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Eswatini Property Review Eswatini: E29.90 (Incl Eswatini’s Premier Property Publication│Follow Us Online Ft l ISSUE No: 7 │ DEC - JAN 2020 Eswatini Property Review Eswatini: E29.90 (incl. VAT) Other Countries: E25.95 (excl. VAT) THE GRAND OPENING His Majesty King Mswati III Ofcially Opens New Landmarks In The Capital City Steering Mbabane Towards First World Status Appeal Q & A : Interview With Dumsani Msibi - FINCORP Group MD | INDUSTRY NEWS: Sectional Titles Act Deferred | PROPERTY & TAX: No Capital Gains & Estate Tax In Eswatini | ESTATE AGENTS TALK : Expats Pushing Rental Rates Up PROPERTY INSURANCE www.phoenixassurancegroup.com PHOENIX OF SWAZILAND ASSURANCE COMPANY LIMITED [email protected] | +268 2404 0034 / 2404 0837 / 7821 1809 FROM THE EDITOR EDITORIAL JUST ENDORSE THE SECTIONAL TITLES ACT EDITOR In an interesting twist of events parliament decided that it will defer the issue to next Ntokozo Nkambule year ... What is sad is that it appears parliamentarians want to look as if they are working by deferring the operationalization of Sectional Title. REPORTERS Sibusiso Dlamini Welcome to our festive season itself as they have also erected a building worthy of who they are. The building which CONTRIBUTORS, COMMENTATORS & SPECIAL edition of Eswatini Property was christened by His Majesty King Mswati CREDITS Review. We hope this has been a III as Inftutfuko building really talks to the EDITORIAL: Sydney Simelane (Surveyor General), Anthony fruitful year for all the property progress the company and country have McGuire (Seeff Properties Eswatini), Zwakele Hlanze, Jay DuPont made when it comes to beauty. The Group (Remax Eswatini), Mark Ward (HOTAES) lovers out there and you have Managing Director of FINCORP, Dumisani PHOTOGRAPHY: Dumesane Vilakati (Burnt Mushroom Creative), achieved your dreams and goals. Msibi in an interview with this publication Mbulelo Ndlovu, Daniel Toro It is disheartening that government has not states that the building talks to their future yet wrapped its head around what sectional aspirations. BUSINESS DEVELOPMENT title means for the country. The Ministry of As you know very well one of the reasons PUBLISHING Housing and Urban Development in Eswatini Property Review was born is simply Raspers Media (PTY) LTD conjunction with Eswatini Housing Board because we felt and still believe that Store No: 301 | Upper Deck (Level 3 Parking) | Corporate Place has really put so much work in ensuring property is one of the best investments Swazi Plaza| Dr Sishayi Rd|Mbabane | Kingdom of Eswatini that the Act gets to be fully operational by anyone can ever make in their lifetime. Email: [email protected] or [email protected] now. So just that everyone understands, the Tel: (+268) 7661 8219 Eswatini still presents a myriad of Sectional Titles Bill was passed last year and opportunities in the property sector. Our has also received Royal Assent, what is only ADVERTISING & SALES investigative team has uncovered that in missing is that parliament endorses it. In an Raspers Media (PTY) LTD Eswatini there is no Capital Gains and interesting twist of events parliament Estate Tax presently. This presents a great decided that it will defer the issue to next ADVERTISING & BRAND MARKETING PARTNERS opportunity for property investors. Eswatini Barcode Creative (PTY) LTD - www.barcodecreative.net |Fl year because they feel the Sectional Titles is one of the few countries who still do not Email: [email protected] regulations are not up to scratch. What is provide this form of tax in the region. To Burnt Mushroom Creative - F| BurntMushroomCreative sad is that it appears parliamentarians want nd out more about Capital Gains and to look as if they are working by deferring Estate Tax make sure you glance through the operationalization of Sectional Title. PRODUCTION this article. EmaSwati have waited for decades for this DESIGN & LAYOUT opportunity which is now being hogged by Eswatini Property Review is Eswatini's Burnt Mushroom Creative / Barcode Creative Store No: 301 | Upper Deck (Level 3 Parking) | Corporate Place parliament. Premier Property Publication because of Swazi Plaza| Dr Sishayi Rd|Mbabane | Kingdom of Eswatini you, our loyal readers. Thank you. We hope This nal edition of the year talks to the Tel: (+268) 345 00062 / 7813 1313 you enjoy reading this issue as much as we architectural beauty that has gripped the have enjoyed putting it together for you. PRINTING capital City that is Mbabane. There is no doubt that the Hilton Garden Inn has Ntokozo Nkambule transformed the capital into such innite Remata Print & Communications beauty. FINCORP has not been outdone Editor: Eswatini Property Review International Business Gateway Park Cnr New Rd & Sixth St | Midrand | Gauteng | South Africa Tel: +27 11 848 0000 | Fax +27 11 848 0036 www.remata.co.za CONTACT DETAILS ESWATINI PROPERTY REVIEW Raspers Media (PTY) LTD Store No: 301 | Upper Deck (Level 3 Parking) | Corporate Place Swazi Plaza| Dr Sishayi Rd|Mbabane | Kingdom of Eswatini Email: [email protected] or [email protected] Tel: (+268) 7661 8219 F| facebook.com/EswatiniPropertyReview F| instagram.com/EswatiniPropertyReview t| twitter.com/EswatiniPropertyReview l| linkedin.com/company/EswatiniPropertyReview DISCLAIMER ESWATINI PROPERTY REVIEW Eswatini Property Review is published by Raspers Media (PTY) Ltd. All material is strictly copyright and all rights are reserved. Reproduction without permission is forbidden. Every care is taken in compiling the contents of this magazine, but we assume no responsibility in the effect arising therefrom. Although information in this publication is derived from sources believed to be accurate and reliable, it is for general purposes only. It is not intended as nancial advice, independent nancial advice should be sourced before investment decisions are taken. 14 THE GRAND OPENING His Majesty Ofcially Opens Fincorp Headquarters, Hilton Garden Inn & Queen Gwamile Statue 16 12 INTERVIEW ESTATE AGENTS CORNER Dumsani J. Msibi Expats Residing In Eswatini Pushing Rental Rates Up REGULARS FROM THE EDITOR CONTENTS Editor’s Note - Page 4 INDUSTRY NEWS News & Industry Updates - Page 6 GOVERNMENT INSIGHT COVER STORIES Capital Gains & Estate Tax In Eswatini - Page 20 THE GRAND OPENING We Cover The Grand Opening Of The New Fincorp HQ, Hilton Garden Inn & Momentous ESTATE AGENTS CORNER Queen Gwamile Statue. - Page 14 Remax Eswatini Wins Customer Service Excellence Award - Page 8 Q&A WITH FINCORP GROUP MD SEEFF Eswatini’s MD Delves Into The Rising Rental Rates Fincorp Group Managing Director Shares Insights On The Development Of Organization’s Due To Expats Residing In Eswatini - Page 12 New Head Ofce Building. - Page 16 SECTIONAL TITLE TALK No Transfer Duty In Sectional Title - Page 21 SECTIONAL TITLE ACT DEFERRED TO NEXT YEAR Concern As Sectional Title Still Not Operational In Parliament Takes Decision To Defer Sectional Title Act To 2020. - Page 6 Eswatini - Page 22 Eswatini Bankers Association Gives Support On Sectional Title - Page 23 FEATURES PROJECT MANAGEMENT: PMC LEISURE & RECREATION Leaders In Project Management PMC Discuss Their Service Offering - Page 24 HOTAES: Reviving Hospitality & Tourism In Eswatin - Page 26 PROPERTY MANAGEMENT Looking For Qualied Property Managers? Ncedze Properties Has A Solution For You - Page 25 ESWATINI PROPERTY REVIEW 5 INDUSTRY NEWS DISAPPOINTMENT AS SECTIONAL TITLES ACT DEFERRED TO NEXT YEAR BY PARLIAMENT Article: Ntokozo Nkambule The Sectional Titles Act which was Remax Eswatini Franchise Co-owner Jay the Sectional “I think it's a big supposedly passed and received DuPont in a interview with this publication Titles Act was felt that parliament made a mistake by passed in 1986 mistake because we Royal Assent last year has been are already late in deferring the Act to next year. “I think it's a in neighbouring deferred to next by parliament. implementing big mistake because we are already late in South Africa. It Sectional Title, so to This is a blow to most people in the property implementing Sectional Title, so to actually however states actually postpone such“ space as they anticipated that parliament postpone such an important issue is a big that the Act an important issue is a would pass the Regulations with ease as the mistake I believe” he observed. Du Pont said commenced in big mistake... Bill has already been passed and has he believed parliament is actually not aware 1988. This in received Royal Assent. The Ministry of of the good that comes with the full effect means Housing and Urban Development has held operationalization of Sectional Title. that the ACT has been in operation for a number of conferences, dialogues on thirty-one years in that country. sensitizing the public and key stakeholders ESWATINI LAGGING BEHIND In Botswana the Sectional Titles Act was regarding sectional title but it appears they IN IMPLEMENTING passed in 1999 but commenced in 2003. have to wait a little bit longer to fully have SECTIONAL TITLE This means that it has been in operation for sectional title operational. Parliament did sixteen years. Namibia which is another Sectional Title in South Africa not state when next year but simply country in the Southern African dismissed the debate because they felt their commenced 31 years ago Development Community (SADC) which regulations had a number of loopholes that According to Lightstone Property a data implemented Sectional Title in 2009.usly as to be rectied. property management company states that it will turn the economy around. HIGH OCCUPANCY LEVELS LEAD TO E43 MILLION PROFIT FOR SWAPROP “The increase is Report By: Ntokozo Nkambule attributed to increased rentals at The Hub and Nhlangano Mall arising from additional space being let...” The Swaziland Property Investment rental income before straight lining of leases result of a rise in water tariffs, parking costs Limited (SWAPROP) has recorded an adjustment increased from E17.4 million to and accounting fees, and a higher E20.5 million. This translates to a E3.2 depreciation and bad debt charge. It also increase in its prot for the ended 30 million increase.
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