February 2022 Newsletter
Category Company News
I hope that a peaceful and relaxed Christmas period was had by all. With the holidays passed and already long forgotten, the first month of 2022 has also come and gone!
The above-average rainfall, driven by the La Niña weather phenomenon, has thus far hampered construction activity on all Renico sites. We are however confident that production will soon be back on schedule, and we are hopeful of meeting all looming deadlines.
Yet another phenomenon, this time linked to the economy, is currently also at play. The inevitable rise in the price of goods, mostly driven by higher fuel prices, has led to a rise in inflation. In turn this triggered the announcement of another twenty-five basis points rise in the repo rate. The increase equates to R152-00 more being paid per month over a 20-year period for a R1,000,000-00 bond at prime interest rate. Although this does not sound like much, consumers indebted by credit will most likely start to feel the pinch. With another fuel price hike coming into effect at midnight tonight, this will continue to drive the upward cycle of food costs, inflation and unfortunately, interest rates.
While the interest rate hike should not have a negative effect on the property market, it will however improve the balance between buyers and sellers in the market which should have a stabilizing effect on property prices.
FEATURED RESIDENTIAL PROPERTIES
This year will mark our second and final year on site at the Brendavere Estate in Fourways. With only thirty-six of the original eighty-three homes still available to purchase we are well on track to have all homes sold and completed by the end of the year. This stunning development is on show every Saturday and Sunday with not only completed homes but also a furnished show unit to view.
Construction to our Featherstone development also commenced in January. This development is perfectly located within a 5 km radius of Bryanston, Sandton and Rosebank. All ground floor units offer walled and pet friendly gardens which have become a scarce commodity in recent times.
With more residents taking occupation of their brand new Leano homes in Albertsdal we are quickly nearing the 50% sold milestone. The developments' prime location, low maintenance design (which equates to affordable levies) and pet friendly gardens have proven to be very popular amongst the prospective clients. With prices starting at R695,000-00 it is becoming preferable to own your own property than to be renting it from a landlord. Leano is on show every Sunday from 14:00 to 17:00, where a furnished show unit may be viewed at leisure.
LAUNCHING SHORTLY
We are currently in the process of finalising numerous developments in preparation for their imminent launch dates. One of these is The Elements security estate in Van Der Hoff Park. This development, placed on the Eastern bank of the unspoilt Potchefstroom Dam will offer free standing simplex and duplex homes, either with three or four bedrooms, double garages and pet friendly gardens. We will share more information on this and all other developments on our social media platforms shortly after being launched on our website.
Author: Nico Louw
