Estate Living Magazine Develop - Issue 44 August 2019 | Page 16

I N V E S T
&
d e v e l O P
LELOKO
LIFESTYLE
AND ECO ESTATE
IN HARTEBEESPOORT IS FOR SALE!
IDYLLIC
Projectprop, which owns Leloko Lifestyle and Eco Estate in Hartebeespoort, is seeking
a solid new buyer, or buyers, for this idyllic estate following a resolution by the
shareholders to disinvest in the company through the sale of all of their shares.
Leloko is a mixed-use development comprising residential,
commercial, retail and educational facilities on 481 hectares, and
is worth about R300 million, according to a recent independent
valuation.
‘The business model of the company has been to sell individual
stands to people who aspire to build their homes in Leloko as we
as to the developers who wish to build sectional title units,’ says
Mmule Lebeloane, director of Projectprop. Also, the current
business model does not unlock all the potential value that the
asset offers. Expanding the business model through the selling
of business packages will release the latent value, says Lebeloane
‘We are seeking a buyer or buyers – developers or investors –
with the capital to invest in this outstanding development, and
who can adopt a more robust building package model similar to
competing estates in the area,’ she says.
The residential component of Leloko Estate is fully developed,
with all the requisite water, electricity and road infrastructure in
place. There are nearly 200 homes built, and about 400 stands
to be sold, some as large as 1,200 square metres. We have seen
buyers who want even bigger stands, buying adjoining stands
and consolidating them into one.
Homes vary from two-bedroom sectional title apartments to
full title homes. ‘The plan was to get to 350 homes built – the
recommended minimum for a clubhouse – and eventually have
700 homes on Leloko,’ says Lebeloane.