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The industry which was having the highest salary scale increase compared to other sectors is now moving to the grounds. PwC (PricewaterhouseCoopers) said on Tuesday that “The construction industry is performing weak since the recession brought by the 2010 Soccer World Cup.” PwC said this based on its research on the financial status of the top 10 construction companies listed on JSE.Andries Rossouw, the PwC partner said in one statement that “The 2010 Fifa World Cup also brought a significant financial drop for the...

The South African housing prices are performing at rather poor levels. But a slight rise was seen in five successive months till the month of November in which the prices were still better compared to the previous months - from FNB.The average house price according to the FNBs transaction was  R907 182 and the FNB house price index was on margin of 7.2% in November and 7.1%  in October. According to John Loos, the household and sector strategist “Though the difference level was seen decreasing and the November pricing were at...

SA’s biggest property firm Growthpoint Properties, is about to take over Tiber Group’s entire real estate portfolio for R6.6 billion in order to expand its commercial property presence. It will be the largest single acquisition for Growthpoint ever. Growthpoint, South Africa’s largest REIT and also in top 40 JSE ALSI listed company, while the Tiber Group is one of the most successful privately owned property development and construction group.This will give Growthpoint P- and A- grade office space of more than 308 100...

Asset managers soon to be on heights as they are ready to be benefitted from the growing residential property demand from various institutional investors, by launching funds investing completely or partially in the asset class. The residential property sector including the student housing is in great demand. The situation is such that the investors who were not at all interested for this property before, including the equity groups are now looking for it. Jay Padayatchi, director at Meago Asset Manager said that, listed residential property...

The hospitality sector is booming out and breaking records inspite of declination which was experienced between 2009-2011. The national average RevPAR i.e. revenue per available room were recorded with annual increase of 10.5% in 2012. And the same trend continued in 2013, and at the end of August 2013 it resulted in an impressive 13.4% increase compared to the same period last year.  Looking at the last year sales of the Westcliff Hotel, it has always remained as a motivator for many transactions that we are closing currently. But its...

Sun International has received the grant of operating a casino in Panama. Right now as such, it has already acquired some property which includes apartments and the Penthouse level on the Trump Ocean Club International Hotel and Tower amounting US$45.5 million.  The furnishing of the “Ocean Club Casino” will start next month and is expected to cost around US$60 million. The grand opening is scheduled in September 2014. The casino will consist of 600 slots and total 32 tables which are allocated between the circa 5,800 sqm...

The offshore property counter across the JSE has now reached to the count of eight and hence the SA property investors can now deal with the offshore property.Before five years, the former Liberty International was the only option available for the investors who were interested in buying offshore property.  Many South African property investors have brought overseas real estate portfolios to the JSE, among which the latest is Investec’s Australia-focused property fund listed in last month. This brought the count of offshore...

The Chinese Shanghai Zendai Property acquired a plot of 1,600 hectares from South African company AECI explosives and chemical group in Modderfontein, a city lying in the outskirts of Johannesburg by investing R1 billion.Acquiring this piece of land the Chinese organisation is planning to build up a “financial hub” including commercial, residential, light industrial and retail components.  Their main aim is to convert this Modderfontein property into a “New York of Africa” by investing R80 billion in the coming...

SunEdison, the Global Solar Technology company, through its SA associates partner has secured R1.8 billion fund for the development of a 60 MW PV plant in South Africa. The Boshof Solar Park will be situated near Kimberley in South Africa’s Free State Province and is 75% funded by the Overseas  Private Investment Corporation (OPIC), who supported SunEdison for this project on the basis of two more utility scale developments which the company have initiated in SA. Boshof will become the first PV project among South Africa’s...