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Valuers' Newsletter Issue 07
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#07 issue: Monday 01 May 2017
 






 

Herewith your next Valuers newsletter issued by the SAIV.




The Curious Case of Penalties Against Subcontractors

What does a construction contractor’s nightmare consist of? Penalties for late completion of course!
Yes, the dreaded penalty clause.
These past weeks, our office dealt extensively with a number of Adjudications where Subcontractors disagreed with penalties being levied against them by a Main Contractor.
In all the cases, the JBCC N/S Subcontract Agreement (N/S Agreement) was signed between the parties.
It seems that Main Contractors are unaware of the distinction between penalties and damages for the purpose of their contract with a Subcontractor.
Within the “contract data” section of the N/S Agreement, space is provided for penalties and Main Contractors often populate these with a false perception that the penalties represent amounts to be paid to the Main Contractor, by the Subcontractor in the event of late completion.

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Payment of future rates for clearance certificates not allowed in terms of the Systems Act

Nelson Mandela Bay Municipality v Amber Mountain Investments 3 (Pty) Ltd (576/2016) [2017] ZASCA 36 (29 March 2017) 

The question addressed in this judgment was whether, for purposes of issuing a rates clearance certificate, the seller of immovable property can be held liable to pay the full annual rate on the property or only the rates calculated until the property is transferred. 

 

The Judgement can be viewed here.
To continue reading the summary click here.

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Where to invest in Africa - SA the fourth-most attractive investment destination

South Africa is the fourth-most attractive investment destination in Africa‚ according to the latest Africa Investment Index.

According to the index‚ by Quantum Global’s independent research arm‚ Quantum Global Research Lab‚ Botswana is the continent’s most attractive economy for investment. Morocco was ranked second‚ followed by Egypt. Zambia was ranked fifth‚ after South Africa.
Botswana‚ it says‚ scores highly based on a range of factors that include improved credit rating‚ current account ratio‚ import cover and ease of doing business. South Africa‚ scored well on the growth factor of GDP‚ ease of doing business in the country and significant population.

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World’s Largest Swimming Pool Cost $1.5 Billion

The largest swimming pool in the world is an infinity pool overlooking the Pacific Ocean in San Alfonso del Mar in Chile. The saltwater pool is 30,000 feet long (1,000 yards), covers more than 20 acres, has a 115-foot deep end, holds 66 million gallons of water, and cost $1.5 billion to build and $4 million a year to maintain. And the San Alfonso del Mar pool took more than five years to build.

World’s Deepest Swimming Pool
Coming in second is the deepest pool in the world, the Y-40 Deep Joy, 131 feet (40m) deep, located at the hotel Millepini Terme in Montegrotto Terme, Italy. Y-40 cost $1 billion to build and holds over 1 million gallons of water pumped in from local springs.

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Signatura launches Cosmopolitan lifestyle on Bantry Bay/Sea Point cusp

Some of the most exclusive real estate in the country – Cape Town’s Atlantic Seaboard – will shortly have a new addition to the portfolio with the launch of The Cosmopolitan residential development.

One of the long-established Signatura Group’s most prestigious projects, The Cosmopolitan, will be located just over 200 metres from Queen’s Beach. Opposite King’s Road at the terminus of Regent Road, it will rise on the cusp between Bantry Bay and Sea Point.
Including three magnificent penthouses, 35 apartments will be located on the top six floors of the nine-storey building. Units will range from 42m² bachelor units to the largest 187m² penthouse, with prices starting at R2,5 million.

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Positive shift in the residential property market

While the residential property market in general has been experiencing a reduction in activity over the past two years, there are definite signs of a positive shift in the marketplace.

With heightened activity notable in the residential developments market in key nodes around the country and a strong drive towards value for money fuelling the lower to middle price bands.

This is according to Dr Andrew Golding, CE of the Pam Golding Property group, which has just reported sales of R20 billion across the 300 offices of the group for the financial year ended February 2017.

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Investing in student accommodation: pros and cons
The recent protests at universities and colleges across SA have caused many to question the wisdom of investing in student accommodation - but it still remains a highly attractive option provided you buy the right kind of property in the right location, says Bill Rawson, chairman of the Rawson Property Group.
“The disruption of studies and exams is obviously a worry for investors as well as students and parents, in recent times some students prefer staying at home and studying online or by correspondence, and some - those who can afford it - opt to attend private institutions here or overseas where they will be unaffected by protect actions.
“The fact remains, however, that the vast majority of SA students attend our public universities and colleges – and these institutions are trying their best to close the huge gap between the demand for accommodation on their campuses and the available spaces in the official residences.”

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more Calendar

2017-10-24
KZN Branch Workshop 24 October 2017

2017-10-27
Southern Branch 2017 One-day Seminar 27 October

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