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Project Watch

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Sandton apartment developments add up

The Capital on the Park, located near Sandton’s Mushroom Park, has 240-apartments on offer. Despite mounting concerns of congestion in Sandton CBD, a number of apartment developments are springing up to dominate Sandton skyline. This follows five years of zero developments in the area after the global financial crisis. Now developers are willing to bet on Sandton as the ongoing relocation of corporates into Africa’s richest square mile is creating an insatiable demand for residential space. Figures from real estate company Jones Lang LaSalle South Africa (JLL) suggest that Sandton’s current office supply amounts to 1.5 million square metres. After the completion of all current construction, JLL notes that Sandton’s office supply will increase to 1.9 million square metres over the next four years. Discovery, Webber Wentzel and Old Mutual Emerging Markets are some of the corporates expected to set up offices by 2016 and 2017. Industry players say the demand for apartments in the area...

Next phase of Sandton development begins

INDEPENDENT MEDIA Central Square is being developed by Lushaka Investments, global construction group Mota-Engil Africa and Mercantile Bank. Johannesburg – Construction on the second phase of Central Square, a multibillion-rand, mixed-use development in Sandton, has commenced. It involves the construction of 168 apartments in a 12-storey block adjacent to the World Trade Centre Building and is scheduled for completion by the middle of 2017. It will be followed by a third phase. Central Square is being developed through a tripartite alliance between local property developer Lushaka Investments, global construction group Mota-Engil Africa and Mercantile Bank, which has granted a R600 million loan, the biggest single lending transaction in its 50-year history, to Lushaka Investments for the development of the project. Sergio Aquino, the chief executive of Lushaka Investments, said 50 percent of the apartments in the second phase had already been sold. The price of apartments ranges from R2.9 million for an 89 square metre...

Mercantile Bank structures a one­-of­-a-­kind R600­ million financing deal

Mercantile Bank, a business bank inspired by entrepreneurs, has signed its single biggest lending transaction in its 50 year history. A R600­million loan was granted to a local property development company, Lushaka Investments. The Central Square will be the biggest mixed­use, high­end, apartment block development in Sandton, Johannesburg. Karl Kumbier, CEO at Mercantile Bank says no other second tier bank in South Africa would have been able to fund a transaction of this nature and size. “We are a small bank, in South Africa, but with big bank capabilities, therefore we were able to put together a sophisticated property development transaction in a very short period of time,” he says. “This is the type of tailored financing solution that typically only one of the big local banks would consider taking on.” Mercantile Bank was instrumental in structuring the overall financing solution to ensure that Lushaka Investments secured the total R600­million required to...

Sandton attracts wealth

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