Telkom land sold in largest property auction in South African history

Telkom’s national property disposal auction resulted in a turnover of R617 million, the largest in South African history.

In2assets hosted the Telkom property auction at the Mount Edgecombe Country Club on the KwaZulu-Natal North Coast on 29 August 2024.

The auction included nine properties in Gauteng, four in Cape Town, three in Durban, and one each in Port Elizabeth, the Eastern Cape, and Welkom.

What was striking about the auction is that many properties are prominent buildings and landmarks in the respective cities.

In2assets announced the auction was a success, marking a significant milestone in South Africa’s property market.

The live-streamed auction attracted 127 registered bidders from local, national, and international locations.

The auction generated a turnover of R617 million, making it the largest property auction by turnover in South African history.

“All 17 properties on offer were successfully sold and confirmed at the fall of the hammer,” In2assets said.

The company said the prime locations generated great interest from investors, underlining the potential and value of the assets.

Hein Hattingh, the managing director of In2assets, said Telkom’s national property disposal auction was more than just a record-breaking event.

It represented a strategic move for parastatal institutions like Telkom to turn non-core buildings and land into vital cash injections.

“Such initiatives provide a significant boost to the financial health of these institutions, allowing them to reallocate resources and invest in their core operations,” he said.

Property experts across the industry have recognized the significance of this event, which set a new benchmark for property auctions in South Africa.

“The auction showcased the strength and appeal of South Africa’s property market on the global stage,” Hattingh said.

“We are proud to have facilitated this landmark event, which also played a crucial role in providing financial support to state-owned companies.”

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This article was first published by Daily Investor and is reproduced with permission.