Dissertations / Theses: 'Commercial real estate – South Africa'

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Loock, Morne. "The risk of borrowed capital for commercial, industrial and residential property developments." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/18288.

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Most property development firms who invest in property will need to raise some extra financial support. Unforeseen or unexpected expenses can arise at any point in time during the development process. Calculated decisions should be taken with regards to the financial circumstances for any property development project. Decisions should be taken not only for the present but for the future as well. It is therefore important to understand the market and the current economic conditions before applying for capital to fund a property development project. There several types of finance available to fund property development, these include long term borrowing, short term borrowing, construction loans property development investment trust, second mortgages. There is risk to all of the aforementioned finance available.

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Jansen, van Rensburg Charmaine. "Online marketing of commercial and industrial properties and services in a small business." Thesis, Nelson Mandela Metropolitan University, 2013. http://hdl.handle.net/10948/d1020988.

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In view of the factors influencing and the steps in the design of a Website, building a successful Website will vary from business to business. This study investigates what is required from a small commercial and industrial property and services business to take their business online and create an effective Website. The environment of the property market reflected the role that government plays in the property industry and also the role of the private sector. Marketing in the real estate context indicated that if real estate agents have access to the right type of information, not only can they add value to their own organizations, but they can also capitalize on the same information to create added value for their clients. The elements of the marketing management process include four steps, namely to gather information, to set marketing goals and plan strategy, to organize and implement marketing strategy and to control the marketing activities. Marketing in the online environment showed that the Marketing Mix includes personalisation, privacy, customer services, community, site, security and sales promotion. The principles of online marketing revealed the important role of the customer and customer relationships. An investigation into the difference between e-commerce and online marketing made it clear that online marketing is one component of e-commerce. This study critically analysed the available literature in order to suggest a proposed framework of what should be included in the Website of a small commercial and industrial property and services business. In order to successfully research online marketing of commercial and industrial properties and services in a small business, a basic but thorough understanding of online marketing principles and Website content are important. In this study a qualitative research approach was followed where secondary sources were critically evaluated to design the required framework. Thereafter three Websites of marketing of commercial and industrial properties and services were content analysed to see whether anything else should be added to the framework. This would assist in taking a small business in commercial and industrial properties and services online. The framework suggests that the Website homepage content should include:  Business overview/information Products/services What’s new Search Employment opportunities Interactive feedback Customer service/ assistance Index/directory  Financial facts Links to other sites Online business services/utilities  Guest book Frequently Asked Questions Messages from CEO A purposeful sample of three Websites was then content analysed so as to provide the information necessary to reach the objectives of the study. The following Websites were included in the content analysis: Broll, which operates as a national agency with international associations. The firm renders services (Estate Agency) and does not own property. Bruce McWilliams Industries Pty Ltd is operative in Port Elizabeth, Uitenhage and surrounds. It is a family business that owns property, which it develops and markets itself. Seeff is a national agency. It renders services (estate agency) and does not own property. Lastly, a narrative of a small commercial and industrial property and services business was created by means of document analysis of a specific business. The researcher was allowed to study the documents and diaries of the business in order to provide a narrative for this business. This narrative can be used as part of the envisaged Website for the business.

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Venter, Martin. "Asset-backed securitisation in the USA and the role players : a practical application with commercial property in the South African context." Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/52705.

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Thesis (MBA)--Stellenbosch University, 2002. ENGLISH ABSTRACT: Owners of directly held, large commercial properties mostly face problems regarding liquidity and sometimes higher-risk exposure due to large properties dominating their property portfolio. • Exit vehicles in the listed property sector on the JSE are gaining momentum but are, however, still facing the negative impact of overall bear market conditions. • An exit vehicle in the bond market can serve as an alternative, where a Limited Purpose Company/Special Purpose Vehicle (SPV) acquires a rental income stream from a portfolio of properties and issues bonds. The funds raised from bond investors, who focus on the credit rating of the income stream and not the properties, are then used to acquire the property assets. • Current market conditions, favour an asset-backed securitisation of property leases. Low interest rates and other factors in the current market, as discussed in this document, ensure lower costs of debt and easier access to capital when funds are raised on the bond market, relative to the equity markets, with highly geared structures not necessarily causing a negative impact on the credit rating (80% - 90% gearing possible with A - AA local credit rating). • Usually a promoter, a Merchant Bank and a few institutions/ pension funds are involved. Example: Institution X will be requested to take up an equity stake in the fund by selling some properties or stakes therein (Institution X buildings) and receiving payment in a combination of cash, junior bonds and equity. The benefits to Institution X are discussed on page 39. AFRIKAANSE OPSOMMING: Eienaars van groot kommersiële eiendomme wat direk besit word, ondervind normaalweg probleme rakende likiditeit en verhoogde risiko a.g.v. die groot eiendomme wat hulle portefeulje domineer. • JEB (Johannesburgse Aandelebeurs) genoteerde maatskappye, as uitgangstrategie vir die verkoop van eiendom, is 'n oplossing, maar beer mark toestande verlaag die moontlikheid. • 'n Maatskappy genoteer op BESA (Effektemark) kan as uitgang- strategie dien, waar die voormelde maatskappy met beperkte aanspreeklikheid die huurinkomstestroom van 'n portefeulje van eiendom aankoop en effekte uitgee vir die finansiering van die transaksie. Die beleggers wie die effekte koop, fokus op die kredietgradering van die effekte en nie die eiendom as onderliggende bate nie. • Huidige mark omstandighede verbeter die moontlikheid van 'n bategesekureerde sekuritusasie van eiendomshuurkontrakte. Lae rentekoerse en ander faktore wat in hierdie dokument bespreek word, verseker laer koste van kapitaal en makliker toegang tot fondse relatief tot die aandelemarkte. Hoë hefboom-finansiering is moontlik sonder te groot impak op die kredietgradering. (A-AA kredietgradering moontlik met 80%-90% skuld) • Normaalweg is 'n promoter, 'n beleggingsbank en 'n paar institusies/ pensioenfondse betrokke. Bv. Institusie X word versoek om aandeelhouding op te neem in 'n maatskappy deur eiendomme te verkoop aan die voormelde maatskappy en betaling te ontvang in die vorm van 'n kombinasie van kontant, junior effekte en aandele. Die voordele vir Institusie X word bepreek op bl. 39

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Breetzke, Michael. "The taxation of Real Estate Investment Trusts (REIT) in South Africa." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/d1020001.

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Real Estate Investment Trusts (REIT’s) provide certain benefits for investors as opposed to them directly investing in property. Many countries worldwide have already established tax systems for REIT’s which give natural persons and companies the benefit of not outlaying substantial capital, and provide certain tax dispensations to them. The concept of a REIT is new to South Africa. The vehicles that have been used by investors in the past to invest indirectly in property have been Property Unit Trusts (PUTs) and Property Loan Stock Companies (PLS). These different types of entities have had different taxation rules applied to them, as they differed in legal entity, i.e. a trust versus a company. The different types of entity were historically a deterrent to foreign investors who preferred to invest in countries that had the REIT structure and certain tax dispensations. The National Treasury and the South African Revenue Service (SARS) decided to collaborate in this matter so as to encourage foreign property investment, and launched with effect from 1 April 2013, a new REIT tax dispensation for investors in property portfolios. The REIT created a unified regime in South Africa. All portfolios wanting to call themselves REITs had to qualify under certain requirements, and then they would be eligible for the new section 25BB tax dispensation. The South African REIT market is relatively new when compared to the Australian REIT market, which is the second largest in the world. The Australian REIT market has been around for approximately forty three years more than the South African REIT market. The Australian REIT regime is analysed in terms of how REITs are taxed in that country. The final chapter provides a comparison between the South African and Australian REIT regimes. The major differences are identified as to how each country taxes the REITs and the respective shareholders, and from these a few proposals are made which could improve the South African REIT regime in order for it to stand up to worldwide scrutiny.

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Smith, Keiron. "Challenges combating money laundering in the real estate sector in South Africa." University of the Western Cape, 2021. http://hdl.handle.net/11394/8354.

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Magister Legum - LLM South Africa’s main anti-money laundering legislation consists of 2 pieces of legislation, namely: The Financial Intelligence Centre Act (FICA)1 and the Prevention of Organised Crime Act (POCA).2 Money Laundering is often defined as the concealment of funds or property which has been obtained as the result of unlawful activity. It is also defined as giving the unlawfully obtained funds the appearance of legality when in actuality the funds or property is obtained unlawfully. POCA defines unlawful activity which includes any criminal offence in South African law, whether it has occurred in South Africa or elsewhere.3 Any person who has the knowledge of the aforementioned money laundering act or ought to have the knowledge may be guilty of an offence.

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Modise, Tapiwa P. "An exploration of corporate real estate management outsourcing practices in South Africa." Master's thesis, Faculty of Engineering and the Built Environment, 2018. http://hdl.handle.net/11427/30124.

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Purpose – The considerations of non-real estate private organisations in South Africa when outsourcing their corporate real estate management (CREM) functions are examined. The investigation seeks to determine the elements that impact the decision to outsource CREM functions; the characteristics looked for in service providers and if there is a mismatch between what corporate entities desire from CREM outsourcing and what service providers deliver. Design – The study is grounded on a broad analysis of the literature globally and locally; as well as data collected through semi-structured interviews to build four (4) case studies; to gather information about a small set of organisations, within the Johannesburg Metropolitan area of South Africa, on their CREM outsourcing activities. Inductive content analysis will be used to analyse the data collected. Findings – All the organisations outsource parts of their CREM. However, the incidence of CREM outsourcing has neither increased nor decreased in the last three (3) years. Four (4) CREM services are outsourced; facilities management is the most frequently outsourced, followed by subject matter expertise in second and real estate management and transaction management in joint third. The majority of the organisations adhere to a global outsourcing strategy, as opposed to a local or no strategy. Correspondingly, the majority of the organisations have a formal guideline. Seven (7) motives or drivers for CREM outsourcing were uncovered. Access to technical expertise and flexibility were both in first place, followed by cost savings and lack of internal resources in joint second and access to local expertise, focus on core business value chain activities and risk mitigation in shared third. South African organisations identify service providers through four (4) mechanisms: firstly a request for proposals (advertising), direct approach in second and associate recommendations and third-party search in joint third. Seventeen (17) characteristics were identified that influence the selection of a service provider. Of greatest weight is references/reputation, relevant experience, the amount of fee charged and technical expertise in joint first. In joint second; local experience, understanding the client’s organisation, flexible service terms, integrity of approach, regulatory compliance and business values and ethos. This is followed by service provider capacity, individual capability, unconflicted, strong management capability, transparency, strong advisory capability and trust in shared third. The majority of the organisations judged CREM outsourcing successful and twelve (12) attributes were identified that impact the success of CREM outsourcing. Strong advisory capability dominated the list, followed by understanding the client’s organisation and technical expertise in mutual second place. In shared third place, unconflicted, strong management capability, professional integrity, market knowledge value-add, delivering the pledged service, flexible service terms, responsiveness, cost savings and transparency. Practical Implications – A strengthened and grounded understanding of the considerations of non-real estate private organisations in South Africa within the process of CREM outsourcing, will provide an empirical foundation upon which service providers may base their strategic positioning within the local market.

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Barriére, Marcella M. "The economics of housing lower income populations in South Africa : challenges and opportunities in KwaZulu-Natal." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/84180.

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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013. This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. Cataloged from student-submitted PDF version of thesis. Includes bibliographical references (page 123). Since 1994, approximately three million homes have been built for lower income households in South Africa, but as a result of population growth, immigration, increasing urbanization and systemic inefficiencies, such as corruption, the backlog of formal housing units stands at almost 1.5 million. This persistent unmet need for low-income and affordable housing is putting tremendous pressure on South African leaders to more efficiently implement the policies they have created and take a new approach to this decades old problem. The purpose of this thesis is to develop an understanding of the South African affordable housing market and the factors that are contributing to the chasm that exists between the demand for affordable housing and the limited supply of stock in this sector of the market. The study focuses on four major drivers -- three can be considered conventional market drivers and are land reform, construction processes and technology and access to financing. The fourth driver is an unconventional but significant factor and that is, corruption and its economic and societal impact. Of these four issues the most critical are land reform, due to well-designed but poorly executed policies, and corruption due to its profound impact on the affordable housing market. The seeming inability of the South African government to make effective progress in meeting the extreme shortfall in housing for lower income populations is leading to increased incidences of undeveloped, well-located land being informally settled, and is creating unrest in the population and political instability. This thesis discusses the discrete challenges within the land, construction and finance sectors, with special attention given to the industry-wide crippling force of corruption, which was uncovered during in-person interviews with South African developers, businessmen, educators and students. The author outlines potential solutions to mitigate corruption's impact through strengthened eradication efforts combined with economic approaches based on the concept of double marginalization. by Marcella M. Barriére. S.M.in Real Estate Development

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Phillips, Alan Bevan. "The extent of affirmative action in the real estate industry within the Western Cape." Thesis, Cape Technikon, 2003. http://hdl.handle.net/20.500.11838/1741.

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Thesis (MTech (Human Resource Management))--Cape Technikon, Cape Town, 2003 South Africa is a country that encompasses numerous population groups and cultures. The country has been embroiled in controversy since the beginning of the 20th century, notably for its human rights violations and abuse of the majority of its people; namely Blacks, Coloureds and Indians. The ruling parties since its inception as the Union of South Africa in 1910, until the demise of the National Party government in 1994, has ensured bias to the White minority population group. This favouritism was brought about politically and legislatively to protect Whites, reserve jobs and ensure segregation for the various population groups that were considered unequal, as it favoured Whites only. The country's first democratic elections in 1994 brought about a change of political will that warranted appropriate action, in order to address the imbalances of the past, for all those who were historically, previously disadvantaged. Programmes of affirmative action were required to redress these imbalances and provide necessary opportunities. The vast majority of South Africans, namely Blacks, therefore needed employment, housing and recreational facilities as previously they were not afforded many prospects. The researcher wanted to establish the state of the Black residential property market in the Western Cape, including the prospects for Black estate agents. Accordingly, an understanding of the political background of the last century was required. In order to implement Affirmative Action programmes in the real estate industry, a basic understanding of Affirmative Action was essential. The tasks and duties of estate agents had to be clarified and the position of the real estate industry with regards to the various population groups in the Western Cape was also deemed crucial. The researcher accordingly designed a questionnaire in order to conduct a survey to test public perceptions and attitudes. The researcher also concluded interviews with executives and principals representing the real estate industry. A focus group was utilised to discuss the results of the survey and they provided the researcher with qualitative data. The researcher combined this secondary qualitative data with primary quantitative data in order to develop a model which would assist the industry and prospective Black estate agents. The author believes that this model would be able to substantially benefit all the stakeholders in the real estate industry. Furthermore, the researcher is of the opinion that if this model and the recommendations are implemented, the residential market for the Western Cape would evolve naturally and Black estate agents would be in demand.

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Crafford, Jacobus Marthinus. "n Navraagstelsel van tyddeeloorde in Suid-Afrika vir RCI-lede en potensiële kopers van tyddeelbelang." Thesis, Stellenbosch : Stellenbosch University, 2001. http://hdl.handle.net/10019.1/52362.

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Thesis (MA)--Stellenbosch University, 2001. ENGLISH ABSTRACT: Timesharing is one of the sectors of the tourism industry that has grown at a tremendous rate in the recent past. In South Africa, after adverse publicity and severe internal conflict in the early years, the timeshare industry is growing as this way of holidaying becomes more popular. Much is also expected of the tourism industry as a major contributor towards improving the socio-economic situation in this country. It is therefore essential that geographers and more specifically geographical information system specialists get involved in research on timeshare and related topics. This thesis investigates the potential use of geographical information systems (GIS) in the timeshare industry in South Africa. The main focus of the research is on the development of a timeshare information system (TIS). The TIS was developed by using the ArcView GIS programme and Avenue programming language and it incorporates the points system as the most popular timeshare type in South Africa. The main aim of the TIS is to find possible holiday resort destinations within South Africa that will satisfy the timeshare owner's holiday needs, at the touch of a button. To produce these results the user is asked a series of questions and he/she is expected to make some selections. This information is then processed to make it possible for the scripts that have been compiled to extract the correct results from the destination database. This comprehensive database has been compiled from existing sources. The final results are then shown to the user on regional maps of South Africa. These maps have been compiled beforehand for use during the programming phase, but also for the purpose of doing location and spatial analysis. In conclusion, the results have been tested by means of a case example. The results produced by the TIS have been verified as being correct. Although the TIS is not ready for the timeshare market at this stage it could, with slight adjustments, be of use and is a positive step in the right direction and is in line with modem trends in the industry. Keywords ArcView / Avenue / Exchange companies / Geographical information systems (GIS) / Graphical user interface / Points system / Resort Condominium International (RCI) / South Africa / Timeshare destination database / Timeshare industry / Timeshare owners / Timeshare resort facilities / Timeshare resorts / Timesharing / Tourism geography AFRIKAANSE OPSOMMING: Eiendomstyddeling is een van die sektore van die toerisme-industrie wat tans wêreldwyd die meeste groei toon. In Suid-Afrika waar eiendomstyddeling aanvanklik gekniehalter is deur swak publisiteit en interne konflik, toon die bedryf besondere groei soos dié manier van vakansie hou, meer gewild raak. Baie word van die toerismebedryf verwag om 'n beduidende bydrae te maak tot die verbetering van sosio-ekonomiese toestande in die land. Juis hierom is navorsing oor tyddeling en verwante onderwerpe besonder belangrik. Geograwe en meer spesifiek geografiese inligtingstelselspesialiste kan in dié opsig belangrike rolspelers wees. Hierdie navorsingsverhandeling speur die gebruiksmoontlikhede van geografiese inligtingstelsels (GIS) in die tyddeelindustrie in Suid-Afrika na. Die hoof fokus van die navorsing val op die ontwikkeling van 'n tyddeelinligtingstelsel (TIS) met behulp van ArcView GIS programmatuur en Avenue programmeertaal. Hierdie TIS poog om die keuse van 'n geskikte vakansiebestemming in Suid-Afrika vir die tyddeeleienaar en potensiële koper te vergemaklik en inkorporeer in die proses die puntestelsel as tyddeeltipe. Die program stel aan die gebruiker 'n reeks vrae en seleksie opsies, waaruit dan 'n resultaat van oorde wat aan sy/haar vakansiebehoeftes voldoen, aan hom/haar voorgehou word. Hierdie resultate word getrek uit 'n omvattende tyddeelbestemmingsdatabasis wat uit bestaande bronne saamgestel is. Hierdie databasis word op verskeie stadiums deur die loop van die gebruiksproses deur die opgestelde programkode ondervrae. Tesame hiermee word die resultate ruimtelik en nie-ruimtelik aan die gebruiker vertoon. Hierdie ruimtelike komponent hang nou saam met die kartering van die tyddeeloorde in Suid-Afrika, 'n proses waartydens die ligging en verspreiding van hierdie oorde ook aandag kry. Ter afsluiting word die resultate aan die hand van 'n toetsvoorbeeld geverifieer. Die TIS lewer bevredigende resultate en hoewel dit nie in sy huidige formaat gereed is vir die tyddeelmark nie, is dit 'n positiewe stap en in lyn met moderne neigings in die industrie. Trefwoorde ArcView / Avenue / Blybeurtbedryf / Geografiese inligtingstelsels (GIS) / Grafiese koppelvlak / Puntestelsel / Resort Condominium International (RCI) / Suid-Afrika / Toerismegeografie / Tyddeelbelang / Tyddeelbestemmingsdatabasis / Tyddeeleienaars / Tyddeelindustrie / Tyddeeloorde / Tyddeeloordfasiliteite / Tyddeling / Uitruilondernemings

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Ungerer, Maryke. "Practical issues relating to the taxation of Real Estate Investment Trusts ("REITs") in South Africa." Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/11729.

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Includes bibliographical references. In this dissertation, the author focuses on the practical tax issues relating to the recently adopted South African Real Estate Investment Trust tax dispensation, by discussing international principles of Real Estate Investment Trust taxation and two foreign regimes, i.e. the US and UK Real Estate Investment Trust regimes which, it is understood, were used as a basis for the South African legislation. In addition, the dissertation discusses the details of the South African property investment vehicles regime pre- 1 April 2013, and the new Real Estate Investment Trust tax regime applicable from 1 April 2013. Furthermore, it looks at suggestions and possible improvement to the taxation of Real Estate Investment Trusts in South Africa and whether the proposed amendments released by National Treasury, on 4 July 2013, satisfactorily address the issues raised in this dissertation.

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Abrey, Mark Henry Shaw. "An entrepreneurial framework for new venture property development projects." Thesis, Nelson Mandela Metropolitan University, 2015. http://hdl.handle.net/10948/d1020162.

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The business of real estate is one of the largest suppliers of employment, and contributes significantly to the gross domestic product of numerous countries worldwide. It is, therefore, imperative that new real estate development entrepreneurs entering the market identify key competitiveness indicators in order to survive and ensure their success within an ever-changing market. However, property development is a complex process and considered to be 'too risky' Consequently, property development entrepreneurs lack the skills and expertise to effectively manage their business enterprises and the associated risks from project inception to completion, and commissioning. The study was conducted by means of a review of the related literature and by conducting an empirical study. The empirical study was conducted using a quantitative statistical approach by distributing research questionnaires to members falling within the sample population. The primary objective of the study was to develop an entrepreneurial framework for perceived success of new venture property development projects. A descriptive survey was conducted among professionals registered with the South African Property Owners Association (SAPOA) and property development practitioners within South Africa. The salient findings suggest that the following variables positively influence the perceived success of new venture property development projects: Entrepreneurial vision; Strategic management; Stakeholders‘ interests; Professional feasibility and viability reporting; Procurement; Communication; Consumer confidence; Risk management; Governance structures; Specialist advice; The entrepreneurial framework, and The project management body of knowledge (PMBOK). Furthermore, the following variables were identified in the empirical framework affecting the perceived success of new venture property development projects: Entrepreneurial Vision; Strategic Management; Stakeholders‘ Interest; Professional Feasibility and Viability Reporting; Procurement; Communication; Consumer Confidence; Risk Management; Governance Structures; Specialist Advice, and The Project Management Body of Knowledge (PMBOK). This study contributed to the South African property development body of knowledge by addressing the challenges faced by inexperienced entrepreneurs entering the property development market. Furthermore, this study aimed to improve the framework utilised by emerging property developers.

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Belgrove, J. B. "The controllable determinants of liquidity in the context of securitised real estate companies in South Africa." Thesis, Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/96180.

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Thesis (MBA)--Stellenbosch University, 2014. This research assignment investigated the determinants of liquidity in the South African securitised real estate sector over the period 1992 to 2012. The main findings suggested that market capitalisation is the most important driver of liquidity and that in contrast to other studies, the levels of insider ownership and shareholder equity do not influence liquidity. Dividend yield and, to a lesser extent, share price level was also found to be positively related to liquidity, which was surprising given the findings in literature. Good managers can therefore enhance share performance and value by focusing on building market capitalisation and maintaining high dividend pay-outs.

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Aldous, Michael Geoffrey. "The perceived economic impact of the city of Johannesburg's storm water attenuation policy on private property developers." Thesis, Nelson Mandela Metropolitan University, 2007. http://hdl.handle.net/10948/765.

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Stormwater attenuation policy has, over recent years, become a highly contentious issue for the property development community. Increased urbanisation, locally and internationally, has forced municipal authorities to reconsider the role of stormwater management in this evolving urban landscape. It is within this context that the legislative support and municipal policy for stormwater management in the City of Johannesburg has been explored, particularly in terms of the economic impact on property developers. The research aimed to explore the relationship between stormwater attenuation policy and the economic impact thereof on private property developers. Consideration was given to the cost, risk and time factors of legislative and policy requirements within the development process. Further consideration was given to the physical environment that has brought about current pressures. Based upon research of international issues highlighted in countries with well developed attenuation policy, a questionnaire was constructed to evaluate the response of local private property developers to selected issues as key sub-problems. The responses were tested against the developed set of hypotheses. The research indicated that developers had a generally poor level of knowledge with regard to the stormwater management policy of the City of Johannesburg, as well as the supporting legislative requirements of provincial and national policy documents. The results of the survey also indicated that developers were strongly opposed to the loss of developable area, but indicated a limited financial impact of the current stormwater attenuation policy. The risk inherent in incorporating an attenuation facility within a development was identified as being low with little perceived impact. Developers further indicated that the inclusion of attenuation facilities was seen as a significant contributing factor in the delay, approval and acceptance of new developments in which attenuation facilities were required, while maintenance costs were indicated to be of a low level of importance. Recommendations in response to the research findings included the establishment of detailed policy documentation and support for effective distribution channels in conjunction with industry and public focused information campaigns, improved municipal capacity and a greater level of technical support. A need for additional stormwater research and an increase in the capture of relevant data for GIS purposes was identified.

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Makatsane, Ntseno P. "A performance comparison of specialised (industrial) and non-specialised real estate investment trusts in South Africa." Master's thesis, Faculty of Engineering and the Built Environment, 2018. http://hdl.handle.net/11427/30049.

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There is a belief that anything that is specialised tends to outperform the diversified counterparts and this study investigates if this proposition applies in the property industry, specifically the REIT (Real Estate Investment Trust) market in South Africa (SA). The norm is to apply a quantitative methodology when assessing performance but this study follows a qualitative approach in comparing the overall performance between specialised and diversified REITs in SA using non-quantitative metrics. A mix of specialised and diversified REITs in SA were sampled and a multiple case study analysis was done after interviewing senior management in four REITs. A total of four interviews were done with five respondents across four cases. These cases were then analysed using thematic analysis. The respondents were asked questions relating to the REIT they are working for, industrial specialised and diversified REITs performance and the SA property market as a whole. The overall findings suggest that diversified REITs may outperform the specialised REITs in SA currently however, this conclusion depends on a lot of factors. These factors include the analysis time of reference, the economic status of the country (for example, recession), the size of the REIT, the company gearing level, how that specific sector is performing at that particular time relative to others and the management efficiency level. The growth of e-commerce plays a vital role as a factor as well because it is said to be replacing the brick and mortar retail industry therefore, its influence affects the specialised industrial sector performance. For further research, a similar study with a quantitative approach can be considered in order to add to the SA REIT body of knowledge. Furthermore, research on the performance of property companies before and after attaining REIT status could be investigated to determine the REIT status effect on the company. To add on to the SA REIT literature, performance between REITs in different sectors and provinces could be explored.

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Ludidi, Daniel Dumisa. "Home ownership in the gap-housing market in South Africa." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/18299.

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The access to adequate housing is a constitutional right, in terms of Section 26 (1) of the Constitution of the Republic of South Africa, Act 108 of 1996. Access to housing in South Africa is still an ideal and not a reality. The increase in housing prices reduces affordability, which creates a barrier to the housing market for South Africans to fully participate. The South African housing market is divided, based on the affordability of households, with a gap within the property market. The gap-housing market is a market, which does not receive a government subsidy; and furthermore, it does not qualify for bond finance by the private financial institutions. The gap-housing market includes households that earn between R3,500 to R15,000 per month for residential properties valued between R116,703 to R483,481. The problem is a lack of supply in the gap-housing market to meet the demand; and this is also affected by the poor performance of the subsidy-housing market. The gap-housing market is not traded adequately, due to a lack of supply caused by stricter lending criteria from the banks. The study was conducted by means of reviewing the related literature and by an empirical study. A survey was conducted using the quantitative approach through a distribution of research questionnaires to different organizations within the judgement sample population. The objective of the study is to review the gap-housing market and to make recommendations. The descriptive survey was conducted among specialists that are participating in the South African housing market. The findings of the study suggest that there is a relationship between incentive and participation, as well as a relationship between participation – with access, supply and trading in the gap-housing market. This study will contribute to the South African housing market body of knowledge – by addressing the problem of a gap within the housing market.

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Noholoza, Alex. "An investigation on the role of Development Finance Institutions (DFI) in building small emerging enterprises for property development initiatives in South Africa." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/d1020646.

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Purpose of this treatise: The aim of this treatise is to identify the challenges facing emerging entrepreneurs in accessing funding for property development initiatives which results in high levels of declined loans thereby limiting participation in the property market as well as the interventions necessary to improve access to finance. Design / methodology / approach: The questionnaires were emailed to funding institutions and emerging property developers. The questionnaire investigates the respondents‟ perception of importance and evidence of questions on property development, finance and managerial skills drawn from the literature. Findings: The findings of this study are consistent with and support the findings of previous local and international literature on constraints that SME‟s have in accessing finance for various initiatives. The findings indicate that the emerging property developers in South Africa are characterised by insufficient number in representation in the property sector, high risk averse financial institutions that requires collateral to lend. The findings of the study indicate that broader and bolder initiatives aimed at improving the emerging property developer's representation in the market needs a holistic and collaborative approach from the various institutions to aide these entrepreneurs. Value of paper: The research is of importance to all stakeholders involved in the property sector, financial institutions and economic development of the SME sector. The results of the study will contribute to the understanding of the current financing limitations facing SMEs and will assist funding institutions to better understand the role and importance of effective collaboration in improving access to finance to emerging property developers.

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Oladeji, Jonathan Damilola. "Towards the development of a predictive rent model in Nigeria and South Africa." Diss., University of Pretoria, 2019. http://hdl.handle.net/2263/73164.

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This research aimed to identify reliable economic data for predictive rent modelling in South Africa and Nigeria, as a contribution towards the growing debate on real estate rental forecasting from the African perspective. The data were obtained from the Iress Expert Database, Stat SA, the Central Bank of Nigeria database (CBN), the National Bureau of Statistics and World Bank. The South African economic data comprised time series for a fifteen-year period between Quarter 1 (Q1), 2003 and Quarter 4 (Q4), 2018. The Nigerian data comprised time series for a ten-year period between Quarter 1 (Q1), 2008 and Quarter 4 (Q4), 2018. The logit model was proposed among others as a macroeconomic modelling approach that captures the future rental directions based on the general economic movements and likely turning points. The model is particularly useful due to its reliance on macroeconomic and indirect/listed real estate data which are more readily available to real estate investment decision-makers. This study identified that coincident indicators and the exchange rate both have positive significant relationships with Johannesburg Stock Exchange (JSE) listed real estate as compelling indicators for the South African market. For the Nigerian listed real estate market indicator, the model also responded to interest rate, the consumer price index and the Treasury Bill Rate (TBR) as reliable indicators. In addition to this, analysis revealed the logit regression framework as an improvement to naïve or ordinary linear rent models in these emerging African real estate markets. The use of macroeconomic modelling proved to be a viable alternative to scarce comparable transaction data which serve as the bedrock of traditional real estate investment appraisal. Thus, a forecasting model for early detection of turning points in commercial real estate rental values in South Africa and Nigeria was developed for use in real estate investment decisions. The study concluded that not all economic indicators lead the listed real estate market. The relationship between the macroeconomy and listed real estate is largely significant, but this could be a positive or negative relationship. Dissertation (MSc)--University of Pretoria, 2019. African Real Estate Research (AFRER) for IREBS Foundation. Construction Economics MSc Unrestricted

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Matshili, Humbulani Emmanuel. "Post occupancy evaluation of an office building : the case of country club estate, Johannesburg." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1018554.

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Most organisations nowadays want to build offices that are cost effective, but at the same time they forget to consider the impact of IEQ on the occupants’ wellbeing and performance. These offices are equipped with air-conditioners, which may impact negatively on performances if not monitored, controlled and maintained. An occupant’s performance may be accelerated or reduced, based on the effectiveness of IEQ in the office buildings. It is imperative that the employer or management create a work environment that is conducive to the occupants’ needs, so that the occupants may be able to improve their work performance that often yields increased productivity. The main aim of the study was to investigate the efficiency of a building’s Indoor Environmental Quality (IEQ) and how it affects workers with regard to productivity. The objectives of the study were: to determine the level of satisfaction of the occupants in terms of the IEQ, evaluate the effects that the current IEQ of the building has on the productivity of the occupants, and proffer solutions to identified problems so that the building performance can be improved, and similar future buildings can be improved upon in terms of IEQ. Post Occupancy Evaluation (POE) was utilised to conduct the evaluation. This will help stakeholders and managements to ensure that past mistakes committed are not repeated in the future buildings. POE analyses IEQ related to Indoor Air Quality (IEQ), thermal comfort, occupant’s satisfaction and occupant performance and productivity. There is a correlation between different indoor parameters of the occupants’ satisfaction, health and productivity at the workplace. For these correlations to complement each other successfully, IEQ factors must be conducive to human wellbeing. Workplace environments are perceived as unsafe and unhygienic. This situation is caused by poor planning of workstations, low indoor air quality, inappropriate lighting in the office, lack of ventilation and insufficient safety measures. In particular, findings of this study demonstrate the low level of occupants’ satisfaction with regard to office buildings in the Country Club Estate, Johannesburg. The results from this study show that POE is perceived to be completely new to occupants of the Country Club Estate. Management or stakeholders have a huge task ahead to address the benefits of implementing POE and to face the consequences if POE is not implemented.

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Thorpe, Lindsey Lee. "Is it time to abolish estate duty in South Africa? a comparative look at global trends in levying death taxes and the feasibility of suggested changes to South Africaâ€™s current regime." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/15186.

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This dissertation examines the current system of taxation that is imposed in South Africa on the death of a taxpayer. The main focus of the research, among others, is on the issues associated with a taxpayer having to pay both estate duty and capital gains tax upon his or her death, resulting in a form of 'double taxation', and whether a different system of taxation should be implemented in South Africa. The two main taxes imposed on death in South Africa are studied and arguments for and against the imposition of death taxes are considered. In order to determine what the most fair and reasonable tax system for South Africa would be, various taxation models of other jurisdictions are examined, namely those followed by the United States, the United Kingdom, Canada, Australia, India, Botswana and the Netherlands. Suggested alternatives and their suitability are identified, such as the possibilities of retaining estate duty and 'forgiving' capital gains tax on death (as is done in the United States, United Kingdom, Australia, India and Botswana); abolishing estate duty and imposing only capital gains tax on death (a system followed by Canada); replacing estate duty with an inheritance tax (like in the Netherlands) or retaining the current system in place. Ultimately, it is decided that South Africa should not abolish estate duty or rely solely on capital gains tax or implement a system of inheritance tax. Instead, we should retain the current system as there are already concessions provided by the legislature which aid the majority of South Africans and guard against unfair results occurring in the winding up of their estates. A suitable alternative would be to rely only on capital gains tax, but any amendments would result in major changes to current legislation. Furthermore, it is important to first ascertain whether relevant stakeholders, such as the South African Revenue Service or the Master of the High Court, would have the necessary resources, capacity and time to train staff, educate taxpayers and update their current systems in order to successfully implement these changes and efficiently process deceased estates.

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Mali-Swelindawo, Bongiwe Lorreta, and Bingwen Yan. "South African public sector property management: a performance model." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/21185.

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This research was conducted with the intention of accomplishing effective property management (PM) in order for public sector properties in South Africa (SA) SA to fulfil more remarkably, public sector property stakeholders’ requirements. In particular, this study was concluded within a South African municipal environment with the specific purpose of alleviating South African municipalities from problems associated with overall poor operational performance, dissatisfied public sector property stakeholders, and inadequacies in competitiveness and global alignment. The primary objective of this study was to develop a performance model deemed necessary for the effective management of public sector properties in SA. This was achieved by developing a performance model for effective management of public sector properties, a model to systematically monitor, measure and control current expectations and changes within a public sector property management function. Herewith, performance model for effective management of public sector properties in South Africa. At the time of conducting this study, there was no conceptual model developed for performance management of public sector properties. In order to develop the performance model, the conceptual model identified key elements that included: 1) obsolescence and strategic factors; 2) global alignment; 3) finance and cost control; 4) PESTEL impact; 5) transformation and sustainability; 6) leadership and governance; and 7) monitoring, measurement and control as influences that directly impact a perceived successful management of public sector properties in SA. The study also took the form of a quantitative research project that included a formal survey of the identified population sample. The main statistical procedure employed was Structural Equation Modelling (SEM). Originally, the study offered 24 hypotheses; however, only 11 hypotheses could be confirmed by SEM measurement. Therefore, through SEM, the significance of the relationships between variables could be tested. Appropriate quantitative data were collected from public and private South African Built Environment professionals, students and other academics. The research made use of snowball sampling through questionnaires, with a sample size of 171. It is anticipated that findings of this study will be acknowledged by public sector PM in an effort to resolve PM problems through the incorporation of pertinent recommendations. Likewise, since the performance model for effective management of public sector properties was not extant prior to this study, this research is cutting-edge and therefore pioneering to PM, especially within the public sector.

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Visser, Eugene Bourbon. "Search engine optimisation elements' effect on website visibility: the Western Cape real estate SMME sector." Thesis, Cape Peninsula University of Technology, 2006. http://hdl.handle.net/20.500.11838/1362.

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Thesis submitted in fulfilment of the requirements for the degree Magister Technologiae in Information Technology in the Faculty of Informatics and Design 2006 The primary objective of this research project was to determine whether search engine optimisation elements as specified in the Chambers model, affect real estate website visibility. In South Africa, real estate companies predominantly function as SMMEs and are therefore as vulnerable to failure as any other SMME in the country. In order for SMMEs to reduce the possibility of failure, they need to re-evaluate their use of the Internet, as it could assist in their survival. The traditional company structure is no longer sufficient to ensure market reward. The reality is that users are rapidly adapting to the technology available. The Internet is fast becoming a communication, commerce and marketing medium that is changing business globally. Real estate SMMEs are unable to adapt to e-commerce in its purest form, however, they can make effective use of e-marketing. Static websites are used for that specific purpose. A marketing strategy is imperative to the survival of a company, whereby the firm is able to create and maintain a competitive advantage in a cluttered marketplace. Regrettably, hosting a website on the Internet is not enough. Searchers tend not to view search results beyond the second page - 30 results at the most. It becomes evident that companies should ensure that their own website ranks as high as possible on the search engine result page. This in turn should sufficiently market the company. Search engine optimisation involves designing or modifying websites in order to improve search engine result page ranking. The elements as specified in the Chambers model are extensively elaborated on in the literature analysis. The methodology consisted of two stages - a questionnaire and empirical experiments. A quantitative research approach was adopted for both of these components. The primary objective of the questionnaire was to obtain search phrases from the public when searching for real estate online. The search phrases were then used in the experiments, testing the visibility of predetermined websites, which were based on a pre- post- test control group design methodology. In this instance, the before group consisted of five different websites from five different real estate companies which have been hosted on the Internet for a duration of no less than three months. The Chambers model was used in the development of five new optimised websites, one for each company. The new websites were hosted on the Internet for 27 days, in order to give search engines the opportunity to index them. The results documented were then compared in order to draw a conclusion. A total of 121 key search phrases were obtained. The results from the old and new websites were applied to a process which produced a combination of results known as the ‘quality factor’. The quality factor indicated either a visibility improvement or visibility deterioration with regard to the old and new company’s website. In addition to this, this author compared the optimised website which obtained the best visibility improvement with the website that obtained the highest deterioration in visibility. As a result, the elements specified in the Chambers model were re-evaluated whereby new elements that had not been specified in the original model were identified. Based on the new findings, this author developed a new search engine optimisation model as a secondary objective in this thesis.

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Myburgh, Craig. "Factors influencing the residential property cycle in South Africa." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/15053.

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Thesis (MBA)--Stellenbosch University, 2008. ENGLISH ABSTRACT: Internationally, a number of studies on property cycles have been undertaken. In contrast very little academic research has been undertaken in South Africa. The importance of the subject is once again become evident given the recent global turbulence in both property and credit markets. The central hypothesis of this study is that there exists a residential property cycle in South Africa and that it can be identified and that furthermore there are indicators that can identify the various stages that the property market finds itself in and that these indicators can be used to forecast the property cycle. A number of potential drivers of the property cycle were identified and analysed. These drivers collectively propel the property cycle through its various cycle stages. Not one of the drivers in isolation has the ability to move the cycle; it is rather the correct combination of drivers at the right time that have the necessary impact to make the changes in property price levels. The study has identified the historical residential property cycle in South Africa and identified the primary drivers of the property cycle. It was found that Interest Rates, GOP, Population, Household Debt to Disposable Income ratio, Quantity of Building Plans Approved and Building Cost Escalation are all material drivers in defining the property cycle. A statistical analysis in the form of multiple regression was applied to the above variables and a statistical model was developed to forecast the property cycle. It was found that the model has significant explanatory powers when the goodness of fit was tested. AFRIKAANSE OPSOMMING: Die sentraal onderstelling van hierdie studie is dat daar 'n residensiele eiendom kringloop in Suid-afrika bestaan en dat dit geidentifiseer kan wees en dat bowendien daar aanwysers wat die verskeie stadiums van die eiendom mark kan identifiseer vind en dat hierdie aanwysers gebruik kan word vir voorspelling van die eiendom kringloop. 'n Aantal potensiele drywers van die eiendom kringloop was geidentifiseer en gean ali seer. Hierdie drywers gesamentlik dryf die eiendom kringloop deur sy verskeie kringloop stadiums voort. Nie een van die drywers in isolasie het die vermoe om die kringloop te beweeg nie; dit is liewer die korrekte kombinasie van drywers op tyd wat die nodige impak het om die veranderinge in eiendom prys vlakke te maak. Die studie het die historiese residensiele eiendom kringloop in Suid-afrika geidentifiseer en die primere drywers van die eiendom kringloop. Dit was gevind dat Rentekoerse, GOP, Populasie, Huishouding Skuld tot Weggooibare Inkomste Verhouding, Hoeveelheid van Gebou Pia nne Goedgekeur en Gebou Kos Eskilasie is almal materiaal drywers in definieer van die eiendom kringloop. 'n Statisties analisering was aangewend aan die bo onkonstante en 'n statistiese skema was ontwikkel om voorspelling van die eiendom kringloop te bepaal. Dit was gevind dat die skema beduidende verduidelike kragte het wanneer die goedheid van pas getoets was.

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Kgari, Emolemo Nkomeng. "The impact of a shopping centre on adjacent property prices: a Nelson Mandela Bay case study." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/17636.

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A great deal of research has been carried out on residential property values and numerous factors have been identified as having an effect on residential property values. The physical characteristics of properties of properties are the primary factors that determine the market value of residential property. However, factors concerning location are also thought to influence the value of residential properties. These locational factors include, among others, accessibility to highways, airports, schools, parks and public transportation centres. This study examines the effect of another locational factor, namely proximity to a newly built shopping centre. Shopping centres have been increasing in numbers throughout South Africa over the past few decades. These shopping centres are usually situated in close proximity to residential properties. As such, shopping centres that are in close proximity to residential properties can influence property prices. This study makes use of the hedonic price model to assess the price impact of the newly constructed Baywest Mall on the residential properties in the western suburbs of Nelson Mandela, namely Sherwood, Rowallan Park and Kunune Park. On 21 March 2012, the construction of the Baywest Mall was officially announced. This announcement created an area of interest as to whether its construction and completion would have an impact on the prices of residential properties situated in close proximity to the mall. The study period for this study was from 2004 – 2015. This time period is thought to be sufficient to assess the effect of the Baywest Shopping Mall on the residential property prices before and after the announcement of the construction of the mall. As the study period ranged from 2004 – 2015 it was necessary to adjust the sales prices over the years to constant 2015 prices. As such, the ABSA house price index was used in order to eliminate any inflationary effects on the property values over the study period. The results of the study revealed that the newly built Baywest Mall has a statistically significant positive effect on properties in close proximity to the shopping mall. This result enhances the scientific understanding of the effect of commercial land uses, such as, shopping centres, on the value of adjacent residential properties.

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Ngubeni, Steven Piet. "Multi-income level investment in golf estates." Thesis, Nelson Mandela Metropolitan University, 2007. http://hdl.handle.net/10948/771.

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The government of South African has stated its intentions to enforce a policy which will compel developers of upmarket residential properties to set aside 20 percent of their upmarket residential developments to accommodate affordable housing. The developers on the other hand, have expressed concerns about this approach. The principal aim of this study and of the research was to investigate the desirability of the concept of multi-income-level investment approach to the development of golf estates. A phenomenological strand of qualitative research method was used in the research. The following formed the focal point of the research: • An investigation into the perceptions of the stakeholders, especially the buyers of up-market properties, about mixed-income-level investments in golf estates. • The potential effect of the implementation of including affordable housing in the development of golf estates • An investigation of the perceived effect on the profitability of investments by the inclusion of affordable housing in golf estate properties. • The extent of the contribution of including affordable housing in golf estate developments to the reduction of the current backlog

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Dicks, Peter. "Application of physical asses management performance measures in the property management environment of South Africa." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/6402.

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Thesis (MBA (Business Management))--Stellenbosch University, 2008. Physical asset management has been given very little consideration in the commercial property industry in South Africa and abroad. In the production environment, especially where fast moving consumer goods are concerned, slight improvements in production equipment performance can bring about large savings and increased profits. In the commercial property environment however, a physical asset management strategy and all the components which constitute such a system, are not yet very well developed and are usually seen to be an unnecessary financial expenditure. A change of thinking has been confirmed by this study and can be seen in the way in which physical asset management and methodologies have already largely been accepted in the international municipal infrastructure environment, including buildings and structures. A desire to remain competitive and reduce unnecessary losses, together with a new focus on environmental concerns and legislative factors, appears to be the catalyst for such a shift in thinking. Punitive legislation, such as the electrical consumption controls for buildings in South Africa, likely to be introduced soon, will also help to steer commercial property owners and managers towards a more strategic view on how they manage their physical assets. An important component of this research report was to determine whether performance measures are being used to measure the effectiveness of the physical assets and strategy in terms of the commercial property industry. In the context of this study however, very few such measures could be found, besides some financial measures. As a more strategic physical asset management approach is adopted, performance measures for all aspects of facility and asset performance will become necessary and therefore more common place. "When you measure what you are speaking about, and express it in numbers, you know something about it ... otherwise your knowledge is of a meagre and unsatisfactory kind; it may be the beginning of knowledge, but you have scarcely in thought advanced to the stage of science." - Lord Kelvin (1824- 1907). AFRIKAANSE OPSOMMING: Dit wil voorkom asof fisiese batebestuur in Suid Afrika en oorsee min aandag geniet in die kommersiele eiendoms bestuursmark. In die produksie omgewing, veral waar vinnig bewegende gebruiksgoedere betrokke is, kan klein verheteringe in die werking van produksie toerusting daartoe lei dat groot besparings en gevolglik verbeterde winsopbrengs behaal kan word. In die eiendoms bestuursmark is fisiese batebestuur strategie en die gepaardgaande komponente nag nie volledig ontwikkel nie en word dit gewoonlik beskou as 'n onnodige finansiele koste. Daar is egter alreeds 'n verandering in denke, $005 gesien kan word deur die baie fisiese batebestuur made lie wat alreeds aanvaar is deur die internasionale munisipaliteit en infrastruktuur marke, wat geboue en structure insluit. 'n Strewe om voortdurend kompeterend te bly en om onnodige vermorsing uit te sny, tesame met 'n nuwe fokus op omgewingsake asook om aan wetlike vereistes te voldoen, blyk om die katalisator te wees vir hierdie verandering in denkswyse en dit sal gevolglik oak veroorsaak dat kommersieHe eiendomseienaars 'n meer strategiese benadering gaan toe pas in terme van die bestuur van hulle fisiese bates. 'n Belangrike deel van die verslag was om te bepaal watter aanwysers en maatstawwe om die doeltreffendheid van die fisiese bates en strategie in terme van kommersieHe eiendom te meet, gebruik word. In die konteks van hierdie verslag kon daar min bewyse van maatstawwe gevind word, behalwe vir finansiele maatstawwe. As 'n meer strategiese benadering tot fisiese batebestuur aanvaar word, sal aanwysers en maatstawwe vir al die komponente van fasiliteit en fiesiese batebestuur belangrik wees en daarvolgens oak meer algemeen word in die industrie. "When you measure what you are speaking about, and express it in numbers, you know something about it ... otherwise your knowledge is of a meagre and unsatisfactory kind; it may be the beginning of knowledge, but you have scarcely in thought advanced to the stage of science." - Lord Kelvin (1824-1907).

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Philogene, Bianca Robyn. "Change in Corporate debt levels in South Africa from 1994 to 2016." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30948.

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This paper aims to investigate the change in corporate debt levels in South Africa from 1994 to 2016, included is an analysis of factors that firms take into consideration when determining the company’s capital structure. This study uses data from firms in the Real Estate and REIT, Travel and Leisure and Construction and Materials sectors listed on the Johannesburg Stock Exchange (JSE). Four different leverage measures are used to determine the change in capital structure for the period under review, as well as six of the most commonly used determinants of capital structure. A high level interpretation of the results reflected the following; an increase in the use of debt in the Travel and Leisure and Construction and Materials Sectors, however a significant decrease in the use of debt relative to equity was seen in the Real Estate and REIT Sector thus skewing the Total Sample findings considerably. An increase in the use of long term debt relative to short term was also found. Results from the analysis of the capital structure determinants varied, with some determinants showing statistical significance. The following determinants were positively related to debt; firm size, asset tangibility and growth while the determinants; cost of debt and tax had a negative relationship. The relationship between profitability and leverage was varied.

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Bavu, Sonwabile. "Property development in Mthatha: an interactive framework." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/14553.

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Property development (PD) is basically driven by the need or demand from the people. Sustainable property development has emerged in response to a global problem – and the need to maintain environmental integrity, according to Gurry (2011) cited by Botha (2013: 7). Keeping and Shiers (2004) state that property development, as a whole, has to balance social, economic and environmental needs. Emanating from the above, any successful development project must offer investors security, infrastructure and efficiency and should also put the needs of citizens at the forefront of all its planning activities. Availability of land, existing infrastructure, availability of finance, economic conditions, political influence and corruption always influence growth of property development in any area. This study aims to identify factors that contribute to lack of property development in Mthatha. Data collected shows that the challenges sometimes lead to failure and delays of the development. The purpose of this study is to identify these challenges, investigate the available literature, consider what has been done so far to address these challenges and make recommendations. It is essential to understand the state of the town and perceptions of the people in the area dealing with Property Development. Mthatha is the main focus of the study because of the perceived number of failed and delayed property development initiatives. The primary and secondary data collected provide the basis for understanding challenges that lead to such failures and delays. This research was conducted by means of a review of the related literature and an empirical study. The empirical study was conducted using a quantitative statistical approach by distributing research questionnaires to members falling within the sample population. The primary objective of the study is to develop a framework for successful implementation of property developments in Mthatha. The study’s findings reveal shortcomings which contribute to the study’s identified problems relating to property development in Mthatha, namely: decaying infrastructure, shortage of land, implementation of the IDP, availability of finance to promote real estate developments, political influence and corruption. Wikipedia defines Property Development as a “multifaceted business encompassing activities that range from the renovations and release of existing buildings to the purchase of land and the sale of improved land or parcels to others”. Harvey and Jowsey (2004), as cited by Botha (2013: 5), define Property Development as a process that involves changing or intensifying the use of land to produce buildings for occupation.

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Isaacs, Henry David. "'n Kritiese evaluering van die inkomste- en kapitaalwinsbelastinghantering van kollektiewe beleggingskemas in effekte en kollektiewe beleggingskemas in eiendom." Thesis, Stellenbosch : Stellenbosch University, 2006. http://hdl.handle.net/10019.1/20426.

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Thesis (MComm)--University of Stellenbosch, 2006. AFRIKAANSE OPSOMMING: Kollektiewe Beleggingskemas in Effekte ("KBS in Effekte") en Kollektiewe Beleggingskemas in Eiendom ("KBS in Eiendom") is besigheidstrukture wat baie gewild is in Suid-Afrika. Desondanks bestaan daar nog heelwat onsekerhede rondom die belastinghantering van hierdie twee tipes Kollektiewe Beleggingskemas ("KBS"). Die Suid-Afrikaanse KBS industrie is In multi biljoen rand industrie hoofsaaklik as gevolg van die feit dat dit uitstekende beleggingsgeleenthede vir Jan en alleman asook groot finansiële instellings soos versekeraars bied. Dit is dus logies om te verwag dat die belastinghantering van KBS met redelike sekerheid gereguleer word. In KBS kan of as In trust opgerig word of as In oop beleggingsmaatskappy. Die belastinghantering van In KBS hang dus daarvan af of dit as In trust of oop beleggingsmaatskappy opgerig is. Die Inkomstebelastingwet No. 58 van 1962 ("die Inkomstebelastingwet") bevat inkomsteen kapitaalwinsbelastingbepalings wat uitdruklik die belastinghantering van KBS in Effekte en KBS in Eiendom reguleer ("die spesiale belastingreels"). In KBS in Effekte word vir belastingdoeleindes as In maatskappy beskou en so hanteer. Dit is nie maklik om vas te stel wat die wetgewer se onderliggende bedoeling was toe daar besluit is om In KBS in Effekte as In maatskappy te hanteer. Dit blyk wei dat hierdie besluit van die wetgewer nie deeglik deurdink is nie na aanleiding van die verskeie praktiese en teoretiese probleme wat met die belastinghantering van KBS in Effekte bestaan. Meeste van hierdie probleme is In direkte gevolg van die besluit om In KBS in Effekte vir belastingdoeleindes as In maatskappy te hanteer. Een die probleme wat in die konteks van KBS in Effekte bestaan hou verband met die vraag of die geleibuisbeginsel, wat bepaal dat inkomste wat deur In trust aan sy begunstigdes uitgekeer word hul aard en karakter behou, in die konteks van In KBS in Effekte (wat as In trust opgerig is) toepassing vind. Alhoewel die KBS in Effekte as In trust opgerig is, word dit vir belastingdoeleindes as 'n maatskappy hanteer en dit is duidelik dat die geleibuisbeginsel nie in die konteks van 'n maatskappy geld nie. Na oorweging van die regsaard van 'n KBS in Effekte wat as 'n trust opgerig is asook die gevolge van die vrystellingsbepalings in artikel 10 van die Inkomstebelastingwet wat ten opsigte van KBS in Efekte geld, word daar aan die hand gedoen dat die geleibuisbeginsel wei toepassing sal vind in die geval van 'n KBS in Effekte was as 'n trust opgerig is. Die gevolge van die vrystellingsbepalings in artikel 10 van die Inkomstebelastingwet is sodanig dat die inkomste wat die KBS in Effekte (wat as 'n trust opgerig is) aan sy begunstigdes uitkeer op dieselfde basis as die geleibuisbeginsel belas word. Gevolglik blyk dit of voorgenoemde standpunt van die skrywer in ooreenstemming met die bedoeling van die wetgewer is. Soortgelyke probleme kom voor in die konteks van die 'verbonde persoon' definisie in artikel 1 van die Inkomstebelastingwet sowel as die terugkoop van 'n deelnemende belang deur 'n KBS in Effekte, veral waar daardie KBS in Effekte as 'n trust opgerig is. Daarteenoor word 'n KBS in Eiendom nie as 'n maatskappy vir belastingdoeleindes hanteer nie. Indien "n KBS in Eiendom dus as 'n trust opgerig is word dit vir belastingdoeleindes soos "n trust hanteer. Ewe-eens, indien 'n KBS in Eiendom as "n oop beleggingsmaatskappy opgerig is, is dit vir aile doeleindes In maatskappy en sal so hanteer word vir belastingdoeleindes. Die belastinghantering van KBS in Eiendom bied ook sekere probleme veral waar die KBS in Eiendom wat as 'n oop beleggingsmaatskappy opgerig is sy aandele terugkoop. In hierdie verband bepaal die Wet op Beheer van Kollektiewe Beleggingskemas No. 45 van 2002 ("die Wet op Beheer van KBS") dat artikel 85 van die Maatskappywet No. 61 van 1973 ("die Maatskappywet") nie ten opsigte van 'n terugkoop van 'n deelnemende belang deur 'n oop beleggingsmaatskappy geld nie. Dit beteken egter nie dat 'n oop beleggingsmaatskappy nie sy eie aandele mag terugkoop nie. Vir belastingdoeleindes sal daar vasgestel moet word of bepalings in die Inkomstebelastingwet wat na artikel 85 van die Maatskappywet verwys, soos paragraaf (c) van die 'dividend' definisie, steeds met betrekking tot sodanige terugkoop toepassing sal vind siende dat die terugkoop nie ingevolge artikel 85 van die Maatskappywet gedoen word nie. Na oorweging van die wye omvang van paragraaf (c) van die 'dividend' definisie, word daar aan die hand gedoen dat paragraaf (c) van die 'dividend' definisie steeds toepassing sal vind om die terugkoop van aandele deur "n oop beleggingsmaatskappy te reguleer, nieteenstaande die feit dat artikel 85 van die Maatskappywet nie op die terugkoop van toepassing is nie. ENGLISH ABSTRACT: Notwithstanding that Collective Investment Schemes in Securities ("CISS") and Collective Investment Schemes in Property ("CISP") are common business vehicles in the South African economy, there remains uncertainty with regard to the tax treatment of these business structures. The South African Collective Investment Scheme ("CIS") industry is a multibillion rand industry as it offers attractive investment vehicles for the general public as well as for big financial institutions such as insurers. One would therefore think that the tax treatment thereof would be fairly tightly regulated. A CISS and CISP may either be constituted as a trust or as an open ended investment company ("OEIC"). The tax treatment of a CIS differs depending on whether it is constituted as a trust or as an OEIC. The Income Tax Act No. 58 of 1962 ("the Income Tax Act") contains specific income tax and capital gains tax provisions that regulates the tax treatment of CISS and CISP (the "special tax provisions"). For tax purposes, a CISS is deemed to be a company and treated as such. It is difficult to ascertain what the intention of the legislature was in deciding to treat a CISS as a company. It does however seem as if this decision was not thoroughly considered by the legislature based on the fact that the application of the special tax provisions to CISS presents many practical and theoretical problems. Most of these problems are directly attributable to the legislature's decision to treat CISS as companies for tax purposes. For example, one difficulty relates to the question whether the conduit pipe principle, which determines that income distributed by a trust during a year of assessment will retain its nature and character, will find application in respect of a CISS constituted as a trust. For although the CISS is constituted as a trust, it is deemed to be company for tax purposes and it is clear that the conduit pipe principle cannot find application in the instance of a company. However, considering the legal nature of a CISS constituted as a trust, as well as the effect of the exemption provisions in section 10 of the Income Tax Act relating to CISS, it is submitted that the conduit pipe principle will find application in respect of a CISS constituted as a trust. The effect of the exemption provisions is such that the income distributed by a CISS to its investors will be taxed on the same basis as if the conduit pipe principle applied. As such, the aforementioned submission also appears to be in accordance with the intention of legislator. Similar difficulties arise in the context of the 'connected person' definition in section 1 of the Income Tax Act as well as the repurchase of a participatory interest by a CISS, especially where such CISS is constituted as a trust. Contrary to a CISS, a CISP is not deemed to be a company for tax purposes. Thus, where the CISP is constituted as a trust, it will be treated as a trust for tax purposes. By the same token, if the CISP is constituted as an OEIC, it will be a company for all intends and purposes and will therefore be treated as such. The tax treatment of CISP also presents difficulties, especially where it is constituted as an OEIC. In the instance of a repurchase of a participatory interest by a CISP constituted as a OEIC, the Collective Investment Schemes Control Act 45 of 2002 ("CISCA") states that the provisions of section 85 of the Companies Act 61 of 1973 (lithe Companies Act"), does not apply in respect of such repurchase. However, that does not mean that an OEIC may not repurchase its own shares. For tax purposes, one will have to determine whether the provisions in the Income Tax Act relating to section 85 of the Companies Act that governs the repurchase of shares by an OEIC, such as paragraph (c) of the 'dividend income' definition, will still apply to determine the tax consequences of the repurchase. After considering the wide scope of paragraph (c) of the 'dividend' definition, it is submitted that paragraph (c) of the 'dividend' definition will still find application in respect of a repurchase of shares by a OEIC, notwithstanding the fact that the repurchase is not effected in terms of section 85 of the Companies Act.

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Botha, Brink. "A critical analysis of the influence of the "Prevention of the illegal eviction from and unlawful occupation of Land Act 19 of 1998" on investment in residential income-producing property." Thesis, University of Port Elizabeth, 2004. http://hdl.handle.net/10948/321.

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This research will focus on the influence of legislation (as indicated in this research) on the investment decision in residential income-producing property. Assumptions, as recorded in the hypothesis of this study, indicate that the legislation had a changing influence on the investment decision in residential income-producing property in comparison to the time period prior to the promulgation of the legislation. The research methodology will be based on a comparative analysis of the current legislation and the proposed Draft Amendment Bill. This analysis will be tested by means of a case study analysis incorporating a phenomenological study based on written data. The problems, sub-problems and hypothesis will be addressed and tested in this research in conjunction with the prescribed research methodology. This research is concluded by means of a synopsis and recommendations.

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Beyers, Amelia Adeline. "Openbare sektor-privaatsektor vennootskappe as 'n eiendomsontwikkeling-metodiek in die Wes-Kaap Provinsie." Thesis, Stellenbosch : Stellenbosch University, 2000. http://hdl.handle.net/10019.1/51863.

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Thesis (MBA)--Stellenbosch University, 2000. ENGLISH ABSTRACT: It is estimated that at present South Africa has a backlog in spending on infrastructure, amounting to R170 billion. The state does not have the necessary funds to rectify the situation. This problem is not unique to South Africa and across the world countries are considering whether private sector enterprises should not be rendering the services and constructing the infrastructure which the state had traditionally done. One of the most successful ways of doing this is to make use of public-private partnerships (PPP's). A PPP is a joint effort by the state and the private sector party to execute a major product, whereby the resources and abilities of the two parties are combined. The risks and responsibilities of the project are allocated to the parties in an optimal manner. The efficient and effective application of the PPP mechanism poses a challenge to the Western Cape Province as it is an excellent way to improve the utilisation of state property within the Province and construct new facilities. The Elsenburg vineyard and cellar project, a PPP project in the Western Cape Province, is therefore critically assessed in terms of key success factors in the implementation of PPP's. Furthermore recommendations regarding the future utilisation of PPP's within the Province are made. A dedicated PPP unit, which will be responsible for investigating the value for money, affordability, allocation of risks and recourse requirements of projects, should be formed within the Province. Members of the unit will also handle the management of PPP projects. It is important that officials who will be involved with PPP's are trained in the theory and practise thereof. Other important aspects are that all groups who have an interest in a PPP project be identified, that attempts are not made to transfer all risks to the private sector partner and that the standardisation of steps that are common to all projects be investigated. Property projects that are suitable for the application of PPP's must be identified as it can provide momentum to the economy of the Western Cape and can also contribute towards the erasing of the backlog in the construction and maintenance of infrastructure. AFRIKAANSE OPSOMMING: Dit word beraam dat Suid-Afrika tans 'n agterstand in besteding op infrastruktuur het wat R170 biljoen beloop. Die staat beskik nie oor genoeg fondse om die probleem aan te spreek nie. Regerings die wêreld oor ondervind soortgelyke probleme en is besig om te besin of die oprigting van infrastruktuur en die lewering van dienste wat tradisioneel deur die staat hanteer is, nie eerder aan die privaatsektor oorgelaat moet word nie. Een van die suksesvolste maniere om dit te bewerkstellig is deur die gebruik van obenbare sektor-private sektor venootskappe (OPV's). 'n OPV is 'n gesamentlike poging deur die staat en 'n privaatsektorvennoot om 'n groot projek uit te voer, waardeur die hulpbronne, sterkpunte en vermoëns van die twee partye gekombineer word. Die risiko's en verantwoordelikhede wat aan die projek verbonde is, word op optimale wyse aan die partye tot die OPV toegedeel. Die doeltreffende en doelmatige aanwending van die OPV meganisme is 'n groot uitdaging vir die Wes-Kaapse Provinsie, aangesien dit 'n uitstekende manier is om benutting van staatseiendom binne die Provinsie te verbeter en nuwe fasiliteite op te rig. Die Elsenburg wingerd- en kelderprojek, 'n OPV-projek binne die Wes-Kaapse Provinsie, word derhalwe krities geëvalueer op grond van sleutelsuksesfaktore vir die implementering van OPV's. Verder word aanbevelings rakende die toekomstige aanwending van OPV's binne die Provinsie gemaak. 'n Spesialis OPV eenheid, wat verantwoordelik sal wees om die waarde vir geld, bekostigbaarheid, toedeling van risiko's en hulpbronbenodighede van projekte te ondersoek, moet binne die Provinsie gestig word. Die bestuur van OPV projekte sal ook deur lede van die eenheid hanteer word. Dit is belangrik dat amptenare wat by OPV's betrokke sal wees, opgelei word in die teorie en praktyk daarvan. Ander belangrike aspekte is dat alle groepe wat 'n belang by 'n OPV projek het, geïdentifiseer moet word, dat daar nie gepoog word om alle risiko's na die privaatsektorvennoot oor te dra nie en dat die standardisering van stappe wat gemeenskaplik is aan alle projekte ondersoek moet word. Eiendomsprojekte wat geskik is vir die aanwending van OPV's moet geïdentifiseer word, aangesien dit as inspuiting vir die Wes-Kaapse ekonomie kan dien en kan bydra tot die uitwissing van die agterstand in die oprigting en instandhouding van infrastruktuur.

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Louw, Johanna Elizabeth. "Eiendomsbestuur in die Wes-Kaapse Onderwysdepartement : 'n ondernemende benadering." Thesis, Stellenbosch : Stellenbosch University, 2000. http://hdl.handle.net/10019.1/51737.

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Thesis (MPA)--Stellenbosch University, 2000. ENGLISH ABSTRACT: The Western Cape Province experiences a shortage of funds, which results in provincial departments, such as the Western Cape EducationDepartment (WCED), not being able to fulfil all its needs. Alternative methods of funding have to be found to supplement the traditional tax-based funding by the State. The Provincial Administration: Western Cape (PAWC) owns immovable properties which are not fully utilised or managed cost-effectively. Properties, if managed entrepreneurially, offer the advantage of an income to the PAWC, and the WCED in particular. This study investigates the possibility of entrepreneurial property management in the public sector. Literature has been studied in order to establish what property management is about, what public management and entrepreneurial public management entail, and the characteristics that organisations should have to manage themselves innovatively. The present property management system in the PAWC and the WCED was examined and problems regarding the system highlighted. Guidelines for entrepreneurial property management were then drawn from the literature. With a view to ensuring the optimal management and use of property and a comprehensive service to clients, an organisational structure model was developed and illustrated schematically. The existing public management system was evaluated and found to be unsatisfactory measured against the guidelines and model for entrepreneurial public management. Recommendations were made for changing and renewing the organisational structure and management style of the PAWC and WCED. AFRIKAANSE OPSOMMING: Die Wes-Kaap Provinsie ondervind 'n tekort aan fondse, wat meebring dat provinsiale departemente, soos die Wes-Kaap Onderwysdepartement (WKOD), nie in al hul behoeftes kan voorsien nie. Alternatiewe befondsingsmetodes moet ondersoek word ten einde die staat se tradisionele belastinggebaseerde inkomste aan te vul. Die Provinsiale Administrasie:Wes-Kaap (PAWK) besit vaste eiendomme wat nie optimaal benut of koste effektief bestuur word nie. Indien eiendomme ondernemend bestuur kan word, is dit moontik dat dit 'n bron van inkomste kan word vir die PAWK en die WKOD in die besonder. Hierdie studie ondersoek die moontlikheid van ondernemende eiendomsbestuur in die openbare sektor. Literatuur is bestudeer om vas te stel wat onder eiendomsbestuur verstaan word, wat onder openbare bestuur en ondernemende openbare bestuur verstaan word, en watter eienskappe openbare organisasies moet openbaar om ondernemend bestuur te word. Die eiendomsbestuurstelsel in die PAWK en die WKOD is beskryf en die probleme in die stelsel belig. Riglyne vir ondernemende openbare eiendomsbestuur is uit die literatuur afgelei. 'n Organisasiestruktuurmodel, gerig op die maksimale bestuur en benutting van eiendomme en 'n omvattende diens aan kliênte, is ontwikkel en skematies voorgestel. Die bestaande eiendomsbestuurstelselis geëvalueer en daar is bevind dat dit nie aan die vereistes van die voorgestelde riglyne en model vir ondernemende openbare bestuur voldoen nie. Aanbevelings is gemaak vir vernuwing in die PAWK en die WKOD se organisasiestruktuur en bestuursbenadering.

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West, Matt. "The feasibility of establishing a diversified hotel property fund on the Johannesburg Stock Exchange." Thesis, Stellenbosch : Stellenbosch University, 2005. http://hdl.handle.net/10019.1/50491.

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Thesis (MBA)--Stellenbosch University, 2005. ENGLISH ABSTRACT: This study explores the feasibility of establishing a diversified hotel property fund (DHPF) on the Johannesburg Stock Exchange. To be launched in 2005/2006, the proposed unit trust fund is made up of a diversified portfolio of hotels located throughout South Africa. Research suggests that Hotel Property Funds have traditionally been the most volatile of Real Estate Investment Trusts (REITs) with their share value largely dependent on hotel revenue. However, investing in HPFs and REITs have numerous advantages such as their stipulated 90% dividend-payout ratio, steady stream of cash flow and zero corporate income taxes. The Property Unit Trust sector in South Africa in 2003 realised annualised rates of returns of 39%, and furthermore, the economic outlook and hotel industry sector show promising signs with economic growth rates for 2004 and 2005 reaching 4% and 5% respectively. This study thus considers whether a hotel property fund will succeed in South Africa and what returns investors can expect. By drawing on empirical and primary research and lessons learnt from international best practices this ground-breaking report identifies and analyses key performance variables of HPFs and REITs and applies them to a South African context. These variables include; capital structure, investment strategy, risk and return, Net Asset Value (NA V) and initial public offerings (IPO's). The report establishes that there is no optimal capital structure for REITs and only when the market reacts to the issuance of debt can one tell if the REIT is favourably structured or not. Concerning investment strategy, investors are in general, often lured to a diversified portfolio, however this report suggests that there is no optimal strategy for investing in REITs. In addition, over a medium to long term, REIT performance is strong, while over the short term performance is varied impacting on investor strategy. In assessing risk and return it was concluded that including REIT shares in an already diversified portfolio, the maximum expected return for each given level of risk is increased, and the level of risk for each level of expected return is reduced. Furthennore, the performance of RElTs is not necessarily detennined by size or Net Asset Value and thus small and large REITs can offer investors similar returns. Finally, initial-day returns for industry lnitial Public Offerings (lPO's) easily outperfonn REIT lPO's. Similarly to RElTs, there are numerous advantages to Hotel REITs which include, unlocking and redeployment of capital, investment spread and risk reduction and the provision of synergies between counter cyclical performing properties. However, empirical research indicates that Hotel REITs prove to be the most volatile of REIT sectors. Hotel REITs differ enonnously from their parent group in terms of their revenue & earnings which are more diverse in source and are generated from short-tenn leases. As such. Hotel REITs are also considered to be more management intensive. As with REITs there is no evidence to suggest an optimal capital structure and with the envisaged 50% debt ratio, the DHPF could be considered to be following international best practices. Several drawbacks with Hotel REITs include the lowest dividend yield among all RElT sectors, high volatility in income earnings, sensitivity to upswings and downturns in the tourism market, large capital investments and fixed operating expenses for staff and infrastructure. However despite these obstacles and in answer to the research problem, the prospects of the DHPF succeeding in South Africa are very high indeed. The REIT and Hotel REIT markets have proved successful throughout major capital markets, providing investors with a multitude of benefits. South Africa's economic and tourism climate is very favourable. The Property Unit Trust (PUT) sector has performed immensely well and investors can expect a healthy return which, as shown, is considerably higher than other investments. Finally, the fund is being spearheaded by a high calibre DHPF management team, which is key to the listing and management of the fund. AFRIKAANSE OPSOMMING: Hierdie studie ondersoek die moontlikheid om 'n Diverse Hotel Eiendomsfonds (DHEF) op die Johannesburgse Aandelebeurs te loods. Die huidige aanvangsfase sal in 2005/2006 wees, en sal bestaan uit 'n portfolio van verskillende hotelle wat reg oor Suid-Afrika versprei is. Die navorsing toon dat hoteleiendomsfondse tradisioneel die mees veranderlikste van die Eiendoms Beleggings Trusts (EBT) was en dat die aandeel waarde hoogs afhanklik is van die hotel se inkomste. Nieteenstaande, het investering in DHEFs en EBTs 'n verskeidenheid van voordele soos die voorgeskrewe 90% dividend uitbetalingspersentasie, 'n bestendige kontantvloei en geen korporatiewe inkomstebelasting nie. Die eiendomsbeleggingsfondse sektor in Suid-Afrika het gedurende 2003 'n jaarlikse groei van 39% getoon, en verder beloof die ekonomiese uitkyk in die hotel bedryf om tussen 4% en 5% gedurende 2004 en 2005 onderskeidelik te groei. Gegewe die inligting, is die vraag dus of 'n hoteleiendomsfonds sukses kan behaal in Suid-Afrika en watter opbrengs beleggers kan verwag. Deur na primere empiriese navorsing, sowel as lesse wat geleer is deur beste internasionale praktyke, te bestudeer, identifiseer hierdie verslag sleutel prestasie veranderlikes van EBTs en DHEFs plaas dit in konteks van Suid-Afrika. Hierdie veranderlikes sluit in: kapitaaistruktuur, beleggingsstrategie, risiko en terugkeer, Bruto Bate Waarde (Net Assest Value) (BBW) sowel as aanvanklike openbare aanbod (Initial Public Offering) (AOA). Daar is bevind dat daar geen optimale kapitaalstruktuur vir DHEFs bereken kan word nie. Verder word aangetoon dat daar slegs bepaal kan word of EBTs se struktuur voordelig is wanneer die mark reageer op nuwe skuld wat aangegaan is. Wat beleggingsstrategie betref, is beleggers oor die algemeen meer aangetrokke tot 'n diverse portefeulje van beleggings. Hierdie verslag bevind egter dat daar geen optimale strategie is om in EBTs te bele nie. Daar word verder bevind dat medium- tot langtermyn opbrengste goed vertoon, terwyl prestasie oor die korttermyn wisselvallig is wat gevolglik 'n invloed op beleggers se strategie het. In waardering van risiko en wins, is dit bepaal dat die insluiting van EBT aandele in 'n diverse portfeulje, die maksimum verwagte opbrengs vir elke vlak van risiko verhoog en dat die vlak van fisiko vir elke vlak van die verwagte opbrengs verlaag word. Verder is daar bevind dat die prestasie van EBTs nie noodwendig bepaal word deur batewaarde of -groote nie en klein EBTs kan beleggers vergelykende opbrengste bied. Eerstedag opbrengs vir industriele AOAs presteer beter as die van EBTs. Soortgelyk aan EBTs is daar verskeie voordele aan hotel EBTs wat die ontsluiting en herontplooiing van kapitaal, beleggingsverspreiding en risikoverlaging insluit. Empiriese navorsing dui aan dat hotel EBT's die mees onstabiele van die EBT sektor is. Hotel EBT's verskil wesenlik van ander EBTs in terme van opbrengs en verdienste wat meer divers is in oorsprong en gegenereer word deur korttermyn huurkontrakte. Hotel EBTs word ook gesien as meer bestuursintensief. Net soos met EBTs is daar geen bewyse dat daar 'n optimale kapitaalstruktuur bestaan nie en met die verwagte 50% skuld verhouding, volg DHEF wereldwye beste praktyk. Daar is verskeie nadele aan hotel EBTs, insluitend die laagste dividenduitkeer onder alle EBT sektore, hoe vlakke van onstabiliteit in verdienste, sensitiwiteit vir opswaai en afloop in die toerismemark, groot kapitaalbelegging en hoe vaste operasionele uitgawes op werknemers en infrastruktuur. Die gevolgtrekking is dat ten spyte van negatiewe faktore, die vooruitsig dat DHEF in Suid-Afrika sal slaag, hoog is. Die EBT en hotel EBT mark het bewys dat dit suksesvol is in talle ander groot kapitaalmarkte wat beleggers met 'n verskeidenheid van voordele kan voorsien. Suid-Afrika se ekonomiese- en toerismevooruitsig is baie positief. Die Eiendoms Eenheids Fonds (EEF) sektor het goed vertoon en beleggers kan 'n gesonde opbrengs verwag wat, soos aangedui word, aansienlik hoer is as ander beleggings. Die fonds word gedryf deur 'n hoe kaliber bestuurspan wat krities is tot die notering en die bestuur van fondse.

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Mkhabela, Nikiwe. "Drivers of direct commercial real estate returns: evidence from South Africa." Thesis, 2016. http://hdl.handle.net/10539/22358.

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A research report submitted in partial fulfilment of the requirements for a Master of Science degree in Building to the Faculty of Engineering and the Built Environment, School of Construction Economics and Management, University of the Witwatersrand, Johannesburg, 2016 Background – The South African (SA) real estate sector lacks transparency and there is limited research and robust data on the performance drivers of underlying commercial real estate assets in investment portfolios as opposed to the residential and listed property sectors in the SA context. SA real estate competes internationally and the rapid growth in emerging countries is creating new real estate players and growing competition for real estate investment opportunities (PwC, 2015). It is important for investors in the industry to understand the factors that affect the sector’s performance to be able to plan, review investment strategies, allocate resources efficiently, understand past trends and manage future risks. Purpose - The purpose of the study is to understand the performance of the SA direct commercial real estate sector and identify the key factors that drive the sector’s total returns in the country. Literature review is conducted to identify factors that drive direct commercial real returns in other countries and the identified drivers are tested for relevancy in the SA market. The study applies SA annual commercial real estate returns published by the International Property Databank (IPD) over the past 20 years, from 1995 to 2014, as dependent variables. Findings - Using Pearson’s correlation analysis, the study tests for correlations between CRE returns and independent variables; macroeconomic indicators (exogenous factors) and property performance variables (endogenous factors). The study finds gross rental escalation and real Gross Domestic Product (GDP) growth rates to be highly positively correlated with direct real estate returns. The results provide evidence that gross rental escalation and real GDP have high explanatory values of commercial real estate returns. The study concludes that rental income growth and economic growth are the key drivers of direct commercial real estate total returns. Value - The findings provide evidence of the correlations that exist between exogenous, endogenous variables and CRE returns and assist in understanding the behaviour of the direct commercial real estate sector. This study sets a basis for real estate investments analysis and the results can be applied in asset allocation strategies by guiding investors on the direction CRE returns could take based on performance of the widely published macroeconomic and property performance variables under study. Limitations - The limitation to this study is that the dependent variables, SA annual commercial real estate returns, has time series data of 20 variables in its existence and this has restricted the quantitative methodology choice, hence the use of correlation analysis to quantitatively analyse the relationships that exist between CRE returns and the exogenous and endogenous factors. Further research in the topic would include regression analysis to test for causality. This study has implications on real estate investment decision making and contributes to real estate market literature in SA. MT2017

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Mabece, Yongama. "A framework for mergers and acquisitions due diligence: lessons from selected REITs in South Africa." Thesis, 2018. https://hdl.handle.net/10539/25217.

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A research report submitted in fulfillment of the requirements for the degree of Master of Building Science in Property Development and Management to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, Johannesburg, 2018 In April 2013, the South African listed property sector converted from Property Unit Trust and Property Loan Stock investment structures into a Real Estate Investment Trust (REIT) structure that is understood globally. This conversion spurred consolidations in the property market in the form of mergers and acquisitions. Research shows that mergers and acquisitions tend to have high failure rates as growth strategies. It remains unknown how sufficient traditional due diligence is and how it can be improved to enhance the chances of successful corporate marriages within the South African REIT market. This paper reviews the aspects of the traditional due diligence scope which generally comprises of financial, legal and commercial due diligence in order to determine its adequacy as a decision making tool that helps reduce the risk of failure in REIT merger and acquisition transactions in South Africa. There is consensus in the literature that due diligence is a means to reduce the risk of merger and acquisition failure, some studies suggest that failure occurs when due diligence is not done well. This paper uses interviews conducted with due diligence professionals from seven REIT companies listed on the Johannesburg Stock Exchange who were involved in large merger and acquisition transactions in the preceding four years. The interviews were used to ascertain how the professionals perform due diligence, whether or not they think that traditional due diligence is sufficient for REIT mergers and acquisitions and to solicit their views on how the due diligence scope can be expanded. Transcribed data from each of the interviews was analysed based on three concurrent sub-processes adapted from the works of Miles and Huberman (1994) which consist of data reduction, data display and drawing and verifying conclusions. The results show that the traditional due diligence scope is not sufficient for REIT merger and acquisition transactions, a majority of the respondents agree with this observation. Encouragingly the professionals within the South African REIT market have a due diligence scope which is already much wider than the iii traditional scope, be that as it may, there is still a high failure rate of 59% observed in the sample analysed. Due diligence professionals have a low regard for understanding and resolving the different companies cultural issues, this is cited in the literature as one of the contributing factors for merger and acquisition failure. This is an area that can possibly augment the due diligence cycle and professionals should focus on it in order to improve the chances of success. The research proposes expanding the due diligence scope by incorporating strategic due diligence which is forward looking and it overcomes the challenges of traditional due diligence of relying on historic information. Strategic due diligence assists the acquirers understand the target’s future prospects, and it allows the acquirers to determine if the target prospects fit with their own strategic objectives. This together with a higher focus on understanding and resolving cultural issues of the merging companies should augment the traditional scope and ultimately lead to transactions that yield higher shareholder value. XL2018

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Avivi, Rami. "The financing of corporate real estate acquisition, a South African study." Thesis, 2017. http://hdl.handle.net/10539/23639.

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Thesis is submitted in partial fulfilment for the degree of Master of Science in Building (Property Development and Management), to the Faculty of Engineering and the Built Environment, School of Architecture and Planning at the University of the Witwatersrand, Johannesburg, 2017 The purpose of this study is to fill specific gaps in the existing body of knowledge of South African corporate real estate management by investigating the determinants influencing the lease versus buy decision; the methods and financing sources of corporate real estate acquisition; and the criteria used in deciding on the financing technique for corporate real estate acquisition. The research followed a similar methodology to that of Redman and Tanner (1991) in their study “The Financing of Corporate Real Estate: A Survey”. However, it specifically focused on the South African corporate real estate environment. The data collection instrument was an online survey and the survey produced quantitative descriptions of certain aspects of the population. The population for the research was corporate real estate decision makers of leading South African companies. The data captured was presented through the aid of tables, charts and graphs. The data was further analysed through cross tabulations and hypothesis testing using the Chi Squared test of independence to determine significance of results. South African firms use some form of leasing (mainly long term leasing) in acquiring their corporate real estate. However, ownership is also a common form of real estate acquisition through the use of mortgages secured by the acquired property, mortgage backed securities and sale of unsecured bonds. The decision criteria for acquisition includes both financial and non-financial determinants. Financial analysis is also an important factor in analysing the lease versus buy decision. This is mainly done by comparing the undiscounted cash flow of leasing versus buying. Where a discounting approach of evaluation is used, the most favoured discount rates include the weighted average cost of capital and rate of return on new investments. Mostly outscored professional services are used when making the lease versus buy decision. The benefit of this study was to understand the factors influencing the corporate real estate decision making process and to provide a corporate real estate decision makers with a decisional framework when determining the form or real estate tenure. Future studies should attempt to secure better response rate to allow for robustness of results and other methodologies of analysis. XL2018

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Muchengwa, Dorica Daka. "Investigating the importance of non-financial determinants of owning or leasing industrial real estate in Gauteng." Thesis, 2018. https://hdl.handle.net/10539/26916.

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A research Report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Science in Property Development and Management, September 2018 Corporate real estate is required by firms to operate business and this can either be owned or leased. Either option requires substantial amounts of money. Despite this fact most studies conducted have focussed on tangible corporate assets in general and not corporate real estate in particular, the reason put forward being that this asset type has diverse intangible aspects which makes the own or lease equation a complex one. South Africa is the second largest economy on the continent and has a real estate market rivalling that of European countries by size; these facts are reason enough to support investigating the real estate market in detail. Gauteng Province accounts for 34.4% of the country’s GDP and 23% of this is from the industrial sector. This study, which is based on a 2011 UK study by Barkham and Park, sought to establish whether non-financial factors play a key role in the decision to own or lease industrial real estate in Gauteng Province. The study used an empirical approach using Thematic Network analysis to explore the non-financial determinants of owning or leasing industrial real estate from data obtained from 4 firms. Findings reveal that both financial and non-financial determinants are considered in the LVB decision for industrial CRE in Gauteng. Ranking of these factors showed that 3 of the four respondents ranked the non-financial ones first followed by some financial ones. It is suggested that further research be conducted to cover a larger population i.e. industrial firms in the major cities with a large industrial presence country wide. Additionally one which includes different firm sizes and a mixed method for data collection and analysis. XL2019

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Wahome, Stephen. "Service quality determinants and effectiveness in commercial real estate." Thesis, 2010. http://hdl.handle.net/10413/5373.

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The service industry has been growing fast as national economies grew therefore becoming a major contributor to national gross domestic products (GDP). This growth in the services sector has led to questions around the issue of service quality. The aim of this study was to identify the determinants of service, assess the level of service quality in commercial real estate leasing and identify possible quality improvement measures. In carrying out the study, the service quality model developed by Parasuraman, Zeithaml and Berry (1988:14), SERVQUAL, was used. The study was based on the leasing services of the broking department of one of the leading commercial real estate companies operating in Durban. The study was restricted to the Durban market. A non-probabilistic sample of 120 customers was drawn from a list of lease transactions concluded in the last one year. From this sample, 84 questionnaires were successfully completed either by way of a face to face interview or by telephone, showing a response rate of 70 percent. Data was collected using a questionnaire based on the SERVQUAL model and adjusted by the researcher in order to be relevant to the commercial real estate industry. The questionnaire comprised two sections each with 22 questions divided into the five determinants of service quality, which are service tangibles, reliability, responsiveness, assurance and empathy. The first section of 22 questions was on customer expectations of service while the second section of 22 questions was on customer perceptions of service quality received and factor rating at the end. Factor analysis of survey response data was used to analyze the data and draw conclusions. The study findings are that commercial real estate service quality determinants match those in other industries except for rank and order. In general, service quality was found to be below customer expectations and commercial real estate firms need to work on ways to improve it. The study is limited to the specific settings of customers of property brokers in the Durban commercial real estate market. It is uncertain as to whether the findings can be generalized to other areas. Thesis (MBA)-University of KwaZulu-Natal, Westville, 2010.

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Motaung, Ndibu Rachel. "Sustaining competitive advantage through the resource based view in a commercial real estate broking company." Thesis, 2015. http://hdl.handle.net/10210/13715.

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M.Com. (Business Management) The commercial real estate broking industry is considered one of the most competitive industries globally, with research showing that it has many competitors and the ease of entry is rather easy. This research was conducted in the context of the commercial real estate broking industry in order to examine the extent of competition in the industry and to establish how one of the companies in this industry can sustain the competitive advantage. The study revealed that gaining and sustaining competitive advantage is about strengthening the resources that are not valuable, rare and imitable in the organisation as reflected in the model by Knott (2009: 166). The primary purpose of this study was to explore how JLL SA can obtain and sustain competitive advantage in the competitive commercial real estate broking environment through the Resource Based View. The research methodology applied in this study was a qualitative study, which consisted of 9 semi structured interviews from Jones Lang LaSalle South Africa (JLL SA). The criteria for the population sample was that the respondents had to have adequate experience in the commercial real estate broking industry and had a thorough knowledge of the company under review. The research highlighted a number of challenges regarding the market position of JLL SA and that the company does not have a formal rivalry strategy. From the research, it was found that strategic planning, particularly for competition happens as and when the organisation is challenged by competition. The study also reveals that JLL SA does not communicate a strategic direction for tackling competition. The main recommendations of this study is that JLL SA adopts the model suggested by Knott (2009:166) as a measure to gain and sustain competitive advantage. The model refers to the valuable, rarity and inimitability of resources through, in which JLL SA can selects attributes or resources to evaluate in order to sustain competitive commercial real estate broking industry is considered one of the most competitive industries globally, with research showing that it has many competitors and the ease of entry is rather easy. This research was conducted in the context of the commercial real estate broking industry in order to examine the extent of competition in the industry and to establish how one of the companies in this industry can sustain the competitive advantage. The study revealed that gaining and sustaining competitive advantage is about strengthening the resources that are not valuable, rare and imitable in the organisation as reflected in the model by Knott (2009: 166). The primary purpose of this study was to explore how JLL SA can obtain and sustain competitive advantage in the competitive commercial real estate broking environment through the Resource Based View. The research methodology applied in this study was a qualitative study, which consisted of 9 semi structured interviews from Jones Lang LaSalle South Africa (JLL SA). The criteria for the population sample was that the respondents had to have adequate experience in the commercial real estate broking industry and had a thorough knowledge of the company under review. The research highlighted a number of challenges regarding the market position of JLL SA and that the company does not have a formal rivalry strategy. From the research, it was found that strategic planning, particularly for competition happens as and when the organisation is challenged by competition. The study also reveals that JLL SA does not communicate a strategic direction for tackling competition. The main recommendations of this study is that JLL SA adopts the model suggested by Knott (2009:166) as a measure to gain and sustain competitive advantage. The model refers to the valuable, rarity and inimitability of resources through, in which JLL SA can selects attributes or resources to evaluate in order to sustain competitive advantage.

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Mkhasibe, Menziwezintozonke Skhumbuzo. "The proximity effects of the planned commercial property development at O.R. Tambo International Airport on adjacent residential properties." Thesis, 2016. http://hdl.handle.net/10539/22355.

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This Research Report is submitted in fulfilment of the requirements for the degree of Master of Science in Property Development and Management to the Faculty of Engineering and Built Environment, University of Witwatersrand, Johannesburg, 2016 The two main traditional revenue streams for airports are aeronautical and non-aeronautical revenues. In recent times, factors such as the slowing economic growth, terrorism threats, aircraft fuel hikes and fierce airline competition have contributed in reduced aeronautical revenues. The decline in aeronautical revenues has seen a shift of focus where most international airports now pursue business strategies to increase their non-aeronautical revenues. Airports in developed countries such as Schiphol, Brisbane, Adelaide, Canberra, Perth are recorded in literature to have shifted their focus to exploit the vast undeveloped land within the airport precincts through enabling the undeveloped land to be taken up for commercial property developments. This has allowed these airports to increase their non-aeronautical revenues in light of the declining aeronautical revenues. In South Africa, Airports Company South Africa (ACSA) announced its intention in year 2010 to unlock undeveloped airport land for commercial property developments within the nine airports that it operates. At O.R. Tambo International Airport (one of airports owned by ACSA), ACSA publicly announced the availability of pieces of land within the airport which can be taken up for commercial developments by private investors. One of the pieces of land is located in close proximity to existing airport adjoining residential houses in a suburb called Bonaero Park. Authors in existing literature have discussed availability of both positive and negative proximity effects of commercial properties on adjoining residential houses. This study researched the proximity effects of one of the proposed commercial property development at O.R. Tambo International Airport (ORTIA) on the houses in Bonaero Park through analyzing houses sales data of the suburb in the period of 2006 to 2014. A pre-announcement period was defined in the study from 2006 to 2010 and a post-announcement period defined from 2011 to 2014. House sales data from both the pre-announcement and post announcement period was analysed using quantitative methodologies. Qualitative data was gathered through conducting audio recorded interviews with Estate Agents who conducted house sales in Bonaero Park. Findings of the study reveal that the at both the pre-announcement and post-announcement periods, the South African residential property market was going through a tumultuous period which revealed that the announcement by ACSA to unlock the piece of land located in close proximity to the residential houses in Bonaero Park did not produce positive or negative proximity effects. MT2017

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Selamolela, Matla. "Corporate real estate management: a survey of the South African entertainment & media companies." Thesis, 2017. https://hdl.handle.net/10539/24137.

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Thesis is submitted in partial fulfilment for the degree of Master of Science in property development and Management to the Faculty of Engineering and the Built Environment, School of Construction Economics and Management at the University of the Witwatersrand, Johannesburg, 2017 Purpose- The main objective of this study was to determine a particular knowledge and skill of the senior management of the South African entertainment and media industry towards corporate real estate management. [Abbreviated Abstract. Open document to view full version] MT 2018

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Leshaba, Tebogo. "Profit for change: catalysing architecture through commerce and identity." Thesis, 2017. http://hdl.handle.net/10539/23632.

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Thesis is submitted in partial fulfilment for the degree of Master of Architecture (Professional) to the Faculty of Engineering and the Built Environment, School of Architecture and Planning at the University of the Witwatersrand, Johannesburg, 2017 Informal communities seem to thrive due to their ability to invent and adapt resilient organic systems. Although programmes are often conceptualized to intervene in social, economic or institutional settings, very few are able to address what I believe to be the problem underlying in many instances; money. The ability to attract, develop and maintain commerce in a closed system will determine the efficiency and dependency a community will have on external forces. The quest for a self-sustaining economic system suggests a move towards creating complex commercial urban centres which can operate outside the parameters of a formal economy. History has provided such models, where out of necessity, informal industries have taken structure and found ways to attach to the mainstream economy. My line of questioning stems from these principles and seeks to explore modes of community empowerment initiatives. The goal is to identify the necessary framework that will allow capitalist constructs to prevail within informal systems. At the crux of economic emancipation for informal communities in South Africa must exist an environment that compels a shift in attitude for the mobilisation change. The state in its incumbency to deliver radical social transformation is in the best position to act, but history has shown that movements which were born from the society, despite financial, political & social hardships, have the propensity to dramatically advance and flourish along a greater trajectory. XL2018

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Mashiri, Lesley. "The impact of rail transit stations on commercial real estate property values: case study of the PRASA station in Jeppestown." Thesis, 2019. https://hdl.handle.net/10539/29054.

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A Research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in fulfilment of the requirements for the degree of Master of Science in Development Planning, Johannesburg 2019 As cities continue to experience rapid urban growth there are opportunities which exist in linking transport planning with dynamic land uses within the city. The main planning approach which stands out in achieving this is transit-oriented development planning. This form of planning is essential as it connects people with services and employment opportunities located in cities and urban areas. Transit-oriented development of a higher quality has the potential to generate revenue which can be used to improve the quality in transit-oriented systems and ultimately boost economic growth and development. Inclusive to this statement is the idea that transit systems are associated with societal benefits; congestion relief, social equity improvement, reductions in dangerous gas emissions and economic development. This study explores the importance of TOD and especially the prescribed linkages between proximity to a railway station and the influence this has on nearby commercial property prices. The study discusses the possible effects of other amenities found around close to the commercial properties and determines. The aim being to find out if these other amenities also have an impact on commercial property values in the study area. This is done through unpacking relatable discourse associated with transit-oriented development and through a research process which investigates whether there are other factors influencing commercial property values around the railway station in Jeppestown. The study will contribute towards the broader body of literature around TOD nodes, rail transit stations and commercial property values by providing empirical evidence provided by a quantitative study. The study uses multiple regression models to determine whether commercial property values are influenced by their proximity to a railway station or by other factors. It was initially expected that proximity would have an impact on commercial property values, but at the same time there was an argument for other factors and conditions located nearby to the commercial properties having an influence too. The empirical evidence collected showed that the proximity to the railway station was not statistically significant. The determinants of commercial property value which were significant were distance to school’s property age, retail, industrial and unidentified property. The limited impact of a railway station on commercial property value has been discussed in the analysis section of this thesis. The discussion has shed some light on the gaps associated with the way in which railway stations relate to commercial real estate property values in Metropolitan cities, across the developing world and beyond. The findings of the study will contribute towards better transit oriented development policies to be formulated as well as a better understanding of how public sector investments can help create value for properties. PH2020

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Matondo, Florence S. "Chameleon retail: environment responsive retail in the emerging market." Thesis, 2015. http://hdl.handle.net/10539/17569.

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Commercial development within the emerging economy needs to simulate, adapt and respond accordingly to its unique environment. By doing so, a mutually beneficial relationship between the different scales of commerce, the community and their host environment is achieved. This thesis will focus on the retail aspect of what is later defined as the vibrant economic node. It will identify the current issues that exist within the community’s retail mode, thereafter, examining the various commercial proposals in similar types of communities. By investigating the area of a proposed development and establishing the status quo and providing the development with information of the brief for the project, this will, in turn, lead to a proposed solution that is more beneficial to the community. Investigations into cost effective and appropriate technologies that not only benefit the development but also provide an alternative solution to the community’s needs are investigated. A design proposal that embodies the ideals of what is defined as an environmental responsive commercial development, is brought forward as a demonstration of how a particular element within a framework can be beneficial.

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Kruger, Leopold Ferreira. "The determination and disclosure of the contribution of turnover rent to lessor revenue in the South African retail property sector." Diss., 2016. http://hdl.handle.net/10500/20666.

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Notes: i) the terms "lessee" and "tenant" are used alternatively, the latter only when quoted ii) the terms "lessor" and "landlord" are used alternatively, the latter only when quoted The research intends to assess the availability of information to determine the contribution of turnover rent to lessor revenue as the publicly available information on building performance, and in specific turnover rent, is not adequate to answer the research problem. Academic, legal and accounting sources are consulted and referenced as background on turnover rent. Limitations applicable to the study is noted. A content analysis of published financial statements analyses the application of the prevailing accounting standards in the real estate sector and assesses to what extent information is available to determine the contribution of turnover rent to lessor revenue. Disclosure was found to be inconsistent and inadequate to calculate the contribution to lessor revenue and to assess individual building performance. With relevant building performance data of a large retail centre sourced from an asset manager, the contribution of turnover rent to lessor revenue was calculated for a period of eight years as part of a retail centre case study. With information available, but not disclosed, it is recommended that the IASB considers additional disclosure for listed real estate entities to enable stakeholders to assess individual building performance. Further recommendations are made in this study. The building performance indicators were further compared to relevant economic indicators. The results of this analysis indicates an indirect correlation between the prime interest rate and three building performance indicators being lessee turnover, total rent collected and centre foot-count. This confirms the strong reliance of the South African retail sector on credit sales. Financial Accounting M. Ph. (Accounting Sciences)

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Qwabe, Leonard. "Challenges facing real estate development start-ups in the inner City of Johannesburg in accessing finance from commercial banks: A South African context." Thesis, 2018. https://hdl.handle.net/10539/26785.

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Research Report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Master of Science in Building (Property Development and Management),2018 Access to finance from commercial banks is a major barrier for Small and medium Business Enterprises (SMEs).The problem persists because of the stringent requirements the commercial banks put on the SMEs. The research attempted to determine whether or not Venture Capital or the Trust for Urban Housing Finance (TUHF) can be alternative sources of finance for inner city residential real estate development start-ups instead of commercial banks. The research evaluated some of the key reasons that the commercial banks put forth for rejecting SMEs loan application. The study is descriptive in nature, the data was collected using both an electronic survey and a printed questionnaire measuring the primary data sourced from the respondents, who are practising in the inner city property development space. The results are contrary to the expectation of the researcher and the literature reviewed. In the literature, track-record and collateral plays a major role in start-up inner city residential real estate developers lack of access to finance from commercial banks. The findings, however, show that track-record and collateral have weak relationship with access to finance from commercial banks for the start-up developers. Furthermore, the TUHF as an alternative source of finance had no results because the start-up real estate developers from the TUHF did not participate in large numbers. Venture capital as an alternative source of finance has a weak relationship with access to finance from commercial banks. Hence, venture capital cannot be seen as an alternative source of finance from commercial banks. XL2019

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Mabuza, Sandile Innocent. "Valuation accurancy in South Africa." Thesis, 2017. https://hdl.handle.net/10539/24093.

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Thesis is submitted in partial fulfilment for the degree of M.Sc. Building (Property Development and Marketing) to the Faculty of Engineering and the Built Environment, School of Construction Economics and Management at the University of the Witwatersrand, Johannesburg, 2017 Background The perception of inconsistent and uncertain valuations has been the subject of debate worldwide. However, it is a phenomenon that has gone largely ignored in South Africa. The effect of unreliable valuations cannot be overstated, as all lending and investment decisions are based on valuation estimates. Objectives This study seeks to investigate the level of valuation accuracy in South Africa by comparing mortgage valuation estimates done prior to finance of the properties against their actual realised transaction prices. Methods and Results Valuers from four financial institutions as well as from external valuation firms were randomly chosen to participate in a questionnaire and in addition 32,826 properties which were valued and sold between January to December 2016 were also analysed. The valuation estimates and actual transaction prices were collected in an Excel file. While data from the banks and valuers was collected and analysed using Qualtrics. Data was analysed using R software version 3.3.3 to come up with descriptive and inference statistics. The result of the analysis showed that the level of valuation accuracy for the properties in South Africa used in the study is high (2.03%), which shows a very high level of accuracy compared to the adopted benchmark of 10%. The accuracy level across the three provinces in our study namely Gauteng, KwaZulu-Natal and Western Cape is 2.23%, 1.93% and 1.58% respectively, indicating that valuation accuracy is higher in Western Cape than Gauteng and KwaZulu-Natal Conclusion The study revealed that valuation estimates were good proxies of the market value (actual realised sale prices). Based on the 10% acceptable margin of error benchmark adopted by this study it shows that valuers in South Africa are indeed accurate in as far as estimating residential cost values. Based on the 2.03% level of accuracy obtained in this study, we recommend that valuation stakeholders adopt 5% maximum margin of error between valuation estimates and actual realised prices. XL2018

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Zwane, Busisiwe Jacobeth. "Tax legislation and unlisted real estate funds." Thesis, 2016. http://hdl.handle.net/10539/22666.

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Research Report submitted for the Master of Science in Building in the field of Property Development and Management at the School of Construction Economics and Management, University of the Witwatersrand, 2016 On the 4th of July 2013, the South African National Treasury introduced the Taxation Laws Amendment Bill. The purpose of the amendment bill was to introduce new anti-avoidance rules into the Income Tax Act No. 58 of 1962 (the Act) in order to reduce the formation of equity instruments that are falsely masked as debt instruments. The amendment bill contains sections 8F and 8FA which have unintended consequences for the real estate industry, more specifically for the unlisted real estate sector. The application of sections 8F and 8FA of the Taxation Laws Amendment Act, has been suggested to have a negative impact on the returns of unlisted real estate funds. The legislation appears to provide tax relief to real estate investment trusts (REITs) and this is perceived as grossly biased and discriminatory against unlisted real estate funds. The Investment Property Databank (IPD) South Africa estimates the unlisted real estate market in South Africa makes up 46% of the property market. When pension funds and banks, short term and long term insurers, private investors and government are included, the unlisted real estate market is possibly larger than the listed real estate market. Despite the numerous listings of real estate investment trusts South Africa has seen over the last ten years, the listed real estate market is still in its infancy stage and accounts for a very small percentage of the property market in South Africa. This indicates the important role unlisted real estate funds play in the South African property market. The purpose of this study is to find out whether the application of the tax legislation has had any effect on the performance of South African unlisted real estate funds. This study evaluates the investment performance of the unlisted real estate funds and real estate investment trusts (REITS) through the implementation of descriptive statistics, and the event study methodology to indicate whether there is a significant relationship in the returns of unlisted real estate funds and tax legislation. The study finds that tax legislation imposed on South African unlisted real estate funds has had no significant impact on the return performance of unlisted real estate funds. The study also finds that the returns of unlisted real estate funds are very competitive with the listed real estate returns listed on the Johannesburg Stock Exchange. MT2017

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Marsden, Elliot Manuel. "Alternative funding models for redeveloping inner-city Brownfield real estate in South Africa." Thesis, 2016. http://hdl.handle.net/10539/23705.

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Thesis submitted in the fulfilment of the requirements for the Degree of the Master of Management in Finance and Investment, 2015/2016 South African inner-city , through a series of political cycles, social transformations and shifts in local government structures, have undergone significant physical change in a deteriorating direction. This change has largely manifested in the dilapidation of inner-city real estate stock, in that brownfield buildings, or buildings with former residential, commercial and industrial functions, have been re-appropriated for alternative (often illegal) uses that have potential consequences for that redevelopment and, through the sourcing of necessary capital, maybe restored and rehabilitees to better serve inner-city inhabitants and stake holds. GR2018

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Twala, December Jacob. "Consumption and house prices in South Africa." Thesis, 2010. http://hdl.handle.net/10413/9941.

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Many countries such as Australia, Ireland, Netherlands, United Kingdom (UK), Spain, United States of America (USA) and South Africa (SA) among others have experienced an increase in housing prices, since the late 1990s. In SA, the abrupt increase in residential property prices, particularly during the period 1999 to 2007, resulted in an improvement in the level of households’ net wealth position. Empirical investigations, mainly from developed countries, provide evidence indicating that a house price increase has a significant impact on the households’ wealth, and thus house price gains increase housing collateral for homeowners which make it possible for them to take out equity in the form of refinancing or selling of the house to finance consumption. With the above in mind, this study investigates the relationship between aggregate expenditure on consumption by households and residential house prices in South Africa. Following the permanent-income/lifecycle hypothesis (PI-LCH), this study applies the vector error model (VECM) into the 1980:Q1 to 2007:Q4 quarterly data sample. The overall finding of the study indicates there is indeed a long-run positive relationship between housing prices and consumption in South Africa. Thesis (M.Com.)-University of KwaZulu-Natal, Westville, 2010.

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Ntene, Tsoanelo. "Corporate real estate and corporate strategy alignment in South Africa." Thesis, 2018. https://hdl.handle.net/10539/25886.

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1. Introduction The paper discusses whether alignment between corporate real estate strategy and corporate strategy exists for non-property companies listed on the Johannesburg Securities Exchange, and alignments effects on the firms’ financial performance. The presence of alignment and its effects on the firms’ performance is an unresolved phenomenon in the South African context. The purpose of this study was to determine if alignment exists and the effects of its presence or lack thereof on the firms’ financial performance. 2. Methods The study was both qualitative and quantitative in nature and conducted on South African firms, with a specific focus on non-property firms listed on the Johannesburg Securities Exchange. The firms had to be listed on the exchange as of 15 August 2015 with a full year of audited financial statements, domiciled in South Africa, with their financial information reported in South African Rands. 140 firms met these criteria. The qualitative part of the study involved the interpretation of the firms annual reports to determine the presence and use of corporate real estate strategies and their alignment to corporate strategy, and collection of financial indicator data. The quantitative portion of the study involved the use of multivariate analysis, which used the results obtained from annual report analysis to distinguish and quantify the relationship, if any, between corporate real estate strategy and the identified financial performance indicators. To develop the regression model, the independent variables were the corporate real estate strategies employed and share price the dependent variable. The methods used in this study have been applied before in European and Asian studies, this assisted in ensuring that validity and reliability was achieved. 3. Results This study finds that the most employed strategy by firms (47%) is that which facilitates production, operation and service delivery. Alignment is also found as 82% of the firms have a corporate real estate strategy based on their annual reports and firms operating decisions. The Consumer Goods, Healthcare and Telecommunications sectors illustrate the highest level of alignment at 100%. Return of Shareholder Funds has a significant correlation with share price (0.867, p <0.01). With an R² of 24%, F-statistic of 4.21, a positive b-value of 3.67 and a tvalue of 4.24, Return of Shareholder Funds has the highest explanatory power and positive relationship of all of the financial indicators considered. Strategy S2 – Flexibility has a positive regression coefficient, which indicates a positive relationship with share price and is significant at p <0.01. 4. Conclusions The application of corporate real estate strategy in the firms’ corporate strategy formulation has the ability to enhance shareholder value. This research adds to the South African corporate real estate body of knowledge as this phenomenon has not been explored in the South African context before. The main contribution being the linkage between corporate real estate strategy and financial performance of the firm. Real estate developers and owners will be required to better understand the strategic requirements of corporates in order to ensure that the solutions they provide are linked to maximizing shareholder return or they could find themselves competing with corporates for developing and owning property. Although consistent with results of studies conducted in Europe and Asia, the results of this research cannot be applied to privately held non-listed firms, government and state-owned enterprises. This could be a point of departure of determining if the same hypothesis holds to those entities. MT 2018

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Dissertations / Theses on the topic 'Commercial real estate – South Africa'

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