CEO's Message Nov 2015
Category CEO's Message
The successful launch of our Cape Town branch, Atlantic Seaboard & City Bowl, which is already one of the top performing branches in the group, gave us the momentum and confidence to open our 2nd national office in Fourways, Gauteng. Only 6 short months since opening this branch, I am extremely excited to confirm that Tyson Properties has already secured the rights to two property developments in the province. This reinforces that our decision to expand the property group nationally after establishing a sound platform in KwaZulu-Natal has undoubtedly been a good one.
We have identified Fourways as a growth area for the Tyson brand, with the medium-term plans being to establish three offices in the northern Johannesburg region.
Our decision to focus on this area is supported by the fact that Fourways is currently regarded as one of the top performing property markets in Gauteng. The region has recorded R2 billion worth of home registrations in six months, and 1366 units sold with an average price of R1,5 million. Its popularity lies in the fact that the area offers a number of exceptional schools, both private and public, with the area offering a good combination of residential and commercial nodes to its residents. The social elements are also well supported and there is a booming night life.
Although Fourways includes 14 suburbs, thus far our statistics reveal that the top six performing areas for Tyson Properties Fourways are North Riding, Sunninghill, Craigavon, Broadacres, Lonehill/Beverley and Douglasdale.
The Tyson Properties brand is growing daily within the Gauteng market and there is potential for the group to emerge as one of the market leaders. Fourways has experienced steady growth with South Africa's economic status having a limited impact in the neighbourhoods.
There has also not been a slowdown in the market, but rather a realisation among sellers that more realistically pricing their properties is a more mature approach as buyers are increasingly cautious in their investment decisions.
Looking to the future the multi-billion-rand projected investments into Fourways that will create the expanded Fourways Mall and Fourways Precinct bodes well for housing in the area.
Accelerate Property Fund recently announced moves to build the largest regional shopping centre in the southern hemisphere by expanding the existing Fourways Mall and broadening the existing commercial zones by incorporating other buildings and investments.
The municipality has allowed for 400000m2 of development rights that will become a mixed-use zone incorporating retail, conferencing, recreational facilities, residential and parking spaces. Currently 162000m2 has been constructed with 74000m2 in the Fourways Precinct.
Furthermore the medium-term master plan involves 1000000m2 of development rights that would include a 60-storey building as the largest of its kind in Africa.
Given the location, I am confident that the new Fourways Precinct retail node will change the face of Fourways and can only translate into higher property prices and growth in the surrounding suburbs. This is an ideal time for Tyson Properties to assert our expertise, and further expand our footprint in Gauteng.
Author: Tyson Properties
