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Discussion Starter · #1 · (Edited)
NAME: The Mast
LOCATION: Durban Point
STATUS: Approved
FLOORS: 40F
HEIGHT: 153m
USE: Mixed Use (Residential and Retail)

173 Apartments, 50% sold

Situated directly next to San Raphael

Construction planned to begin in March/April 2006

This project has been in the planning stages for 10 years, while waiting to aquire all the land parcels needed.

Is expensive at R32 000/m2. Bachelor apartment 40m2, R600k...top penthouse R12m














Interior















Project Framework - The Co-Developer Concept

One of the initiators of the Co-Developer concept is Executive Chairman of the Private Property Group of companies, Justin Clarke. Private Property was established in 1999 and challenged the way that residential property was marketed and sold in South Africa and has become the leader in digital marketing on the continent. The Private Property website is the busiest property website in South Africa, according to statistics monitored and released by the Online Publishers association, and Private Property together with their Estate Agency Division, Agent Direct Services (Pty) Ltd, has the biggest permission-based database of buyers nationally. They currently have 126 000 active buyers and investors who have supplied details of their preferred property preferences.

The message from this very large sample of buyers is clear:
There is still a significant investor pool BUT they are now very selective.
They are looking for “REAL VALUE”
They are looking at areas where there is a strong likelihood that the market will move faster than the predicted average house price increase predicted till 2010 of 10% compounding.
There is currently strong interest from overseas buyers especially in KZN seaside apartments.
There is still strong interest in seaside properties below R1 500 000 from Gauteng Buyers.
Many investors are not risk adverse; they are prepared to take a risk if there is a real value proposition.
There are also many small Developers and speculative builders who are familiar with the risk associated with property development and have the resources to make such an investment. The benefit of the scheme provides these co-developers with potential returns on capital employed of as much as 300% over the 3 year period.



Project Framework - The process

The project has gone through an intensive planning process which started in mid 1994. A group of investors including many of the professional team have acquired and taken transfer of 3 of the four sites and the fourth site is secured to transfer early in 2006.

The professional team has worked at risk over the last year to produce a final product, with each apartment clearly designed and numbered. An experienced team has been assembled to ensure DELIVERY of the finished product. The structural engineers headed up by Dr Harry May have been involved in designing more than 150 high-rise buildings, many of which are located in Durban.

It was established early on in the process that the risks had to be contained and costs would be a critical to the success of the share block methodology.

Two separate firms of Quantity surveyors have been negotiating with KZN’s biggest contractor Ross Construction, to accurately cost the project and all have agreed on a final number. Ross construction also is building the neighbouring tower block on the point “The Spinnaker” and we have benefited from their experience on that project. Ross has already ordered equipment from abroad capable of moving material at the heights planned and some innovative new process will be adopted.

The level of planning and preparation is more advanced than the conventional scheme and more in line with the process followed by institutional developers.

Co-developers and investors interested in participating in the scheme will be asked to sign a letter of intent available on the this website.

Upon full subscription (100% sales) the share sale agreements will be presented and funds released to exercise the option to purchase the land, and to begin the construction phase. the balance of the project finance will be provided by a financial institution as bridging finance until completion of the construction phase and opening of the sectional register.

We envisage construction beginning in March 2006.



The Team


One of the initiators of the Co-Developer concept is Executive Chairman of the Private Property Group of companies, Justin Clarke. Private Property was established in 1999 and challenged the way that residential property was marketed and sold in South Africa and has become the leader in digital marketing on the continent. The Private Property website is the busiest property website in South Africa, according to statistics monitored and released by the Online Publishers association, and Private Property together with their Estate Agency Division, Agent Direct Services (Pty) Ltd, has the biggest permission-based database of buyers nationally. They currently have 126 000 active buyers and investors who have supplied details of their preferred property preferences.

The Professional Team

(Please note: Members of the professional team will be formally appointed when the Share Block company is established and 100% subscribed)

Architect:
CTA has over 10 years experience and has the resources to handle a building of this size. Though it is their first high-rise, they have relied on MHA’s experience in terms of the structural essence of the design. CTA has achieved approval from the DPDC design review panel and most of the local authority internal departments (in particular fire and traffic are mentioned, since they often hinder high-rise design approval).

Structural Engineers:
May Houseman Associates
Arguably the most experienced high rise consultants in Durban. Dr Harry May has engineered a large portion of the high-rises in Durban and is currently the consultant on the nearby high-rise named 'Spinnaker'. Since high-rise buildings are primarily an engineering exercise, we believe that MHA’s current and previous experience makes them the ideal for the job.

Electrical / Mechanical / Fire Engineers:
WSP are widely known for their experience in all spheres of building types. They are an international firm and bring resources and experience to the table.

Quantity Surveyors:
This is a Joint venture between Van Rensburg Schulze & Partners of Ballito and VJV Consultants of Umhlanga Rocks. Both practices have more than 20 years experience.

Project Manager:
Peter Riddell – previous Managing Director of Group 5, has experience with various high-rise buildings including 110m Old Mutual Towers, which was built by Group 5 during his period as Managing Director.

Contractor:
JT Ross is a 3rd generation construction company. Their experience is well known and of particular relevance is that they are currently undertaking the nearby high-rise 'Spinnaker'. Hence, their knowledge of the current issues relating to high-rises in the area makes them an ideal company to have negotiated with.

Town Planner:
Karen Peterson.

Land Surveyors:
Button and O’Connor – Mark Turnbill.
 

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Discussion Starter · #2 · (Edited)
AWESOME, such height...i do wish that it gets a bit of a design tweak tho to soften the edges. Dont worry about the massive white side on the right of the render, that part is against San Raphael so wont be seen.
 

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Discussion Starter · #3 ·
initially was 32F + 110m with 154 apartments. However now at 40F + 173 apartments, i take it will be +/- 140m
 

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I really love the top floors of the building, but I don't really like the base. I think it would have been to have kept a cylindrical shape the whole down the building, similar to Ponte. But the height is a big plus.. the Point will soon look fantastic! Infact the whole Durban beachfront will.
 

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40 floors? wonderful news. That would make it Cape Town's tallest... lol
 

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i am so happy i am almost getting a woodie.
This is insane and well spotted mike. Now we need a height and Ill ammend emporis with tihs going from propsed to approved.
is it fronting onto Point rd ?
 

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East Coast Massiv
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Awesome stuff for Durbs! I love these new double volume apartments with lots of glass! its just wat u need when u living near the sea. It does need a few minor design reviews but it doesnt look that bad, I can understand the squarish base, most of the "bachelor pads" will be there, they can squeeze in alot of rooms there, while in the tower the bigger apartments will be situated there.
 

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South Straddie QLD
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from what I can see the tower will face both the harbour and the sea (over some devlopments?) what is on the sea side of the tower?
 

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OMIGOD, I almost peeed in my pants when I saw this thread!

The design is not as stunning as San Raphael but I LOVE the height. Will make an impressive skyline with San Raphael, Spinnaker, and Mont Blanc not too far from here. Yummilicious! I do hope, though, that the design undergoes some modification. Would have been great if the whole thing was in glass and steel.

By the way, how did such a big project stay secret for so long when 50% is already sold? Or am missing something here??

Now we need some positive news on the proposed 40 floor building on the Vic embankment...
 

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South Straddie QLD
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yeah how come 50% is sold and we have never seen an advert or mention of it?
 

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Discussion Starter · #12 ·
The developer is the owner of Private Property. Through his vast network of connections sales were made without ever needing to go public.

The tower is exactly like San Raphael next door, in that it opens on both Point road, and the small road next to ushaka's present parking lot. This parking lot is not to be redeveloped just yet. (the neighbouring one is becoming Shaka's Gate in front the Spinnaker). This parking will be released for development in 2008 once Shaka's Gate (and its parkade) and the shopping complex (and its parkade) are complete.

The harbour and city views (like spinnakers and san raphaels) will be unimpeded. The lower floors may lose some sea views when the parking lot is released, but it has a max height of 15F, so wont really affect the building at all.

The hotel resorts on the beach are further along and will in no way affect these developments view of the coastline northwards.
 

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Discussion Starter · #13 ·
also they told me that the last remaining high rise site next to the Spinnaker is in the final phases of launch and will be the tallest of all 3!!! YAY!!!
 

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last site? I was told by the developers of SR that there were 12 High rise sites with SR being the last one along Point Rd.
If you tale SR, spinaker, Chakas gate, skyhomes and the mast ( all high rise with 12f plus) then we are 7 short.
maybe when theis new biggie is anounced we may hear some more.
whats the feeling on this new tower-44F and 160m? or are we gonna be really bold and predict Durbans first 50F tower?
 

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Discussion Starter · #16 ·
ooh 50F would be amazing!! Dont for get that the tower i spoke about last year by a top international architect hasnt been released....

The prob with the other high rise sites, is that they are presently owned by many individuals. the small land parcels need to be bought by one group to make sites that can be developed. i wont be surprised if we hear of 3 or 4 more this year!!
 
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