Two projects show it’s not all doom and gloom
ALTHOUGH the economy may technically be going through a recession, the outlook isn’t necessarily all doom and gloom, says Rob BarnettHarris, MD of Leisure Group.
“Leisure Development has been in business for more than 40 years and has weathered several cycles. We believe the property market has reached its low point. People are still building and, despite all the bad news, there is still money to be made and jobs to be created,” says Barnett-Harris. “We are holding our own and recently completed the first phase of the Grand Central Development in Wynberg.”
Leisure Development is completing two large-scale developments at present. Six is a 406-unit development in Sir Lowry Road, Cape Town, with prime retail space on the ground level and Strand Tower Hotel, a 4-star hotel in Strand Street, is due for completion in May.
Barnett-Harris says these two developments create work for more than 530 people on site daily, and professionals such as architects, estate agents, surveyors and engineers are employed, which means further jobs are created in their companies.
“Six will provide much-needed residential accommodation in a high-demand area and enters the market at last year’s prices. Also, it falls within the urban development zone, which means there are significant tax advantages for all buyers. These tax advantages are designed to encourage the redevelopment of South Africa’s inner cities and were recently extended to 2014. Developments like Six have proved to be positive influences in uplifting areas and bringing them back to their former glory. They send out a positive message to the rest of the world that South Africa, and particularly the Western Cape, is developing and growing,” says Barnett-Harris
POSITIVE INFLUENCE: Six, the new development in Sir Lowry Road, above, and, right, the Strand Hotel, a new hotel nearing completion in Strand Street.