The Canals of Venice Village MkII
Harties' new Venice Village with its five star San Marco hotel launched last night at Nelson Mandela Square in Sandton. Located on the last available land at the dam, the development will offer unique Venetian-style living in triple storey units which all have access to the water.
According to John Loos, property economist for FNB's Commercial Property Finance division, retail purchasing power in townships does not pose a threat to CBD rejuvenation.
According to Loos there is substantial purchasing power in townships for retailers to service, although admittedly it is not nearly as much as many of the wealthier former white suburbs.
"What is of pivotal importance when examining the potential impact of the township retail migration is the distinction between a stagnating economic growth environment and an accelerating growth environment," he says.
Melrose Arch's 'Lincoln' Ditched
Buyers who purchased apartments and penthouses off-plan in the swanky Melrose Arch development 'The Lincoln' in the northern suburbs of Johannesburg were told last week that their contracts have been cancelled.
The 85 luxury sectional-title units were launched some 18 months ago with great fanfare at prices ranging between R2,5 and R5m. Investors were offered a guaranteed 10% rental income of the gross purchase price for the first year after completion. Construction was due to start earlier this year.