Several residential property developers are on the lookout for vacant land in the Cape Peninsula’s Constantia Valley but those who own such land are often reluctant to sell, because they see it as an asset which they can pass on to their heirs and realise only too well that such land can only increase in value as time goes by.
This was said recently by Eugene Pienaar, Rawson Properties franchisee for Constantia, Tokai and Wynberg. What led to his making this comment was that the owner of a 8000m2 (2 acre) plot, had just turned down an offer of R10 million from a buyer who had been introduced to her by Pienaar himself.
“Here at the Rawson Constantia franchise,” said Pienaar, “we specialise in finding vacant land and buyers, many of whom are developers. However it has to be recognised that almost nowhere else in South Africa is suburban residential land so expensive and the supply so limited.”
Just how expensive it can be, is shown by a recent sale, that he himself negotiated, for an 8000m2 stand. This was sold to two buyers for R11 million on the condition that they get subdivision rights for it which, according to Pienaar, will not be a problem in this case.
“Some Constantia property owners are aware that their property can be sub-divided and are considering doing this but do not know how to go about it. They are usually not familiar with the rules and regulations governing this process and, in particular, they tend to be ignorant of the minimum sizes allowed. This means that they,” said Pienaar, “are planning to sell properties that are legally too small to be acceptable to the authorities.”
Rawson Properties Constantia, said Pienaar, can and do advise people on these matters, in most cases also finding a buyer for the sub-divided land.
“This specialist aspect of our service has proved to be a very valuable diversification for us,” he said, “and, as our reputation in this field grows, we are increasingly approached by more serious land buyers looking for developable plots. We are always available to advise land owners on sub-division possibilities - and they should take our advice because, if this matter is handled incorrectly, it can lead to expensive delays.”
This was said recently by Eugene Pienaar, Rawson Properties franchisee for Constantia, Tokai and Wynberg. What led to his making this comment was that the owner of a 8000m2 (2 acre) plot, had just turned down an offer of R10 million from a buyer who had been introduced to her by Pienaar himself.
“Here at the Rawson Constantia franchise,” said Pienaar, “we specialise in finding vacant land and buyers, many of whom are developers. However it has to be recognised that almost nowhere else in South Africa is suburban residential land so expensive and the supply so limited.”
Just how expensive it can be, is shown by a recent sale, that he himself negotiated, for an 8000m2 stand. This was sold to two buyers for R11 million on the condition that they get subdivision rights for it which, according to Pienaar, will not be a problem in this case.
“Some Constantia property owners are aware that their property can be sub-divided and are considering doing this but do not know how to go about it. They are usually not familiar with the rules and regulations governing this process and, in particular, they tend to be ignorant of the minimum sizes allowed. This means that they,” said Pienaar, “are planning to sell properties that are legally too small to be acceptable to the authorities.”
Rawson Properties Constantia, said Pienaar, can and do advise people on these matters, in most cases also finding a buyer for the sub-divided land.
“This specialist aspect of our service has proved to be a very valuable diversification for us,” he said, “and, as our reputation in this field grows, we are increasingly approached by more serious land buyers looking for developable plots. We are always available to advise land owners on sub-division possibilities - and they should take our advice because, if this matter is handled incorrectly, it can lead to expensive delays.”
