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Valuers' Newsletter Issue 11
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#11 issue: Friday 01 September 2017  


Herewith your next Valuers’ Newsletter issued by the SAIV.




World’s First Ropeless Elevator Can Move Up, Down, and Sideways

While elevators have enabled the rise of city skylines, since the day one, these elevators have worked on a roped hydraulic mechanism for lifting and lowering the elevator car that only moved vertically.

The race to build taller skyscrapers has sparked a battle amongst elevator manufacturers to build the next generation of elevators with greater maneuverability – elevators that travel up and down at speed but side-to-side as well.

Rope-free elevators are now a reality!

After almost 160 years since the invention of the conventional elevator, German elevator manufacturer ThyssenKrupp has unveiled a completely unique idea of a ropeless elevator system that moves both horizontally and vertically.










10 of the most expensive houses in South Africa

These super luxury houses with enormous price tags will induce some serious house envy.

A recent study by property group Seeff, based on data from Lightstone and Propstats for the period 2011/2 to 2016/7, revealed that Cape Town is home to nine of the ten richest suburbs in South Africa. Only one suburb in Gauteng, Sandhurst, cracked the top 10 on the list.
Long popular with wealthy locals, semigrants from other provinces and forex laden foreigners, Cape Town has been a rare success story in an ailing property market.

A quick look through the pages of Private Property confirms that Cape Town does indeed dominate the list of expensive property. However, there are noteworthy properties in other areas across the country too. From modern masterpieces to classic cribs, South Africa has an array of upmarket property to satisfy even the fussiest billionaire.

Check out ten of the most expensive properties in South Africa, currently listed on Private Property.












Developer fined R1.6m for non-compliance

The National Home Builders Registration Council's (NHBRC) Disciplinary Committee has imposed a fine of R1.6m on a developer after failing to enrol residential units which were under construction at Elarduspark in Gauteng.
According to NHBRC, PJJ Van Vuuren Beleggings started the construction of 160 residential units at Erf 1943 Elarduspark, without enrolling the homes with the NHBRC.

This is in contravention of the Housing Consumers Protection Measures Act 95 of 1998, which requires all new homes to be enrolled with the NHBRC 15 days prior to construction.

Home enrolment insures consumers against poor building practises and permits the NHBRC to conduct building inspections at key stages of construction.

NHBRC acting CEO Thitinti Moshoeu said this kind of non-compliance from builders is worrying as it seems to be a growing trend, where some home builders proceed with construction and do a late enrolment at a later stage.










N2 project to make travelling easier

The N2 Wild Coast project will improve mobility and connectivity between provinces and towns, says Transport Minister Joe Maswanganyi.
In an update on the project following his meeting with Eastern Cape Premier Phumulo Masualle, MEC for Roads and Public Works Thandiswa Marawu and MEC for Transport Weziwe Tikana, Minister Maswanganyi said the N2 is a strategic route. The N2 traverses four provinces, namely, Western Cape, Eastern Cape, KwaZulu-Natal and Mpumalanga.

"As government, we are aware that an investment in this road can have major socioeconomic benefits for these provinces," said the Minister in a joint statement with Premier Masualle following their meeting at the Eastern Cape State House.

In the Eastern Cape, the N2 Wild Coast stretches from East London to the Eastern Cape border with KwaZulu-Natal. Of the total length, some 112km would be on a new "greenfields" alignment between the Ndwalane (near Port St Johns) and the Mtamvuna River (near Port Edward). The road will include two mega-bridge structures on the Msikaba and Mtentu Rivers, seven additional major river bridges and five interchange bridges.











Sharp rise in prices forecast for SA construction sector in 2017

The South African construction sector will see a tender price growth of 7.4%, including 5.3% inflation, and an 8.8% increase in 2018, including 5.1% inflation. This is according to cost consultancy business MMQSMace and Stellenbosch University's Bureau for Economic Research (BER).
Analysis shows that the construction sector in South Africa is suffering amid the country’s wider economic turmoil.

The data has shown a sharp rise in construction prices of 9.5% in the first quarter of 2017 – good news for construction companies but likely to be balanced out with a restrained performance across the rest of the year. The strong increase in early 2017 has been driven by high national inflation pressure and a marked increase in input costs.

Optimism in the sector is low, with industry respondents reporting negative confidence levels not seen since the 2008/9 economic downturn. 










World’s First Shape-Shifting Skyscraper Allows Residents to Rotate Their Apartments 360 Degrees

Dubai is full of jaw-dropping engineering marvels: the world’s largest man-made island, the world’s largest shopping mall, the world’s tallest building–all are in Dubai. Now, Dubai is in line for the world’s first rotating, shape-shifting skyscraper.

This 420-meter (1,378-ft.) skyscraper will be an 80-story-high series of rotating condos and is set to become a reality by 2020. It’s the brainchild of Italian architect David Fisher of Dynamic Architecture. Fisher says, “This building will have endless different shapes.”

The skyscraper’s apartments will be able to spin a full 360 degrees, in either direction, around a central column. So, the view from the apartment will change constantly for residents inside.

It will take between one and three hours for an apartment to make a complete rotation.

Residents will be able to control the movement and positioning of their apartment using voice-activated technology. They can instruct it to start and stop and can even control the rotation speed.















Why title deeds aren't the solution to South Africa's land tenure problem

The conventional view is that insecurity of land tenure results from the lack of a registered title deed which records the property rights of occupants of land or housing. Across Africa, many governments and international development agencies are promoting large-scale land titling as the solution.

In the South African context, some commentators suggest that a key legacy of the apartheid past is the continued tenure insecurity of the third of the population who live in “communal areas”, under unelected chiefs or of traditional councils. The remedy, they suggest, is simple: extend the system of title deeds to all South Africans.

We have just published a book which disputes this view. Untitled. Securing land tenure in urban and rural South Africa contains case studies of a wide range of land tenure systems found in different parts of the country. These include informal settlements, inner city buildings in Johannesburg, “deep rural” communal systems, land reform projects, and examples of systems of freehold rights held by black South Africans since the 19th century. 










New landmark Walmer commercial development under construction

The commercial growth of Walmer's Main Road in Nelson Mandela Bay is gathering pace, with the building of a R20m office and retail development set to modernise the rapidly expanding business node.

Uniquely named after its erf number, The 1054 is a 2800m2 stand-alone development - between 12th and 13th Avenue - which will boast 1700m2 of stylish office and retail space when construction is completed in February.

In Main Road, where commercial activities have expanded largely in renovated and converted existing properties, The 1054 represents the latest commercial push towards the Walmer Park Shopping Centre and its bordering William Moffett Expressway business node.

The centre is already under construction by DSL Investments in partnership with Jeremy Delport Construction to effect the project. 











R338m redevelopment for Maluti Crescent Shopping Centre

The Maluti Crescent Shopping Centre in the Free State is undergoing a major redevelopment. The R338m project will add 12,357m2 to the centre, increasing it to a total 34,360m2, and transforming it from a strip mall to an enclosed shopping centre. The project will also add a new undercover taxi rank of 100 bays and more parking. It is scheduled for completion in October 2018.

Vukile Property Fund acquired Maluti Crescent in its acquisition of the retail portfolio of the former Synergy Income Fund two years ago. Commenting on the extensive redevelopment, executive asset manager at Vukile, Itumeleng Mothibeli says: “For Vukile, this redevelopment has a projected net yield of 8.5% for its first year after completion. Vukile’s investment will also extend the lifecycle of this shopping centre asset and position it to better meet the modern retail needs of the 80,000-plus households of Phuthaditjhaba, as well as its surrounds." 










hen does an offer to purchase lapse?

Buyers who have found the right home will be eager to know whether their offer will be accepted by the seller or whether they need to keep looking. Being in a state of limbo can be frustrating, which brings about the question - once an offer has been made, how long does it remain a valid offer before it lapses?

Before it has been accepted, there are four scenarios in which an offer would lapse.

1. Lapse in time
2. The offer is revoked
3. The seller rejects the offer
4. Death of either party









Occupier's consent to eviction not the end of the enquiry

Occupiers of Erven 87 and 88 Berea v De Wet N.O. and Another (CCT108/16) [2017] ZACC 18 (8 June 2017)

The Constitutional Court held in this matter that even where there was a purported consent by an illegal occupier to eviction, this did not absolve the Court from its duty to consider all the relevant circumstances and satisfying itself that it is just and equitable to grant the eviction order. It was required of a Court, as a first step, to be satisfied that the parties freely, voluntarily and in full knowledge of their rights agreed to the eviction. In addition, courts had to be alive to the risk of homelessness and the issue of joining the local authority to discharge any duties to provide alternative housing it may have.

The Judgment can be viewed here. 










Best Regards

Melanie Vallun
General Secretary 
South African Institute of Valuers
(086) 100 SAIV


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