Renico Construction Newsletter- August 2023
Category Newsletters
Admitting that one was wrong is never easy, but I am very pleased to have been wrong with my prediction of another 25-basis point increase to the interest rate which I made in our last newsletter.
With the rather dramatic 0,9% drop-in the inflation rate the Reserve Bank's Monetary Policy Committee had an easy call to make in keeping the interest rate unchanged. However, Reserve Bank Governor, Mr Lesetja Kganyago, last week warned of possible future rate increases, but this will not happen whilst our inflation rate stays below 6%. Furthermore, if the inflation rate remains within the 3-6% parameters, as set out by the MPC, consumers may expect a welcome reduction in interest rates by early 2024.
During the past few weeks we have experienced a definite shift in market sentiment with a welcome spike in interest across all segments of the property market - residential, industrial, and commercial. With many of our older projects sold out we are now in a position to launch our next residential projects.
This once again confirms that there will always be a need for quality housing at an affordable price!
FEATURED RESIDENTIAL PROPERTIES
Within the de Land Estate in Potchefstroom, our Mooi Land project is now fully sold out and there are only five vacant homes still available to purchase in the Welverdiend complex. These low-maintenance simplex homes offer the ultimate lock-up-and-go lifestyle to prospective clients with the de Land Estate showcasing excellent 24-hour security, a stunning restaurant, a convenient care-centre, and walking trails meandering through the estate and the carefully curated fruit orchard.
We are about to reach the significant milestone of breaching the last ten available homes at our Ndalo housing development in Albertsdal, Alberton. Clients still have the opportunity to purchase a brand-new home, ready for immediate occupation, directly from the developer, thus still saving thousands of Rand in attorney and registration fees.
With the Brendavere Estate in Fourways now also fully sold out we are channelling all our efforts to complete the last 29 homes currently under construction.
We are also well on track to complete the Rainhill show unit before month-end. Once completed, construction to the remaining ten apartment blocks will follow shortly. Here we still have a variety of one-, two- and three-bedroom homes available to purchase off-plan. This will also be our first residential development to be 100% load shedding proof, paving the way for us to use this design adaptation in all our future developments.
LAUNCHING SHORTLY
I am very excited to share for the very first time, artist illustrations of our reworked Fernhill residential project in Bryanston. This will be the perfect opportunity to secure a stunning new home on the popular Homestead Drive which is renowned for its opulent homes and tree lined streets.
This development will be launched once our show home and complex entrance is closer to completion.
Author: Nico Louw
