I have a goal to own 10 apartments in the Ponte building in Johannesburg in addition to one of the penthouses within three years. Went to the showday a couple of weeks ago and it just reinforced my goal. The Ponte building is the landmark building of Johannesburg just as every city has its main building, it is probably also the highest and easily visible from all the buildings from far. In the apartheid era when it was built it was the building to have an apartment in, so basically if you were rich and famous you had an apartment there, over time the area became bad and the building got run over by non-paying tenants, crime and drugs, there was a time when everyday a murder would take place in ponte. Last year two developers with real vision bought the building over and are restoring it to its former glory and more, the area itself is also being upgraded in preparation of 2010 and the governments future vision for the city but you have to have the eyes of a true investor to see it. I already have two flats in the area and my property strategy for at least the next five years will see me acquiring more and more properties in the same area Insha'Allah.
Here is some info i ripped off the net about the original building:
Originally planned to be 64 stories high but was scaled back due to fire fighting concerns of the council.
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A proposal surfaced in the late 1990s to reconfigure the building into a high-rise prison.
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The tallest residential building in Africa, Ponte City has a hollow core along its entire height.
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The sign at the top of the building is the highest and largest in the Southern Hemisphere.
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The building is not completely cylindrical as it has a flat area on the rear side facing north.
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The top 23 floors have a separate water supply located in tanks on the 31st floor and while lower floors are serviced by council supply.
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The multi-story parkade is below ground at the front entrance and exposed at the rear due to the very steep nature of the site.
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There is a shopping arcade on the 8th floor with 50 shops serving the tenants as well as a pedestrian bridge to the University crossing an adjacent freeway.
and here is info about the new building:-
http://www.newponte.co.za/index.htm
http://www.newponte.co.za/downloads/PonteInMaverick.pdf
I managed to get some photos from the day i went, we particularly liked the "future slick" option and booked a 1 bedroom exec that is depicted in these photos:-
Take a look at the view!!!
Usually I wouldn't be interested in new developments at this stage in my investment plan because the rental is not usually enough to pay off the loan taken out on the property, in the case of this building however, i believe the rentals that can be achieved will be far greater coupled with the tax benefits the government is giving to buy in this area would make it a viable and cash flow positive investment.
I have no idea how to organise the finance but i know Allah will help me Insha'Allah.
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