Cape Town-based property development company Visual International on Friday listed on the JSE AltX, unlocking greater investor access to residential property in South Africa.

Visual listed on the AltX with a market capitalisation of R126.5-million and a net asset value of R70.7-million. The company’s long-term earnings a share growth was forecast at 19% a year.

“We are beginning to see a growing awareness of the benefits of listed residential property among the investment fraternity. Residential property as a subsector of the publicly traded property asset class has not been well recognised in South Africa, and is certainly nowhere near the levels in the US and Europe. But, we believe this is starting to change and Visual is at the forefront of this shift,” Visual CEO Charles Robertson said.

He stated that, having listed successfully, Visual was now completely focused on taking its business and its developments forward.

The company would continue with its model of developing mixed-use suburbs and building high-quality housing for the middle market on suitable land, near jobs and infrastructure, in strategic high-growth nodes.

“The middle-income market is an essential driver for the future of South Africa and encompasses huge potential. Its demand for housing far outstrips the supply. Our focus will remain strongly with this market,” Robertson said.

Visual currently owned more than 70 000 m2 of developable bulk at its 22 ha mixed-use Stellendale Village development in the northern suburbs of Cape Town.

Stellendale would ultimately provide some 1 500 homes to middle-income households when completed. Visual had already developed 440 homes in the village with a further 63 under construction.

Future phases of development would include 1 000 residential opportunities including an integrated retirement estate.

“By unlocking Visual’s pipeline of development with our AltX listing we are in a strong position to create long-term value for shareholders and all our stakeholders,” Robertson conlcuded.