June 2013
CONSTRUCTION WORLD
28
Propertuity and PamGolding Properties (PGP) have announced that they
have entered into a strategic partnership in which PGP will not only
market residential accommodation in one of Johannesburg’s most
vibrant and trendy precincts, Maboneng, but it will also provide
strategic guidance and advice. The alliance has been heralded as
one of the most important recent developments in the residential
property market in the city of Johannesburg.
projects & contracts
“PGP IS DELIGHTED
to be involved in the
visionary Maboneng Precinct,” says Dr An-
drew Golding, chief executive of PGP. “We
have been very interested in the rejuvenation
of the inner city for some time, a key devel-
opment node in which we plan to become
increasingly involved. We have been looking
to partner with appropriate developers in this
area for several years now and are extremely
pleased to have formed an alliance with
Propertuity, the renowned development arm
of Maboneng.”
“The Maboneng Precinct is the most sus-
tainable and ambitious private development
initiative taking place in the Johannesburg
city centre today. The project is encourag-
ing impressive economic growth and social
cohesion in the area. It is also growing at a
phenomenal rate. While the precinct cur-
rently involves around one square kilometre
on the eastern fringe of Johannesburg’s
inner city and no fewer than 32 buildings,
the developers have enormous vision and
are constantly looking for opportunities for
further development beyond the current
boundaries of the project,”says Dr Golding.
Propertuity’s CEO and founder Jonathan
Liebmann says PGP will be an invaluable
partner going forward, providing advice on
development, marketing, pricing and project
management.The involvement of PamGold-
ing Properties in themarketing of residential
property within the precinct is a major coup
for Maboneng that lends further integrity to
this project. PGP’s vision of recreating urban
culture aligns with Propertuity and the two
are a ‘natural fit’. These were among the rea-
sons why Propertuity decided to approach
Dr Golding and explore whether it would be
possible to bring PGP aboard as a strategic
partner,”he adds.
The concept of Maboneng
Maboneng is the brainchild of Propertuity,
which was founded by Liebmann. Seeking
to encourage the artistic and entrepreneurial
spirit, he purchased the DF Corlett construc-
tion offices andwarehouses to create Arts on
Main, a centre of artist studios, galleries, retail
outlets, office spaces and restaurants. During
the construction Liebmann began to acquire
a much broader vision for the area, seeing
not just a creative and entrepreneurial centre
but an entire community of enlightened indi-
viduals.The concept of theMaboneng, which
means ‘place of light’ in Sesotho, was born.
Liebmann says Maboneng has involved
the creative use of vacant industrial buildings
to establish a mixed-use precinct consisting
of residential, retail and office space. It is
expected that therewill be a total of 40 build-
ings transferred to the project by the end of
2013. Of the 32 buildings that have already
been transferred, not all have yet been ear-
marked as office, retail or residential space.
Some 700 owners or tenants currently
reside in three residential buildings called
Main Street Life, Revolution House and
Arts on Main, which have either been
completed or are still under construction. A
fourth building named Artisan Lofts is under
heavy construction. It is envisaged that the
precinct will be home to approximately 3
000 people within the next five years. Five
new developments will be launched in 2013,
some largely residential, but all with a retail
component on the ground floor, adding fur-
ther to the lifestyle spaces that already give
the neighbourhood dynamic flavour. No less
than 60% of the properties that are available
have already been sold. Many of these were
purchased off plan.
Refurbish vs build
According to Liebmann, Propertuity refur-
bishes existing buildings rather than builds
them. “This is largely because we want to
keep the character of both the area and each
individual building that makes up the area,”
he observes. “It also makes financial sense
for us to work with an existing structure
rather than start anew, this allows us to offer
competitively priced property to our buyers ”
“Eachdevelopment is unique and inspired
by its original architectural language.The idea
is to construct a neighbourhood identity and
create a strong community, while at the same
time ultimately totally re-energising this part
of Johannesburg.”
According to Liebmann, there has been
an increased appetite from investors for
low risk inner city property in recent years.
“Foreign individuals who are enjoying the
unique urban lifestyle offered by the precinct
or those, such as banking executives who are
recognising the great investment potential
offered by owning apartments there, are all
snapping up properties,”he notes.“The avail-
able apartments range in price frombetween
R390 000 to approximately R2-million for a
luxury penthouse.”
It is interesting to note just howambitious
the developers are: they are already looking
north towards Ellis Park for further expansion
opportunities over the next five to 10 years.
Liebmann says plans to expand theUniversity
of Johannesburg’s campus are also likely tobe
a boon to development in the area.
Another good sign for the Maboneng
Precinct is that retail and office spaces are
mushrooming giving an indication of just
how quickly development is taking place in
the area. While there are currently around
100 commercial interests in Maboneng, this
number is expected to rise to 1000within just
a couple of years.
“Those who are residing in Maboneng
appreciate its centrality, situated as it is close
to the Johannesburg CBD and the banking
district,” says PGP Hyde Park joint area man-
ager, Jonathan Davies. “It is also not far from
the new Gautrain Park station and residents
Johannesburg city centre renewal
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