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Self-Funded Fractional Developments
Posted: 19th August 2009
Johannesburg, South Africa
JSE-listed Colliers International has established a fractional ownership division to bring affordable holiday homes to market.
Fractional ownership offers many advantages over timeshare, says Ricky Fertig CEO of Colliers International in South Africa. "People actually own the property, yet they share the costs with others. This is the first fractional ownership we know of that offers two destinations, which was always an advantage that timeshare had over fractional ownership and which is now eliminated."
The company already has two developments available, on Durban's north coast and Hout Bay near Cape Town, which it has self-funded.
"We also know that people are cash-strapped, they still want to take their families on holiday but they cannot afford the capital expenditure to buy a second holiday home at the coast. This fractional ownership offers them that opportunity for a much smaller amount of money each month," says Fertig.
Colliers International has ensured that the two developments, Karafu in Salt Rock in KwaZulu-Natal and Red Sails in Hout Bay in the Western Cape, offer luxury apartment-style, fully furnished accommodation. The Red Sails apartments in Hout Bay includes flat screen TVs, Bosch electrical appliances, washing machines, dishwashers, coffee machines, and quadraphonic hi-fi systems, among many other features.
"We've gone to great trouble to ensure that people have the best of what's available so they can enjoy a luxury holiday either in line with their standard of living at home or better," says Fertig.
Levies are an important factor that can drive up the cost of owning holiday homes. In timeshare environments, that means paying a levy before use, but which at the time of holiday can amount to a R4,000 or R5,000 payment.
"With these fractional developments, we include the levy in the monthly fee, so there is no unexpected payment when you least have the money for it, and we've kept it to a minimum – it's just R626 per month. We've ensured that it's enough to cover everything but still be affordable," says Fertig.
The developments each contain six units and will have a total of 300 owners. Red Sails in Hout Bay has three bedrooms, two bathrooms, underground parking with lifts leading directly to the units - it is 100 metres from the beach with sea views, has a private milkwood forest nearby and is within walking distance of shops, restaurants and pubs.
Each unit has 50 owners with each having one week available to them per annum and although weeks are randomly selected by computer to ensure equal opportunity for holidays, owners will be able to swop weeks with one another.
The units in Karafu in Salt Rock have three bedrooms, three-and-a-half bathrooms, a pool in the complex - they are 50 metres from the beach with ocean views and are within walking distance of shops, restaurants and pubs.
For more information contact Mel Raitt on 084 446 3446 or send an email.
About Colliers International
Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 12,700 employees span the world in 294 offices in 61 countries. On a worldwide basis, Colliers manages 1.1 billion square feet, and has revenue of $US 1.6 billion.
Contact Information
Mel Raitt
Tel: 084 446 3446
mel@colliersfractional.co.za
JSE-listed Colliers International has established a fractional ownership division to bring affordable holiday homes to market.
Fractional ownership offers many advantages over timeshare, says Ricky Fertig CEO of Colliers International in South Africa. "People actually own the property, yet they share the costs with others. This is the first fractional ownership we know of that offers two destinations, which was always an advantage that timeshare had over fractional ownership and which is now eliminated."
The company already has two developments available, on Durban's north coast and Hout Bay near Cape Town, which it has self-funded.
"We also know that people are cash-strapped, they still want to take their families on holiday but they cannot afford the capital expenditure to buy a second holiday home at the coast. This fractional ownership offers them that opportunity for a much smaller amount of money each month," says Fertig.
Colliers International has ensured that the two developments, Karafu in Salt Rock in KwaZulu-Natal and Red Sails in Hout Bay in the Western Cape, offer luxury apartment-style, fully furnished accommodation. The Red Sails apartments in Hout Bay includes flat screen TVs, Bosch electrical appliances, washing machines, dishwashers, coffee machines, and quadraphonic hi-fi systems, among many other features.
"We've gone to great trouble to ensure that people have the best of what's available so they can enjoy a luxury holiday either in line with their standard of living at home or better," says Fertig.
Levies are an important factor that can drive up the cost of owning holiday homes. In timeshare environments, that means paying a levy before use, but which at the time of holiday can amount to a R4,000 or R5,000 payment.
"With these fractional developments, we include the levy in the monthly fee, so there is no unexpected payment when you least have the money for it, and we've kept it to a minimum – it's just R626 per month. We've ensured that it's enough to cover everything but still be affordable," says Fertig.
The developments each contain six units and will have a total of 300 owners. Red Sails in Hout Bay has three bedrooms, two bathrooms, underground parking with lifts leading directly to the units - it is 100 metres from the beach with sea views, has a private milkwood forest nearby and is within walking distance of shops, restaurants and pubs.
Each unit has 50 owners with each having one week available to them per annum and although weeks are randomly selected by computer to ensure equal opportunity for holidays, owners will be able to swop weeks with one another.
The units in Karafu in Salt Rock have three bedrooms, three-and-a-half bathrooms, a pool in the complex - they are 50 metres from the beach with ocean views and are within walking distance of shops, restaurants and pubs.
For more information contact Mel Raitt on 084 446 3446 or send an email.
About Colliers International
Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 12,700 employees span the world in 294 offices in 61 countries. On a worldwide basis, Colliers manages 1.1 billion square feet, and has revenue of $US 1.6 billion.
Contact Information
Mel Raitt
Tel: 084 446 3446
mel@colliersfractional.co.za
Posted by: www.property24.co.za
by The Editor
