Latest news with #R34
The South African
26-05-2025
- Business
- The South African
Vacant land in Clifton sells for R170 million
In one of the most significant residential property deals in recent years, two adjacent vacant plots on Cape Town's coveted Nettleton Road in Clifton have been sold for a staggering R170 million (£7 million). The combined land area of 2 700 square metres places this transaction among the highest ever recorded for undeveloped residential property in South Africa. The sale was facilitated by luxury property specialist Annette Hepburn of Pam Golding Properties, who described the deal as a rare opportunity in one of the country's most tightly held property markets. 'This is one of a few remaining vacant sites on this prestigious road, where sales are infrequent and vacant land is almost unheard of,' Hepburn said. Nettleton Road, perched above Clifton's four beaches and offering sweeping views of the Atlantic Ocean and Twelve Apostles mountain range, is widely regarded as South Africa's most exclusive address. The street is home to a collection of architect-designed residences, many owned by global business leaders and ultra-high-net-worth individuals. According to Hepburn, the plots were purchased by a multinational entity that intends to construct a single, ultra-luxurious home on the site. Although the land has existing planning approval for nine apartments, the buyer is reportedly focused on creating a landmark 'trophy home' to crown the road. 'This location offers a lifestyle that is virtually unmatched – privacy, exclusivity, dramatic natural beauty, and access to Cape Town's best,' Hepburn noted. 'That combination continues to attract discerning global buyers.' Market activity remains strong The sale comes as property prices in Clifton continue to climb. The median residential sale price in the suburb has reached R34 million in 2025 – up 29% year-on-year and 136% higher than a decade ago. Market activity has also remained strong, with 18 sales already recorded in the year to date, surpassing pre-pandemic levels. While the Atlantic Seaboard has long been a magnet for luxury investment, this latest transaction underscores not just demand for location, but the extreme scarcity of vacant land in South Africa's most elite enclaves. As developers and private buyers compete for prime space, record-breaking deals like this are likely to become more frequent. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
24-05-2025
- Business
- IOL News
Luxury real estate: adjacent 2,700sqm vacant erven in Clifton fetch R170 million
A multinational entity based in various countries, has indicated that it is intent on building one expansive trophy property to crown Nettleton Road. Image: Supplied Two adjacent vacant erven comprising a total of 2 700sqm have been sold for a total sum of R170 million, VAT inclusive. The plots of land situated in prime position in what is considered South Africa's most prestigious and coveted address-Nettleton Road in Clifton on the world-renowned Cape Atlantic Seaboard were sold by Annette Hepburn of Pam Golding Properties. According to Hepburn, a long-term resident agent and area specialist, while these erven have planning permission for nine apartments, the buyer, a multinational entity based in various countries, has indicated that it is intent on building one expansive trophy property to crown Nettleton Road. She said this is one of a few remaining vacant sites in this highly sought-after address, where properties rarely become available, and when they do, opulent, completed residences can be acquired for upwards of R150 million. 'Nettleton Road is the most exclusive of all roads in the country, with a limited number of residential properties, large luxurious, iconic homes which offer all the elements desired by high-net-worth individuals – an unparalleled lifestyle, exclusivity, privacy and rarity, and above all, the spectacular views which epitomise the essence of the globally acclaimed Atlantic Seaboard. "Panoramic views from Nettleton Road sweep from the Twelve Apostles Mountain Range to all four Clifton Beaches. This premium location is home to captains of industry and some of the most luxurious designer homes in South Africa.' Hepburn added that the prime, upmarket suburb, Clifton's residential property median sales price of R34 million for 2025 to date is +29.5% above year-earlier levels and 136% above levels a decade ago. 'Sales activity rebounded post-pandemic, remaining elevated ever since, with 18 sales already recorded this year to date (according to Lightstone data) – exceeding the whole of 2019 and close to the 2023 total of 27 sales. These figures include both sectional title and freehold homes.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ In February, an independent real estate group said the residential property market on the Cape's world-renowned Atlantic Seaboard has experienced a particularly buoyant start to the summer season, driven primarily by increased demand for luxury property and characterised by stock shortages. Basil Moraitis, regional head in the Western Cape for Pam Golding Properties, said at the time that the fact that their trading in December (2024) was busy throughout the entire month was a positive indicator and underlines the ongoing demand for Cape Town's sought-after Atlantic Seaboard-notably for prime luxury properties. Furthermore, they said January (2025) was much busier than December, with February also promising robust sales. Currently, we have a waiting list of qualified buyers, both local and international, all seeking to acquire their own place in the sun on this highly desirable coastline. Among notable sales in January by Pam Golding Properties are homes in Clifton-sold for R47 million to a local buyer and R46.5 million to an international buyer from Germany, and a home in Camps Bay purchased by a UK buyer for R55 million. Currently, Pam Golding Properties is marketing a five-bedroom (all en-suite) multi-storey, residence which was designed by award-winning architect, Stefan Antoni, and which is also situated in Nettleton Road, priced at R160 million including VAT with no transfer duty payable. With 180-degree views across Clifton and the ocean, this world-class architectural masterpiece is said to have unique, oversized, open-plan entertainment areas carefully integrated into the natural environment. With specifications of international standards, the villa is spread over five levels, each accessible by a private glass elevator. It includes a bespoke Italian Assirelli designer kitchen, level garden with outdoor lounge and dining areas, exceptional views from the spacious entertainment terrace complete with a 16-metre heated infinity pool, four reception rooms, home office, media room, gym, laundry, steam room, three additional guest cloakrooms, staff apartment with two bedrooms, kitchen and bathroom plus a security suite at the entrance-on ground level. There is 24-hour security, four garages and four off-street parking bays. Meanwhile, this week, Transnet SOC Ltd ('Transnet') said in a statement that in July last year, it obtained government approval to dispose of its residential properties through auction. The South African rail, port and pipeline company said the disposal of the residential property portfolio is a strategic imperative, positioning Transnet Property to focus on its main mandate of commercialising the portfolio and maximising returns through best practice asset management principles and standards. It said the decision to disinvest from the residential portfolio, except for employee accommodation in remote operational areas, is informed by recent loss-making performance and heightened risk exposure. To action this, Transnet Property has adopted a dual approach, which includes a self-funding component realised through the completion of several disposal transactions for non-core properties, particularly within the residential portfolio, including residential houses, hostels, lodges and line camps. Transnet Property has taken a strategic decision to urgently exit this portfolio, and the non-core properties will be disposed of through several transactions. The auctioneering process will be handled by independent auctioneers to ensure transparency and good governance. Independent Media Property
The Citizen
22-05-2025
- Business
- The Citizen
Gauteng government splashes R2.9 million on near-empty office used mainly for photocopies
The Gauteng government owns 41 abandoned buildings and has resorted to leasing them as a 'temporary measure'. The Gauteng provincial government is under fire for not using its building in the Johannesburg CBD. Picture: Gauteng DA The Gauteng provincial government has been accused of using a building it is renting for R2.9 million per month solely for making photocopies. The building is believed to have five floors and is situated on 55 Fox Street in the Johannesburg CBD. DA members of the provincial legislatures in Gauteng, Khathutshelo Rasilingwane, told The Citizen that the party had been reliably informed that Gauteng Department of Education (GDE) staff would only use the building when there was a need to use the printer. Oversight inspection reveals empty building 'The DA Gauteng has been reliably informed that these offices are not being fully utilised but only used by GDE employees to make photocopies. 'This is unacceptable because the Gauteng Provincial Government pays R34 104 005,07 monthly for office rentals for various departments,' she said. Rasilingwane, along with other DA officials, went on an oversight inspection on Wednesday to investigate why the building is not being fully utilised. However, the team was stopped by security at reception. Rasilingwane said that when she arrived at the building in question, she was informed that it was not safe to enter. 'They told us that it is not safe to enter the building, but if that is the case, why is the province paying for this building? 'They told us people have been moved to the other building because that building is not meeting Occupational Health and Safety Standards,' she said. It was still not clear if the province is being billed municipal rates for that building. However, Rasilingwane said, upon investigation,n she discovered that the province rents five buildings from the same owner or company, 'This is a blatant waste of government money, and we need an explanation for this. 'I will be posing further questions in the legislature about what we know about these buildings and the exact reason why the education department cannot use a building that is being paid for monthly,' she said. The Citizen contacted the Gauteng Department of Education (GDE) to enquire about its office at 55 Fox Street. However, GDE spokesperson Steve Mabona said the provincial Department of Infrastructure Development (DID) is best suited to respond to the questions about the building. 'Hi please interact with DID,' Mabona said. ActionSA laments wasteful expenditure Meanwhile, ActionSA provincial chairperson Funzi Ngobeni told The Citizen that he was alarmed by the amount of money being spent renting buildings for government departments. He said the provincial government owns 41 buildings which have been abandoned. 'This blatant display of mismanagement and inefficiency is a slap in the face to already overburdened taxpayers. 'This wasteful expenditure is a shocking indictment of government's fiscal mismanagement, poor asset oversight, and a total disregard for the efficient use of the public purse,' he said. Ngobeni said the province claimed that it is renting the buildings as a temporary measure. 'Whilst provincial leaders claim that this is a temporary measure, it is quite disturbing that over R2.2 billion has been wasted on office rentals in the past five financial years, indicating failure to appreciate the urgency of addressing this matter,' he said. Meanwhile, DID had committed to respond to questions from The Citizen with an explanation concerning the GDE building on Fox Street. However, no response had been received by the time of publication. ALSO READ: 'I'm viewing my options,' says Lesufi on availability for ANC's top positions Why is Gauteng renting buildings for staff? However, responding to Legislature questions recently, the MEC responsible, Jacob Mamabolo said the current buildings the province owns did not comply with Occupational Health and Safety Standards. 'The lack of maintenance resulted in deterioration of GPG-owned assets, primarily office buildings, compromising their overall condition and usability. 'As the custodian responsible for providing compliant office buildings to GPG User Departments, DID explored alternative solutions including leasing from third parties to ensure the provision of required office accommodation, thereby fulfilling its mandate,' he said. NOW READ: Gauteng government reveals R2 billion spent on office rentals in five years
IOL News
21-05-2025
- Business
- IOL News
Gauteng government faces criticism over R34 million spent on unused buildings
The DA in Gauteng has decried the state of hired buildings by various provincial departments, which are reportedly spending more than R34 million monthly in leasing privately owned buildings while the province has its own buildings that are not being utilised. Image: Itumeleng English / Independent Newspapers The Gauteng Provincial Government (GPG) is reported to own no less than 41 unused buildings, while many of its departments continue to pay millions in rental fees. This is an assertion made by the DA in the province. According to the document from the Gauteng Provincial Legislature, 12 of these are in the Johannesburg Central Business District (CBD) and the remaining 29 are in the Pretoria CBD. Due to financial constraints, most of these buildings do not meet Occupational Health and Safety (OHS) standards, making them unfit for use. The Democratic Alliance's (DA) provincial spokesperson for Infrastructure Development, Khathutshelo Rasilingwane, and a member of the Gauteng Provincial Legislature, condemned the lack of accountability shown by the Gauteng government over reports that the province is paying over R34 million monthly in building leases instead of refurbishing its own properties to save costs. On Wednesday, Rasilingwane conducted an oversight visit to one of the buildings on Fox Street in the Joburg CBD, where she and her team were denied the right to go ahead with their oversight visit to the building. The building is said to be one of the properties currently being rented by the provincial government, while many of the buildings owned by the province are said to be rotting away unused. The party stated that it has been reliably informed by some of the employees, as well as through its communication channels within the Gauteng Provincial Legislature, following an oral reply to MEC for Infrastructure Development, Jacob Mamabolo, who has confirmed that indeed the province is paying millions in rental fees. "We wrote and sent questions to the MEC for Infrastructure Development, Jacob Mamabolo, who then responded to say the province has 41 buildings that are practically abandoned. We learned they are renting their head offices, including 11 buildings, one of which prevented our visit. This is a building meant to house the Department of Education. "We have just come out of this building where we have been denied access to conduct our visit when we have been reliably informed by some of the workers that the building is actually not being utilised while the government pays R2.9 million a month," she stated. Attempts to get a comment from the provincial Department of Infrastructure Development were unsuccessful at the time of going to print, with the Department of Education in the province having referred the matter to GDID for comment. The DA said it was unacceptable that the GPG pays R34 104 005,07 monthly for office rentals for various departments while the province has its buildings. "Following our oversight inspection, we will engage directly with the MEC for Infrastructure Development (GDID), Jacob Mamabolo, based on the findings," Rasilingwane further stated. [email protected]
TimesLIVE
15-05-2025
- Politics
- TimesLIVE
Sandu urges unhappy soldiers to take legal route to address pay dispute
The South African National Defence Union (Sandu) has expressed concern that some SANDF members who were deployed to the Democratic Republic of Congo (DRC) are threatening unlawful action to protest about allowances payable to them. The union said it had received several complaints from the South African National Defence Force members who were part of the Sadc mission. It said the SANDF had acknowledged the complaints and undertaken to investigate disparities in payments. 'It is with concern that Sandu has noted certain individuals deployed in the DRC threatening on social media unlawful actions to protest the issue.' The union acknowledged the concerns of the soldiers and assured all involved that the necessary legal means were available to address any payment concerns they might have. 'Under no circumstances will Sandu support any unlawful action to protest/raise payment concerns.' Sandu urged its members to register their concerns on the union channel (legal@ in order for the union to have facts to act upon in a legal and orderly way. Meanwhile, the DA says it has written to defence minister Angie Motshekga, requesting a detailed breakdown of the Sadc-funded allowances for troops, including how the payments are structured and where the remaining funds are being held. The political party said it was concerning that soldiers deployed to the DRC were reportedly receiving only R34,000 a month, despite Sadc allocating R108,000 per soldier. 'This discrepancy raises serious questions about transparency and accountability. The South African government separately budgeted R5bn for the mission — funds meant to cover operational costs, including troop allowances,' the DA said.
