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CONSTRUCTION WORLD
MARCH
2017
18
PROPERTY
Dr Andrew Golding, chief executive of the Pam Golding Properties
group, says that the development of the Sandton city centre, and
the fact that ‘Africa’s Wall Street’ remains the place in the country
to do business, have assisted to provide strong support to the local
economy, as well as the residential property market in the area.
Impressive statistics
“Business people from all over the world visit Sandton, which
continues to be seen as a commercial, financial and business
gateway to South Africa. An estimated 10 000 businesses and head
offices are to be found in the centre and it is home to the busiest
Gautrain station,” adds Dr Golding.
“The impressive Discovery and Old Mutual buildings are under
construction, while the commissioning of the 11 storey, R2-billion
Sasol headquarters building, with its 5 Star Green Star rating,
commenced recently.
“The R1,3-billion Kgoro Gateway Development, consisting of six
buildings with commercial, retail and residential components, was
mooted during the middle of last year. The area is seeing a great
deal of development of such mixed-use precincts, Central Square
near the corner of West and Rivonia streets being a further example.
These initiatives speak to the considerable confidence that investors
of various kinds have in the area,” points out Dr Golding.
A matching residential market
“While there was an easing in the local Sandton residential property
market in 2015, particularly at the higher end of the market, the
region remains an important centre of business and commerce, and
residential property within the Sandton city centre itself, as well as
surrounding suburbs such as Morningside and Sandhurst, remains
at a premium.”
“The recent decision by the South African Reserve Bank to keep
interest rates at current levels is likely to be positive for the local
residential property market and, given economic stability at the
national level, we expect the Sandton property market to experience
a solid first quarter in 2017.”
Pam Golding Properties regional head of Gauteng Rupert
Finnemore concurs, stating that some owners of luxury apartments
and penthouses, valued at R10-million or more, are adopting a more
considered approach to the market, but there remains a strong
demand for well placed homes offering good value between
R1,7-million and R3-million.
“In addition to being the centre of business on the sub-continent,
Sandton offers a range of property options and an incomparable
Manhattan-style café street lifestyle. A studio apartment in
Morningside can be purchased for around R1,2-million, while a top
end luxury penthouse offering every modern convenience may fetch
R25-million or more.
“Some of the best and most exclusive shopping, entertainment
and hotels in the country are located in Sandton. The area is,
furthermore, situated at the very heart of Johannesburg’s north, and
residential property here is always likely to be popular among those
looking to be situated close to the wealthiest mile in the country in
order to take advantage of the myriad facilities on offer in this mega
business city.”
Within the centre itself
Within the Sandton city centre itself, the continued demand for
accommodation has created a situation where densification is
becoming increasingly evident, says Finnemore.
This has resulted in the development of large high-rise executive
apartment blocks such as Michelangelo and Sandhurst towers. In
some instances, more wealthy individuals own family properties in
upmarket Gauteng suburbs or on the Atlantic Seaboard and own a
second home within the Sandton city centre, which they use during
the week.
“Today it is hard to imagine that Sandton with its bustling streets,
towering office blocks, commercial enterprises, speedy trains
and high rise buildings was once a vast open land, and that the
municipality was only established in 1969,” adds Finnemore.
“We are seeing a growing demand for apartment properties
enabling a highly convenient ‘live, work and play’ lifestyle. Residents
want to be able to live free of concerns, and while easily taking
advantage of the café street lifestyle and commercial opportunities
offered within the greater Sandton area.”
“Luxury serviced apartments, offering a wealth of amenities
including concierge services, air-conditioning, outstanding
security, high quality fittings, fitted kitchens, basement parking,
meeting rooms, high speed internet, health spas and gyms, are
currently proving particularly popular. A Sandton address remains
a prestigious one and properties here are considered an excellent
investment. Indeed, the greater Sandton area remains home to some
of the wealthiest individuals in South Africa. Those professionals
who seek a fast-paced urban lifestyle with every amenity at hand
find it a highly desirable location,” concludes Finnemore.
SANDTON RESIDENTIAL
property market remains resilient
If Sandton, the financial centre of South Africa, has
been impacted by the national economic slowdown,
the city appears, at least physically, to show little
sign of this. In fact quite the opposite; a number of
modern office blocks, hotels and mixed use spaces
continue to be developed across the Sandton
centre, and infrastructure upgrades are ongoing.
123 RF editorial image. Copyright : Mark Atkins
“Some of the best and most exclusive shopping,
entertainment and hotels in the country are
located in Sandton.”