Real Estate Investor Magazine South Africa August 2015 | Page 45

REI COMMERCIAL

NEW LAND REFORM LEGISLATION

P

rivate property rights have come under fire again with the new Property
Valuation Act which was passed into law on the 1st August this year. The
Act will regulate the valuation of property that has been identified for
land reform.
The Act calls for a Valuer General to be appointed and an independent
statutory body to be established.
It also applies to the acquisition or disposal of property by the Department
of Rural Development and Land Reform.
However, there are concerns that this Act will create confusion with
the valuation of properties by the South African Revenue Service (SARS)
for transfer duty, Capital Gains Tax and death duties and will affect the
comparison with municipal valuations for rates and taxes.
In President Zuma’s State of the Nation Address (SONA) earlier this year he
said that Government had reopened the opportunity for the lodgement of land
claims in 2014. More than 36 000 land claims have been lodged nationally.
The cut-off date is 2019.
He added that Government is also exploring the 50/50 policy framework,
which proposes relative rights for people who live and work on farms.
In terms of the proposed laws, a ceiling of land ownership will be set at a
maximum of 12 000 hectares.
Through the Land Reform Programme, more than 90 000 hectares of land
have been allocated to small holder farmers, farm dwellers and labour tenants.
“Once implemented the law will stop the reliance on the Willing BuyerWilling Seller method in respect of land acquisition by the state,” he said at
the SONA.

Ethel Nyembe
Head of Small Enterprises
Standard Bank

The nature of the commercial property business
demands that contractors are on constant call. The
common denominator in this sector is that great
customer service is regarded as the normal standard.
The answer to these needs is a responsive workforce
that is highly mobile and able to quickly reach
buildings across a major city. Asset Control has
developed an App that manages business operations,
facilities and asset management.
Andrew Konig
CEO
Redefine

Redefine has acquired Fountainhead’s property
portfolio. The acquisition of this portfolio positions
us to manage our balance sheet and domestic
asset allocation more efficiently to provide our
shareholders with the added benefit of increased
direct exposure to retail real estate assets.

www.reimag.co.za

EXPERT Q&A
CORNUBIA INDUSTRIAL
ESTATE

Elias Tzouvanni
Director
Nexus Property Group
Q What and where is Cornubia
Industrial Estate situated?

Cornubia Industrial Estate is a new precinct
between Ballito and Umhlanga in KwaZuluNatal. Cornubia is centrally located in a
strategic position just 15km from the King
Shaka International Airport, less than 5km
from Umhlanga’s Town Centre and Gateway
precincts and conveniently accessible from
the N2 freeway.
Q What is the demand like for
available industrial land near
transportat [ۈX