Renico Construction Newsletter- September 2024

So often South Africa is featured in world news for all the wrong reasons, but this past month we were featured in positive news on many occasions, thanks to the amazing performances from not only of our Olympic athletes but also with Drikus "Stilnox" du Plessis retaining his world champion UFC title and the superb performance from our Springbok rugby team, especially against the mighty All Blacks this past weekend. Although we all have our differences the world has come to realise that when they compete against a South African, they will also be competing against sixty million staunch supporters.

Thanks to our Rand's strengthening against the US Dollar we will enjoy our fourth consecutive drop in the fuel price from tomorrow, Wednesday 4 September, taking us to a rate last seen twelve months ago. With this, as well as 160 consecutive days of no loadshedding and a large drop in the inflation rate, consumers can now expect the first drop in the interest rate when the Reserve Bank's Monetary Policy Committee meets later this month. Economists are predicting a 25-basis point drop at first with another two to three similar decreases in the following six months. This will bring welcome relief to many indebted consumers and will hopefully pave the way for a positive increase in the country's gross domestic product which is currently sitting at a meagre 0,6%.

The governments stability will further draw the attention of investors who might have thought South Africa is too risky for investment in the past. Foreign investment will further bolster the economy and create much needed job opportunities for thousands of young people who yearn to become part of a growing economy.

With the first concrete recently poured at our Fernhill site in Bryanston, it is only a matter of time before the structures start to rise above ground level. By month-end all twenty-seven surface beds will have been placed with the construction of some top structures already underway. With all the earlier delays we experienced while obtaining municipal approvals we have been forced to revise the completion and subsequent occupation date to 1 May 2025.

During this month one of our construction teams will move onto the iThemba site in Albertsdal whereafter the construction of the boundary walls and show home will commence. Our plan is to get a show unit completed as soon as possible as this always assists with the marketing and sales of the project.

All homes in the second phase of our Riverspray Lifestyle Estate development, situated on the banks of the Vaal River, will be completed this month. There are still a limited number of simplexes available within this phase and with the projected completion date of the next phase only planned for early 2025, it would be wise not wait too long if you are thinking of securing a home within this stunning security estate.

As we await transfer of the stand on which we will be developing the Uitsig residential complex in Van Der Hoff Park in Potchefstroom, all required admin is already in place to immediately commence with construction.

This development will comprise of forty-three, free standing simplex homes all boasting three bedrooms, two bathrooms, both lounge and dining room and a double garage. Each home will further enjoy a walled pet friendly garden and that all important braai area under the covered patio.