The company is looking at listing before the end of the year.
According to Acc-Ross, it will also be the first property development company to list on any of the JSE's boards.
Jaco Verster, Acc-Ross CE, has said: "Our objective is to create real value for our stakeholders through the acquisition and development of high potential residential, commercial, retail and leisure development sites. Our current portfolio, which includes signature golf courses by both of SA's male golfing heroes, Ernie Els and Retief Goosen, is set to deliver both exciting investments and healthy returns."
Acc-Ross has two operating divisions: Accretio and Gardener Ross focusing on golf leisure and golf residential developments respectively. The first of the Group's flagship developments, The Gardener Ross Golf & Country Estate in Centurion, which focuses on residential and lifestyle, is the first Ernie Els signature golf course in Gauteng.
Gross revenue in pre-sales for phase one of the development totalled 194 million rand, encouraging 80% pre-sales in phase two, with phase three launching in October 2006. Stands in Phase 1 are in the process of being transferred and the golf course itself, with 12 completed holes is ahead of schedule.
Lizard Point, the second flagship development, is located in the Free State on the banks of the Vaal Dam and has recently received its "Record of Decision" to proceed with development on November 1, 2005.
Focusing on resort development, the project will boast two signature golf courses, one of which is a Retief Goosen designed true links course.
Launched in August 2005, and with presales of R80 million to date, the eight year project has been divided into four phases, with completion of phase one in 18 months' time.
Acc-Ross will retain the leisure assets in both of these developments on completion, with the commercial and retail assets at Lizard Point being retained as well. In total, the group boasts presales to date totalling approximately 697 million rand on the Gardener Ross Country Estate, Lizard Point, Brooklyn Stone and Bahia/Royal Palms developments.
I-Net Bridge
Publisher: I-Net Bridge
Source: I-Net Bridge
