PGP re-inforces residential industry leadership position with R9.5 billion turnover

Posted On Monday, 17 May 2004 02:00 Published by
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Pam Golding Properties - has reported record turnover of R9.5 billion for the financial year ended February 2004.

Pam Golding Properties, the residential company within the Pam Golding Property (PGP) group - South Africa's largest independent real estate group - has reported record turnover of R9.5 billion for the financial year ended February 2004.  This represents an exceptional increase of 46 percent over the previous year's turnover of R6.5 billion. Record monthly sales, an amount of R1.2 billion, were achieved in February 2004.

Included in the total turnover figure above are sales of R235.4 million through PGP's Southern African offices, which include those in Zimbabwe, Swaziland, Mauritius, Namibia and Botswana.

PGP's unit sales increased from 10 122 during the former 12 month period to
12 833, an increase of 27 percent. Sales through the Internet also increased significantly with 246 unit sales compared with 180 the previous year, an increase of 37 percent.  Since 1997 PGP sales through this medium have seen dramatic increases year on year, a trend which continues as PGP's website innovations make purchasing a home through the Internet increasingly accessible and user-friendly. In addition, PGP sales as a result of inter-office leads and word-of-mouth referrals accounted for close to a third of the company's total turnover, underpinned by the strength of the brand and the significance of a vast global network in the effective marketing of properties and sourcing of stock.

Commenting on the company's performance group chief executive Dr Andrew Golding said the year had been characterised by strong sales with record monthly turnovers constantly being exceeded. "All regions throughout the group performed consistently well throughout the year, significantly exceeding expectations.  We attribute the surge in sales to a combination of factors including increased market share coupled with aggressive and focused marketing, and buoyant economic trading conditions boosted by low interest rates. The strong demand for homes around South Africa was further fuelled by increasing investor confidence in residential property in general, as well as rapidly growing sales to the ever-increasing black middle class sector of the market."

PGP further expanded its extensive network of offices which brings the total number of offices around Southern Africa to 140. In addition, new inroads were made into international markets with an association formed with one of Holland's leading real estate companies - Van Gennep Winters Makelaardij, who now exclusively represent the PGP group throughout Holland.

In terms of sales to international buyers, despite the strong rand, and during the first quarter of the calendar year 2004, ie January to March, PGP had experienced record turnover, with R390 million (12 percent) in properties sold to foreign investors out of a total turnover of R3.25 billion. The bulk of PGP's foreign buyers are from the UK, followed by those from Germany, America, Holland, Scandinavian countries, various European countries and African countries including Zimbabwe.

Commenting on the year ahead Dr Golding says with the existing strong macroeconomic fundamentals remaining in place - and following the recent peaceful election - the residential property market looks set to maintain its buoyancy and stability, despite the possibility of a small interest rate increase later in the year.

In regard to other companies within the PGP group (not included in the above), Pam Golding Commercial, under the management of CE Peter Golding, continues to be a major force in property broking and management, with expansion of its operations in the Western Cape and Gauteng well underway.

Pam Golding Commercial, Gensec Property Services (a subsidiary of Sanlam Ltd), BEE Montsi Consortium and a management consortium recently signed heads of agreement to launch a new fully-fledged independent commercial property services company to be called Gensec Pam Golding.

With PGC's 20 percent acquisition, the company brings approximately R2 billion of additional properties under management to Gensec Pam Golding, making the total value of properties under management to R13 billion. This places Gensec Pam Golding among the leading commercial property services companies in South Africa.

Pam Golding Commercial, in a JV with Athanor Offshore Property Investments, has over the past two years successfully marketed internationally the acquisition of UK commercial properties to the value of approximately GBP50 million. This is the result of a rapidly increasing demand for secure and rewarding offshore commercial property investments.

Golding Hotel and Investment Consultants (GHIC) continues with its remarkable track record, and has for the third consecutive year more than doubled its turnover.  Over the past year the total capital value of transactions facilitated by GHIC in the South African hospitality and leisure industry amounted to R472 million, and MD Joop Demes predicts that strong growth will continue during the new financial year.


Ends

Issued by Gaye de Villiers
Tel: 021 6837788 or 083 325 1939
On behalf of Pam Golding Properties


Publisher: PGP
Source: Gaye de Villiers

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