Estate Living November 2016 Digital Issue | Page 18

assures the golf course of the predictable
income stream it will need to bring it back
into peak condition and keep it there − as one
of the top twenty courses in South Africa.
More good news is that the original Malaysian
investor - operating in South Africa as Country
Heights – has completed extensive and very
amicable discussions with the HOA. The upshot
of these discussions is that Country Heights
believes that the HOA is far better positioned
to handle the day-to-day management needs
of the Country Heights assets at Pecanwood,
and in pursuit of this newly structured
relationship, it has discontinued its direct
operational role and leased the golf course
and clubhouse to the HOA.
In this case the core problem with the golf

The bones of the course are good, and the

course was exacerbated by the fact that one

initiatives to ensure its rebirth have already

of the developer partners did not have a

started with the complete overhaul of the

standard exit strategy on completion of the

clubhouse, the installation of a new high-tech

bulk – or even all – of the property sales. At

irrigation system, and the start of a phased

this point in the development cycle, it is usual

process to rebuild the bunkers.

for the golf course to be handed over to the
homeowners’ association for either a market-

The support by the homeowners for the levy

related or a nominal sum. In this instance,

increase should not surprise anyone. The golf

the controlling interest within the original

course is an integral part of the facilities at

development consortium retained ownership

Pecanwood, and a core element in its position

and management of the golf course and

as one of South Africa’s premier estates. The

clubhouse.

homeowners involved will have done the
maths, and will have quickly realised that this

Pecanwood now has a new estate manager,

re-investment in the continued well-being of

and has recently introduced a higher levy that

the estate’s single most valuable asset was

gives all homeowners usage of the country

essential.

club amenities. These include the boat club,
three restaurants, event facilities and the

Most will have seen that this commitment

championship golf course. This new levy was

to the new levy will reap real dividends in

voted into effect almost unanimously by the

terms of maintaining and enhancing future

homeowners present at the meeting convened

property values, all of which are inextricably

by the HOA to determine the issue. This now

linked to the golf course.