Nigeria: FCT Resolute on Property Tax, Halts N50 Billion Tower Project - The Federal Capital Territory (FCT) administration has reaffirmed that there is no going back on the introduction of property tax for land owners in the territory, while putting on hold work on the N50 billion Abuja millennium tower project. [AA Construction]

Namibia: New 'Town' at Hosea Kutako - ABOUT 408 hectares of prime real estate next to Hosea Kutako International Airport has been earmarked for a "mixed-use development" - a combination of commercial and residential areas that will form a new self-sustaining town called Sungate Namibia. [AA Urbanisation]

Towering cranes around future Gautrain stations mark the property sector's confidence

Uganda: Property Development Projects in Uganda And Sudan - Investment Opportunity: Construction and Materials Property [AA Construction]

South Africa: Bleak Future for Property Fund - LISTED property fund SA Corporate Real Estate's year to December results have not been well-received by some analysts because the company's distribution per unit fell below its forecast. [AA Urbanisation]

By Proffesor Ndawonde

Pietermaritzburg – The construction of a small craft harbour at Durban’s Point Waterfront is expected to attract investment capital in excess of R6 billion to the province.

Delivering his 2009 State of the Province Address on Wednesday, KwaZulu-Natal Premier Sibusiso Ndebele said the small craft harbour will further create 6 000 to 8 000 direct new jobs during the construction phase, with a further 6 000 permanent jobs once fully operational.

“This excludes the thousands of indirect jobs created as a result of an investment project of this scale.”

He added that once completed, it was anticipated the entire development would increase the rates base of eThekwini by more than R100 million per annum.

The entire development will comprise approximately 575 000 of bulk square metres, across a variety of usage types including office, residential, retail and hotels, the premier said.

At present, about 200 000 bulk square metres of this has been sold, representing virtually the entire stock of zoned land available prior to the Record of Decision by the Department of Agriculture and Environmental Affairs.

Nigeria: Govt to Build N9.9 Billion Int'l Market - Ebonyi State government has said plans are underway for the construction of an ultra-modern international market expected to gulp about N9.9 billion in Abakaliki, the state capital before the end of the year. [AA Construction]

Economists agree that as the global recession takes hold and economic growth comes under threat, interest rates are set to drop spurring a revival in South Africa's property market by early 2010, writes Michael Appel.

While the United States sub-prime mortgage collapse plunged the global economy into a liquidity crisis, South African banks, considered to be some of the most secure in the world, were hardly affected.

The National Credit Act (NCA) which came into effect on 1 June 2007 made getting a loan from any bank more difficult than in the past.

South Africa: Eskom Halts Supply to Big Developments - PROPERTY developers said last week they were losing income due to reduced project sizes and incurring extra costs since Eskom decided to review the issuing of new quotations for property developments requiring power of 100kVA and above. [AA Urbanisation]