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The first four months of 2015 have passed by at a brisk speed, leaving in their wake a great deal of uncertainty in the market - brought on mainly, in my opinion, by our politicians faltering.
The Rand is taking a pounding against all foreign currencies and as a result we see the prices of fuel, many manufactured goods and food all rising rapidly. These inflationary increases are also affecting the prices of new homes, causing them to rise sharply and become less affordable to any would-be home buyers. The prices of older houses are also on the increase and there is limited stock available in this market, due mainly to the fact that people cannot afford to move whilst battling their every increasing monthly expenses.
The residential market has become very lucrative if you are a landlord, but if you are the tenant you are on the verge of paying more per month than ever before for a roof over your head.
On the commercial front, due to the uncertainty in the market, both tenants and owners are hesitant to expand, sign new leases or commit to new property. The recent spike in xenophobic violence has also had a very negative effect on the market, and the ripple effect from it will no doubt be felt for some time to come.
Despite all this, Renico continues to forge ahead!
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The great pace with which we carried over the development and marketing of the very popular 194 unit Manor Park development from 2014 saw it 100% sold out early in the construction phase. We handed over all the units to their new owners on 25 March and are now in the property transfer phase.
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Just one month later, on 25 April, Renico Construction handed over the 96 units that make up the Northumberland Park development in Northriding, a full month ahead of the originally scheduled and published completion date - our second sold out complex this year!
The development of both the Manor Park complex and that of Northumberland Park was handled by two of our longstanding and senior Site Managers. These well built developments, both finished on or before their advertised expected dates of completion, speak of the high calibre of our staff and the reliable suppliers with whom Renico associates. We greatly appreciate their loyalty and dedication.
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Along with the above two developments, we have also completed and handed over the units within the Syon complex in Amorosa and the Woodlands complex in Fairland. These are smaller developments, each comprising of six larger units, catering for the upper market buyer or discerning investor.
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| RESENTLY LAUNCHED |
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The 4th May saw the launch of our much-spoken-about Ponders End development on the Helderkruin Ext.31 Township, next to the Kloofendal Nature Reserve. This 184 unit development has been long in the planning with the many approvals needed on the environmentally sensitive site taking far longer than the norm. However, Helderkruin Ext.31 is now proclaimed and it is "all systems go" for Renico Construction to develop a combination of 2 bedroom, full bathroom and 3 bedroom, 2 bathroom duplex units - all with private walled gardens.
The site is situated on the western boundary of the Kloofendal Nature Reserve, and enjoys access from Confidence Reef Close via Wilgerood Road. This must surely be one of the last opportunities to own a home in a sectional title development on nature's doorstep!
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Certain approvals have caused some delays on a number of our residential developments. However, now that we are into our dry winter season - our most productive period of the year, when rain does not hinder progress - we will be moving forward with their construction at a fair pace. These include Elmers End (193 units), Lucca (89 units in Tlokwe, North West Province), Chelsea (50 units) and Sundowner Stars (6 homes)
Progress on our entry into the Retirement segment of the residential market is taking a while longer than it was hoped, as we need to be sure that our product formulation is right. You will be the first to receive news when our first site is launched!
However, a number of other residential developments for the general home buying market will be launched with our winter newsletter!
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The demand for commercial and industrial space remains fairly slow. However, with a smaller number of developers working in this market, the few tenants looking for premises, along with any prospective owners, almost always cross Renico Construction’s path! The first quarter of 2015 has therefore been very busy, and we are now on the verge of handing over a number of completed developments and commencing work on new sites.
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| LASER PARK AND NORTHRIDING |
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The large 9889m2 warehouse on Laser Park X36 was completed at the end of March, and is now ready for either sale or lease. This large warehouse, standing proud on the western boundary of the Eagle Canyon Residential Estate, is probably one of the best looking warehouse structures developed on the West Rand in recent times.
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Construction of the Kimbult Industrial Estate in Laser Park, and the six-unit mini warehouses that make up the Northriding Commercial Business Park is well advanced and they will be ready for occupation at the end of May 2015.
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| LANSERIA BUSINESS PARK |
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At Lanseria Business Park, situated within the Lanseria Corporate Estate, the first 8 units in this 34 unit mini-warehouse development were handed over to new tenants on 30 April 2015. The final 26 units will be completed and handed over by 30 May 2015. Rental demand has been high, and we expect it to get even higher as limited good value rental stock is available in a secure environment.
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On the commercial front Renico Construction is three months ahead of schedule with the construction of the new Eagle Canyon Shopping Centre. The tenants of this centre are opening their doors on 30 July 2015 (Super Spar) and 1 August 2015 (Virgin Active).
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| COSMO CITY |
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On 25 April 2015, our Earthworks and Civils division completed the bulk earthworks necessary for the development of the Cosmo City Shopping Centre in the heart of Cosmo City.
The shopping centre will be anchored by Super Spar and also accommodate many more blue chip national retail outlets. At this time, the grand opening of the complex is set for 1 December 2015.
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Please continue to watch our progress on our continually updated website. You will find it informative; with good pictorial evidence of the progress of any new developments you have invested in, or may be interested in. Follow us on Facebook, Twitter or YouTube, which carries a large number of videos of our completed properties.
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