11 Jun 2013

Property & Real Estate

Fraudsters named and shamed, but...

It's all very well for Justice and Constitutional Development Minister Jeff Radebe to tell us that the naming and shaming of a list of convicts shows government's commitment in fighting fraud and corruption. However, there are many of us out there who would like to see a few people higher up, so to speak, not only go to court and answer charges, but also be named and shamed if found guilty.

We have a massive unemployment problem in this country, right? But the ANC is hell-bent on banning labour brokers. Now Busa has warned that if the government goes ahead and bans brokers, unemployment will rise. It's a faint hope, however, that those bent on banning brokers, will listen.

Is your company culture putting you at greater risk of fraud? asks Kevin Phillips. Read this article, take note, and then see where your company might be lacking in prevention measures; it could be the most useful read you have had in some time.

He's big, wild and lovable himself, so he should know... Henrie Geyser, our motoring editor, says that the new Chrysler SRT8 is a big, wild, lovable animal.

And finally...

Hey Bro...Do you want to go like a pro... you know... win an awesome GoPro camera and accessories worth over R6,000. It's so simple... just create or update your MyBiz Profile on Bizcommunity and stand a chance to WIN.

Rod Baker, Content Director

Submit your company news to propertynews@bizcommunity.com. Exclusive contributions may be sent to contributors-property@bizcommunity.com.

Weekly top stories

ooba's CEO steps down after 15 years
ooba's CEO, Saul Geffen, has announced he will step down as CEO at the company's AGM at the end of June, rounding off his 15 years at the helm of ooba. He will be succeeded by Rhys Dyer, currently chief operating officer of the business. At the board's request, Geffen will remain as a non-executive director in a strategic role assisting in identifying opportunities for the group. Read more >>
Rand, bonds spark property volatility
[Nick Hedley]
FNB House Price Index for May releasd

Property & Real Estate
Battered Rule 31, the most significant of the prescribed management rules?
[Anton Kelly] A common mistake made by owners and less knowledgeable trustees in sectional title schemes is to assume that common expenses, particularly those perceived to benefit owners equally, such as security arrangements, should be paid equally. Read more >>

Conversion of a share block scheme into sectional title exemption from transfer duty
[Hugh Jackson] With effect from 1 January 2013, transfer duty is no longer payable in respect of a transaction contemplated in Item 8 of Schedule 1 to the Share Blocks Control Act, No 59 of 1980, whereby a right to, or interest in, the use of immovable property conferred by virtue of the ownership of a share in a share block company is converted to ownership of the immovable property concerned. Read more >>

BA, Sotheby's sign reward points deal
In a new agreement, SA homeowners who sell their properties through Sotheby's International Realty can now earn Avios - the travel rewards points that are the currency of the worldwide British Airways Executive Club. Read more >>


Commercial
Africa growth high on Billion's agenda
[Nick Hedley] The Billion Group, a property developer that is also the asset manager of JSE-listed Rebosis Property Fund, has several significant developments underway in SA, and is simultaneously targeting retail developments on the rest of the continent, which may eventually be listed separately. Read more >>

Hotels moving in on Africa's potential
[Zeenat Moorad] With limited opportunities for expansion in SA, a slew of hospitality companies are eyeing the rest of the continent, for future growth as there is an under-supply of quality hotels and upbeat economic prospects. Read more >>

Vunani's returns likely to be 16% to 19%
[Nick Hedley] Property loan stock company Vunani Property Investment Fund has benefited from "tight" management, a stable portfolio, and yield-enhancing acquisitions, according to its chief executive Rob Kane. Read more >>

Murray & Roberts appointed for Bay West Mall
Co-developers of the super regional Bay West Mall, Abacus Asset Management and Billion Group, have appointed construction industry giants Murray & Roberts (M&R) as the primary contractor on the R2 billion project, set for opening in early 2015. Read more >>

Rand, bonds spark property volatility
[Nick Hedley] The uncharacteristically volatile listed property market over the past two weeks can be largely explained by movements in bond yields and the value of the rand. Given the market's close correlation to bonds‚ analysts say it may remain volatile for the moment. Read more >>

Listed property index drops by 16%
[Nick Hedley] After a strong run in the first five months this year, listed property prices have seen a rapid correction in the past two weeks, although analysts say this provides opportunities for both investors and companies themselves. Read more >>


Property Management
ooba's CEO steps down after 15 years
ooba's CEO, Saul Geffen, has announced he will step down as CEO at the company's AGM at the end of June, rounding off his 15 years at the helm of ooba. He will be succeeded by Rhys Dyer, currently chief operating officer of the business. At the board's request, Geffen will remain as a non-executive director in a strategic role assisting in identifying opportunities for the group. Read more >>

New sectional title regulations could cause friction - Constas
Specialist sectional title attorney Marina Constas, a director of BBM Attorneys and co-author of the book, "Demistifying Sectional Title", says recent amendments to the sectional title regulations could cause ructions in sectional title complexes. Read more >>

Body corporate reserve funds are good practice - Bester
Each year, trustees need to strike a balance between obtaining sufficient body corporate levies to cover expenses, future repairs and maintenance, and ensuring that such levies and any increases are not excessive or prohibitive. Read more >>


Rental
Adding rental with SAPOA floor space measurements
Excellerate Facilities Management (EFM) has seen a marked increase in interest among commercial property landlords to amend floor area measurements according to the SAPOA method, introduced two years ago. It has also seen increases in rental from 2.5-7%. Read more >>


Residential
FNB House Price Index for May releasd
The renewed acceleration in house price growth, which resumed early in 2013 after a lull late in 2012, continued in the May version of the FNB House Price Index. The average house price for May showed year-on-year growth of 5.8%, up from April's revised 5.4%. The average value of homes transacted in the FNB House Price Index was R885,773. Read more >>

Poor maintenance of roads a threat to Joburg home values
[Ronald Ennik] Ongoing poor maintenance of Joburg's decaying suburban road infrastructure poses a real threat to the city's residential property values - particularly in prime areas. Read more >>

Durban residential property market experiences positive upswing - Reynolds
In spite of a strict lending climate, certain sectors of the residential property market have shown positive activity during the past year to date. This is according to Carol Reynolds, area principal for Pam Golding Properties in the Durban North, La Lucia and Durban areas, having recently acquired the Pam Golding Properties franchise rights in Durban. Read more >>


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