Renico Construction Newsletter- October 2022
Category Newsletters
If there is one thing history has taught us it is that the more things change, the more they stay the same. With interest rates currently in an upward cycle and most predictions pointing to further increases of up to 150 basis points over the next twelve months, consumers will have to budget accordingly. Most banks are scoring new applications on a rate 2% higher than the current prime rate of 9,75%. This measure will confirm if an applicant can afford his bond repayments if there are further increases in the repo rate. Once inflation levels stabilize and start decreasing, the Central Bank will move to lower interest rates, bringing welcome relief to consumers.
FEATURED RESIDENTIAL PROPERTIES
We have had our first owners take occupation of their homes in the second phase of our Mooi Land project, situated within the de Land Estate in Potchefstroom. With more owners taking occupation at the end of this month, I expect to have the complex at least 50% occupied by month-end.
Staying within the de Land Estate, new residents will be taking occupation of their Welverdiend homes from the 1 November. Being the last complex within de Land, exclusively catering for purchasers 55 years of ago or older, I expect more sales to be concluded once the project is 100% complete and all homes are ready for occupation.
Construction within our Rainhill project in Linden also commenced in September with some structures already on plinth-height. We have identified a block which will serve as a show unit where prospective buyers may view completed one-, two- and three-bedroom units. As construction activity picks up, I do expect a further surge of enquiries received and sales concluded.
With more than half of the roof structures up at our Ndalo housing development in Albertsdal and our show home almost complete, I will be in the position to share photos of the furnished show unit in my next newsletter. Sales on site are constantly secured, and we have now surpassed the 50% sold mark! Our sights are now firmly set on the next milestone of 75% of units sold.
Since my previous newsletter we eventually received all required approvals from council for our Fernhill project in Bryanston. Construction to our first home, which will also serve as a show house, has commenced and will be fast-tracked to bolster our marketing campaign.
With another three families taking occupation of their Brendavere Estate homes in Fourways we are yet another step closer to having all eighty-three cluster homes sold. Plans for the last homes within the estate were submitted to council for approval and once this is received, construction will commence to have all clusters completed within the second quarter of 2023. There are now only a handful of homes still available within this prestigious development, so time is running out for prospective clients to secure a new home within this popular development.
FEATURED COMMERCIAL PROPERTIES
Both Jonsson Workwear and Sportsman's Warehouse are finalising their tenant installations at our Vyfhoek Retail Centre in preparation for the month-end opening. Mr Price Home will commence with their shop fitment in the coming weeks, and I am happy to report that we have secured yet another national tenant for the centre. Trappers Trading is the latest addition, and they plan to be open for business on the 1st of February 2023.
LAUNCHING SHORTLY
Later this week our Plant Hire Division will clear our next residential site in Strubensvalley Ext 24. We acquired the site some time ago but due to delays and the stringent requirements for approvals from various government departments we can only now commence with site preparation and marketing. More on this exciting development will be shared in my future newsletters
Author: Nico Louw
