Real Estate Investor Magazine South Africa November 2015

PROPERTY ALERTS The Bad The Good Cape Town’s Smart Parks Project wins award Sectional Title amendment legislation causes concern Durban airport property development questioned C T Q ape Town’s Smart Parks Project - state-of-the-art constructed and designed public parks built by the city’s Parks Department in disadvantaged areas - has been presented with a merit award of excellence by the Institute of Landscape Architecture in South Africa The Smart Parks Project provides inclusive public spaces that appeal to all community members. A key goal in their development is meaningful community engagement, with their design and vision collectively decided on by the City and community. The park at NY 110 Gugulethu has two five-a-side artificial soccer turfs, a top class basketball court, jungle gyms, cement tables and chairs, slides, merry-gorounds, modern exercise swings, cobbled pathways, children’s playing areas and abundant lawns and trees. 8 Thely Ug NOVEMBER 2015 SA Real Estate Investor he proposed replacement of certain sections of the existing Sectional Titles Act with the drafted Sectional Title Schemes Management Act (STSMA) is raising concern. Willem le Roux, CEO of Propell, said that prescribing a maximum rate of interest charged on overdue levy amounts could have significant negative consequences. A high interest rate generally acts as a deterrent to those who default on their levies, and those who are cash strapped would in all likelihood pay an account with the higher interest rate first, effectively causing the body corporate to ‘bankroll’ them. As a result, if the arrears amounts escalate and there is limited access to credit, it is harder to maintain the common property, which could lead to owners having to pay special levies if there are large maintenance or improvement projects due. Again, said le Roux, the defaulting owners would probably not pay this, and the full responsibility would become that of the paying members of the scheme. uestions have arisen around the R6 billion plan to develop Durban’s Virginia Airport site because the city is apparently hiding key documents which would shed light on how the unsolicited bid came to be The missing documents - which include any minutes of meetings between municipal officials and representatives of proposed developer Seaworld Investment Holdings (SIH) – have been requested before the end of this month. And if the information is not forthcoming before the end of the public comment period - November 7 - the party will consider other options. If given the go-ahead, the 30ha project - which includes upmarket residential accommodation and leisure amenities - will be completed by 2022. It will be funded privately although the city will retain ownership of the land and will provide bulk infrastructure and services www.reimag.co.za

Real Estate Investor Magazine South Africa November 2015 | Page 10