New R6 Billion Precinct in Pretoria is Underway

Atterbury a commercial, residential and retail property developer has started construction on the first phase of Castle Gate, a new multi-use Pretoria precinct that will cost billions.  

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In total, Castle Gate will be 100 000sqm of office space, 40 000sqm of specialist medical facilities, a hotel, 1100 residential units as well as a 23 000sqm convenience retail centre. On top of this, the precinct will include walking and running trails on protected green areas, which will be 8 hectares. 

The development is expected to cost R6 billion in total and create 20 000 permanent jobs. 

Castle Gate was first announced in 2016. Atterbury partnered with the Erasmus family to develop the last portion of Waterkloof farm. 

Castle Gate will be about a 15 minute drive from Pretoria CBD. The site is situated between R21 and the N1 with easy access to all urban key points around Pretoria and Johannesburg.

Castle Gate will also be accessed easily from Solomon Mahlangu Drive that is already undergoing an upgrade. 

A new highway bridge across the N1 will be introduced during the second phase of the project and will accommodate dual directional double lanes on Solomon Mahlangu Drive between Hoërskool Waterkloof and Castle Gate.

It is expected that in September 2020 a convenience centre will open, which will include medical consulting rooms, offices, retail and a gym.

The lifestyle centre according to Atterbury will include latest store concepts for Dis-Chem, Woolworths, Checkers and Builders Warehouse as well as 10 restaurants including Spur, Rocomamas, Ocean Basket, Doppio Zero, Burger King and Nando’s. There will also be a Planet Fitness gym with a swimming pool and the nature area will have outdoor walking and a running track.

Castle Gate will be developed over the next 10 years and in mid 2020 the second phase for the precinct will begin. 

South Africans Are Lowering their Monthly Car Payments by Doing These 2 Things

Sales data has been published for September 2019 by the National Association of Automobile Manufacturers of South Africa, which shows that vehicle sales have only declined by 0.9% year on year to 49191 units this also means that this is the biggest month for sales this year so far. 

WesBank executive head of motor, Ghana Msibi, commented on the data and said that there could be three economic factors that have contributed to the numbers those being that Consumer Price Inflation came within target at 4.3%, the interest rates stayed unchanged but hope remains that there will be another cut before the end of the year and confidence was raised by GDP data for the second quarter presented growth of 3.1%.

Msibi went on to say that WesBank’s inflation data largely mirrors that of the general economy with the average deal size being slightly above the South African number. This shows that new and used car price inflation falls within the affordability range of already hard-pressed South Africans. 

According to WesBank data, the average value of new cars financed was R329580, which is up from September 2018, which was R314120. 

However, WesBank said that a number of their customers are struggling to finance their cars. It appears that consumers are doing two things in an attempt to bring down their monthly payments, which could be pointing to more worrying trends. 

Consumers are making their car repayment terms longer to the maximum of 72 months and they are adding balloon payments so the monthly repayment is less. 

Instead of overextending themselves, consumers should rather look at more affordable options, so that they can avoid using other finance mechanisms so that they can fall within their budget. 

Article Source: https://businesstech.co.za/news/motoring/343988/2-things-south-africans-are-doing-to-lower-their-monthly-car-payments/