Horizon Capital is to develop three AAA-grade sectional title office buildings, to be known as Hyde Park House, Oxford House and Piccadilly House, in Park Lane Office Park at Century City. The R45 million development is expected to be complete … Continue reading
Tag Archives: sectional title commercial property
New community scheme ombud services will be the key to dispute resolution in the sectional title sector
Many of those trustees now controlling sectional title bodies corporate may not as yet be aware that significant changes will soon be made to the Sectional Title Act as a result of new amendments that will come into being soon … Continue reading
Questions to ask when buying into a sectional title scheme
The quality of a scheme is almost invariably linked very closely to the quality of its management. Those contemplating a purchase in a sectional title scheme often do not take sufficient trouble to investigate just how efficiently – or inefficiently … Continue reading
CPA impact on Sectional Title law
The content of these notes is subject to copyright protection. Reproduction of the content, or any part of it, other than for personal, non-commercial use, is prohibited without prior consent from Marlon Shevelew. The information provided in these notes is … Continue reading
Prime Sectional Title Offices in Pinelands
For Sale and To Let, Sectional Title Offices in Pinelands.
Howard Terraces, located on the corner of Forest and Howard Drive, a corporate headquarters that has recently been upgraded and converted into A Grade Sectional Title Office accommodation. The various office units can either be purchased or leased.
Companies looking for a high profile and commercial and industrial property investors looking for a stake in the sort after Pinelands office property market should definitely consider Howard Terraces.
Howard Terraces is located next door to the Howard Shopping Centre, which has most of the amenities, that an office user or company could want.
Pinelands is located at the centre of the Cape Town metropolitan area, within easy access of the major commercial, industrial and residential areas and the road network. Pinelands can also be accessed by train.
For more information on either purchasing or leasing at Howard Terraces, please call us at:
Telephone: 021 551 9777 Email: info@delaporte.co.za Website: www.delaporte.co.za
View of Table Mountain from Howard Terraces
A clear view of Table Mountain from an office in Howard Terraces
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Office to let in Century City
106.6 m2 office available to let @ R90 per m2 ex VAT, for more information feel free to contact Kathy Evans on 084 555 4235 or Kathy@delaporte.co.za
Office to let in Milnerton
102m2 office available in a security complex in Milnerton, rental is R 60 per m2 ex VAT. For more information contact Kathy Evans on 084 555 4235 or kathy@delaporte.co.za
Four commercial Sectional Title units have been sold in Centurion Business Park Milnerton, Cape Town.
Kathy Evans at Centurion Business Park
Kathy Evans of De La Porte Property Group, who are based in Milnerton, recently sold four mixed-use or multi-purpose Sectional Title units to a national owner-occupier, headquartered in Centurion Business Park Cape Town. The transaction price for the four units was R3 650 000.
Centurion Business Park is sought after by tenants, investors and owner-occupiers. Located on Bosmansdam Road, opposite Sable Square shopping mall on the shoulder of Century City, it offers space to suit office users and companies that need a mix of office and storage space.
When Centurion Business Park was originally launched in 1997/1998, units sold for the whopping price of R255 000 per 100 square meter unit. Investors in Centurion Business Park have enjoyed an incredible return on investment over the period.
For more information on Centurion Business Park and other business parks in the area, please contact Kathy Evans on 021 551 9777.
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De La Porte Property Management secures the management of Greenwich Place in Capricorn Park Cape Town
De La Porte Property Management (DLP) has recently been appointed to manage the Greenwich Place body corporate on behalf of the trustees. Greenwich Place is a prime sectional title light industrial business park located in Capricorn Park near Muizenberg in the Southern suburbs.
Greenwich place consists of nine light industrial or mixed-use sectional title units and De La Porte Property Management is proud to be associated with it.
Capricorn Park is a natural location for businesses located in the Southern suburbs of the Cape Peninsula.
Greenwich Place was originally developed by Davantoni Projects.
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New legislation for sectional title and other communal housing schemes – Part II
Community Schemes Ombud Services Act, 9 of 2011 – The “Who” This is the second in a series of notes in which we guide you through the essentials of two new related Acts that deal with the management of various … Continue reading
Final court order against CSTM
final order prohibiting Constantia Sectional Title Management (CSTM) from operating as an estate agent was confirmed by the High Court in Johannesburg on Tuesday. In terms of the order, CSTM and its former sole director Quintin Brown could not act … Continue reading
Trustees should be accountable for their role in Constantia Sectional Title Management debacle
The financial health of a building or complex is up to its trustees, and they need to recognise this responsibility and be committed to fulfilling it. Managing agents are simply a conduit.” Continue reading
Sectional title arbitrators aren’t playing the game
The essence of arbitration has been eroded, and expectations of a quicker, cheaper forum to resolve the many types of disputes in sectional title complexes lacks credibility. Marina Constas, a specialist sectional title attorney and a director at BBM Attorneys, … Continue reading
Twin body corporate
The owners in the scheme known as Twin Oaks do not get along. Trouble is, the entire body corporate is now at loggerheads. Yes, 50% of the owners are pitted against the other 50% in disputes and unpleasantness. How come? … Continue reading
Amending sectional title conduct rules
Trustees of sectional title schemes need to be fully aware of the procedures they should follow when amending conduct rules. Michael Bauer, general manager of property management company IHFM, says that he frequently comes across cases where trustees and/or their … Continue reading
Sectional title trustees must get involved
The serious problems – and loss of big sums of money – caused by the collapse of Constantia Sectional Title Management to thousands of sectional title owners have resulted in managing agents being branded with an ‘incompetent, unreliable’ stigma, but this is … Continue reading
Liquidation of Constantia Sectional Title Management
LIQUIDATION: THE BODY CORPORATE OF QUINN CENTRE // CONSTANTIA SECTIONAL TITLE MANAGEMENT. We refer to the above matter and write this letter on instruction of Lexstar Trustees CC. On 24 May 2011 the Body Corporate succeeded with their urgent liquidation … Continue reading
Paying interest on sectional title levy arrears
Sectional title body corporates are entitled to charge compound interest on levy arrears. The Sectional Title Act states that one of the key functions of a body corporate is to set up a fund for the repair, upkeep, control, management … Continue reading
Biggest fraud ever for EAAB?
Constantia Sectional Title Managers – currently under curatorship – has allegedly misappropriated a huge amount of money from the 450 bodies corporate that it managed and the curators say missing money could amount to anything between R20-million and R40-million.
Quentin Brown – who ran the operation until an interdict was obtained by the Estate Agency Affairs Board to prevent him from doing so – has been provisionally sequestrated and the Hawks has now launched a criminal investigation into the affairs of CSTM.
According to the curators about R10-million was collected by CSTM from unit owners for the payment of municipal rates, taxes and services but the company is believed to not have paid this money over to the local councils, leaving unit owners high and dry and deeply indebted.
Curator Lawrence Moepi says that there was about R500k in the trust accounts at the end of last month but the income moving through the companies trust accounts amounted to about R300-million a year.
Cindy Nicholls, one of a team of forensic investigators looking into CSTM’s affairs warned that the company could be involved in possibly the biggest case of fraud ever faced by the EAAB.
She has confirmed that the many accounts opened by CSTM did not comply with the Financial Intelligence Centre Act and the investigators, Pasco Risk Management has asked First National Bank to investigate how these accounts were opened and who was involved.
At this stage it appears that the owners of units managed by CSTM would not be able to sell their properties until they received clearance certificates from the responsible body corporate. Moreover, banks would not grant bonds for affected units because the financial statements of these bodies corporate were suspect.
The EAAB investigation has shown that there allegedly were:
- Fictitious payments to municipalities;
- Contractors were paid kick-backs to inflate invoices to body corporates;
- Individual trust accounts were not opened for different organisations;
- Call accounts belonging to bodies corporate were used as security by CSTM for its Nedbank overdraft;
- Financial statements from CSTM were incorrect;
- A number of fraudulent transactions appeared in its management system;
- Almost every account on its books had been meddled with over the past three years.
Source: http://www.property24.com
HOAs and Sectional Title schemes are not the same
There seems to be some confusion of late as to the differences between home owners’ associations (HOAs) and sectional title schemes.
Sectional title is a legal arrangement in terms of which parts of buildings can be exclusively owned, in conjunction with shared ownership of other parts of the buildings and the land.
The fundamental concept that underlies this type of title is an abstract division of buildings into some parts that are owned in undivided shares by all participants (referred to as “common property”) and other parts that are exclusively owned (referred to as “sections”).
The Sectional Titles Act, a national statute that applies to the formation and operations of all sectional title developments, also makes provision for “exclusive use rights” in terms of which the owner of a section, who is also the co-owner of all the scheme’s common property, may enjoy the benefits of an arrangement with the other co-owners that s/he alone will have the right to use a specified part of the common property.
HOA developments, by contrast, operate on the basis of a combination of direct and indirect conventional ownership. There is no special type of title involved and no national statute that specifically regulates their formation or operations, although the Companies Act applies to those HOAs that are formed as non-profit companies.
In an HOA development, each owner obtains registered title to a conventional property held under a title deed and described on a registered diagram or general plan (“kaart en transport”) as with any other conventional land in a South African township.
But in addition, each owner of an individual property in an HOA development is automatically a member of the HOA that is usually the registered owner of the development infrastructure. In this case, each owner has indirect rights to the HOA’s property as well as the other rights and obligations that are associated with that membership.
HOAs are one of the biggest and fastest growing sectors of the South African property market. There is a considerable need for Knowledgeable managers for these associations, and thus HOA management can be a lucrative niche for property managers.
Rob Paddock is the operations director for Paddocks. Feel free to visit the website atwww.paddocks.co.za or for free sectional title advice go to www.sto.co.za
