MASINGITA TOWERS
The development was completed on time and on budget last month
Photo by: Nadine James
Property development company Masingita Group subsidiary Masingita Properties hosted a roof wetting last month to celebrate the completion of its R250-million luxury apartment skyscraper, Masingita Towers, which is situated in West Road South, in the Sandton central business district.
The project was completed on time and within budget last month and has already achieved more than 50% occupancy.
Masingita founder and executive chairperson Mike Nkuna is widely regarded as one of the pioneer developers of property in previously disadvantaged areas. The group has an existing portfolio of properties mainly comprising retail properties in the rural and township areas of South Africa.
The 174-unit, 10 300 m2 development consists of two towers – one comprising 12 levels, the other fifteen – with an entrance level incorporating a restaurant. The buildings, designed by AMA Architects MD Adrian Maserow, also comprises a gym, a swimming pool, business and conference facilities, a concierge, a fitness centre and secure basement parking.
Apartment options range from two-bedroom en suite units to three-bedroom en suite units with balconies and four-bedroom penthouses.
Masingita Towers is a joint venture between Masingita Properties and Careline Living Spaces Property Development. Nedbank is a joint shareholder in Masingita Property Investment Holdings, in which the Masingita group holds 65% and Nedbank 35%.
The long-standing partnership with Nedbank goes back to 2005, and Nedbank corporate property finance regional executive for Gauteng Ken Reynolds attended the event. He commented that the project had run extremely smoothly, had sold well and that the end product “is very pleasing.”
Despite Nedbank being a shareholder and partner of Masingita Properties, Masingita Towers development was funded by Absa. Nkuna explained that it was simply a case of negotiating more favourable terms and that he expected to maintain successful partnerships with both banks.
During his address at the roof wetting, Absa commercial property finance head Mike Mortimer offered his sincere thanks to Masingita for allowing Absa to be part of the project and entrusting the property finance division with “an incredible opportunity”.
He added that Absa cherished the relationship that the two entities had developed during the course of the project. He commented: “To see what’s been developed in the time that it’s been developed is an incredibly rewarding experience . . . If every deal we did was as smooth as this, I probably wouldn’t have a job.”
Main contractor Stefanutti Stocks contract director Brad Nortje remarked that the landmark project had experienced some challenges, particularly because it was in a built-up area, but lauded his team for delivering a “high-end quality product for the client”, while achieving 4.7-million lost time injury-free hours.