Concerns that social justice groups are stalling developments in Cape CBD

schumi

schumi

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Cape Town - Another multimillion-rand property development in the CBD is at risk of collapsing after appeals by social activists caused drawn-out delays to the investment.

This has raised the concern of the Western Cape Property Development Forum that developments within the Citys’ CBD are being stalled by social justice lobby groups. Property Investment group Growthpoint’s planned development on the foreshore has been marred by delays and appeals by social housing group Ndifuna Ukwazi.

The chief executive of Growthpoint in South Africa, Estienne de Klerk, said: “What we are struggling to confirm is the rights of the development. At the moment we are waiting for the Municipal Planning Tribunal (MPT) to decide on the matter. Currently it means we don’t have any development rights and can’t develop. Our hands are tied.”

Growthpoint Properties’ asset manager for the Western Cape, Timothy Irvine, said the company was between a rock and a hard place because of the stalled development. “We have lost a huge amount of money because of the delays. When you have these sorts of delays you start losing momentum on the development. We hope to have some progress made next year, but it still takes some time because you would have to plan all over again,” he said..
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More at : https://www.iol.co.za/capeargus/new...re-stalling-developments-in-cape-cbd-39689327
 
Yeah, no chance of progress or development, even more so in a struggling and collapsing economy, when you are being lead around by the nose by social justice groups. Ban them all and chase them away out of the province. EWC their assets, land, properties and investments.
 
Aaaw, social housing next to multi million rand apartments, always the right idea. Lets all be for it and not make money
 
I'm not against development as such, but more over priced apartments in a flooded market, sense this does not make.

The developers should consider it a blessing in disguise.
 
saturnz said:
I'm not against development as such, but more over priced apartments in a flooded market, sense this does not make.

The developers should consider it a blessing in disguise.
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I'll admit to knowing little about the property market, but if the market was really flooded prices would've come down.
 
Craig said:
I'll admit to knowing little about the property market, but if the market was really flooded prices would've come down.
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www.timeslive.co.za

Cape Town's high-end property collapse spreading to the middle market

FNB’s quarterly property survey has confirmed that Cape Town’s luxury house market is on the skids.
www.timeslive.co.za www.timeslive.co.za

Not that much, but you need to take into account inflation has to be added on top of that, and then most just hold onto their property, it's a long-term investment.

This micro apartment nonsense though, e.g. the Wex (1.4 million starting for one bedroom) is mostly standing empty from what I can see (there's 9 apartment listed here: https://www.property24.com/new-developments/woodstock/cape-town/western-cape/wex-2/10164/2532 and note half that building is a hotel AFAIK).

This one is hilarious: https://www.privateproperty.co.za/f...wl/woodstock/911-the-wex/79-albert-road/T8466
760194
So remove levy, electricity, water etc. and you can't even come close to paying off the loan.
760192
 
It’s the calm before the crash or run on property prices. If you consider SA only market then you get it wrong.. US is pumping dollars into the system so I reckon it’s gonna jump up a notch or two since other markets have clamped down on investment properties.

So yah.. watch this space over next 6-9months. I’m hoping they don’t flood SA market as it’s already over priced but dollar loans need to spent i guess
 
krycor said:
It’s the calm before the crash or run on property prices. If you consider SA only market then you get it wrong.. US is pumping dollars into the system so I reckon it’s gonna jump up a notch or two since other markets have clamped down on investment properties.

So yah.. watch this space over next 6-9months. I’m hoping they don’t flood SA market as it’s already over priced but dollar loans need to spent i guess
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Don't think they would due to uncertainty regarding property right, Eskom, drought and also credit ratings, property is not easy to flog if something goes sideways.
 
Cape CBD? Surely it's Cape Town CBD? Same way we don't say Johannes CBD or Preto CBD either.
 
Johnatan56 said:
Don't think they would due to uncertainty regarding property right, Eskom, drought and also credit ratings, property is not easy to flog if something goes sideways.
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Yes and No.. so investment properties for top end has been falling for forever and shifting to more local buyers who themselves are dwindling. Check out how long those multi million (10+) properties stay on the market.

But for the middle and lower end, money to be made while AirBnB regulations aren’t in.. esp in Cpt. I guess we could go Nzl style and restrict ownership to locals which would be the real risk. This is a global problem though due to insanity level interest rates in US & EU (incl UK) as well as China elite who can’t spend in their own country.

Ps. Fixed property retains value. Ask the Zim guys about it.. regardless of currency turmoil. Well unless u own an estate or farm.
 
krycor said:
Yes and No.. so investment properties for top end has been falling for forever and shifting to more local buyers who themselves are dwindling. Check out how long those multi million (10+) properties stay on the market.

But for the middle and lower end, money to be made while AirBnB regulations aren’t in.. esp in Cpt. I guess we could go Nzl style and restrict ownership to locals which would be the real risk. This is a global problem though due to insanity level interest rates in US & EU (incl UK) as well as China elite who can’t spend in their own country.
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No, it's only been falling in last ~1/2 years, and falling very slowly as most would rather just keep it on the market. I've only recently seen them starting to drop the price by ~5%. I've been keeping up on R5m+ properties in Camps Bay, Clifton and there at the top of Gardens.

Also been looking at Plattekloof (so R2.5-5m), most of that's just staying "stable", with it just not increasing with inflation in the last year or two, otherwise most areas kept increasing a little.

Most of the developments inner city are all apartment stuff, and that's been sitting halfway empty, been fun seeing the cement shortcuts in e.g. the ones in Sea Point and seeing them have to take a sledgehammer to sections and recast it. Those two brothers that run those developments were talking a lot of shortcuts, think they're in money issues now, haven't been keeping up on that.
 
Ndifuna Ukwazi and others gets their funding from George Soros's Open Society Network. Social Marxists dead-set on attacking free market fundamentalism and success all over the world like a cancer. All under the veneer of philanthropy and defending 'progressivism' (in reality regressivism) and 'democracy' (in reality mob rule). Their idea of equality is everyone experiencing shared mediocrity and suffering.
 
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krycor said:
It’s the calm before the crash or run on property prices. If you consider SA only market then you get it wrong.. US is pumping dollars into the system so I reckon it’s gonna jump up a notch or two since other markets have clamped down on investment properties.

So yah.. watch this space over next 6-9months. I’m hoping they don’t flood SA market as it’s already over priced but dollar loans need to spent i guess
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And why are asset prices skyrocketing you ask? Oh it couldn't be that all countries in the world engage in colossal amounts of money printing to pay for their social welfare systems.

Anyway, that is a different problem to what is happening in the CBD with these retarded activists who think that the jobs in the CBD that they so desperately want are going to be there if they carry on their stupid antics.

Adam Smith said:
“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest. We address ourselves not to their humanity but to their self-love, and never talk to them of our own necessities, but of their advantages”
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smi said:
Aaaw, social housing next to multi million rand apartments, always the right idea. Lets all be for it and not make money
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The fun part about social housing, is that you have to keep the people living in them poor in order for said housing to remain social. In other words, you have to keep the people living there as permanent tenants with no prospect of actual ownership (and thus no generational wealth), and they are incentivised to not become wealthy as then they will fail the means tests and be kicked out.

So if you do the morally correct thing and give the tenants the title deed to the property, they will do the rational thing and keep hold of it. Then sell it when a property developer comes along.

So the only way you can have social justice housing is to treat people as serfs. :ROFL::ROFL::ROFL::ROFL::ROFL::ROFL:
 
The Free Radical said:
Ndifuna Ukwazi and others gets their funding from George Soros's Open Society Network. Social Marxists dead-set on attacking free market fundamentalism and success all over the world like a cancer. All under the veneer of philanthropy and defending 'progressivism' (in reality regressivism) and 'democracy' (in reality mob rule). Their idea of equality is everyone experiencing shared mediocrity and suffering.
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George Soros has been kicked out of some countries already. Says a lot about the man.
 
genetic said:
Cape CBD? Surely it's Cape Town CBD? Same way we don't say Johannes CBD or Preto CBD either.
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