The sectional title registration for the accommodation units at the Shelley Point Hotel, Spa and Country Club on the Cape West Coast (170km north of Cape Town) was recently opened and this, says Norman Noland, Executive Director of Dale Capital, means that the owners of hospitality facilities at Shelley Point can now start selling these units in accordance with their long-awaited plan.
“As property developers and financiers,” he said, “we have to accept that the global financial arena has changed and will never be the same again. We have to recognise that there is widespread uncertainty about the future and that this demands very special offerings from the developers if the needs of the investing public are to be met.
“In this situation we and others also, however, need to remind the general public that it is time to revive the saving habit and to bear in mind that property has traditionally been the cornerstone of wealth throughout the world.”
In view of the changed conditions, said Noland, developers have to make their offerings safer, more easily accessed and capable of offering above average value. All these advantages, he said, apply to the Shelley Point suites.
“The Shelley Point sectional title offering is unique and attractive: in several respects it is far better than has traditionally been available elsewhere in South Africa.
“Firstly, buyers have to realise that this is a very limited offer. At this stage we will sell no more than 20 of the 88 suites. Buyers here will, therefore, have all the advantages of exclusivity and the consequent above average capital appreciation.
“Secondly, these units will produce a satisfactory annual return because when not used by the owners they will be in a rental pool serving the hotel and conference guests. Dale Capital will, in fact, guarantee a minimum rental return of 5% on the total value for the first three years.
“Thirdly, to give real peace of mind to any investors still feeling hesitant, we will guarantee a buy-back of the unit with a profit of 25% after five years – or earlier on a pro rata basis.
“Fourth, we ourselves at the Dale Capital Group will be able to provide funding for purchasers in compliance with the National Credit Act and the Consumer Protection Act. This, we hope, will enable some 30% of the buyers who would not normally be able to access a bond to buy in at Shelley Point. However, all potential purchasers will be very carefully screened and will have to have a sound credit record. They will also have to be able to produce a 20% deposit and to sign on for a relatively short payback period.
“Fifth, the purchaser will automatically become a member of the Shelley Point Golf Club for three years (worth R1,500 per individual per annum) and will for the same period be a member of the PGA (Professional Golfers Association).
“Sixth, the purchaser will be able to stay in his suite or a similar one for 30 days per annum for a service only fee of R200 per night per room. This is a substantial discount on the usual rate.
“Seventh – and to many this will seem a major advantage – the purchaser will also be able to swop up to half his 30 day annual accommodation allowance at Shelley Point for 15 nights in Dale Capital’s new Les Escuries Hotel and Beach Club at Mauritius which is aiming for a four star rating and due to come on stream in early 2012. It is already being said that both its design and will make Les Escuries Hotel one of the top hotels on the island.”
Most of the Shelley Point suites on offer will be duplex and will have 112m2 of room space. In the top floor of these units the attractive pitched thatch roof is left exposed, creating a double volume effect. Both floors have TVs and the lower floors have living and dining space as well as a small kitchenette. The décor, described by the interior decorators as a fresh attractive mix of “Mediterranean and Mauritian” styles, is upmarket.
The larger units for sale will cost between R1,75 and R2 million, inclusive of VAT, which will be recoverable.
For further information contact Wilma van Reenen on 022 742 1508.
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