Renico Construction Newsletter- August 2022

No need to despair South Africa. We are not the only ones currently experiencing turbulence in our economy. Many countries are fighting high inflation rates; most noticeably Turkey at 78,62% while both the USA and UK have rates exceeding 9%. By comparison, our inflation rate is currently sitting at a modest 7,4%. This is closely monitored by our efficient and fiercely independent Reserve Bank with the aim of maintaining it at a rate below 6% - a target easily achievable if the policies they have in place are followed.

Fortunately, the property market remains buoyant, with sales and rental activity exceeding expectations. Although industrial property might still be outperforming all segments within the industry, both residential sales and especially rentals are showing signs of recovery. Even with the recent interest rate increases, South Africans are still enjoying historically low rates. This is sure to drive demand upwards and inevitable lead to price increases within the industry.

FEATURED RESIDENTIAL PROPERTIES

All relevant teams are hard at work to have the Mooi Land and Welverdiend projects within the de Land Estate ready for occupation within the next two months. We will have four Welverdiend homes ready for early occupation at the end of this month, with the remainder of homes ready by 1 October. There are still a limited number of homes available within both developments. Feel free to contact Beatrice Joubert on 071 674 5673 if you have any questions regarding either project.

I am incredibly pleased to announce that we have reached the fantastic milestone of having only ten homes of the 83 originally planned still available in our Brendavere Estate project in Fourways. This was achieved well within the timeframe set out when the development was initially launched. I am confident that we will only be attending to the finishing touches of the last homes during the first quarter or 2023.

After receiving the green light for construction to commence a mere month ago, we already have numerous homes at our Ndalo site in Albertsdal waiting for their roof structures to be erected! These homes will have a plastered and painted exterior finish, so the next stage will require more time than usual to address this detail. However we are well on track to have all seventy-six simplex townhouses ready for occupation by the 1^st of December.

FEATURED COMMERCIAL PROPERTIES

Yet another month has passed with excellent progress being made in the construction of our Vyfhoek Retail Centre in Potchefstroom. It now remains a race against time to have the centre ready for all tenants to commence with tenant installations, shopfitting and final preparations in time for the grand opening of 1 November 2022.

LAUNCHING SHORTLY

After numerous delays, our Plant Hire division finally moved onto site at Fernhill in Bryanston. No time was wasted to strip and demolish the existing house. Thereafter the stand was cleared to prepare it for the installation of the bulk services. Anette Jooste, our sales associate tasked with the sale of all twenty-eight homes within the development, will be available on site from 14 August. Contact her on 079 885 4288 for more information.