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15 August 2014
FROM THE EDITOR

Johannesburg has for years been struggling to provide accurate billing to residents, prompting several interventions, including at provincial and national level. During his state of the nation address in June, President Jacob Zuma announced plans to support the city with revenue collection. Read an article titled Johannesburg lost R200m through power billing fraudulent activities for a full story.

According to Garth Watson, a partner in the Cape legal firm Gunstons Attorneys, it is a longstanding imperative of company administration that when property is the sole asset of a company or a greater part of its assets and the directors acting for the Company, wish to sell it, the shareholders must pass a special resolution indicating that 75% (this is the default percentage) of the shareholders in the company agree to the sale. For more on this story, read Special Resolution required to sell property.

“It is challenging to achieve a goal without having a clear idea of what it is you want and where you would like see yourself in the future,” these are the words of Adrian Goslett, CEO of RE/MAX of Southern Africa as he offers potential homebuyers a few tips to keep in mind when looking to purchase a property in the current competitive market environment. For more tips, read an article titled Things to keep in mind when looking to buy property.

There is one aspect of section title management where “shortcuts” should not be taken and particular attention to detail should be spent, and that is the levy budget. Find out why Michael Bauer, general manager of the property management company IHFM insists on the importance of the Levy budget.

Enjoy!
The editor


Property of the Week

Fernkloof, Hermanus, Western Cape
ELEGANT THATCH CHARMER IN A CLASS OF ITS OWN!

News
Johannesburg lost R200m through power billing fraudulent activities

A year-long investigation into corruption and fraud cases costing R200 million in electricity revenue at the City of Johannesburg has resulted in 22 arrests, the executive Mayor of Johannesburg, Parks Tau said on Thursday...


Special Resolution required to sell property
It is a longstanding imperative of company administration that when property is the sole asset of a company or a greater part of its assets and the directors acting for the Company, wish to sell it, the shareholders must pass a special resolution...

VAT relief end for developers could free up units

With the changes in legislation with regard to developers receiving relief from VAT, where the relief provisions of section 18B of the VAT Act allowed them to let residential properties out temporarily while holding them as stock in trade without the usage provisions...


Unemployment surges while business confidence plunges

South Africa's Business confidence fell 87.9 in July the lowest level since September 1999, said the South African Chamber of Commerce and Industry (Sacci)...


Office property market still taking strain as costs continue to rise

While retail property will grow this year, offices will be the weakest performer in the overall commercial property market...


Kenya's retail property is most sought after growth markets
Kenya's retail property market is fast becoming one of the most sought after growth markets for South African real estate firms and retail companies, said Org Geldenhuys, MD of property development and marketing company, Abacus DIVISIONS...

Levy budget
There is one aspect of section title management where “shortcuts” should not be taken and particular attention to detail should be spent, and that is the levy budget...

How to buy a house when sellers are in charge
When there’s a shortage of well-priced housing stock as there is in SA now, buyers have to learn to deal with more competition for those homes...

Things to keep in mind when looking to buy property
In today’s property market, buyers who are looking to purchase a home - whether to upgrade, downsize or simply enter the market for the first time - need to have a well thought out strategy and game plan...

Resilient to boost funding for African expansion
The real estate investment trust (Reit) announced upon releasing results for the year to June on Tuesday that it had decided to increase to R1bn its capital commitment to its joint venture, Resilient Africa, for developing properties in Nigeria...


Foreign inflows for affordable housing

The Board of Directors of the Overseas Private Investment Corporation (OPIC), the U.S. Government’s Development Finance Institution, has approved $80 million in financing for International Housing Solutions Fund II, the private equity fund that provides high quality, affordable housing units to families across sub-Sahara Africa...

Contracts and agent training

There are certain agents who are complaining about the stringent requirements now necessary to enter the real estate industry, which will necessitate new agents becoming interns for at least a year, completing their NQF4 in real estate...





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Welcome to Hermanus, an official Whale Watching Capital of the World. Other than being a lively hub of all year activities in the Western Cape Province, this South African coastal city is the best land based whale watching in the world...

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In The Area

The areas we are going to take a closer look at this week are;

  • Rhodes
  • Cape Town
High altitude Rhodes offers snow-filled winter escape for home buyers
If high altitude, extreme weather and a remote, snow-filled landscape are your preference for a perfect winter break – with some snow skiing thrown into the mix, then the North Eastern Cape town of Rhodes more than fits the bill...

World Design Capital cements Cape Town's status as a global city
With Cape Town’s year as World Design Capital 2014 (WDC) approaching the three-quarter mark, chief executive of the Pam Golding Property group Dr Andrew Golding says it is clear that the title has helped cement the city’s status as a global cosmopolitan destination...

Cape Town property prices in comparison with Dubai and other countries
South African property prices, particularly the prime residential areas of Cape Town, are trending along the same lines as many other countries in the world, but Dubai in particular could be used as a comparison...


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"This is not advice. Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that formal advice be sought before acting in any of these areas."

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