Monday, 01 September 2008 02:00

Gale rips roof away mall

Parts of the new Mdantsane City Mall roof were blown off by strong winds on Sunday as weather experts warned of a storm approaching East London from the Western Cape.

Thursday, 14 February 2008 02:00

Growth boosts Hardware Warehouse revenue 73%

AFFORDABLE bulk building materials supplier Hardware Warehouse, which listed on AltX in September, yesterday reported a 73,5% increase in revenue to R103m for the six months to December.

Construction IndustryCEO Shaun Miller said the surge in revenue was thanks to an increase in the number of stores, as well as growth from existing stores. New stores accounted for 38% of the revenue increase, and growth from existing stores made up 30%. The company delivered an 82,8% increase in headline earnings per share, from 5,3c to 9,7c.

Hardware Warehouse’s share price surged nearly 17% to 70c by about 4pm yesterday after publication of the results.

Miller said the company, which has traded for 12 years and has its head office in East London, mainly supplied affordable bulk building materials to rural communities, home builders and “more informal builders”. He said building cost inflation of about 10% was also contributing to the bottom line.

The company operates predominantly in the Border-Kei area of Eastern Cape and has also established a branch in Mtubatuba, north of Richards Bay.

“We will be expanding a number of stores in that region and are looking for opportunities in Swaziland,” said Miller.

He said the company’s market differed from the “suburban” market, where people built when they had money and in “good times”. The “suburban” market was likely to slow because of tougher economic conditions.

But Hardware Warehouse’s market consisted of people who were building homes through necessity, as they had previously lived in informal settlements. He said previously these customers were unable to borrow money, but were now receiving finance from the banks.


Friday, 01 June 2007 02:00

Group Five clinches Beacon Bay deal

A construction deal worth R210-million for the first phase of Beacon Bay's Triple Point development was handed over to JSE-listed engineering giant Group Five on Thursday.

Construction IndustryThe contract that will kick off in August includes the construction of 200 one, two and three bedroom apartments.

Later phases of the R500-million development will include retail and office space as well as a four-star hotel expected to be built next year.

Novate Properties' strategic development manager, Grant Wheatley, said the project's go-ahead had been reached after the first building of 70 apartments had sold out.

The second tranche of 65 apartments has now been released.

"We believe Group Five's appointment significantly reduces the risk of this project to us, the developers, as well as to our investors in the project," said Wheatley.

Managing director for Group Five Housing Frank Enslin said his team was delighted to be working on the "ambitious project which is similar to others Group Five has successfully completed, amongst these, St Michaels on the KwaZulu-Natal south coast".

Enslin said that contracts director for St Michaels Eric Higgitt would lead the construction team at Triple Point. "Eric lived in East London for almost 10 years and attended Selborne College before leaving for Johannesburg, where he joined Group Five as a bursary student. He has approximately 20 years' experience in the field of upmarket residential construction," he said.

Wheatley also announced that Group Five would run a training programme in East London and offer accredited training opportunities to unskilled and unemployed people in the city.


Thursday, 24 May 2007 02:00

Politicians back EL port expansion plan

Port expansion plan for East London is getting the support of Eastern Cape politicians

The four-year delay of the proposed Wild Coast N2 has deprived the Pondoland communities of about R2-billion in spin-offs

Thursday, 14 September 2006 02:00

Groups vie to build East London shopping centre

With three different property groups competing for the chance to build East London’s regional shopping centre, Buffalo City’s development planning department says it favours a site that is centrally located.

Thursday, 07 September 2006 02:00

Cities centre stage in growth efforts

For the first time in history, more people are living in urban areas in SA than in rural communities. This is one of the findings of a report released by the South African Cities Network, comprising the six metros as well as Pietermaritzburg, Bloemfontein and East London.

Wednesday, 14 June 2006 02:00

Amathole Valley Shopping Centre

Economic boost for KWT and surrounding areas.

Wednesday, 21 September 2005 02:00

Record-breaking building bonanza for Buffalo City

R400m worth of plans passed in six months.

Officials believe the establishment of the Richards Bay Industrial Development Zone (IDZ) will attract light industry to this port town, which has previously been dominated by heavy manufacturing.

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