Property November 2025

SHAPING THE FUTURE OF PROPERTY: skills, innovation and opportunity

The property sector in South Africa is changing faster than ever before.

Shaped by economic pressures, shifting tenant demands, sustainability imperatives and the rise of new technologies, the industry is being forced to innovate, adapt and reimagine how spaces are designed, nanced and managed.

In this issue, we raise the curtain on the next era of property development, investment and management – an era de ned by agility, collaboration and forward-thinking leadership.

We open with smart facilities on page 4, exploring how arti cial intelligence, the internet of things and predictive maintenance are streamlining building management.

As e-commerce continues to surge, The logistics real estate boom on page 5 unpacks how online retail growth is driving unprecedented demand for warehousing and distribution facilities – and what this means for investors and developers.

On page 6, Raising the bar in property management: skills for a new era looks at why education and continuous learning have become essential for property professionals. From tenant relations to digital asset tracking, the skills gap is widening – and training institutions, alongside industry leaders, are stepping up to bridge it.

Sustainability takes centre stage with Green assets, healthy returns on page 10, revealing how energy ef ciency, water recycling and waste optimisation are cutting costs and creating healthier, more desirable workspaces.

Investors will nd valuable insights in our nance, insurance and legal features on pages 12 and 13, unpacking funding trends, risk strategies and compliance essentials for the modern property portfolio.

For those with a global mindset, Beyond borders on page 15 examines offshore investment opportunities, highlighting emerging hotspots and practical guidance for navigating international markets.

We also explore the evolution of commercial spaces on pages 18, 20 and 22 – from hybrid of ces and adaptive reuse of vacant buildings to medical of ce developments and booming student housing. These trends are reshaping how and where South Africans work, heal and learn.

Reinventing the storefront on page 24 examines how brick-and-mortar retail is reinventing itself as an immersive, experience-driven proposition.

Finally, our residential property section starting on page 28 tackles everything from co-living and co-investing to mixed-use developments that are rede ning urban living. We also unpack residential market trends, offer practical guides for rst-time buyers and explore global property ownership opportunities for South Africans looking abroad.

From skills development to sustainability, legal insights to lifestyle shifts, this issue brings together the stories, strategies and success models shaping South Africa’s property sector in 2025 – and beyond.

Raina Julies

PUBLISHED BY

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No portion of this magazine may be reproduced in any form without written consent of the publisher. The publisher is not responsible for unsolicited material. Property is published by Picasso Headline. The opinions expressed are not necessarily those of Picasso Headline. All advertisements/advertorials have been paid for and therefore do not carry any endorsement by the publisher.

CLUR CONNECT

your live view on retail

“A Belief Economy has emerged as the Attention Economy fades. The new consumer language centres on meaningful values, sincerity and trust. The new consumer currency is emotional, human and community connection. Consumers now want something real.”

Belinda Clur – Founder & Managing Director, Clur International

Clur ConnectTM is a video series profiling South African retail property, its economic and community contribution and international leadership. The second edition features inspiring industry leaders discussing the Belief Economy.

Itumeleng Mothibeli Managing Director Southern Africa Vukile Property Fund President South African Property Owners Association (SAPOA)

Lindi Van Der Merwe National Leasing Manager Mowana Properties

Jason McCormick Chief Executive Officer Exemplar REITail

Amelia Beattie Head of Business Efficiencies, Property & Sustainable Impact Insurance and Asset Management Standard Bank Group

Vuso Majija Executive Director & Head of Retail Fortress Real Estate Investments Limited Director South African Council of Shopping Centres

Malose Kekana Group Chief Executive Officer Pareto Limited

Belinda Clur Founder & Managing Director Clur International

Clur ConnectTM is part of the Clur CollectiveTM Drive shopping centre results with the ultimate battle tools for profitability by plugging into the Clur CollectiveTM, South Africa’s leading independent early-warning performance, strategy, analysis & benchmarking platform built exclusively for shopping centres.

With extensive coverage of 5.4 million+ sqm across 130+ centres and 140+ merchandising categories in South Africa and Namibia, The Clur CollectiveTM is the endorsed industry standard and economic indicator trusted by decision makers for over a decade. It is a powerful global product built to speak retail fluently anywhere.

Clur InternationalTM is a widely recognised asset management support house with a partnership approach, which produces the Clur Shopping Centre IndexTM.

SMART FACILITIES

Tech transforming maintenance

The future of building management looks nothing like the past, writes BRENDON PETERSEN

The days of waiting for equipment to fail before xing it are rapidly becoming a relic of the past. Across South Africa, facilities managers are embracing a technological revolution that transforms maintenance from a reactive cost centre into a predictive value driver.

FROM BREAKDOWN TO BREAKTHROUGH

Traditional maintenance approaches have long been characterised by inef ciency. Equipment runs until it fails, energy is wasted and compliance becomes a manual scramble. The smart facilities revolution is changing this paradigm entirely.

By embedding internet of things (IoT) sensors across critical building systems and applying arti cial intelligence (AI) algorithms to analyse data streams, facilities can now predict maintenance needs weeks before failure occurs.

Current pilots demonstrate measurable electricity savings alongside extended asset lifespans. Entire oors automatically power down when vacant, while ventilation systems adjust dynamically to CO2 levels.

COMPLIANCE MADE SIMPLE

South Africa’s evolving regulatory landscape presents both challenges and opportunities. As environmental standards tighten and the country aligns with global environmental, social and governance frameworks, demonstrating compliance has traditionally burdened facilities teams. Smart facilities solutions transform this burden into an automated advantage. Connected sensors continuously monitor air quality, energy consumption and occupancy levels, generating real-time dashboards and auditable records.

Conrad Steyn, leader of country digital acceleration at Cisco, explains: “By embedding IoT sensors across heating, ventilation and air conditioning, lighting and other critical assets and applying AI to detect anomalies early, we help organisations move from reactive to predictive maintenance.”

“This shifts compliance from being a manual, after-the-fact process to something embedded in daily operations,” notes Steyn. “Live data and automated records give organisations both operational ef ciency and regulatory con dence.”

SECURITY IN A CONNECTED WORLD

The promise of smart facilities comes with cybersecurity concerns. Every connected device represents a potential entry point for threats, creating a dilemma between technological advancement and security. Leading providers address this challenge by applying enterprise-grade security frameworks directly to building systems. The approach centres on three principles: zero-trust access, network segmentation and continuous monitoring.

“For facilities managers, this approach makes the technology usable,” explains Steyn. “They can take advantage of IoT data for predictive maintenance, energy ef ciency and occupant safety, knowing that the digital layer is protected to the same standard as the rest of the business.”

THE EDGE ADVANTAGE

Edge computing represents the most signi cant development in smart facilities technology. Processing data locally within buildings offers particular advantages in South Africa, where connectivity can be unpredictable and power supply challenges persist.

Edge computing enables buildings to respond instantly to changing conditions. Climate control adjusts immediately, maintenance alerts trigger when anomalies are detected and power consumption optimises in real-time – all without depending on external connectivity.

“AI at the edge allows facilities to optimise energy use in real-time, switching off what is not needed and keeping critical systems running,” Steyn observes. “Over time, this will lead to buildings that operate more like adaptive systems, constantly balancing comfort, ef ciency and resilience.”

BUILDING TOMORROW

Smart facilities represent a fundamental shift towards buildings that learn, adapt and optimise continuously. Rather than static structures consuming resources, the next generation functions as dynamic systems responding intelligently to environmental conditions and business needs.

This transformation is particularly relevant for South African businesses facing pressure to improve sustainability metrics while managing rising operational costs. Smart facilities technology offers a path to achieve both goals simultaneously.

As South Africa’s regulatory environment evolves and sustainability becomes increasingly critical to business success, smart facilities technology offers more than operational ef ciency – it provides a competitive advantage. The buildings of tomorrow are being built today, and they are smarter, more ef cient, and more resilient than ever before.

Follow: Conrad Steyn www.linkedin.com/in/conrad-steyn-96129740

The South African logistics real estate market is experiencing unprecedented transformation, driven by a con uence of technological innovation, evolving consumer behaviour and sophisticated supply chain optimisation strategies. As e-commerce adoption accelerates nationwide, warehousing and distribution facilities have emerged as modern commerce’s critical infrastructure backbone.

THE DIGITAL DISRUPTION CATALYST

This boom’s foundation lies in South Africa’s rapid e-commerce adoption. Consumer behaviour has shifted decisively towards online shopping, creating ripple effects throughout supply chains extending beyond traditional retail models. This digital disruption has fundamentally altered how goods move from manufacturers to consumers.

Johann Nell, head of development and industrial asset management at Rede ne, observes that “markets can be disrupted overnight”, highlighting this transformation’s volatile nature. The pandemic accelerated existing trends, pushing consumers and businesses to embrace digital platforms at an unprecedented pace.

TECHNOLOGY RESHAPING WAREHOUSE DESIGN

Technological innovation has become the driving force behind modern warehouse requirements. Express logistics operators are implementing automated systems that dramatically improve productivity while reducing operational errors. This evolution in parcel handling and warehouse management systems is reshaping facility design.

Older warehousing facilities face signi cant challenges. Many are constrained by congested road networks and hampered by inadequate re sprinkler systems, limited yard space and outdated building materials, creating functional obsolescence. Businesses must decide whether to retro t existing facilities or invest in purpose-built alternatives.

THE HUB AND SPOKE REVOLUTION

E-commerce has created complex, multitiered distribution networks beyond traditional warehousing. Nell explains that “mega-warehousing facilities are the rst stage of this logistics network”, but notes there exists “a network of smaller distribution hubs that are key to the last mile distribution network”.

WAREHOUSES IN DEMAND

The logistics real estate boom

PETERSEN

Rede ne accommodates facilities “from large- (about 25 000m2) to midi-sized (around 1 000m2) warehousing within the e-commerce ecosystem”, according to Nell. This exibility recognises that supply chain networks are diverse, with no single approach tting all operational requirements.

INVESTMENT IMPLICATIONS

The demand surge has created signi cant opportunities for investors and developers understanding modern logistics real estate nuances. However, success requires more than building large boxes.

Today’s valuable warehousing facilities must offer strategic positioning, technological compatibility and operational exibility.

Location remains paramount, with logistics parks increasingly transforming into commercial nodes. Competitive advantage often lies not just in physical space, but also in operational optimisation. Some developers provide racking and shelving as rental components, recognising that operational ef ciency extends beyond building envelopes.

FUTURE-PROOFING THROUGH FLEXIBILITY

“Flexibility remains key,” says Nell. “We have learned over the past ve years that markets can be disrupted overnight.” Modular warehouse design has become

essential for accommodating clients’ changing needs in unpredictable markets. Nell notes that while “some common themes exist”, such as logistics parks transforming into nodes, Rede ne’s “more than two-hundred and sixty industrial tenants hold a competitive edge within the positioning of the industrial space”. The company offers diverse industrial spaces servicing wide-ranging markets, with some facilities including racking as part of rental packages.

THE ROAD AHEAD

The logistics real estate boom represents more than a temporary market surge; it re ects fundamental shifts in commerce operations. As consumer expectations for faster, reliable delivery continue rising, demand for sophisticated warehousing will intensify.

For investors and developers, opportunities are substantial, but success requires deep understanding of technological trends, supply chain dynamics and evolving e-commerce needs. Those delivering exible, technologically advanced facilities in strategic locations will position themselves at South Africa’s logistics revolution centre.

The question is no longer whether growth continues, but how quickly industry adapts to meet digital economy demands.

Follow: Johann Nell www.linkedin.com/in/johann-nell-56543235

RAISING THE BAR Skills for a new era

ITUMELENG MOGAKI speaks with property training providers to understand how modern property managers are gaining the skills they need to thrive

Property management has never been straightforward. Today, managers juggle a mix of responsibilities, from handling tenant concerns to overseeing digital property systems. With South Africa’s property sector becoming increasingly complex, education and continuous learning have become essential tools for success.

Here are some programmes and tools that equip property managers with the skills needed to thrive in today’s complex landscape.

A DECADE OF IMPACT

The TUHF Programme for Property Entrepreneurship (TPPE), delivered through the University of Cape Town, celebrates its 10th anniversary in 2025. Over the past decade, TPPE has grown into one of South Africa’s leading platforms for developing property entrepreneurs, offering both TUHF clients and nonclients the chance to gain the knowledge and skills needed to run sustainable property businesses.

Structured as a twelve-day course spread over three months, TPPE blends online and in-person learning to make it accessible to working professionals nationwide. Participants engage with experts across multiple disciplines, covering property nance, valuation techniques, green building, utilities management and proptech. On completion, a digital certi cate from UCT adds credibility and industry recognition.

The programme addresses key industry gaps by equipping participants with a holistic understanding of property development and management, particularly in the affordable rental housing sector.

Henry Chitsulo, programme director for TPPE, highlights its unique value: “It is this infusion of a variety of minds in various disciplines that makes TPPE a rich learning

experience. Whether already active in the market or just starting out, our students come away feeling inspired and empowered to run their businesses successfully.”

DRIVING ENTERPRISE GROWTH

Since 2016, the Attacq Property Point partnership has supported 55 small businesses, helping them generate over R451-million in revenue with a median annual growth rate of 40 per cent. With 56 per cent of participating enterprises being women-owned, the programme has contributed to gender equity while creating 456 full-time equivalent jobs.

pioneering listings platform into a comprehensive technology partner, providing estate agents and agencies with tools to manage clients, market listings and ensure compliance. Its agent- rst approach strengthens independence and reduces reliance on dominant property portals. Entegral’s ecosystem includes Base CRM for client and mandate management, Sync for instant listing syndication, Flex for modern agency websites and Vault for compliance and FICA management. Combined with MyProperty, these solutions give agents a connected and ef cient platform to compete in a fast-evolving market.

Entegral’s offering has expanded beyond listings into a cloud-based ecosystem embracing mobile, cloud and arti cial intelligence innovations. With a strong client base in South Africa and Namibia, and growing reach into other African countries, Entegral now supports thousands of agents while maintaining its independent, agent- rst philosophy.

The Attacq Green Programme, introduced in 2022, nurtures businesses addressing sustainability challenges in the property sector.

It has supported 10 enterprises generating R306-million in revenue, creating and sustaining 84 jobs, with half being women-led.

“Property Point has been at the forefront of empowering small and medium enterprises in South Africa’s property sector since 2008, unlocking over R2.5-billion in market opportunities,” says Shawn Theunissen, founder of Property Point. “Our Green Seeds initiative builds on this legacy by accelerating the green economy and turning entrepreneurial vision into transformative change that bene ts the entire property industry.”

TECHNOLOGY FOR INDEPENDENT PROPERTY PROFESSIONALS

For over 20 years, Entegral has been shaping the digital backbone of South Africa’s real estate industry. Founded by the CEO of Entegral, Adriaan Grové, the company has grown from a

“Our mission has always been to build technology that strengthens the independence of property professionals,” says Grové. “By connecting South African and Namibian agents through our ecosystem, we’re creating a more inclusive, innovative property market that helps agencies of all sizes thrive.”

Follow: Henry Chitsulo www.gsb.uct.ac.za/profile/1235/henry-chitsulo

Shawn Theunissen www.linkedin.com/in/shawntheunissen

Adriaan Grové www.linkedin.com/in/adriaangrove

FIND OUT HOW ENTEGRAL CAN ASSIST YOU AS A PROPERTY PROFESSIONAL

LEARN MORE TUHF PROGRAMME FOR PROPERTY ENTREPRENEURSHIP

WITS PLUS WHERE LIFELONG LEARNING MEETS REAL-WORLD IMPACT

WITS PLUS, a wholly owned subsidiary of the University of the Witwatersrand, has completed its first year in operation, marking a bold shift to ensure short learning courses are developed, managed and delivered with agility within the Wits ecosystem

Wits Plus was launched in 2024 as part of a strategic restructuring of the University of the Witwatersrand to consolidate all short courses under one independent, professionalised entity. With a strong vision to be a lifelong learning partner for individuals and organisations across South Africa, Wits Plus set out to modernise access to professional development through innovation, relevance and accessibility.

CEO’S HIGHLIGHT

“Wits Plus is a signi cant strategic investment in skills development by the university. It is designed to be exible, agile and responsive to the needs of business, government and civil society,” says Natalie Zimmelman, chief executive of cer at Wits Plus.

CHARTING THE ROAD AHEAD

Wits Plus offers a forward-thinking portfolio designed to meet the evolving needs of

individuals, institutions and industry. As it solidi es its position in the short learning landscape, it continues to:

• Disrupt traditional learning models by delivering modular, exible and digital- rst short courses that are accessible, scalable and aligned with modern learning behaviours.

• Leverage academic partnerships and intensive university quality assurance processes that draw on the depth and breadth of Wits University’s research and expertise, ensuring its offerings are high-quality and grounded in leading thought and academic integrity.

•Offer a dynamic and responsive set of short courses, designed to meet current skills demands and future workforce challenges across sectors.

•Provide streamlined access to bespoke learning solutions, making it easy for corporate clients and partners to collaborate with it in building tailored, impactful courses.

• Invest in integrated learning technologies, including advanced analytics, learning management systems and mobile-friendly platforms that enhance the learner experience and improve outcomes.

• Champion inclusive education, ensuring affordability, accessibility and meaningful transformation remain at the core of how and why it delivers education.

At Wits Plus, it is not just about planning; it is about delivering it, today.

SHORT COURSES WITH REAL- WORLD IMPACT

Wits Plus offers the following short courses under the property/real estate category:

• Advanced Facilities Management.

• Commercial Property Management.

• Facilities Management.

• Retail Property and Shopping Centre Asset Management.

These courses are designed not only to upskill professionals, but also to bridge the gap between academic insight and industry application. By drawing on the depth of Wits University’s research and expertise, Wits Plus ensures its offerings are grounded in academic integrity while remaining practical and actionable.

This vision is particularly relevant to the property sector, where professionals must continuously adapt to new regulations, technologies and market dynamics. Whether a developer, estate agent, urban planner or investor, staying ahead requires more than experience; it demands continuous learning.

WHY LIFELONG LEARNING MATTERS IN PROPERTY

The property sector is undergoing transformation. Smart technologies, environmental, social and governance (ESG) compliance and shifting consumer expectations are rede ning how spaces are built, sold and managed.

Lifelong learning empowers professionals to:

• Stay relevant in a competitive and evolving market.

• Adapt to regulatory changes and industry standards.

• Innovate in areas like green building, digital marketing and data-driven property management.

• Lead transformation in urban development and infrastructure planning.

For Wits Plus, lifelong learning is about equipping individuals with the skills and insights required to navigate change, solve complex challenges and drive innovation in their sectors.

“Lifelong learning is the bridge between where we are and where we want to be,” says Yasira Cajee, digital and marketing director.

“We’re proud to be part of that journey.”

PROPERTY AND REAL ESTATE ASSET MANAGEMENT: A FLAGSHIP OFFERING

One of Wits Plus’s standout short courses is its Property and Real Estate Asset Management short course, with a special focus on shopping centre assets. This course is designed for professionals who want to deepen their understanding of South Africa’s retail property market.

The course helps learners build skills that apply across all property sectors, while also giving them a deeper understanding of the unique challenges in retail real estate. It is ideal for those looking to grow their careers in asset management or transition into the retail property space.

Key topics include:

• Ownership structures and legal frameworks.

• Financial modelling and simulations.

• ESG impacts and risk management.

• Ethical governance and King IV compliance.

• Capital markets and funding strategies.

• Asset performance monitoring and benchmarking.

The course is delivered through interactive lectures, group assignments and real-world case studies, ensuring students gain both theoretical knowledge and practical skills.

WHO SHOULD ATTEND?

This short course is designed for a wide range of professionals, including:

• Property, leasing and facilities managers.

• Architects, engineers and town planners.

• Retail tenants and quantity surveyors.

• Professionals in banking, private equity and REITs (real estate investment trusts).

• Anyone looking to add value in retail property investment and management. Participants earn a certi cate of competence upon completion.

PARTNERING WITH INDUSTRY FOR REAL IMPACT

One of Wits Plus’s most strategic moves has been its bespoke solutions offering, which allows corporate, government and civil society clients to co-design tailored training interventions.

“Through strategic product and business development, Wits Plus is forging powerful partnerships that deliver tailored, high-impact learning solutions,” says Dr Nico Baird, product and business development director. “We’re driving workforce excellence and organisational success – now and in the future.”

This client-centric approach is already fostering deeper relationships with industry bodies, professional associations and public sector entities. It is a model that prioritises collaboration, relevance and measurable outcomes.

LEARNING, THE SMART, STRATEGIC WAY

The property industry is changing – and so must the way we learn. Wits Plus is showing how short courses can be powerful tools for growth, transformation and impact.

Whether you are an individual looking to upskill or an organisation seeking tailored training, Wits Plus offers a smart, strategic way forward. Its commitment to lifelong learning helps professionals stay relevant, agile and empowered, not just for today, but also for the future.

“THE ULTIMATE TEST OF ANY SUSTAINABLE STRATEGY IS ITS OPERATIONAL RESULTS AND TENANT SATISFACTION AND RETENTION.” – BRYCE O’DONNELL

GREEN ASSETS, HEALTHY RETURNS

Sustainable infrastructure is increasingly becoming a driver for tenant attraction, operational savings and long-term resilience for commercial and retail developers.

THANDO PATO speaks with developers yielding returns

One of Sandton’s most recently erected mixed-use developments, Sandton Gate, was from conception, designed and developed around sustainable principles, says Bryce O’Donnell, MD of Abcon Developments.

“Green Star principles were used as a design and management framework from the concept stage. Credit pathways informed early choices on orientation, facade performance, water strategies, metering, commissioning and tenant guidelines. Several commercial components were registered for Green Star ratings, and base-building speci cations were set to be ‘Green Star-ready’ so that interiors can be certi ed as tenants t out,” he explains.

O’Donnell says they also worked with density and mixed tools to drive sustainability. “We clustered A-grade of ces, neighbourhood retail and apartments within a short walk and cut car dependency and internal trip lengths. We introduced shaded facades and high-performance glazing to reduce cooling loads without compromising contemporary aesthetics. We also added back-of-house systems like solar photovoltaic (PV), ef cient heating, ventilation and air conditioning (HVAC), smart metering, water reuse and on-site waste sorting.”

Cebisa Mafukuzela, sustainable building consultant at Solid Green Consulting, says the goal of the Green Star-certi ed Barloworld headquarters, situated in the Irene Link precinct – also home to several other Green Star-certi ed

commercial buildings – took direction from the Barloworld building, which Mafukuzela says was designed “to create a beacon of sustainability”.

“The entire project consisted of several commercial buildings that targeted both a Green Star Design and As Built Rating. Barloworld was the rst building constructed and certi ed,” she explains.

• Materials and health: reduced volatile organic paints or adhesives, responsible timber, preference for locally manufactured nishes with recycled content, enhanced fresh-air rates and end-of-trip facilities (showers, lockers and secure bike storage) to support active commuting.

Mafukuzela says the Irene Link development also features ef cient ttings and xtures, energy-ef cient HVAC systems and improved indoor environment quality systems to reduce impurities and increase access to fresh air.

SEAMLESS SUSTAINABLE TECHNOLOGY

The sustainable elements of these precincts lie in the advanced technology working behind the scenes. At Sandton Gate, a comprehensive suite of measures delivers ef ciency without compromising the tenant experience.

The green technology at Sandton Gate includes:

• Energy: rooftop and carport solar PV arrays, high-ef ciency HVAC systems, LED lighting with occupancy and daylight controls, power-factor correction and building management system-enabled demand management and electric vehicle-charging readiness.

• Water: low- ow sanitaryware, smart submetering and leak detection, rain and condensate capture for irrigation and drought-tolerant, indigenous landscaping.

THE TANGIBLE PAYOFFS

The ultimate test of any sustainable strategy is its operational results and tenant satisfaction and retention.

And, the data for Sandton Gate is compelling, says O’Donnell.

“Operational data shows a materially lower electricity intensity versus comparable nonef cient of ces, with peak-demand shaving during high-stage load shedding translating into meaningful tariff savings. Potable water use per occupant is trending down thanks to metering and ttings, while waste diversion rates continue to improve as retailers and of ce tenants align on sorting.

“On the human side, tenants cite the end-of-trip facilities, walkable retail and proximity to green space as quality-of-workplace advantages that aid staff attraction and retention, factors that, in turn, support strong occupancy and lease renewals.”

He says the sustainability measures on offer at Sandton Gate have given the precinct a tangible differentiator for prospective clients, particularly businesses with environment, social and governance mandates.

“Prospective tenants increasingly ask for hard data that includes base-building energy intensity, renewable contribution, water-use metrics and indoor-environment quality. The ability to provide credible numbers, plus the convenience of bike storage, showers, EV-ready bays and a connected retail high street, has been a differentiator in lease negotiations.”

• Waste: centralised sorting areas in each building and construction waste plans that favour reuse or recycling. Follow: Bryce O’Donnell www.linkedin.com/in/bryce-o-donnell-a6628540

Cebisa Mafukuzela www.linkedin.com/in/cebisa-mafukuzela-7b633b74

SHIELDING YOUR ASSETS

Commercial properties in South Africa face a wide range of risks, some of which are universally relevant, while others are heightened by local conditions, such as the crime rate, infrastructure issues and historical examples of civil unrest, writes VANESSA

ROGERS

Owning commercial property is a long-term investment, but with investment comes risk. From climate change and cybercrime to theft, vandalism and the ever-present threat of re, property owners face a growing list of challenges that can erode asset value and disrupt business operations. Experts agree: understanding your risk pro le and securing appropriate insurance cover is no longer optional; it’s essential.

FIRE AND EXTREME WEATHER: THE BIG-TICKET RISKS

Dini Nondumo, head of commercial insurance at Standard Insurance Limited, notes that re remains the leading cause of catastrophic losses for commercial property owners.

“While res occur less frequently than other events, the nancial devastation they cause is unmatched,” says Nondumo.

“Our largest single claim in the past ve years involved a re at a forestry agricultural co-operative next to our client’s facility

– the gross claim reached R183-million. Thanks to structured risk-sharing, Standard Insurance absorbed only a portion of that liability.”

In addition, the rising frequency of extreme weather events, from oods to catastrophic storms, is driving up claims volumes. “Water damage, whether from burst pipes or severe ooding, often affects both the building structure and its contents. Climate change is making these events more common and more costly,” he adds.

NO ONE-SIZE-FITS-ALL SOLUTION

Property owners often assume that commercial property insurance follows a standard template. In reality, cover must be tailored to the business and its risk exposure. “There’s no one-size- ts-all option,” says Nondumo. “Business owners should consult a professionally quali ed broker to conduct a comprehensive needs and risk analysis. Only then can you secure cover that addresses all major concerns – re, weather events, vandalism, cyber-risks and operational disruptions.”

THE CYBERSECURITY FACTOR IN SMART BUILDINGS

As commercial properties become increasingly digitised, from automated access control to building management systems, cybersecurity

emerges as a new frontier of risk. Hackers targeting smart systems can shut down heating, ventilation, lighting or security, leading to costly operational downtime. Insurance solutions now extend to cyber liability cover, ensuring building owners are protected against data breaches and system failures.

MAINTENANCE: A FIRST LINE OF DEFENCE

Nondumo emphasises that insurance is only one part of risk management. Proactive maintenance signi cantly reduces the likelihood of claims. At a minimum, property owners should:

• Update electrical compliance and re suppression system certi cations annually.

• Commission structural reviews from quali ed engineers.

• Maintain gutters, drains, landscaping and other exterior features regularly.

“Day-to-day upkeep protects property value, ensures compliance and reduces the risk of catastrophic loss,” says Nondumo.

COMMUNITY IMPACT AND BUSINESS CONTINUITY

Beyond nancial protection, Nondumo believes well-managed commercial properties strengthen local communities. “Properly insured and maintained buildings safeguard jobs, support local economies and contribute to public safety,” he says. “Business continuity depends on secure, resilient infrastructure, and that bene ts everyone.”

Follow: Dini Nondumo www.linkedin.com/in/dini-nondumo-14892a8

NAVIGATING SA’ S COMMERCIAL PROPERTY LEGAL SHIFTS

VANESSA ROGERS looks at the latest tax amendments, conveyancing developments and property law updates affecting owners, developers and investors

South Africa’s commercial property sector continues to attract investors, with transactions often exceeding R100-million and including not only land, but also operational assets like farms and factories, according to Pieter van der Merwe, managing partner at VDMA Law.

Key tax amendments remain top of mind for developers and investors. Transfer duties, once xed at 8–10 per cent, now follow a single sliding scale of up to 13 per cent, with the rst R1.1-million exempt. Updates to the Property Practitioners Act have tightened compliance, requiring disclosure of property

defects and ensuring estate agents’ commissions are only paid upon registration – a win for buyers seeking transparency. On the conveyancing front, the deeds of ce is piloting electronic lodgement, but experts warn full digital adoption will take time due to training needs and

FINANCING THE FUTURE

Property loans, bridging finance and where to invest next

VANESSA ROGERS looks at market trends in property loans and bridging finance and provides expert perspective on where investors should be looking next

A25-basis point cut to the repo rate this July – down to 7 per cent – has boosted investor con dence in commercial property, particularly in South Africa’s main centres. Demand for industrial, logistics and select of ce space remains strong, driven by hybrid work models, an e-commerce boom and shifting tenant needs.

FUNDING YOUR COMMERCIAL PROPERTY DEAL

According to Ooba, there are ve main funding routes for investors:

• Traditional home loans for rst-time buyers with strong credit records.

• Home-equity nancing, using existing property equity for lower upfront costs.

• Partnership structures where investors pool resources.

• Private lending arrangements for faster turnaround times on nonstandard deals.

• Specialised nancing solutions for projects like urban renewal or green energy.

Alternative models, including bridging nance and private equity options, are gaining traction, offering quicker liquidity and exibility versus traditional lenders – often a key advantage in competitive markets.

WHERE TO LOOK NEXt

John Jack, CEO of Galetti, says the hottest sectors right now are energy projects, light industrial property linked to logistics and select of ce spaces with strong tenant mixes. Hospitality assets also offer long-term returns if carefully researched.

ALTERNATIVE MODELS, INCLUDING BRIDGING FINANCE AND PRIVATE EQUITY OPTIONS, ARE GAINING TRACTION.

system reliability. “The existing system has strong checks and balances,” notes Hazel Jacobs, head of conveyancing at VDMA, “so digital tools will enhance rather than replace it.” With South Africa’s reputation for accurate valuations and a robust nancial sector, investors can con dently pursue long-term gains while navigating new legal frameworks with minimal disruption.

UPDATES TO THE PROPERTY PRACTITIONERS ACT HAVE TIGHTENED COMPLIANCE.

2025 PROPERTY LEGAL HIGHLIGHTS

• Transfer duties: up to 13 per cent, first R1.1-million tax-free.

• Property Practitioners Act: mandatory disclosure of defects, commission payable only upon registration.

• Conveyancing: digital lodgement pilot underway, full roll-out pending.

• Investor confidence: robust financial sector and accurate valuations boost long-term appeal.

“In energy, you can buy the land and have someone else come and build everything to run an operation. Then, out of that operation, arrange that your ‘tenant’ gives you a margin on how much fuel they pump, with 300 000 litres being the average break-even for a good business model.”

With industrials being the darling because everyone’s doing logistics, Jack adds that despite the sense that retail is going to take some pain, in South Africa, we still have a culture of “going to the shops”, plus there are easily 1 300 shopping centres in the country, ranging in size from 500m2 to 135 000m2

TIPS FOR SUCCESS IN COMMERCIAL PROPERTY

• Start as a broker to learn the ropes.

• Be willing to walk away from bad deals.

• Understand your market inside out.

Follow: John Jack www.linkedin.com/in/john-jack-952692a

COMPLIANCE –HURDLE OR HELP?

FICA obligations require rigorous client checks, however, Hazel Jacobs, head of conveyancing at VDMA Law, insists compliance rarely disrupts deals: “Banks care about zoning, title and funding sources –the rest can be fixed post-transaction.”

Follow: Pieter van der Merwe www.linkedin.com/in/pieter-van-der-merwe-2079205 Hazel Jacobs www.linkedin.com/in/hazel-jacobs-4a503633

BEYOND BORDERS

Unlocking offshore property opportunities

VANESSA ROGERS explores how South African investors are tapping into offshore property markets, maximising returns and navigating risks in a post-pandemic landscape

Speaking at a South African Property Owners Association webinar in July on global property investment trends, Eileen Andrew, vice president of MSCI, delivered encouraging news: the global property market has staged a strong rebound, shaking off two years of turbulence.

Of particular interest to South African investors, Andrew highlighted the country’s dominance on the global property investment leaderboard – 11.5 per cent total returns, led by an impressive 8.4 per cent income return. Hotels and retail properties have surged, fuelling renewed appetite for investment in these sectors.

APPEALINGLY LOW POINTS OF ENTRY

Megan Copley, director and partner at LIO Global, notes that South African investors are particularly eyeing the United Kingdom (UK), where a low entry point of just £100 000 allows owners to generate around £10 000 per annum from light industrial, of ce, hotel or short-term rental properties.

Copley advises steering clear of markets where language barriers or regulatory restrictions create challenges. For instance:

• Spain limits Airbnb-type licences.

• Portugal frowns on short-let activity that displaces locals.

• Greek islands may offer returns, but properties do not qualify for golden visas.

• Mauritius and Seychelles have high entry points, often US$400 000-plus, with residency usually required.

GOVERNMENT REGENERATION DRIVING DEMAND

Currently driving demand for short lets, is the swelling number of UK government regeneration projects aimed at revitalising urban areas,

improving infrastructure and boosting economic growth. “Engineers, contractors, builders and other support staff travel from all over the UK to work on such projects. In the interim, units can be let on a nightly basis, using a smart pricing model that’s up for adjustment to keep occupancy levels high,” says Copley. “Owners can avoid many of the pitfalls of long-term lets – delinquency, lack of rental payments and extreme damage to property over time, together with not knowing the condition of your unit for up to a year at a time.”

Short-term lets present a win-win scenario because regular inspections can be done, and owners have the bene t of commercial activity insurance, which is not the case in a long-term residential let. “There is great appeal, of course, in suddenly moving your yield from a net ve to a net ten per cent – and a

pound yield at that – and where your cost of debt is between just four and ve per cent,” Copley explains.

An interesting hotspot in the UK, aside from the obvious examples in and around the HS2 high-speed rail line and the transformation of former brown eld sites, is the holiday destination of Blackpool. “Many British nationals choose to holiday locally, rather than the expense of going abroad. They take their families on short-let stays in Blackpool to enjoy its pier, pubs, restaurants, shops, gym, horse-drawn carts, gaming arcades and the close-to-completion new theme park. While asset values are low, rental prices are booming due to the demand to accommodate holidaymakers throughout the year.”

Navigating pitfalls

Copley shares critical advice for commercial property investors:

• Review the contract thoroughly, ideally with an expert present.

• Con rm permitted property use and rental activities.

• Commercial leases are longer and less exible than residential leases – ensure terms favour the owner.

• Clarify maintenance responsibilities – both internal and external.

• Secure pre-arranged nancing to reduce upfront stress and costs.

“Some investors face arrangement costs of up to £7 500 on a £75 000 purchase – about ten per cent in expenses. At LIO Global, we secure private nancing agreements with vendors to provide three-to- ve-year mortgages, easing initial cash ow while commercial activity stabilises,” explains Copley.

LOOKING AHEAD

With South Africa leading global returns and investors able to tap lucrative UK markets, commercial and short-let property remains a compelling avenue. Careful planning, legal safeguards and smart nancing are key to turning the current cautious optimism into pro table opportunity.

Follow: Megan Copley www.linkedin.com/in/megan-copley-56360143

Eileen Andrew www.linkedin.com/in/eileen-andrew-8849b440

INVESTING IN THE MOB

Medical office buildings are providing essential services to the public and good returns for landlords, writes ANTHONY

SHARPE

Investing your money with the mob may not be the best of nancial-planning ideas. However, medical of ce buildings, known as MOBs for short, have emerged as resilient assets in recent years.

As opposed to hospitals, MOBs are smaller, specialised buildings that cater to specialists, independent medical practitioners and the burgeoning range of services emerging in the wake of medical technology advancements.

While South Africa may have a youthful population, these advancements are increasing longevity. Orbvest founder Hennie Bezuidenhout says technologies such as arti cial intelligence and genome sequencing are set to transform drug research, genetic therapy and diagnostics, resulting in a growing cohort of senior citizens requiring more frequent medicalcare. With local hospitals frequently overburdened, MOBs are well-positioned to provide such care.

Scott Thorburn, of ce national asset manager at Rede ne Properties, says MOBs are typically clustered around larger healthcare facilities. “You need a large hospital in the building or vicinity. However, redeveloping existing buildings to serve this purpose, even in residential areas, is typically cost-effective. That’s important, because doctors have a cap on how much they can pay for rent.”

Follow: Hennie Bezuidenhout www.linkedin.com/in/hennie-bezuidenhoudt-5a145a83

AS OPPOSED TO HOSPITALS, MOBS ARE SMALLER, SPECIALISED BUILDINGS THAT CATER TO SPECIALISTS, INDEPENDENT MEDICAL PRACTITIONERS AND THE BURGEONING RANGE OF SERVICES EMERGING IN THE WAKE OF MEDICAL TECHNOLOGY ADVANCEMENTS.

ADAPT, REUSE, RETHINK

Repurposing existing commercial buildings into residential or mixed-use ones can help address housing shortages and invigorate city districts. By ANTHONY SHARPE

South Africans are no strangers to buildings being repurposed for other uses. Many of the architectural legacies of our more industrialised spaces have been reimagined, taking advantage of their unique layouts to create thriving, unique spaces. Take, for example, The Old Biscuit Mill in Cape Town, which turned the 19th-century Pyott’s biscuit factory into a lively precinct with shops, of ces, restaurants and a food court. Even more striking is Cape Town’s Zeitz Museum of Contemporary Art Africa, where old grain silos were carved out to create an extraordinary, cathedral-like atrium that practically overshadows the exhibits on display. In Johannesburg, a 1928 warehouse was adapted into Workshop17, a exible co-working and innovation hub that supports entrepreneurs, freelancers and creative professionals.

More contemporary is Braamfontein Gate, originally constructed in 1976 as the headquarters of French oil company Total Elf Fina. Four decades later, it was repurposed as part of an effort to lure people back to an area that had been left hollow by the departure of corporations and residents. Design company

Local Studio worked to retain aspects of the original building, giving it a unique character and keeping costs down. The result is 400 residential units complemented by retail spaces, a business centre, a coffee shop, a gym and swimming pool and a rooftop events space.

Developments like Braamfontein Gate are driven by a host of factors, including the economic pressure placed on landlords by low occupancy rates, demand for affordable housing close to city centres and shifting lifestyle preferences among working professionals. Adapting structures is also signi cantly more eco-friendly than building new ones, with the World Economic Forum estimating that retro tting an existing building can result in 50–75 per cent fewer carbon emissions. However, for landlords, converting their commercial spaces to residential or mixed-use often remains a last resort, says Rede ne Properties’ of ce national asset manager Scott Thorburn. “The problem is that what you can achieve from selling your building to a residential developer is a lot lower than your commercial value.”

Unsurprisingly premium of ce blocks remain resilient, while Thorburn says it is the underperforming properties that face conversion to residential. He believes such adaptive reuse is positive when it supports urban density and mixed-use living. “High-density living creates viability for shops, businesses and transport. You need people to walk down the streets, go to restaurants and shops – ultimately live, work and play in that environment.”

THE FUTURE IS (SORTA) FLEXIBLE

With more people returning to the office to work at least some days of the week, what does the hybrid workspace of today look like? By

ANTHONY SHARPE

Before the pandemic, of ce design was already shifting toward greater exibility: breakout areas, phone booths and shared spaces where employees could move between different types of work. COVID-19 merely accelerated this conversation, as remote work brie y became the default.

However, according to Scott Thorburn, of ce national asset manager at Rede ne Properties, the pendulum is swinging back – and the of ce still matters.

Thorburn says the initial embrace of working from home was partly driven by cost savings for employees.

“In South Africa, it’s almost a nancial decision,” he notes. “When you’re at home, you don’t pay for transport or childcare costs,

for example. Going back to the of ce means reabsorbing those expenses, which many had forgotten about.” That tension explains why many workers have resisted a full return.

Even so, most corporates are steadily calling staff back, often through hybrid models. In step with this, Thorburn says the trend of shrinking of ce spaces has stopped. “We’re seeing tenants like Google and nancial service providers, which take up the most space due to their large staff complements, come back.”

This return has pushed landlords and tenants to rethink space. The much-touted “activity-based workplace”, where no one has a dedicated desk, never quite took off in South Africa. “People still want a space that feels like theirs,” Thorburn argues. “They’re happy to use booths or breakout areas for certain tasks, but not to move around every day.”

What has gained traction is demand for well-located of ces near residential hubs. In Gauteng, Midrand, Bryanston, Greenstone and other suburban nodes have seen vacancies ll as smaller rms seek space close to where employees live, supported by on-site or nearby amenities such as gyms and coffee shops.

These amenities are crucial to getting staff to come back to larger of ces too, says Thorburn. “From a landlord’s perspective, you need to ensure these amenities are in the building or at least nearby. If you’re located near a shopping mall, for example, that typically takes care of these needs.”

The of ce may look different, but in Thorburn’s view, it isn’t going away. “At the end of the day, companies need space for culture. However, if you want your people to come back, you need to offer them a great working environment.”

Follow: Scott Thornburn www.linkedin.com/in/scott-thorburn-0890aa32

STUDY SMART, LIVE SMART

South Africa’s shortfall of student accommodation represents an opportunity for developers and investors, writes ANTHONY SHARPE

While many of us may recall our student digs a little warily, South Africa’s student housing sector is evolving, with purpose-built, tech-enabled residences and creative nancing

models helping to address a critical shortfall in university accommodation.

Private Student Housing Association CEO Kagisho Mamabolo, says the country has a de cit of more than 500 000 beds, with most universities seeing huge demand for purpose-built accommodation. For developers, this represents a potential goldmine. One company tapping into this potential is Growthpoint Properties, with its Thrive Student Living portfolio, which includes Peak Studios in Cape Town and Apex Studios in Johannesburg, boasting occupancy rates of 98 and 100 per cent respectively. These developments were awarded top honours at the

South African Property Owners Association Property Awards for their innovative and sustainable design.

Innovation really is key here, with tech and design features now integral to modern builds – think smart locks, high-speed internet, communal study areas and green building practices like solar energy and rainwater harvesting.

Growthpoint Investment Partners’ George Muchanya believes that while some investors may have lost interest in traditional real estate assets, the market fundamentals of student accommodation are encouraging, despite relatively low local coverage.

Follow: Kagisho Mamabolo www.linkedin.com/in/kagishomamabolo George Muchianya www.linkedin.com/in/george-muchanya-6160a040

BALANCING PROMISE AND RISK

The realities of investing in South Africa’s student accommodation market

Investing in student accommodation offers strong returns, but rising costs, high expectations and NSFAS risks demand careful planning and strategy, writes SIYA JELE, portfolio manager at TUHF

Student accommodation – or rather the lack thereof – has long been a thorn in the side of South Africa’s higher education sector. Estimates put the shortfall at nearly 500 000 beds nationwide. Protests at universities from Johannesburg to Cape Town have repeatedly highlighted the crisis, calling for affordable, decent housing within reach of campuses.

For property entrepreneurs, this shortage presents a tantalising opportunity. Yet those rushing into the market quickly learn that student housing is not just another rental property play; it comes with unique risks, costs and demands that require careful balancing.

BEYOND BRICKS AND MORTAR

The nancial considerations for a student accommodation project are very similar to those of any other affordable housing development. However, understanding the ancillary costs involved in meeting universities’ criteria – and students’ expectations – is crucial as these can be quite different.

Take Wi-Fi, for instance. It’s not a negotiable extra; it’s a deal-breaker. Students won’t tolerate slow or unreliable internet. If the Wi-Fi isn’t up to standard, they’ll move out, and word spreads fast.

Likewise, gone are the days of communal bathrooms and crowded dormitories. Students prefer private bathrooms and kitchenettes in smaller shared units. The old hostel model doesn’t work anymore.

Transport is another cost factor. If accommodation isn’t within walking distance of campus, operators may need to provide shuttle services, with those costs built into the rate per bed.

It’s not just about charging for the bus. You have to factor in the full cost of running the service – maintenance, drivers, fuel – and build that into your operating model.

STUDENT HOUSING IS NOT JUST ANOTHER RENTAL PROPERTY PLAY; IT COMES WITH UNIQUE RISKS, COSTS AND DEMANDS THAT REQUIRE CAREFUL BALANCING.

MANAGING THE NUMBERS

Unlike conventional multiresidential buildings, where operating costs might sit at 30–35 per cent of income, student accommodation can easily hit 50 per cent. In many ways, it’s closer to running a hospitality business than a residential one.

Yet the rewards can be substantial for those who get it right. You have to put a lot more in to get a lot more out. When you deliver what students want – privacy, connectivity, convenience – occupancy stays high and returns follow.

Some TUHF clients use smart building technologies to cut costs and improve ef ciency. We’ve seen clients install motion-sensor lighting in common areas or link plugs and lights in rooms to students’ access cards – much like a hotel key card system. When students leave, the power switches off automatically, keeping utility bills down.

Other examples include heat pumps instead of conventional geysers and low- ow water ttings to reduce water usage.

THE NSFAS CHALLENGE

However, the biggest hurdle isn’t the operational side; it’s cash ow. Rent payments depend heavily on the National Student Financial Aid Scheme (NSFAS), and late or inconsistent disbursements can leave landlords struggling to service loans.

NSFAS is such a massive lever. When payments are delayed for months, it puts providers under enormous strain. Some of TUHF’s highest-risk loans are in student accommodation because of this issue.

Despite these challenges, there really is untapped potential – particularly around technical and vocational education and training colleges, which face the same shortages as universities but receive less investor attention. If NSFAS resolved its funding issues and channelled support into vocational training institutions as well, it could open up an entirely new market.

For now, the sector remains a balancing act – weighing strong demand and healthy returns against operational complexity and funding uncertainty. Well-managed, well-appointed facilities can outperform standard affordable rental housing, but the risks are higher, and you need to go in with eyes wide open.

Follow: Siya Jele www.linkedin.com/in/siya-jele-74729a19

REINVENTING THE SHOPFRONT

Even as e-commerce continues its rampant growth, physical stores remain resoundingly dominant in South Africa. Nevertheless, they are evolving to reflect a new retail landscape, writes ANTHONY SHARPE

There’s no denying that South Africa is a country of brick-and-mortar shopping – especially malls. Our retail shopping centre space per capita compares favourably with similar developing countries. Despite the shocks of the COVID-19 pandemic and the concomitant shift towards online shopping, South Africans still ock in their droves to malls to mingle, browse and shop.

However, continued resilience requires a reimagining of these spaces. With e-commerce only set to grow, malls face an existential question – one that is being answered by their evolution into experiential, immersive lifestyle ecosystems.

“Consumer expectations are ever-shifting, but the pace of change is increasing,” says Jonathan Sinden, property portfolio chief commercial and operations of cer at Liberty Two Degrees. “Shoppers increasingly demand more than transactions. They seek connection, community and memorable experiences.”

South Africa remains a mall-oriented country largely because malls provide safe, accessible and multifaceted environments where people can shop, socialise and be entertained, says Sinden. “Unlike markets where high-street retail dominates, malls here double as lifestyle destinations and community anchors.

Socioeconomic realities, such as inequality and constrained disposable income, mean malls must cater to a broad spectrum of needs, from aspirational luxury to essential value shopping.”

MORE THAN JUST LOOKS

This shift is not just cosmetic. Malls are being redesigned to extend dwell time and deepen engagement. From rooftop padel courts and art installations to baby care lounges and live performances, the physical store is becoming a place to linger, not just shop.

“These elements encourage shoppers to linger, engage and return, while also contributing signi cantly to revitalising local economies and the broader nancial landscape,” explains Sinden. “This has led to the burgeoning trend of pop-up stores, interactive installations and concept shops that provide innovative and engaging retail environments.”

THE OMNICHANNEL EDGE

The South African grocery market represents a growing intersection of physical and online, with brands like Checkers and Woolworths that offer a compelling in-store and online shopping experience, outperforming competitors. This is unsurprising when you consider that, over the past year, grocery delivery from online orders has grown faster than in-store shopping.

Source: Reveal

Sinden says Liberty’s portfolio re ects this transformation. Sandton City, for example, now hosts the Standard Bank Art Lab, rooftop sports facilities and agship stores from global brands like Zara, Nike and Lego. Eastgate Shopping Centre recently refurbished its taxi rank to improve accessibility and continues to invest in sustainability, including one of South Africa’s largest rooftop solar plants. “Our portfolio achieved net-zero waste in 2024.”

TRANSFORMATIVE TECHNOLOGY

Technology plays a central role in bridging the online-of ine divide. Forward-thinking malls offer mobile navigation apps, self-service kiosks and click-and-collect services, while supporting tenants’ omnichannel strategies, says Sinden. “We differentiate through activation-led marketing, placemaking and smart environments. From smart parking and energy metering systems to free Wi-Fi and digital signage, we couple convenience with engagement.”

Sinden believes online shopping is not a threat, but rather an opportunity. “It has led to a transformation, not extinction, of brick-and-mortar retail.”

Follow: Jonathan Sinden www.linkedin.com/in/jonathan-sinden-46498022

Looking ahead, the role of the storefront is poised to shift even further, from transactional space to brand-building stage.

“Retailers are spending more on their shopfronts to showcase their brands,” Sinden observes.

In this new retail landscape, the physical store isn’t just surviving; it’s thriving by becoming something more. In South Africa, the evolution of shopping spaces into places where people gather, experience and connect is well underway.

RETAIL REALIGNED

JONATHAN SINDEN, chief commercial and operations property executive at Liberty Two Degrees, part of the Standard Bank Group unpacks how experience and purpose are redefining South Africa’s malls

The rst half of 2025 has brought encouraging signs for the South African retail property sector. Subdued in ation, steady interest rates and an uptick in consumer con dence have created a more stable backdrop for discretionary spending. Against this environment, shopping centres that are adapting to the dynamic retail environment are proving resilient.

As a result, the long-held prediction that malls would decline under pressure from online shopping and economic constraints has not materialised in the way many expected. Instead, South Africa’s retail spaces are being reimagined, from transactional hubs into experience-led destinations that anchor communities culturally and socially, as much as economically. The narrative has shifted from survival to reinvention, and this is reshaping how landlords, tenants and consumers view physical retail.

THE CHANGING CONSUMER

Globally, shopping is no longer the sole reason people visit malls. PwC’s 2023 Global Consumer Insights Survey revealed that 59 per cent of consumers value experiences as much as products, with Millennials and Gen Z leading this trend. Locally, the same dynamic is evident. Consumers are increasingly motivated by cultural activations, social interaction and curated community moments.

South Africans are demonstrating greater selectivity in how they spend their time and money. Families seek safe, affordable entertainment. Younger shoppers crave interactive experiences that re ect global culture, but also resonate locally.

Value-conscious households prioritise destinations that offer meaning and connection beyond the purchase.

What is also becoming clear is that digital and physical channels are converging. Consumers expect the ease of e-commerce alongside the sensory appeal of physical spaces. This omnichannel expectation is pushing malls to become not only centres of commerce, but also ecosystems of engagement where digital integration enhances the physical journey.

This shift has made relevance, dwell time and engagement the new benchmarks of mall success, replacing older measures of success that relied heavily on square footage or foot traf c alone.

THE NEW PURPOSE OF MALLS

Malls are evolving into places of belonging and discovery. Internationally, this has given rise to “retailtainment” where immersive exhibitions, live performances and interactive experiences shape the journey. South Africa is following suit, with many centres repositioning themselves as destinations that provide both commercial and civic value.

One example is the property portfolio within the insurance and asset management

DIGITAL AND PHYSICAL CHANNELS ARE CONVERGING. CONSUMERS

EXPECT THE EASE OF E-COMMERCE ALONGSIDE THE SENSORY APPEAL OF PHYSICAL SPACES.

business unit of the Standard Bank Group, Liberty Two Degrees (L2D), which has integrated a customer- rst approach across its portfolio. At Sandton City, new store formats and digital features are being used to create more interactive shopping environments. At Liberty Promenade in Mitchells Plain, the award-winning “Unmasking Strength” campaign tackled youth mental health, demonstrating how malls can serve as safe civic spaces in addition to retail hubs.

Such initiatives highlight the growing expectation that malls contribute to social resilience and community identity, not just commerce. A mall visit is increasingly about connection, recreation and inspiration as much as it is about purchase.

INNOVATION WITH IMPACT

Innovation in retail property is no longer about novelty; it is about resonance. South African malls are nding creative ways to deepen engagement. Examples include fashion experiences reimagined through generative arti cial intelligence, live theatre activations that make family entertainment more accessible and exhibitions showcasing local culture. These experiences extend the role of the mall from being a venue of consumption to a facilitator of discovery.

Sustainability is another vital dimension of innovation. With persistent challenges around energy supply and water security, portfolios investing in renewable energy, heating, ventilation and air conditioning upgrades and water harvesting are not only improving operational ef ciency, but also demonstrating responsible stewardship. L2D, for example, has tracked consistent progress towards its net-zero commitments, ensuring long-term resilience while enhancing tenant and consumer trust.

Globally, sustainability is becoming a decisive factor in how investors and consumers view retail real estate. South Africa’s leading malls are proving that resilience is as much about reducing environmental risk as it is about creating new experiences.

MALLS AS CULTURAL INFRASTRUCTURE

These developments point to a strategic shift. Malls are becoming cultural infrastructure, places where identity, entertainment and community converge. They are also powerful economic multipliers. A CBRE study found that shoppers who participate in experiential

A MALL VISIT IS INCREASINGLY ABOUT CONNECTION, RECREATION AND INSPIRATION AS MUCH AS IT IS ABOUT PURCHASE.

activities spend up to 40 per cent more per visit. In this way, experience is both a differentiator and a revenue driver.

Evidence from South Africa underscores this. The Liberty Property Portfolio recorded turnover growth of 4.8 per cent for the 12 months ending June 2025, ahead of the prior period. This suggests that physical spaces prioritising relevance and engagement can deliver superior performance, even in a cautious economy.

The role of malls as cultural anchors also extends to their ability to respond to societal shifts. In diverse communities, malls can provide neutral spaces where people gather, interact and share experiences. At a time when social cohesion is under strain, retail spaces that foster inclusivity and connection hold unique long-term value.

PURPOSE OVER PROMOTION

The most successful campaigns in retail today are rooted in purpose, not promotion. Deloitte’s 2024 Global Consumer Pulse survey revealed that 57 per cent of consumers remain more loyal to companies that take a stand on social or environmental issues. Malls that embrace this reality by

facilitating initiatives around social cohesion, sustainability or wellness are creating authentic bonds with their communities.

Purpose-driven strategies go beyond temporary campaigns. They involve rethinking how malls operate, how they engage with local culture and how they can amplify voices that matter within their communities. This is not a departure from retail’s core role, but an expansion of it. A mall that becomes a trusted platform for dialogue, health awareness or youth development is one that deeply embeds itself into the fabric of its society.

This requires landlords and operators to look beyond leasing and footfall. Strategies must emphasise placemaking, community engagement and the creation of memorable experiences. In many ways, property managers are evolving into custodians of community experience, with responsibility extending well beyond the walls of retail space.

LOOKING AHEAD

The future of South Africa’s malls will not be de ned solely by size, anchor tenants or location. It will be shaped by the ability to inspire belonging, remain relevant and contribute to broader community resilience.

Examples from the local sector, including the performance of L2D’s assets, show that when malls are reimagined as experience-driven and purpose-led, they outperform nancially while strengthening their role as civic anchors.

Far from being in decline, South Africa’s malls are being rede ned. In that rede nition lies their resilience and a reminder that physical retail, when thoughtfully evolved, remains a powerful connector of people, culture and commerce.

SHARED SPACES, SHARED STAKES

How co-living and co-investing are reshaping SA’s property market

As affordability challenges grow, South Africans are embracing co-living, co-leasing and co-investing, offering affordability, accessibility and reduced risk, writes GRANT SMEE, CEO of Only Realty Property Group

Shared property in urban settings has increased in popularity over the years. Models such as  co-leasing, co-investing and  co-living are gaining traction due to their affordability and accessibility to  prime locations.

There is demand across all age groups who see the value and reduced risk in this particular approach.

WHAT YOU NEED TO KNOW

1. Co-leasing: joint tenancy, joint accountability

A co-lease, or joint lease, is a rental agreement in which two or more individuals sign the same lease and share equal legal responsibility for the entire property. It is commonly used by roommates, friends, couples or business partners sharing a commercial space. However, it’s also typical for landlords to draft lease agreements naming only a primary leaseholder. In such cases, especially in  co-living situations, all parties involved should sign a separate agreement clearly outlining each person’s responsibilities. These contracts can typically be drawn up yourself or with the help of a professional –both are legally binding once signed.

Where two or more tenants sign a lease jointly, they are

typically held jointly and severally liable. Either tenant can be held responsible for the full rental amount or any damage to the property, regardless of who caused it. If one of the tenants chooses to move out over the period of the lease agreement, a new contract must  be drawn up.

The co-leasing tenants’ subagreement should contain the following details:

• Financial obligations and how payments are split.

• Responsibility for deposits and damages.

• Process for early termination.

• Replacement of departing tenants. Early termination can cause con ict, so it’s vital to include clear terms. Ensure responsibilities around deposits and replacement tenants are clearly outlined.

2. Co-investing: shared ownership, shared risk

Grant Smee

Co-investing allows buyers to share the capital and returns of property ownership. Collective buying in South Africa allows for up to 12 applicants on a single home loan by some nancial institutions. From dual-owner homes to investor syndicates in multilet properties, the bene ts include lower upfront costs and risk distribution.

Collective ownership often brings added complexity, so it’s important to establish a clear legal structure. Consider these key factors:

• Document ownership shares and  capital contributions.

• Clearly outline roles and responsibilities, including who manages tenants, maintenance and accounting.

• Clarify pro t and loss sharing arrangements.

• Include exit strategies outlining how the property will be sold and how one investor may exit the partnership.

• Include the dispute resolution processes.

• A formal partnership or co-ownership agreement, ideally drafted by a legal professional, is crucial to protect everyone’s interests.

3. Co-living: shared space,  shared responsibility

In a co-living situation, a residential space is shared by multiple people, typically with private bedrooms and shared common areas. All housemates should draft a written agreement covering:

• Expense breakdowns such as rent, utilities or Wi-Fi.

• House rules around communal living.

• Cleaning schedules, chores and shared responsibilities.

• Exit terms in case one party wants to leave. All agreements, payments and relevant communications should be documented  and stored. Having upfront clarity will help reduce disputes.

MULTILET INVESTMENTS AND THE RISE OF SHARED MODELS

South Africa’s rental market is booming, with average rents hitting a seven-year high of R9 132 in Q1 2025, according to PayProp. Since September 2024, rentals have outpaced in ation, rising between 1.2 and 5.4 per cent (Rode Report). This growth makes multilet properties especially appealing. By dividing a property into multiple rental units, investors enjoy higher yields and reduced risk through diversi ed tenants.

The multilet model works well with  co-investing, offering steady cash ow, even if a unit is vacant. However, careful screening and planning for defaults are essential.

A CHANGING PROPERTY LANDSCAPE

Shared property models are unlocking new opportunities for South Africans, whether to  live, lease or invest, as they enable more people to participate in the property  market. Proper planning, transparency  and legal safeguards are vital to protect all parties involved.

Renting absolutely has its place, says Jacqui Savage, national rentals business development manager for the Rawson Property Group. “However, over time, as your needs and goals evolve, homeownership becomes a very appealing prospect.”

Savage notes that if you’re thinking of making the move from renting to owning, there are a few key things to know.

Step 1: Do your homework. Buying a home is one of the biggest nancial decisions you’ll ever make, so it’s worth taking the time to prepare properly. That starts with learning everything you can about the property buying process and property market, and getting a clear picture of what you want – and what you can afford.

“Spend time researching neighbourhoods, property prices and lifestyle factors that matter to you,” says David Jacobs, Rawson’s Gauteng regional manager. “Do a few show house visits, chat to local agents and compare listings online. It helps build a feel for what your money can buy and where you’re most likely to nd value.”

Step 2: Get prequalified. One of the most important – and often overlooked – steps in buying your rst home is getting prequali ed for a home loan. “Affordability is one of the biggest stumbling blocks for rst-time buyers,” says Leonard Kondowe, national manager at Rawson Finance. “We often see people falling in love with properties, only to discover they’re out of reach nancially. Prequali cation avoids that by setting realistic expectations from the start.”

Kondowe explains that the process involves assessing your income, expenses and credit history to determine what size bond you’re likely to qualify for – and at what interest rate.

FROM RENTER TO HOMEOWNER

Your guide to buying your first property

RAWSON property experts share essential steps for first-time buyers, from financial preparation to partnering with professionals, for homeownership success

PRO TIP 1: “Buyers who put down a deposit – even just ten per cent – often get better interest rates,” says Leonard Kondowe, national manager at Rawson Finance. “That can lead to significant savings over the life of your bond.”

(Don’t forget to budget for the upfront costs of buying, too.)

Step 3: Partner with a professional. While it’s tempting to go it alone, especially with all the online property tools at your ngertips, having an experienced real estate professional on your side can be a game-changer. “Buying your rst home isn’t something you do every day,” says Jacobs. “It’s a process with legal, nancial and emotional layers, and it helps to have someone who’s done it all before guiding you through it.”

Step 4: Make the offer. You’ve found the one – the home that ticks the boxes and ts the budget. Now comes the exciting (and slightly nerve-wracking) part: putting in an offer. This is done through an Offer to Purchase – a legal document that outlines your price, conditions and timelines. It’s not something to rush. Your estate agent will help you get the details right, including things such as whether your offer is subject to bond approval or a satisfactory inspection.

Once the seller accepts, the ball starts rolling fast. “If you’ve already been prequali ed, the bond approval process tends to go much quicker,” notes Kondowe.

Step 5: Prepare for ownership. Once your offer has been accepted and your bond approved, you’re of cially on the home stretch – but there are still a few boxes to tick before you get the keys. The legal transfer process usually takes between eight to twelve weeks and involves attorneys handling the bond registration and property transfer. During this time, you’ll want to start prepping for the practical side of ownership: budgeting for ongoing costs, such as municipal rates, home insurance, levies (if applicable) and general maintenance.

If you’re buying in a complex or estate ensure you understand the rules, levies and shared responsibilities. If it’s a freestanding home, consider getting a basic maintenance plan in place.

However, it’s not all admin and planning; this is also the time to start dreaming. Whether choosing paint colours, planning your garden or just imagining your rst cup of coffee in your new kitchen, owning a home is a deeply personal and rewarding experience.

“IF YOU’VE ALREADY BEEN PREQUALIFIED, THE BOND APPROVAL PROCESS TENDS TO GO MUCH QUICKER.” – LEONARD KONDOWE

Follow: Jacqui Savage www.linkedin.com/in/jacqui-savage-a7083a101 David Jacobs www.linkedin.com/in/david-jacobs-706162b7 Leonard Kondowe www.linkedin.com/in/leonard-kondowe-61b18012a

CATALYSING GROWTH IN DURBAN’S OUTER WEST REGION

Just over six months since its official opening, WESTOWN SQUARE in Shongweni, on the outskirts of Durban, has proven to be a pivotal catalyst in the broader Westown development –the New City of the West. This transformative project is redefining Durban’s underserved Outer West region into a vibrant urban hub

As the trigger development for Westown, the Square anchors a catalytic investment that, together with strategic road and infrastructure upgrades undertaken in partnership with the eThekwini Municipality, is set to leverage a further R14-billion in investment across the precinct over the next decade.

“Like every other regional retail destination, it takes time – two to three years at least – for new spaces to become established,” says Carlos Correia, CEO of Fundamentum Property Group. “It requires a shift in shopping habits and behaviour. Expectations for a new space like Westown Square are high, especially

post-COVID-19, where people value open environments and integrated entertainment alongside retail.”

With Westown Square trading successfully and the festive season approaching, the focus now turns to ensuring the surrounding infrastructure continues to enhance access, convenience and community integration. The rst new bridge over the N13 is scheduled to open to traf c in November, followed by demolition of the existing bridge and construction of a second bridge, due for completion in 2026. The nal Kassier Road upgrades, from Alverstone to Old Main Road, are slated to begin mid-2026.

“EXPECTATIONS FOR A NEW SPACE LIKE WESTOWN

“Green eld developments are, by nature, disruptive, and for a time it’s hard to picture the nished result,” Correia adds. “We’re deeply grateful to our business partners and neighbours who share our vision and continue to walk this journey with us.”

According to Vumiso Nyamazana, regional head, commercial property nance KZN at Absa CIB, the project exempli es purpose-led investment:

“Through our funding of Westown, we’re not just building structures; we’re creating ecosystems where families thrive, businesses ourish and neighbourhoods connect. This partnership underscores Absa’s commitment to inclusive growth across Africa, ensuring every investment delivers lasting value by putting communities at the centre.”

Westown Square is one of the largest regional shopping and entertainment destinations of its scale to open in South Africa this year – and has already earned two signi cant honours: Best New

ABOUT WESTOWN

A groundbreaking, locally driven initiative that connects people with spaces and experiences, bringing new opportunities to live, work and thrive, Westown is a 100ha mixed-use precinct of urban and green space perfectly positioned off the N3 between Pietermaritzburg and Durban. Planned as a managed urban environment, Westown will not only integrate with existing outdoor and lifestyle activities and facilities in the area, but also enhance them with the rehabilitation of sugar cane into an indigenous active green belt. The first development activity within the Shongweni Urban Development, Westown has approved development rights of approximately 520 000 m² of bulk floor area.

Set to generate some R15-billion in new investment over the next 10–15 years both in infrastructure and top structures, the retail core of Westown Square is supported by several interconnected precincts and experiences, including The West Private Hospital, residential apartments,

Retail Development (Large Mall/Convenience Centre) at the 2025 Africa Property Investment Awards, and a BRICS Urban Innovation Award for Climate Action.

PRECINCT MOMENTUM

Momentum across the greater Westown Precinct continues to build, with progress visible in multiple sectors:

At Westown Square:

• The Westown Trails and Horse Paddock Hub, designed as the gateway to the historic

commercial and business activities, warehousing and logistics precinct and Farrier Crossing.

ABOUT FUNDAMENTUM PROPERTY GROUP

The Fundamentum Property Group specialises in asset management, property development, consulting and retail leasing, with a passion for building trusted relationships with its partners. With substantial combined experience, it owns, develops and manages a portfolio of quality properties.

Founded in Durban, South Africa, in 2012, the group has grown exponentially. Its dynamic, future-forward view offers a fresh approach to its investment portfolio and informs its philosophy “to do things quickly and correctly”. The group’s executive team came together with a common vision: to bring together property proficiency, financial know-how and an entrepreneurial spirit to create something unique within the property sector. www.fundamentum.co.za

Shongweni trail network, is open to mountain bikers, runners and horse riders through partnerships with EMBA and local sporting associations. Facilities are expanding to include trail maps, lockers, a bike wash bay and re ll stations, while horse paddocks already offer water and hay – all within walking distance of the Square’s retail and dining offerings.

• Within the 47 000 m2 GLA, The Foschini Group recently joined the retail line-up with new Foschini, Totalsports, Sportscene and Exact stores.

• In home and décor, Home Tech Sleep Store (Pepkor Group) complements existing anchors, such as Mr Price Home, House & Home, Incredible Connection and Pep Home.

• The food and beverage offering continues to expand — from The Barn on The Square’s 30-plus artisanal outlets to well-known family brands (Wimpy, Milky Lane, Mugg & Bean, Spur) and premium dining destinations, including Elephant & Co, Joops, Joitas, Kalamata, Tiger’s Milk, Robsons, The Burgundy Bar and, soon-to-open, Andreas Italian Restaurant.

• The rst motor dealerships, Omoda and Jaecoo, open between October and November on the lower level, paving the way for Parc Fermè, a dedicated motor-focused commercial scheme launching in 2027.

Across the Precinct:

• Balwin Properties has commenced earthworks for the rst 200 units of Shongweni Eco-Park, part of the Classic Balwin Collection. Completion of Phase 1 is expected mid-2026, featuring ground- oor apartments with private gardens and upper- oor balconies.

• Detailed designs are complete for the 100-bed West Private Hospital, with construction set to begin early 2026.

• The rst fuel station and commercial development have been formalised, with planning in progress.

• Interest in Farrier Business Park, the new logistics and warehousing zone, remains strong, with developer and end-user discussions advancing ahead of an early-2026 start.

SUSTAINABILITY

Westown Square’s design integrates sustainability at every level: rooftop solar panels supplement energy, rainwater harvesting supports irrigation and sanitation, and landscape design naturally moderates temperature. Open walkways reduce reliance on arti cial lighting and cooling, while solar-powered parking illumination and timed night lighting improve ef ciency. Universal access features tactile paving and braille signage. A connected network of walking and biking trails encourages reduced car dependence. The rehabilitation of former sugar-cane land into an indigenous greenbelt enhances biodiversity while fostering recreation. The result is a model of environmental stewardship and long-term operational resilience.

IN PARTNERSHIP WITH WESTOWN SQUARE

ART AND CULTURE

Cultural enrichment is embedded in the development through the Westown Square Art Programme, curated with the KwaZulu-Natal Society of Arts. Together with a robust events and activities calendar, the initiative transforms the precinct into a vibrant lifestyle and tourism destination, re ecting local creativity and community pride.

AWARD-WINNING ARCHITECTURE AND DESIGN

Westown Square is a thoughtfully designed urban ecosystem that rede nes conventional retail architecture. Conceived by MDS Architecture in collaboration with Boogertman + Partners Durban, the project challenges the enclosed mall model, embracing openness, community and connection.

“This project is a testament to progressive architectural thinking that prioritises human experience and community,” says Donald McGillivray, partner at MDS Architecture. Geoffrey Richards, associate at Boogertman + Partners, adds: “Westown Square re ects the unique character of its surroundings, evolving naturally from local culture and context.”

PARTNER PROFILES

Inspired by Shongweni’s rural landscape, Westown Square is designed as a permeable town centre. It blends traditional town planning with contemporary materials, creating a space that feels both globally sophisticated and deeply rooted in place. Timber fencing, steel portal frames and facades that echo rolling hills lend the development a modern yet organic character. Lush landscaping and greenery soften the built environment, enhancing its connection to nature.

The 48 000m2 retail core adopts a high-street design approach, where shopping, socialising and outdoor experiences merge. Densely planted walkways, pergola-covered seating, and open-air zones celebrate the adjacent Shongweni green belt, inviting visitors to linger and engage.

More than a retail hub, Westown Square offers a blueprint for future urban spaces centred on sustainability, human experience and community. It reimagines the role of retail in urban life as a vibrant, living quarter.

“This is about creating a destination,” McGillivray concludes, “not just a place to shop, but a place to experience, connect and belong.”

VISIT WEBSITE

SCAN THIS QR CODE TO GO TO THE WESTOWN SQUARE WEBSITE

For more information:

General information info@westown.co.za

+27 (031) 002 7979

Retail Leasing

Lana Pattison lana@fundamentum.co.za

+27 (0) 83 511 4433

Development Enquiries

Rory Wilkinson

Making home dreams possible

This year, BetterBond

marks a significant milestone – 25 years of helping South Africans achieve their dream of homeownership

Founded in 2000 in the back of a small video shop, BetterBond has grown to become one of the country’s leading bond originators, partnering with banks and estate agents to simplify the home loan process for buyers. Over the past two and a half decades, the company has assisted thousands of South Africans in securing bonds, saving them both time and money.

What started as a vision to make home nancing more accessible has evolved into a trusted brand with a national and, more recently, international footprint. BetterBond’s strength lies in its ability to negotiate across multiple banks, offering buyers greater choice and competitive interest rates. This customer- rst approach has made it possible for more people to step onto the property ladder – many for the very rst time.

As BetterBond looks to the future, the focus remains on innovation, expanding digital solutions and strengthening partnerships in the property industry. At its core, however, the mission is unchanged: to make owning a home a reality for more South Africans.

Pioneering a greener future

Growthpoint Properties (JSE: GRT) is transforming electricity for commercial real estate with its e-co2 green energy benefit scheme

The e-co2 scheme delivers clean energy through wheeling, transmitting electricity from hydro, wind and solar sources directly to Growthpoint’s properties. Launching in late 2025, it will initially cover 10 Sandton of ce buildings, marking a milestone in South Africa’s renewable energy transition.

The initiative cuts carbon footprints and generates Renewable Energy Certi cates (RECs) for tenants using blockchain technology. Growthpoint’s Power Purchase Agreement with Etana Energy enables electricity from independent power producers to reach its buildings nationwide.

The rst phase uses a hydroelectric plant developed by Serengeti Energy in the Lesotho Highlands Water Scheme, supplying clean energy from July 2025. Wind and solar sources will be added in 2026, increasing capacity.

Tim Irvine, head of asset management: of ces at Growthpoint Properties, says: “This agreement secures 195GWh of green electricity annually for Growthpoint and tenants and represents a key step in our sustainability journey.”

The e-co2 scheme helps tenants meet environmental, social and governance (ESG) targets with at least 70 per cent renewable electricity, with some opting for 100 per cent. Growthpoint’s Werner van Antwerpen, head corporate advisory, adds: “Users gain access to certi ed RECs for ESG reporting or trading.”

Tenants also bene t from long-term cost savings, with longer leases delivering greater reductions. Initially offered for new leases or renewals at Sandton properties, including 138 West Street, The Annex, The Place and Fredman Towers, the scheme will expand over time.

Growthpoint’s e-co2 scheme sets a new standard for sustainable South African commercial real estate.

SHOME TRUTHS TRENDS

outh Africa’s property landscape is being impacted by semigration – relocating within the country – a trend that increased substantially during and after the COVID-19 pandemic. Jean Elhers, director at the Devmark Property Group, says popular semigration hotspots include locations like Cape Town, the West Coast and the Garden Route because of their natural beauty, strong infrastructure and overall quality of life.

SHAPING THE RESIDENTIAL MARKET

The local property market is evolving, with lifestyle estates, semigration hotspots and off-grid living reshaping where and how people choose to live, writes THANDO PATO

Juanita Blaauw, founder and director, The ONE Team Properties SA, adds that the desire for a better work-life balance has grown, especially since the pandemic. “Many consumers are seeking locations that offer a more relaxed and ful lling lifestyle away from the hustle and bustle of city life. As remote work becomes more common, individuals have the freedom to choose where they live. This has led many to consider lifestyle estates and semigration hotspots that offer amenities and environments conducive to both work and leisure.”

ECONOMIC PRESSURES

Elhers says growing economic pressures are also in uencing property purchases, particularly for investors looking for rental income. “Higher interest rates and affordability pressures have made buyers more cautious. Lifestyle estates are proving resilient, holding their value and delivering consistent rental yields, which makes them especially attractive to investors in the current economic climate.”

Blaauw says that in some cases, semigration hotspots offer more affordable housing options compared to urban centres. “This appeals to buyers seeking better value for their investments, especially families and retirees.”

OFF-GRID AND SUSTAINABLE LIVING

Off-grid and partially off-grid living has also gained momentum. Elhers says load shedding and rising utility costs have made energy security a key priority, while water shortages in certain regions continue to in uence buyer decisions. “At the same time, sustainability has

become a lifestyle choice, particularly among younger and environmentally conscious buyers,” he explains.

Blaauw says energy security and cost savings are also key drivers and off-grid systems that incorporate renewable energy systems provide reliable power in remote areas, while also reducing monthly utility bills.

LOOKING AHEAD: LONG-TERM SHIFTS

Looking forward, both Elhers and Blaauw agree that these trends are here to stay. “Rising interest in lifestyle estates and semigration destinations is a long-term shift. The demand for secure, lifestyle-driven living is only going to increase. Off-grid solutions started as a response to load shedding, but are increasingly becoming a permanent expectation for buyers,” says Elhers.

“RISING INTEREST IN LIFESTYLE ESTATES AND SEMIGRATION DESTINATIONS IS A LONG-TERM SHIFT. THE DEMAND FOR SECURE, LIFESTYLE-DRIVEN LIVING IS ONLY GOING TO INCREASE.” – JEAN EHLERS

“While all factors contribute to the growing interest in off-grid living, the emphasis may vary among individuals depending on personal values, nancial situations and lifestyle aspirations. Many individuals consider a combination of sustainability, energy security, and cost savings as they explore the bene ts of off-grid living,” concludes Blaauw. Follow: Juanita Blaauw www.linkedin.com/in/juanita-blaauw-68218114a Jean Ehlers www.linkedin.com/in/jean-ehlers-877aa820

GLOBAL KEYS

A GUIDE TO BUYING PROPERTY

ABROAD

A practical guide for South Africans interested in residential offshore property investments. By THANDO PATO

According to Mikayla Morkel-Brink, sales and marketing representative offshore real estate and investment migration at Sable International, the top international property investment destinations for South Africans currently are the United Kingdom (UK), Portugal and Mauritius. “These destinations offer political stability, attractive residency or visa options, strong rental markets and the bene t of diversifying wealth in hard currencies such as the euro and the pound. South Africans are also drawn

“CURRENCY FLUCTUATIONS, DIFFERING LEGAL SYSTEMS AND VARYING TAX REGIMES CAN CREATE COMPLEXITY.”

– MIKAYLA MORKEL-BRINK

to lifestyle factors, quality healthcare and education opportunities in these regions,” she explains.

Morkel-Brink says local buyers are often looking for investment properties that can generate an income, provide nancial stability and give them the option to use the property either as an occasional holiday home or as a future retirement home.

UK still offers investors the best rental yield opportunities, particularly in cities outside London such as Manchester and Birmingham. “The UK continues to stand out for investors because of the nancing options, access to mortgages at competitive rates and the rental income earned in pounds, which allows them to build a resilient investment portfolio.

“In Portugal, investors are often drawn to Lisbon and Porto for capital appreciation, while in Mauritius, many opt for resort-style properties that double as both a holiday escape and an income-generating asset.”

WHAT TO CHECK BEFORE YOU INVEST

However, potential investors, she says, need to do thorough due diligence and consider factors such as tax structures, currency uctuations and legal frameworks before proceeding.

“Currency uctuations, differing legal systems and varying tax regimes can create complexity. Many investors underestimate the ongoing costs of property management, maintenance or local compliance. A lack of on-the-ground knowledge can also lead to poor location choices that limit rental yield or long-term growth.

WHY RESILIENCE MATTERS IN PROPERTY

While Portugal and Mauritius are popular, Morkel-Brink says the

“Another common oversight is failing to structure purchases correctly, whether through a company, offshore trust or special purpose vehicle, which can have signi cant implications for tax ef ciency and inheritance planning. Finally, poor on-the-ground knowledge can lead to weak location choices that limit rental yield and long-term growth,” explains Morkel-Brink.

This is why working with experienced cross-border advisors who can connect the dots is critical. Due diligence and a properly structured purchase will, she says, protect and grow a property investment’s value for generations.

Follow: Mikayla Morkel-Brink

LIVE, WORK, PLAY THE

ALLURE OF MIXED DEVELOPMENTS

Mixed-use developments are sprouting across South Africa and reshaping the way people live, work and play. By THANDO PATO

Blending residential, retail, of ce and leisure spaces into a single, integrated environment, mixed developments, such as De Zwartland Werf in Malmesbury, Cape Town, by the Devmark Property Group, are gaining traction with investors and consumers who value solid investment opportunities, convenience, lifestyle and safety.

“What resonates most with home buyers and investors is convenience and lifestyle. They value integrated retail, leisure and workspace options, along with secure, visually appealing and well-planned streetscapes. Parks, landscaped courtyards and pedestrian corridors not only enhance wellbeing, but also add long-term property value,” says Hein Ehlers, founder and executive chairman, Devmark Property Group.

Ehlers explains that the aim behind the design and planning of their mixed developments is to carefully balance residential, commercial and leisure spaces with the needs of residents, visitors and investors. “The goal is to create a self-contained ecosystem where people can live, work and play without compromising convenience or lifestyle.”

He notes that some of the key attractions of developments like De Zwartland Werf are safe streets, accessible sidewalks, cycle paths and strategically placed retail and community spaces that foster connectivity while providing privacy where needed.

TECHNOLOGY, AMENITIES

AND SUSTAINABILITY

Ehlers says that because mixed developments appeal to various audiences, it is essential that technology and amenities elevate the overall experience. “Our Hein Ehlers

“THE GOAL IS TO CREATE A SELF-CONTAINED ECOSYSTEM WHERE PEOPLE CAN LIVE, WORK AND PLAY WITHOUT COMPROMISING CONVENIENCE OR LIFESTYLE.”

– HEIN EHLERS

developments integrate energy monitoring systems, bre connectivity and apps that support community engagement and shared mobility, making daily life more convenient and ef cient.

“Young professionals value co-working spaces and gyms, families prioritise playgrounds and parks and retirees appreciate peaceful walkways, social hubs and healthcare facilities.”

Sustainability, he says, is a key priority, and the Devmark Property Group integrates practical energy, water and technology solutions where possible in each of their developments. “We aim to ensure that homes are functional, ef cient and future-ready.”

THE CHANGING PROFILE OF INVESTMENT PROPERTY BUYERS

RHYS DYER , CEO of the ooba Group, unpacks the group’s latest data, which reveals key shifts in buyer profile and behaviour

Recent data from ooba Home Loans, a leading South African home loan comparison service, shows that while demand for buy-to-let property has eased slightly, at 12.2 per cent of all applications received this year, demand still exceeds pre-pandemic levels and there are noteworthy shifts in buying patterns.

The younger age of investment buyers and their preference for new developments and joint purchases are some of the trends emerging from the data.

PROPERTY INVESTORS ARE GETTING YOUNGER AND FAVOUR CO-OWNERSHIP

Investors are becoming younger as the investment appeal of owning property is more widely acknowledged. In 2020, the average investor was 47 years old, but is now 43, with the oldest investors in Tshwane at 44 years and the youngest in Gauteng S&E at just under 40.

Notably, investment applications are increasingly being submitted by joint buyers rather than by individuals – a tactic to lower the barriers to entry into the market. Fifty-four per cent of all buy-to-let applications currently processed nationally are from joint investors. This is especially prevalent in regions where properties are less affordable, such as the Western Cape (where the volume of joint applications is at 56 per cent, up from 47 per cent in 2020).

First-time buyers make up just under 16 per cent of investment property applications nationally, but with regional variations. In the Eastern Cape, rst-time buyers account for 19 per cent of applications received, compared to 12 per cent in all three Gauteng regions. In the Western Cape, 17 per cent of buy-to-let applications received this year were from rst-time entrants to the property market.

“Rentvesting” is another emerging investment strategy among younger buyers. Buying an affordable investment property while renting in a more desirable location is an accessible pathway into the property market for young investors, without compromising their lifestyle.

WESTERN CAPE IS THE MOST SOUGHT-AFTER REGION

The Western Cape leads the charge in investment demand: 31 per cent of all applications received in the rst nine months of 2025 were for investment properties. While several other regions experienced a modest increase in investment demand since 2023, the Eastern Cape saw the greatest increase in demand during 2024, with Tshwane taking over more recently.

INVESTORS ARE SPENDING MORE

The average investment property price for repeat buyers has increased by 45.4 per cent since 2020 to R1.94-million. First-time buyers, meanwhile, are paying 55.6 per cent more than in 2020, with a current average price of R1.65-million.

Regional data reveals that the average purchase price paid by a rst-time investment buyer is highest in the Western Cape at R2.04-million and lowest in Gauteng S&E at R0.62-million, while the price paid by repeat investment buyers ranges from R2.44-million in the Western Cape to R1.19-million in Gauteng S&E.

PREFERENCE FOR SECTIONAL TITLE HOMES AND NEW DEVELOPMENTS

In 2020, 52 per cent of applications were for sectional title properties, rising to 60 per cent in 2025. The Western Cape accounts for most of this demand, with sectional title

applications increasing from 53 per cent in 2020 to 71 per cent in 2025. Sectional title properties are unsurprisingly a top choice for investors, who typically buy in well-managed schemes where property values are protected and enhanced.

New developments are also increasingly favoured, accounting for 19 per cent of applications in 2025 (up from 7 per cent in 2020/2021). The Western Cape leads in terms of value of developments and investor interest, driven by the continuous shortage of stock and higher property prices. Investor demand for new developments is also growing in other major provinces such as Gauteng, Tshwane and KwaZulu-Natal.

Looking ahead, continued growth in the buy-to-let market is expected, especially as investors take advantage of the lower interest rate environment.

For more information: 0860 00 66 22 www.ooba.co.za www.facebook.com/oobahomeloans www.linkedin.com/company/ooba-pty-ltd

Decoding Property Finance

Property bonds, loans and bridging finance

Looking to buy your first home or fund a large-scale development?

ITUMELENG MOGAKI unpacks how South Africans can make sense of the evolving property finance market, with insights from industry experts

Whether you’re a rst-time home buyer or a property developer eyeing a large-scale project, navigating nancing options is a critical step in closing a deal.

Local property experts advise that, in 2025, South Africa’s property nance market is being shaped by tighter affordability assessments, innovative lending models and digital tools that help individuals and businesses seize opportunities with greater con dence.

SHIFTING CRITERIA

Bradd Bendall, BetterBond’s national head of sales, says South African banks have become more cautious in recent years, largely due to economic volatility and rising household debt. “The bar has shifted from ‘can you repay today?’ to ‘can you sustain repayments comfortably in the years ahead?’”

Bendall says, while 100 per cent bonds are still possible, they are far less common than before. “Lenders now scrutinise disposable income, existing debt and the ability to absorb rising living costs such as electricity, transport and medical expenses. Applicants with stable employment and a clean credit record are better positioned to secure nancing.”

WHY BOND ORIGINATORS MATTER

Bond originators play an essential role in helping buyers secure competitive deals. They streamline the process by submitting a single application to multiple banks, increasing the chances of approval and potentially unlocking better rates.

“Originators understand each bank’s lending appetite, so they can position applications more effectively,” says Bendall. “They also help buyers assess the long-term impact of loan terms, ensuring decisions align with nancial stability.”

Kay Geldenhuys, head of sales ful lment at ooba Home Loans, agrees that affordability assessments have become more detailed, but points to positive changes. “Interest rate cuts since late 2024 have made borrowing costs cheaper than a year ago. Lenders are stimulating the rst-time buyer market by offering incentives such as zero deposit and cost-inclusive loans.

“Almost sixty per cent of ooba’s rst-time applications in quarter two of 2025 were for zero-deposit loans, with some even covering transfer and bond registration costs,” she says.

Geldenhuys adds: “Many applicants declined by one lender are later approved by another. Shopping around is crucial, and bond originators provide that service for free.”

COMMERCIAL LOANS AND BRIDGING FINANCE

For developers and investors, short-term funding solutions such as bridging nance can cover liquidity gaps while waiting for bond registration or the release of proceeds from a property sale.

Nondumiso Ncapai, managing executive at Absa Home Loans, warns that these loans often differ signi cantly from traditional nancing: “They typically come with higher interest rates and shorter repayment terms. While useful in the right context, they can put pressure on affordability and credit health if not managed carefully.”

The lesson is that while bridging and commercial nance can unlock opportunities, they should only be considered with a full understanding of the risks and repayment conditions.

Follow: Bradd Bendall www.linkedin.com/in/bradd-bendall

INNOVATIVE FUNDING MODELS

South African banks are introducing new products and partnerships to make nancing more accessible. Absa, for example, has partnered with the International Finance Corporation and the African Development Bank to channel billions into affordable and green housing. “Customers can now access rebates of up to fty- ve thousand rand on eco-friendly homes,” says Ncapai.

Digital tools are also reshaping the process. Absa’s pre-quali cation tool can provide a certi cate in under 15 minutes, giving buyers con dence when shopping for property. “The bank also uses insights from its Homeowners Sentiment Index, which found that eighty-four per cent of respondents see property as a strong investment in 2025,” says Ncapai.

TIPS FOR BUYERS

Bendall offers ve key strategies for improving your chances of bond approval:

1. Build a strong credit profile: pay bills on time and reduce unnecessary debt.

2. Save for a deposit: even a 5–10 per cent deposit can lower risk and interest rates.

3. Manage expenses: reduce discretionary spending before applying.

4. Get pre-approved: pre-approval clari es affordability and strengthens offers.

5. Plan for extra costs: budget for transfer duties, legal fees and insurance. With banks tightening criteria yet offering innovative products, and originators simplifying access to the best deals, informed buyers and developers can nd the right solutions.

Kay Geldenhuys www.linkedin.com/in/kay-geldenhuys-8649a499

Nondumiso Ncapai www.linkedin.com/in/nondumiso-ncapai-92b0622

DEMYSTIFYING THE BOND MARKET

BRADD BENDALL , national head of sales at BetterBond, explains how bond originators simplify the complexity of navigating the bond market

Buying a home is one of life’s most meaningful milestones. However, for many South Africans, the journey to homeownership begins with a hurdle: navigating the bond market. From comparing interest rates across banks to deciphering credit criteria and affordability assessments, the process can be daunting, especially for rst-time buyers. It’s no surprise that many feel uncertain about where to start.

This is where bond originators play a crucial role. By guiding clients through every stage of the home-buying process, originators simplify what can otherwise feel like an intimidating maze. They do more than just submit applications; they empower buyers with clarity and choice.

BetterBond sees itself as an enabler, not an administrator. Its role is to remove complexity, present options in plain language and ensure clients feel supported from pre-approval through to getting the keys to their dream home.

WHY BOND ORIGINATORS MATTER

Unlike going directly to a single bank, working with a bond originator opens the door to

comparing multiple offers. After BetterBond negotiates with the banks, the buyer gets better rates and more favourable terms. It also means clients can make informed decisions without being restricted to one option.

One of the most powerful tools originators provide is bond pre-approval. By helping buyers understand what they can realistically afford, pre-approval removes uncertainty and strengthens negotiating power when making an offer to purchase. It transforms a stressful guessing game into a position of con dence.

As originators, BetterBond doesn’t just focus on securing a loan; it looks at the bigger picture: affordability, future nancial wellbeing and the long-term sustainability of repayments. Clients know they can trust BetterBond to act in their best interests, not just in the short term, but for the years ahead.

THE BETTERBOND PROMISE

What truly sets BetterBond apart is the way it delivers on its commitment to clients. The BetterBond Promise is not just about helping buyers get a bond; it’s about helping buyers get the best home loan based on their unique nancial circumstances. It’s about

AS ORIGINATORS, BETTERBOND DOESN’T JUST FOCUS ON

SECURING A LOAN; IT LOOKS AT THE BIGGER

the convenience of only completing one application form and BetterBond submitting it to all the major banks for multiple offers. It’s about having choice and not just settling for one option. It’s about saving money.

For 25 years, BetterBond has championed homeownership for South Africans by making the process transparent and less stressful. Whether explaining the ne print in plain English, negotiating with banks or celebrating approval alongside its clients, the BetterBond Promise ensures every person it serves gets the best interest rate for their home loan.

LOOKING AHEAD

As BetterBond celebrates its 25th anniversary this year, the company re ects on thousands of success stories – from rst-time buyers taking their rst step into the market to families upgrading to homes that t their growing needs.

This milestone is not just about the company’s history; it’s about its future. BetterBond is committed to evolving with the market and with its clients’ changing needs. Whether through new technology, nancial education or stronger partnerships, its mission is the same: to make homeownership accessible and empowering.

The bond market will always involve complexities, but with the right partner, buyers don’t have to face them alone. With an experienced originator like BetterBond by their side, the journey becomes less about paperwork and more about possibility.

For the past 25 years – and for the next 25 – BetterBond has, and will continue to, guide South Africans with integrity, simplify the bond journey and keep unlocking more dreams of homeownership.

VISIT WEBSITE

PICTURE: AFFORDABILITY,

ELEVENONB, WEST CITY, CAPE TOWN: OPEN TO THE CITY

BLOK introduces its biggest and boldest development to date. Blok’s 21st development, ELEVEN ON B, located at 11 Buiten Street in the West City of Cape Town’s Central Business District

EELEVEN ON B. will introduce a new way of living in Cape Town’s city centre, designed to foster connection and to encourage a walkable, 15-minute city lifestyle.

ELEVEN ON B is located on the corner of Buiten and Loop Street, within walking distance of Kloof Street, Bree Street and Long Street. The site has stood vacant for years, a gap in the urban fabric of the West City that now becomes an anchor for renewal. The commercial and residential use development reimagines this blank canvas as a place for connection, offering sought-after eateries, bars, art galleries, museums and historical monuments.

“Every Blok development is a re ection of its neighbourhood,” says Jacques van Embden, CEO of Blok. “With ELEVEN ON B, we wanted to contribute meaningfully to the ongoing evolution of the city centre, not by building something that closes itself off, but by creating a building that opens itself to the streets, the people and the energy of the city.”

The development’s ground- oor spaces will further enhance connectivity within the neighbourhood, allowing for a lived experience that extends beyond your front door. A beautiful historic lane, Orphan Lane, and a heritage building, previously home to the iconic Madam Zingara, will both be restored to their former glory.

The West City spans approximately 286 000m2, about 7.4 per cent of Cape Town’s central business district and is surrounded by some of Cape Town’s most recognisable neighbourhoods: Bo-Kaap to the northwest, Tamboerskloof and Gardens to the south/ southeast, and the broader City Bowl to the east.

ELEVENONB comprises 151 thoughtfully designed apartments, from Compact Studios to luxurious Penthouses.

• 27 Compact Studios.

• 45 Studios.

• 10 Compact One-bedroom Apartments.

• 33 One-bedroom Apartments.

• 31 Two-bedroom Apartments.

• 1 Three-bedroom Apartment.

• 4 Penthouses.

ELEVENONB includes:

• Views of Table Mountain, Lion’s Head, Signal Hill and the city’s nightlights.

• High-speci cation space-saving joinery.

• Air-conditioning in all apartments.

• Concierge and building manager (provided by Fluent, our STL management partner).

• Co-working spaces operated by Fluent.

• Back-up power for all shared-space areas.

• 24-hour on-site security.

• Pet-friendly apartments.

• A ground- oor cafe and shopping arcade.

• Parking – an optional extra.

• Privately run gym.

• Laundry facilities.

“This part of the city has been waiting for a new story to be written,” adds Troy Squires, head of marketing at Blok. “ELEVENONB represents our vision to make cities amazing places to live, and to think bigger than our buildings. We consider

the precinct, the neighbourhood and the city. It’s about how we live, how we share spaces and how we shape the future of urban living.”

MARK YOUR FAVOURITES

On Thursday, 6 November, you have the opportunity to view all the apartments and create a shortlist of your favourites. This list of favourites will ensure you are perfectly positioned to reserve and secure your new home when sales go live on Tuesday, 11 November.

one neighbourhood and one city at a time.

GET IN TOUCH

If you would like to invest in an ELEVENONB apartment, enquire now and one of Blok’s sales consultants will contact you to chat and provide more information.

HOTEL INVESTMENT

Balancing demand, differentiation and long-term value

ITUMELENG MOGAKI

finds out how investors are adapting to evolving traveller expectations, from hybrid business-leisure stays to wellness-focused amenities, as well as upcoming hotel developments

South Africa’s hospitality property market is buzzing with renewed activity. Yet beneath the optimism lies a critical challenge: ensuring new projects don’t simply add to oversupply, but instead create differentiated, experience-driven assets that can withstand long-term pressures.

DEMAND IS BACK, BUT NOT EQUALLY SPREAD

“Across the continent, demand is buoyant for both existing assets and new developments,” says Joep Schoof, COO at Valor Hospitality Partners.

“However, Cape Town continues to outperform other parts of the country.” He explains that the return on investment potential there is twice as high as in Johannesburg. “Development costs may be the same, but a ve-star hotel in Cape Town can achieve an average daily rate of seven thousand rand versus Johannesburg’s two thousand rand. “Cape Town draws lots of development because buyers are willing to pay more in strong areas. However, weaker spots don’t sell as well. In other parts of Africa, building costs are much higher, so investors need clear signs of demand before spending money,” says Schoof.

THE RISK OF SAMENESS

However, not all industry voices share the same optimism. Anton Gillis, CEO of HAMAC, argues that much of the current development wave lacks originality. “The market is saturated with same-same offerings. Generic rooms, predictable service and brands with little identity,” he says.

Developers, under pressure to meet unrealistic return expectations, chase occupancy rather than differentiation. “The market doesn’t need more hotels; it needs better hotels, ones that know who they are, who they serve and why they matter.” Without a strong service culture, Gillis warns, oversupply could push many to “a race to the bottom”.

BOUTIQUE, LIFESTYLE AND THE INVESTMENT EQUATION

THE PUSH FOR EXPERIENCES OVER BEDS

Travellers today want more than a place to sleep. “Integrated experiences, from wellness and food to tech-enabled convenience, are decisive factors in competitiveness,” says Schoof.

“Valor’s SAVOR by Valor food and beverage concept is designed to attract both travellers and locals, curating unique cultural experiences with operational edge.”

He adds that branded residences, mixed-use schemes and lifestyle hotels are rising, combining sustainability and local relevance to stand out in crowded markets.

Boutique and lifestyle hotels have captured investor imagination, but their role in portfolio performance is complex. Schoof views them as vehicles for targeting high-value niches willing to pay a premium for authenticity, while lifestyle hotels appeal to broader audiences with multiuse properties.

In Gillis’ view, they are great for storytelling and brand-building, but they rarely carry the nancial weight of a portfolio. He adds that the dependable workhorses remain well-located, functional corporate hotels that deliver consistent returns. Schoof also highlights the growing role of technology in enhancing guest experience and boosting revenue. “Technology is transforming guest experience and revenue potential. However, airline connectivity, infrastructure

gaps and shifting travel patterns will shape hotel performance –demanding innovation, agility and rigorous due diligence from developers and owners.”

Guy Stehlik, founder of BON Hotels, warns that while lifestyle hotels and rooftop bars get plenty of attention, their popularity doesn’t always last. What keeps a hotel strong over time, he says, is steady business and government travel that lls rooms during the week and helps balance out seasonal drops or economic slowdowns.

He adds that while international brands bring logos and management contracts, the nancial risk is almost entirely carried by South African developers. “Local investors have a sharper understanding of demand cycles and market resilience. It’s easy to get caught up in trend-driven design, but what really matters is whether the property can hold its ground once the opening party fades.”

WHERE THE POTENTIAL LIES

Despite challenges, Cape Town remains South Africa’s top hotel investment hub, driven by strong tourism and revenue per available room growth. Schoof sees untapped potential in secondary cities, while Gillis and Stehlik highlight the Winelands and regional towns bene tting from semigration.

As demand grows, travellers seek richer, more localised experiences, but investors must resist generic builds. As Gillis puts it: “A hotel built to impress investors may photograph well but blur in the guest’s memory. The real opportunity lies in balancing fundamentals with differentiation, creating hotels that are nancially sound and truly memorable.”

Follow: Joep Schoof www.linkedin.com/in/joep-s-4612b217

Anton Gillis www.linkedin.com/in/anton-gillis-159a0428

Guy Stehlik www.linkedin.com/in/guy-stehlik-25053620