The JSE All Property Index closed at 7 751 last night.
According to data published by StatsSA, SA’s economy expanded by 1.6% during Q3 2022, after contracting by 0.7% during Q2. The finance, real estate and business services industry was the second largest positive contributor, expanding by 1.9%, with the construction industry recording a 3.1% increase in economic activity when compared to Q2.
SA’s shopping centres continued their strong trading performance during Q3 2022 as the MSCI SA Quarterly Retail Trading Density Index recorded a 11.5% y/y growth in annualised trading density, according to SAPOA’s latest Retail Trends Report. The index is based on data collected by MSCI Real Estate’s Retail Performance Benchmarking Service which quantifies sales performance as well as other key retail performance metrics across 24 merchandise categories in 111 retail centres covering more than 5m square metres.
Old Mutual Impact Investing, a division of Old Mutual Alternative Investments, has acquired 188 sectional title apartments through its Financial Sector Charter Fund in partnership with Asrin Property Developers, a B-BBEE Level 1, 100% black-owned and managed company, for approx. R128m as part of its affordable housing mandate. The two-bedroom apartments form part of the residential estate, Stellendale Village situated in Kuils River, Cape Town. The deal between OMAI’s Financial Sector Charter and Asrin will be held as a long-term investment in the fund’s rental housing portfolio, OMRENT.
Futuregrowth Community Property Fund (Comprop) has acquired the 21 483m2 KG Mall (pictured) at the entrance of the Kwa-Guqa township in Emalahleni, approx. 95kms east of Pretoria. Its latest acquisition brings Comprop’s portfolio to 23 shopping centres, all situated in prime locations within townships and rural areas, with a total GLA of more than 392 000m2 and valued in excess of R6.6bn.
Pretoria’s latest student accommodation offering, Brooklyn Studios, is preparing to open its doors in February. Only 75 metres from the University of Pretoria, the building, developed by the Feenstra Group, offers 524 contemporary and fully furnished units ranging from single studios, duo, and trio apartments with rentals starting from R7 500 per month per student.
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2022 has undergone economic change with inflation, cost of living, and global energy prices affecting all walks of life and business.
For 2023, Macdonald & Company is seeking to establish the extent base salaries, rewards, and general attitudes toward working in real estate have been impacted by domestic and global events.
