Listed property may be everybody's favourite JSE sector but, like a newly discovered celebrity without table manners, its corporate governance is generally an embarrassment

Grayprop interim results for the six months which ended on March 2003 were in line with expectation, showing no growth from the same 15c declared for the same period last year, according to the latest Provest property roundup.

AN INVESTMENT in ApexHi Properties in March 2001, when the company converted from a property unit trust (PUT) to a property loan stock (PLS), would have grown more than 70% (income and capital growth). 

Sycom Property Fund has increased its commercial office investment in the Western Cape with the purchase of a R150-million turnkey office development in the Cape Town CBD.

While some large property funds are optimistic about the market, others believe it could stay flat for the time being despite reports of excellent returns.

Sycom, the second-largest listed property unit trust, has increased its commercial office investment in the Western Cape with the purchase of R150 million turnkey office development in the Cape Town central business district.

Sector performs better than equities despite tough conditions in market.

South Africas big three property unit trusts (PUTs), Grayprop, Martprop and Sycom, are preparing to launch a joint take over bid for listed property loan stock (PLS) fund Primegro. It could be the first of a number of such deals in the property sector this year.

Property unit trust Sycom is to boost its portfolio to about R1,4bn through the acquisition of five properties located in the north of Johannesburg for R215m.

The list of property companies which have reported muted earnings growth is getting longer, indicating that the listed property sector of the JSE Securities Exchange SA is heading for trouble.