Renico Construction Newsletter- July 2024

With the announcement of the cabinet formed by the government of national unity it is now the perfect time for everyone to roll up their sleeves and to tackle the serious problems affecting all and everyday South Africans. I must commend President Ramaphosa and members of his ruling party on how the loss at the polls and subsequent weeks of negotiations with multiple stakeholders were handled. It was concluded effectively and competently and although there are bound to be many hurdles in their way, we hope that this cabinet will put the citizens of South Africa at the top of its priority list.

Markets have reacted well with the Rand strengthening against most major currencies and we have another predicted drop in the fuel prices this month. Luckily, most of us have also been proven wrong about the return of loadshedding! We are now nearing a hundred consecutive days of no loadshedding - and obviously hoping for many more to come. Dare we also hope to see manufacturers and retailers pass on to their consumers the savings they gain by not having to cope with the negative effects of loadshedding, and our inflation rate reduced?

With all that happening we must surely then see a reduction in the interest rate.

I am incredibly happy to share the news that construction to our Fernhill project in Bryanston will commence this month. Not only have we reached our first major milestone of eight sales, but we also quickly surpassed this target and have recently reached the 33% sold out mark. Our construction teams are rearing to go and will be on site as soon as we have our NHBRC enrolment certificates in hand.

After a lengthy three years we are gradually moving off site at the Brendavere Estate in Craigavon, Fourways. Construction to the last of the eighty-three homes was completed during last month and the small team remaining on site will now focus on the final finishes to the communal areas before departing.

I have dispatched one of our earth moving machines to the iThemba site in Albertsdal where we will commence with the clearing of the site. We plan to start with the construction of the boundary walls and complex entrance soon, to be followed by the show unit. As has been proved by past experience, I believe this activity will bring more clients to site which will most definitely lead to more sales being concluded.

Not only is the construction to the eight homes in the second phase of our Riverspray Lifestyle Estate in Vanderbijlpark well under way, but we also completed and sold all eight homes within the first phase. The open day held in June was a resounding success with many clients showing interest in becoming members of this amazing community and lifestyle estate. Personally, there is no greater value for money than what we are currently offering within this stunning estate!

And just like that, Potchefstroom has a brand-new street! The road surface to Kameeldoring Street in Van Der Hoff Park was completed last week with the streetlights switched on shortly thereafter. Road markings were applied, and the customary road signs were planted to finish off the project. Once we have the approval from the local authority in hand, we would have successfully unlocked a further five residential development sites adjacent to our Vyfhoek Shopping and Retail Centres.