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New plan for District 6
Iol.co.za - South Africa
The final proposal for District Six is on the verge of being signed. And this is what the area will probably look like.

At a high-powered meeting between national, provincial and city heads this week, they all gave the thumbs up to the broad outline of the plan, under which 42ha of land will be filled with more than 4 000 residential properties, commercial and office space. The task team meeting was also attended by the District Six Beneficiary and Redevelopment Trust and the project managers, Target Projects.

The redevelopment is expected to cost between R6 and R7 billion and construction is projected to start early next year. If the development finally gets the green light, it will heal a wound that has blighted the face of the City Bowl since the houses were demolished more than 40 years ago.

EAAB’s shocking maladministration
Fin24.co.za - South Africa
Johannesburg - A shocking tale of mismanagement, dereliction of duty and financial abuse has played out at the Estate Agency Affairs Board (EAAB) for the past six years.

A forensic report requested by the board found that Nomonde Mapetla, the dismissed chief executive of the payment to July 15, when it would have expired.

After her dismissal, the EAAB board members asked De­loitte Risk Advisory to investigate allegations that she had acted improperly.

The findings of Deloitte's final report, released to the EAAB on August 19, were that Mapetla had violated the EAAB's rules and regulations and had demonstrated an absence of transparent leadership.

Over the past week Sake24 has inspected this document, which is not yet in the public domain. 

Property professionals lash out at “entitlement mentality”
Moneyweb - South Africa
Get over it and put your shoulder to the wheel say the professionals.

JOHANNESBURG - Property professionals have lashed out at what they call the “entitlement mentality” urging the youth to put their shoulders to the wheel and build their careers. At a property convention hosted by the South African Institute of Black Property Practitioners (SAIBPP), delegates cited several examples of black business tycoons who came from humble beginnings but went on to build multi-billion rand empires. Business mogul Cyril Ramaphosa and mining magnate Patrice Matsepe stood out as examples.

Xolani Qubeka of the Black Business Summit asked what black economic empowerment amounted to in this day and age. He likened it to individuals wanting instant wealth without applying the elbow grease needed to achieve it. ANC Youth League leader, Julius Malema’s name popped up intermittently during the convention often prompting an amusing response from delegates. Qubeka bemoaned the fact that South Africa’s youth had few examples of true leaders. When they look at Malema, they see tenders, fast cars and fancy suits. When they look at government, they see corruption. A common theme amongst delegates was the need for skills and the role businesses could play in sharing what they know, especially among the youth.

Absa House Price Indices - August 2011
Absa - South Africa
Latest trends in house prices appear to be unsynchronised
Based on the latest trends in the Absa house price indices for small, medium-sized and large homes, i.e. the middle segment of the South African housing market, for which the bank approved mortgage finance (see explanatory notes), house price growth appeared to be unsynchronised between the abovementioned three categories of housing up to August 2011. These mixed signals regarding house price trends are evident from recent year-on-year as well as month-on-month price growth.

Nominal house price growth improved further on an annual basis in the medium-sized segment in August this year, while price deflation continued to slow down in the small segment. However, in the category of large houses, prices were deflating in July and August, although only marginally. On a monthly basis price growth remained subdued in the small and medium-sized segments, with prices of large houses declining month-on-month.

In real terms, i.e. after adjustment for inflation, prices in all three categories of housing continued to decline on a year-on-year basis in August this year. Real house price calculations are based on the headline consumer price inflation rate, which was 5,3% year-on-year (y/y) in July 2011, up from 5% y/y in June this year.
The average nominal price of homes in the various categories was as follows in August 2011, with nominal and real price growth presented in the table on the next page:
• Small homes (80m²-141m²): R770 200
• Medium-sized homes (141m²-220m²): R1 009 000
• Large homes (221m²-400m²): R1 440 700

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