Renico Construction Newsletter- June 2024

After many years the winds of change have again brought reform to the South African political landscape. If there is one lesson to be learned by all politicians, it is that future votes can never again be taken for granted. Our 2024 election will go down in the history books as the first election where voters voiced their dismay at the ballot stations. Hopefully, this will be a lesson for all political leaders, current and future, that mediocracy will no longer be tolerated. And even though we are entering uncertain times, change was needed. This change will bring new challenges, but I am hopeful that it will also bring new opportunities.

With a large drop in fuel prices predicted this month, combined with a second consecutive period in which there was a drop in the inflation rate, we may soon enjoy a slight drop in the interest rate. This will bring a welcome reprieve to consumers who have been hard hit by the skyrocketing cost of living experienced over the past few years.

Even during these trying economic times we have been lucky enough to record sales at regular intervals on all our sites. This once again proves that there will always be life in the property market, no matter the economic conditions. People will always need quality housing.

Most of our contractors have now moved off site from the Brendavere Estate project in Craigavon as the final finishes are applied to the last completed homes and the communal areas. I expect that all site work will be completed this month, and we will be completely off site by month-end.

We currently have a plastering team at Fernhill in Bryanston attending to the plaster finish of the boundary walls. I am also incredibly happy to report that our sales have now breached the 25% mark. This has taken us yet another step closer to the required number of sales needed before construction of the remaining homes may commence.

We have also surpassed the 10% sold out milestone at our iThemba project in Albertsdal. Although construction to the homes will only commence once we have reached 20% of the total sales possible, we plan to commence with the construction to the boundary walls and complex entrance far sooner.

The final finishes are being made to the first eight homes at the Riverspray Lifestyle Estate in Vanderbijlpark, and the construction team has already moved onto the next six homes in the following phase. We will be hosting an open day at the Riverspray Lifestyle Estate on the 23^rd of June where the public is invited for a tour of this stunning estate and to view the homes built to date. There will be jumping castle for the kids and the first two hundred visitors will receive a boerewors roll and refreshment drink on us. I hope to see you there!

With the civil works to the Van Der Hoffpark Ext 72 in Potchefstroom nearing completion, we will add no less than five new residential sites to the area, two of which we will be developing ourselves. I have made mention of both the Elemente and Uitsig developments in my previous newsletters. More will be shared once we are ready to commence with construction of both these exciting developments.