This Artical from Eprop
Office decentralisation and perceptions of crime and grime has seen certain tenants relocating from Braamfontein to the decentralised nodes, but companies such as Liberty Life, Sappi, SafMarine and Rennies have committed to the area, and together with Government, are pumping vast amounts of capital into the area in the form of urban design initiatives and parking facilities. This is now seeing strong improvements to property market fundamentals and investment activity.
Marc SchneidereProp Research
The next arical was taken from business day
Pace Property Group MD David Green says the development of Bridgeview units prices range from R399000 to R1,2m, including VAT. The apartments are trendy and aimed at young professionals and executives.
Green says there is strong demand from buyers for space in Braamfontein. Government’s urban development zone tax-incentive scheme is paying dividends, with developers looking to extract the full benefit of the incentives. “Therefore, we anticipate rapid new development and improvement of inner-city real estate.”
The urban renewal tax incentives were announced by the treasury in October 2004. On offer is a 20% tax deduction from all income earned in the first five years after a building has been refurbished. For new developments, government is offering a tax deduction of 20% in the first year in which the building starts earning an income.
The Johannesburg urban development zone, for which the tax break is applicable, includes the central business district, Newtown and Braamfontein, as well as the high-density, high-rise residential areas of Hillbrow and Berea.
Other low-density residential areas surrounding the general Ellis Park area, such as Bertrams, Judith’s Paarl, Doornfontein and Troyeville, as well as Bellevue, Bellevue East and Yeoville, also form part of the approved urban development zone.
No comments:
Post a Comment