Renico Construction Newsletter- November 2024
Category Newsletters
2024 is indeed proving to be the year of elections with over one hundred of the worlds' 195 recognised countries making their marks at the polls. Almost half of the globe's population is eligible to vote in their respective elections and a change in the worlds geopolitical landscape seems inevitable. One of the more notable ones is today's election in the USA. With all the media hype, opinions, information, and misinformation shared, it is hard to predict who will be the next president elect. I just find it hard to believe that these are the two best candidates available to become the next president of the United States.
With most of SA experiencing above average temperatures, water shortages have suddenly become the norm. Southern Africa is a water scarce region, and this coupled with massive population growth and poor planning - further exacerbated by mismanagement - has led to the next crisis facing South Africans. As with the catastrophic effects brought on by loadshedding, we might soon find ourselves in a situation where a reliable supply of fresh water can no longer be guaranteed. Just as with loadshedding one will have to ensure that there is some form of backup available for the time the taps run dry. From a property developers' perspective, we are already offering water backup solutions to most of our free-standing homes as this not only gives peace of mind but also increases your property's value.
Some good news is that we may expect a further reduction in the interest rate which is set to be announced later this month. This will bring relief to indebted consumers and it will hopefully serve as catalyst for our stagnant economy. Saying that, we have already seen signs of 'green sprouts' in most segments of the property sector with increased activity in the retail, industrial and residential sectors of our portfolio. This is most welcome, and we are hopeful that a further reduction will stimulate the markets even more.
With all our Fernhill homes currently at first floor level, we yesterday received our first delivery of floor slabs which were quickly placed on the allocated four homes. More slabs will be delivered in the coming days and our construction teams will be quick to commence with the brickwork on the top floors in preparation for the roofs to be fitted. The construction site is a hive of activity with great progress being made on a weekly basis. I am also happy to report that we have breached the 50% sold out mark and have been told that there are a few more agreements in the pipeline.
As our iThemba show units are nearing completion we have also surpassed the 19% sold out mark. The increased building activity has led to a surge in interest from prospective buyers who are keen to make this their future home. Compared to other properties currently on offer in the surrounding areas, I believe that the iThemba residential development offers some of the best value for money in the area.
With the stands offered in our Elemente full title development on the banks of the pristine Potchefstroom Dam already 70% reserved, only a handful of stands are still available to secure. We will begin installing services to all stands within the estate by early 2025, and the new owners will commence with the building of their next dream homes shortly thereafter. Elemente is bound to be one of the most exciting residential developments Potchefstroom has seen in many years and once completed, will be one of the most exclusive estates in the Northwest Province.
Author: Nico Louw
