80,5% to 144,6c per share from 80,1c. Revenue increased 131,7% to R2,23bn from R963,5m.

However, group operating margin decreased 10,1% from 19,8% to 17,8% compared with the corresponding prior year period as a result of the acquisitions concluded towards the end of last year, as well as its 5% exposure to the poorly performing residential market.

“While the acquisitions have enhanced our earnings, they have also had dilutive effects on our margins. The fact that the residential property market has not been growing at all has also affected our margins,” Diedrechsen said.

The results included the first set of earnings from the acquisitions completed last year, and which gave Raubex the capacity and depth of skills to take full advantage of the accelerated demand.

“During the period, we also successfully bedded down a number of acquisitions, the financial effects of which are included in this set of results,” Diedrechsen said. “These acquisitions have proved to be value-enhancing and are performing well. Importantly, the depth and breadth of skills and capacity that they’ve brought to the group positioned us well to continue taking full advantage of the spend driven by the government and private sector.”

Raubex said it had especially benefited from the government-led investment programme in national road expansion and rehabilitation. The group has over the past year successfully made five strategic acquisitions, as it geared itself up to meet the increased demand created by the road upgrade programme.

Early this year, the group acquired Bonn Plant Hire and the business of Akasia Road Surfacing for R117m, which fitted in the group’s Roadmac division, specialising in road construction, road surfacing and asphalt manufacturing.

Aengus Property Holdings is turning the Joburg CBD into a sought-after residential address with the conversion of an entire city block at the hub of Gautrain commuter belt into quality loft apartments

What began as a single building residential conversion project to create important affordable housing in central Jo’burg has been skyrocketed into an unprecedented multi-building conversion of over a dozen neighbouring properties

MKB Design, an independent Johannesburg company that is affiliated to the MKB Group, recently completed an extensive refurbishment of the Le Grande Casino in Kinshasa in the Democratic Republic of Congo (DRC)

The success of the Lagos Palms - a pioneering retail venture, which in 2006, provided Nigerians with their first 21st century shopping and entertainment experience - has prompted plans for a further $220 million extension including a waterway transportation option

Despite having been on the market for years with no takers, Kempton City, a Kempton Park landmark, is set to receive a multi-million Rand redevelopment and get a new lease on life, thanks to some of South Africa’s foremost property experts