15
CONSTRUCTION WORLD
MAY
2016
This was one of the strong
messages to emerge from the
recent Royal Institution of Char-
tered Surveyors’ (RICS) 2016 Africa
Summit in Sandton Central, Johannesburg.
Opportunities and challenges in the real
estate sector and broader built environ-
ment in sub-Saharan Africa was the key
theme of the summit, which brought
together leading speakers and professionals
in the built environment.
RICS chief executive Sean Tompkins said
the growth and development of the built envi-
ronment sector in Africa was crucial to the
sustainable growth of continent, especially
with Africa’s rapid unrbanisation.
“The built environment sector needs to
be taken more seriously and we need to get
the message across. Africa is one of the fastest
urbanising regions in the world and will have
to house a billion people, so getting its built
and urban environments right is critical.”
Tompkins added: “Africa is not alone.
Most governments around the world don’t
recognise the importance of the built
environment sector and the profession.
They understand medical, accounting and
law professions better, but need to get the
message about the role and importance of
built environment professionals. They need
to understand the importance of increasing
skills in the sector and having more built and
urban environment professionals.”
RICS – a global professional body that
promotes and enforces the highest qualifica-
tions and standards in the areas of land, real
estate, construction and infrastructure – has
a key role to play in promoting the broader
built environment sector and is increasing its
presence in Africa.
Tompkins said RICS was taking a collabo-
rative approach in working with other profes-
sional bodies, governments and institutions
in Africa to promote standards, skills and the
built environment sector on the whole.
“There is a role for professional bodies
such as RICS to set the competencies to
ensure that we’re creating the workforce
for the future. It is important to create an
environment where government, regulators
and professional bodies hold one another to
account,” he said.
During one of the interactive discussions
at the RICS Summit, the lack of sufficient data
in the real estate sector and broader build
environment in Sub Saharan Africa, outside
South Africa, was highlighted as one of the
main challenges for property developers
and investors.
Another issue that emerged was that
developers investing in Africa often found it
hard to access information regarding land
ownership. Land rights and tenure were
major challenges and there was no one-size-
fits-all solution.
With such challenges, RICS is an organi-
sation with the expertise to assist not only in
terms of promoting standards and transpar-
ency, but skills and capacity building in the
built environment.
Wafula Nabutola, RICS’s director for
sub-Saharan Africa, said RICS has had a
presence in Africa for over ten years, with its
first office in South Africa. It has since opened
regional offices in Kenya for East Africa and
Ghana for West Africa.
“Despite its challenges, Africa is still a
continent of opportunity. But, Africa needs
real capacity building across the built
environment. RICS can play a role in this as
a globally recognised organisation in the
built environment, with more than 120 000
Africa’s
BUILT ENVIRONMENT
needs unlocking
Wafula Nabutola, RICS’s director for sub-
Saharan Africa.
BELOW:
RICS chief executive,
Sean Tompkins.
>
In 2001 the land was awarded to the Tramway Road Trust by the
City of Cape Town as part of a restitution claim, on condition that
it be redeveloped to benefit the beneficiaries.
Now the land is being developed into Bantry Hills, a R750-million ultra-
luxury development which will be unlike any other property in Cape Town.
Comments Mike Flax, the former CEO of JSE-listed Spearhead who
is managing the development, “We have been planning this 14 000 m
2
development for some time, and are excited that it is finally underway. It
will certainly be one of the most iconic residential developments in the
Atlantic Seaboard.’’
Situated between Ilford Street and Tramway Road on the Bantry Bay/
Fresnaye border, Bantry Hills has already attracted extensive interest with
over half of the 60 uniquely designed apartments being sold to international
buyers, with an average value of R12-million. “The recent announcement
by finance minister Pravin Gordhan that transfer duty rates have sharply
increased for properties over R10-million, has created much demand for
such developments, as buyers need not pay the heavy transfer fees. We have
already sold over half of the apartments to buyers from New York, Mumbai,
London and Copenhagen. There has also been a lot of interest from South
African families who are relocating to the Western Cape.’’
Bantry Hills joins two other ultra-luxury development sites that are
currently being constructed in the Atlantic’s Seaboard. In Mouille Point,
Investec managing director Bernard Kantor has not yet launched his
10-storey building, but indications are that R60-millon will be asked for
apartments that span each floor, and the site of Bantry Bay’s Ambassador
Hotel will see the redevelopment of the Aurum Presidential Suites, with sea
facing units fetching prices of R120 000 per square metre.
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members around the world. We are increasing
our presence in Africa and want to build
relationships and collaborative partnerships
with governments and national bodies to help
unleash the property and broader built envi-
ronment sector in Africa,” said Nabutola.
I