Renico Construction Newsletter- April 2024

As has become the norm over the past few years, many South Africans living in Gauteng took full advantage of the long Easter weekend to travel away from the major cities and the N1 and N4 were frequently congested. There were even reports of several toll gates being opened on occasions to allow for the free flow of traffic and shorten the long traffic queues.

Now Easter is behind us and with most Gauteng schools reopening this week we can expect things to return to normal within the economic hub of the country.

Unfortunately, statistics released late last month indicated that our inflation rate has once again increased by two basis points taking it to 5.6%. This has prompted our Monetary Policy Committee to leave our repo rate unchanged at 8,25%, and it seems that consumers will have to wait a bit longer before they can expect any reductions to this.

However, the property market is showing resilience in all sectors with office space the only one lacking behind. I believe it will still take some time before this segment recovers fully but saying that, there are some great buys out there for companies who would like to acquire their own personal office space. With limited office space being developed in Gauteng it will not take too long for demand to outstrip the supply , bringing balance to the market once again.

By month-end we will have completed a further eight homes within the Brendavere Estate in Fourways. This will leave us with a single home to complete during May and in so doing bring this three-year project to an end. It will not be too long before we return to the area for yet another development but more on this in one of my future newsletters. Our last available home within the estate is also nearing completion and will be on show within the coming weeks.

When passing our Fernhill site on Homestead Avenue in Bryanston, one will notice that the site is being prepped for our construction teams and we expect to reach the required number of sales to trigger the construction process fairly shortly. This will bring quite a bit of activity to the site and to minimize the disruption to traffic, we have decided to open an additional contractor's entrance which should ease the flow of traffic.

Construction to all eight homes within the first phase of the Riverspray Lifestyle Estate project in Vanderbijlpark is well under way and I am hoping to see the roofs being erected before we celebrate Freedom Day at month-end. Not only has this development initiated interest from within Vanderbijlpark and surrounding areas, but we have also received enquiries from tenants leasing existing properties in Riverspray. With prices ranging from as low as R830,000 for a full title simplex three-bedroom home, it has become a viable option to stop paying rent towards a landlord and become a homeowner.

Our appointed civils contractor has commenced with the township services to the Van Der Hoff Park township in Potchefstroom. Once completed, this will enable us to commence with construction on both our Elemente and Uitsig residential sites.

The Uitsig development will comprise of forty-three simplex homes, all offering three bedrooms with two bathrooms, generous living areas and double garages. Each home will be fitted with numerous energy and water saving features which are scalable, allowing owners to increase the sizes of the systems as required. Prices will start at R1,995,000 inclusive of bond and transfer fees.

Contact Beatrice Joubert on 071 674 5673 for more information on both the Uitsig and Elemente projects.