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Press Release: Pam Golding Property Group
October 27, 2004
CAPE TOWN, South Africa -- Pam Golding International and Golding Hotel Investment Consultants (GHIC), both members
of the global Pam Golding Property group, have formed a new joint venture, Pam Golding Leisure (Pty) Ltd, which
will be the first real estate company in Africa to specialise in the multi-ownership concept in a serviced hospitality
and leisure environment. This concept has taken the resort real estate industry by storm over the past few years,
becoming the fastest growing real estate segment worldwide with 150 percent growth in sales volume between 2002
and 2003.
Says Dr Andrew Golding, CE of the PGP group: “Over the last few years GHIC have facilitated in excess of R1 billion
in transactions in the Southern African hospitality and leisure industry. After the successful launch of a revised
business model for sectional projects within this sector, some R200 million’s worth of transactions have been facilitated
in this field, which has clearly demonstrated the demand for a product which reaches a broader market.
“As a result, after considerable research into sectional and fractional ownership, we have identified the luxury
hospitality sector as being most suited to our target market. We have now launched the Pam Golding Private Residence
Club, catering for a market that demands luxury and exclusive real estate vacation products that combine the advantages
of second home ownership with the services and amenities of a fine resort – as well as the benefits of exchange
to worldwide elite destinations, but without the price tag associated with full ownership of properties in these
destinations,” says Dr Golding.
“Pam Golding Leisure is the first specialised company in Africa that will consult on demand analysis, product positioning,
financial modelling, marketing and sales for sectional and fractional products within the hospitality and leisure
industry. As such, this new venture complements our existing diverse portfolio of products and further cements
our leadership position as South Africa’s premier full services real estate property group,” he adds.
Says Joop Demes, MD of GHIC: “The concept of fractional ownership is not new, but is one of the most successful
real estate options in the United States, Australia and Europe, bringing luxury within reach. The entry of major
hospitality brands such as Marriott, Four Seasons and Ritz Carlton into vacation ownership has heightened the credibility
of the industry and enhanced consumer perception, as these brands are synonymous with the highest produce and service
quality. Similarly, we believe the highly respected and well established Pam Golding brand will make this real
estate concept a most exciting investment in the hospitality and leisure industry in Africa.”
The new initiative is spearheaded by international hotelier, Jose Ventura, as managing director, with Renette McKenzie,
well known in the hotel and travel industry, as marketing director. Demes says the Pam Golding Private Residence
Club will offer the very best hospitality real estate properties in absolute prime locations around Southern Africa
and abroad to discerning travellers and their families, providing them with the opportunity to buy a fraction of
a luxury apartment, lodge or villa with all the benefits of a world class resort, but without the hassle and inconveniences
of full ownership.
Says Demes: “The popularity of this product is particularly high in an environment where property prices are on
a steep increase. Key to the product offering is the fact that buyers are investing in real estate, and not only
in usage, in that the membership is underpinned by a share in the property, and the club member will benefit from
the capital appreciation. A typical member of our club will pay a once-off amount between R400 000 and R550 000
for the annual usage, which is on average 28 days, of a superior apartment, lodge or villa serviced in a five star
deluxe environment. Annual costs associated with the ownership amount to an average of approximately R12 000. These
members want extensive amenities and hotel services that are not usually available with wholly owned homes,” says
Demes.
He says of paramount importance is the choice of location together with the choice of service provider. “The very
best have been selected and we have opted for a limited number of only eight properties to form the initial core
of the Club. Over a four-year period, this will grow to 25 special and unique applications incorporating urban
(Cape Town, Johannesburg and London), beach (South Africa, Mozambique, Mauritius, Seychelles and Italy), golf,
game and mountains (South Africa). The initial membership will be open to 4 000, which is envisaged to increase
to a maximum of 12 500 in four years’ time.”
Comments Ventura: “High end private residence clubs have experienced phenomenal growth elsewhere in the world and
accounted for some R2.4 billion of revenues in 2002. Of particular importance is the proven resilience of this
model, and the industry has continued to develop and grow even during the recessionary periods surrounding the
Persian Gulf War, the September 11 attacks, the onset of SARS and the most recent Iraq conflict.
“Just how many days does one use a wholly-owned second or vacation home, and how much capital and energy is spent
on maintaining these properties? Perhaps one should be considering a more affordable, flexible and exciting solution
for the family vacation, and why be limited to one property in one location, when one can for the same price gain
access to two or three other destinations for as much as three months of the year. This option is ideal for professionals,
corporate executives and entrepreneurs whose most precious asset is time, and who desire a high level of luxury
and service.
“Second home owners often do not have the time to use their home more than three to five weeks a year, so here
is the ideal opportunity to sell their second property and purchase a fractional product - with capital left to
invest or buy a second residence club membership in another location,” adds Ventura.
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For further information contact Jose Ventura Pam Golding Leisure 073 499 1254 jventura@pamgolding.co.za Issued by: Gaye de Villiers On behalf of: Pam Golding Properties