Developments
Redefine has a number of developments and refurbishments in progress. Redefine is engaged in two categories of development:
- Developments for long term investment
- Developments for trading
Developments for long term investment
These include office, retail or industrial developments in which land is acquired and the process from rezoning through to completion is managed by the development management team at Redefine.
Redefine may acquire land for future development when opportunities arise. At 31 August 2009, Redefine had approximately 89 000m2 of vacant land and property held for development, valued at R256 million and located predominantly in the Western Cape and Namibia.
Developments in progress at 31 August 2009
| Projected | |||||||
|---|---|---|---|---|---|---|---|
| total | Initial | Expected | To be | ||||
| GLA | cost | yield | completion | % | spent | ||
| Development | Location | m2 | R000 | % | date | complete | R000 |
| Horizon View | Roodepoort | 20 325 | 175 000 | 9.80 | Feb 2010 | 87 | 23 000 |
| Terminus | Klerksdorp | 7 619 | 47 000 | 12.50 | Oct 2010 | 6 | 44 000 |
| Alberton Mall | Alberton CBD | 5 458 | 25 000 | 10.00 | Nov 2010 | 6 | 23 500 |
| Sanlam | Vanderbijl Park | 2 515 | 10 000 | 12.00 | Apr 2010 | 5 | 9 500 |
| Total | 35 917 | 257 000 | 100 000 |
Developments for trading
Redefine is engaged in two developments for trading purposes. Trading opportunities are subject to stringent criteria and require investment committee approval. These trading opportunities remain a minor part of Redefine’s business and profits will not account for more than 5% of Redefine’s operating revenue.
| Redefine | total | Expected | ||||
|---|---|---|---|---|---|---|
| ownership | GLA | cost | completion | Sold | ||
| Development | Location | % | m2 | R000 | date | % |
| Buchanan Square |
Western Cape Woodstock |
100 | 19 990 | 123 061 | 123 061 | 33 |
| Upper East Side Phase 2 |
Western Cape Salt River |
50 | 20 062* | 134 150* | May 2010 | 75 |
| Total | 40 052 | 391 361 |
*GLA reflects total GLA of the property and the cost reflects Redefine’s share
