#Sandton Eye - Mixed Use - 12F - Sandton

[Die Kapenaar]

Name: Sandton Eye
Use: Mixed Use development that will include the second Radisson hotel in Sandton along with office and retail components
Floors: 30
Status: Under Construction
Location: Sandton










PROPERTY DEVELOPMENT

Quantum seeks stake in R1,4bn Sandton Eye development

By: Creamer Media Reporter
6th April 2009
Updated 5 hours ago

South African property development company, the Quantum Property Group (QPG), was continuing its negotiations with the Savana Trust to acquire a 25% stake in the R1,4-billion Sandton Eye mixed-use property development, in which it could potentially invest R75-million.

If the deal goes ahead, the AltX-listed QPG would be appointed as the development manager for the project during the construction phase.

Executive chairperson Chaim Cohen said in a statement that the project was a logical progression in the group’s portfolio, and was of the same quality standard as its first project, 15 on Orange, in Cape Town.

The Sandton Eye would include 5 000 m2 of boutique retail space, 20 000 m2 of offices, a 200-roomed five-star Radisson Blu hotel and 12 penthouse suites.

“Sandton represents one of the highest socioeconomic profiles in the country with mainly LSM 10+ residents, and is the second-largest office node in South Africa,” said Cohen, adding that for some time the area had been growing at about 4% a year, while office space has increased by about 6% a year since 1993.

QPG noted that the development was strategically positioned opposite the Gautrain rapid-rail station, which would boost the development’s patronage.

Meanwhile, the group was also continuing to look for further expansions and acquisitions in South Africa and abroad and had appointed Grindrod Bank as corporate adviser for its capital-raising efforts.

The group was optimistic that it would be able to raise its targeted capital despite the tough economic conditions, said QPG CEO Gary Itzikowitz.

“Investor appetite for QPG’s shares was reflected in the immediate over-subscription of our private offer just before listing in October 2008. While adverse economic conditions have since intensified, the QPG directors’ longstanding track records in property development and asset management continue to offer comfort with the proven ability to deliver returns even in difficult markets,” he stated.

Meanwhile, the group’s R1-billion 15 on Orange development remained on track to be completed by the middle of this year.

Edited by: Mariaan Webb

[Inertia]

From previous thread:

Originally Posted by Inertia

Originally Posted by Durbsboi

[Die Kapenaar]

Inertia,

Sandton Eye is already U/C?

It looks like WBHO is the contractor on this development.

It looks like the second photo is of the Barrow Properties development?

[Inertia]

Yes Sandton Eye is already on the 8th floor I believe.

The 2nd pic is also of Sandton eye, from Katherine Street (90 degree angle to the first). The 114 West site is in the foreground

[Die Kapenaar]

Originally Posted by Die Kapenaar

PROPERTY DEVELOPMENT[/I][/B]

Quantum seeks stake in R1,4bn Sandton Eye development

By: Creamer Media Reporter
6th April 2009
Updated 5 hours ago

South African property development company, the Quantum Property Group (QPG), was continuing its negotiations with the Savana Trust to acquire a 25% stake in the R1,4-billion Sandton Eye mixed-use property development, in which it could potentially invest R75-million.

Meanwhile, the group’s R1-billion 15 on Orange development remained on track to be completed by the middle of this year.

Edited by: Mariaan Webb

15 on Orange is in Cape Town. It looks like QPC is really make a good go on their project pipeline!

[Kwame]

Nice, when complete will it be the tallest in Sandton?

[The E.N.D]

Standing at 34 floors,I believe that the Michelangelo Towers is the tallest building in Sandton.

[Die Kapenaar]

Originally Posted by The E.N.D

Standing at 34 floors,I believe that the Michelangelo Towers is the tallest building in Sandton.

There was another tower called The Sears on Maude that was to be 38 floors but it was cancelled last year.

[Lydon]

Talk about a lot of Raddissons!

[annman]

It actually looks similar architecturally to the new Radisson already built. But, hey, any decent height is good, but would've liked a more creative design and not a copy... unless, it is right next door and actually complements the current one, then the twin tower thing could actually maybe look pretty cool!

[Durbsboi]

Originally Posted by Lydon

Talk about a lot of Raddissons!

seems they like Sandton, funny enough the guy thats incharge of all Telecoms, TV for them came to see me now. His been so busy, and was telling me about the Radisson in PE, But in general they are pushing like mad in SA, he said he has the plans for for the Umhlanga one with him at his offices.

[Pule]

squeeze his arm DB, we need more info.

[Durbsboi]

lol, this guy is best bud's with Sol Kerzner, he had to turn down the One & Only, and he was in Germany with GMP last week regarding the sound system for MM so he couldnt attend the party in Cape Town, his wife went and had a blast as usual...

[Inertia]

Originally Posted by annman

It actually looks similar architecturally to the new Radisson already built. But, hey, any decent height is good, but would've liked a more creative design and not a copy... unless, it is right next door and actually complements the current one, then the twin tower thing could actually maybe look pretty cool!

The design isn't groundbreaking but it's attractive enough, IMO. Atleast it's not stubby like the other Radisson - which btw is my favourite building in Sandton.

[dysan1]

your favourite in Sandton? really??

[Lydon]

I'm not much of a fan of the design, but density is density.

[Inertia]

Originally Posted by dysan1

your favourite in Sandton? really??

Yep. Have you ever seen it in person? It is very aesthetic and the concrete tones with clean lines work well IMO. 10 floors higher and it would of been a killer

[Die Kapenaar]

QUANTUM PROPERTY GROUP SETS ITS EYE ON SANDTON
DEVELOPMENT

Furthering its strategy to accumulate a quality investment-grade portfolio, AltXlisted Quantum Property Group (“QPG”) has announced a potential R75 million investment in the prestigious Sandton Eye development. QPG will acquire a 25% stake in the mixed-use project located in the epicentre of the Sandton business hub.

The group will also be appointed development manager responsible for construction, leveraging its directors’ extensive development experience with more than R4 billion of landmark projects under their belt.

Executive Chairman Chaim Cohen says the Sandton Eye, which is estimated to be worth almost R1,4 billion on completion, is a logical progression in the QPG portfolio. “Sandton Eye is of the same exclusive genre and quality standard as the group’s first project – 15 on Orange in Cape Town.” Similarly to 15 on Orange, the Sandton development includes 5 000 m2 of prime boutique retail, 20 000m2 of offices, a 200-roomed 5-star Radisson Blu hotel and 12 luxury penthouse suites.

“Sandton represents one of the highest socio-economic profiles in the country with mainly LSM 10+ residents, and is the second largest office node in South Africa,” says Cohen, adding that for some time the area has been growing at roughly 4% annually while office space has increased around 6% a year since 1993. “The Sandton Eye is therefore ideally positioned to capitalise on affluent local residents and business-people, Gautrain and bus commuters and tourists.”

The development is strategically positioned opposite the Gautrain Station which is expected to see about 12 000 commuters an hour. “Our patronage will be further boosted by the rapid bus transit system – BRT – the main station being situated at the entrance to Sandton Eye.” In light of this Cohen is confident of strong interest in the commercial and retail aspects of the development.

The Sandton Eye transaction remains subject to a number of conditions precedent.

At the same time the group is also pursuing further expansion both locally and abroad.

Grindrod Bank has recently been appointed as corporate advisors in respect of capital raising to fund acquisitions. CEO Gary Itzikowitz says QPG is optimistic about raising the targeted capital despite tough economic conditions. He adds that Grindrod Bank’s optimism about a successful capital raising further underpins his confidence.

Itzikowitz says: “Investor appetite for QPG’s shares was reflected in the immediate over-subscription of our private offer just before listing in October 2008. While adverse economic conditions have since intensified, the QPG directors’ longstanding track records in property development and asset management continue to offer comfort with the proven ability to deliver returns even in difficult markets.”

The group’s 15 on Orange development is on schedule with funding still firmly secure despite the credit crisis. 15 on Orange will be valued at almost R1 billion on completion in June/July 2009. QPG is set to derive ongoing income from the leasing and operation of the 15 on Orange Hotel, the latter together with African Pride (the premier 5-star brand in the Protea Hotel Group’s stable), and from the parking bays and retail tenant rentals.

Cohen says: “We have a three-pronged strategy encompassing property
developments but extending also to investments and trading. This will build a quality, sustainable portfolio with diversified revenue streams.” He adds that further acquisitions and opportunities being considered by QPG are therefore intended to generate a mix of development and investment income for the group.

QPG’s board was recently bolstered by the appointment of Johann Opperman in February 2009. Leaving his former position as a Director of Standard Bank’s Property Finance Division, and with over 20 years’ experience, Opperman is expected to contribute strongly to QPG’s growth prospects. “His treasury experience, capital raising expertise, proven deal-making capability, financial markets knowledge and comprehensive network will play a large role in realising future growth initiatives,” concludes Cohen.

QPG shares closed Friday at R1,95.

Ends.
_______________________________________________________________
Issued by: Envisage Communications
Nicole Katz/Michèle Mackey
(011) 325 5944/082 497 9827
On behalf of: Quantum Property Group
Chaim Cohen, Executive Chairman
AND
Gary Itzikowitz, CEO
(011) 884 7342/ 082 444 9950
www.quantumprops.co.za

Issue date: 6 April 2009

[MedicalConstructer]

Will this be another Radisson Blu like the one above BMW at Sandton Ilse, or a Radisson Park Inn hotel?

ie. will they both be the exact same? or just the same hotel group..

[Inertia]

Originally Posted by MedicalConstructer

Will this be another Radisson Blu like the one above BMW at Sandton Ilse, or a Radisson Park Inn hotel?

ie. will they both be the exact same? or just the same hotel group..

Similar, not the same.