Residential Estate Industry Journal 4 - Page 39

GOVERNANCE who wouldn’t want to look at a golf structured, promoted clearly and honestly gardens, security fences, etc., and reinforce course from their lounge windows?) and then managed realistically, the most the premise that the value in any property in this phenomenon, such as likely outcome will be one in which the investment is inextricably linked to the the need for secure suburban golf course, due to a lack of provision for maintenance and wellbeing of ALL the fortresses in South Africa. Whatever adequate funding, will become a significant facilities that the estate offers, and not these may have been, the net liability in the overall context of an estate’s result was that the majority of financial activities. just the ones that individual homeowners choose to use personally. Jeff Gilmour comments: “Even if it has Jeff comments further: “This issue, it golf estate residents and property owners were non-golfers. already been fully integrated into the estate, must be said, is not limited to the golf course, but would also need to be applied Fortunately, lessons have been unless the golf course can be managed learned from these miscalculations, effectively to at least a breakeven point as and expectations rethought to a the first-phase goal, it will continue to be point where some of the much a bone of contention among homeowners newer and larger mixed-use estates (especially the non-golfers) and a recurring – Steyn City north of Johannesburg and unwanted item for discussion under would be an excellent example of ‘general’ at every AGM”. in any budget.” As Jeff says, the golf course must be seen So much for the background factors, but these – are forecasting that as few as ten percent of their residents will become golf members, and the golf revenue expectations from residents’ activities have also been revised accordingly. 26&RBFVw&VVVBbFP6WFRf6ƗGBW7BB&RvV@F&R6V&VBfb26W&FRVFGFFW"V7W&Rf6ƗFW2FB֖vB&PFWfVVB2'BbFRW7FFRvWfW"GVRFFR6VW"6RbG2fG&BFP6W'6^( 26&R2W&6VFvRbFPfW&FV6R67G2v7FBW@rW7FFW2&Rf6VBvFFRF6bV6rFR&v7G'V7GW&R@&VFVw&FrFR6W'6R&6FFRFФGFW"rvFfRF2&6W72FFf66&RbFRW7FFRF26vRF涖r'&w2FFRf&R֖vB&RBv&RVƖVǒF6vRFRFR&VVVBf"VG&W&VWW&BgVFVFFW'&VF6&WGvVVFRF2&VFVw&F6&RFf6fRW&@fFfR&6FvrFRvbvb6W'6RBFRW7FFRG6Vbf6ƗGGW7G'vW&RvVV@62WFF2BfR&VVVFPGW&ǒ&vVǒ7W7FFvbB6V WfVr&RFWfW"VVG2F&P6VV2&V'W6W72Rv6f"BfF&RV6W&vVB@6WVBvFFR&WV6FR7W7FF62g&FRWG6WBvFFR6RbFFWfVVG2FRW6Rb7&VFfPvbV&W'6F2FRf&`FV&VGW&W2fVFW"6FVv&W26&W2WF2vW&RƗGFR&RF66WF2w&rv66VBFR&VFv7G&VVVG2BFVV&VFFVB7VGW&Rv6FRWvW"W7FFW2vW&Rvb6W'6PWW&VFF2V6W&vVBBvW&R2'BbFR( 6v^( fRV&@FR&VfV"6VBB&RFRfW&Rg&FW6R&WFrB&W6VFFb'F7V""FFfR'WB&FW"W'&'27FW6G6VW2vb2ǒPFR66WVV6W2bB&VrvƖrFbFRƖfW7GRfVGW&W2BffW'2G0G'6WFrWr&W6FVG2bv6W7B&R7W'FV@6VG6V6R'WBB2W76VF'&FvRFBW7B&R7&76VBf"FPfW&rFW&&VVfBbFRW7FFRF6RV&&rF2&6W726V@G&r6f'Bg&FR6WfVVG2F@V6vB2FRFFFRF0G&6&6W72F2G&6F&6W726W2@W76VFF&Wf6RFRvVV@&6FV7GW&RB7G&VƖR&6W76W262F&R&RVff6VBB&R&RFVffV7FfVǒWF6R7FfFW2&VBFP6W'6Rख&W76RFF2VVB$22FWfVV@'WfW'VvW"67VF7'FW'6vFFR'W6W70&VF6&WGvVVFRFWfVW"BFRFRf7BFBFRvb6W'6R2&W6VFVBvbf6ƗGVVG2F&RvVB6&VgVǒ2FVw&'BbFRf6ƗFW2g&$>( 2V&W"vbW7FFW>( &&G2g&FRWG6WBFRWG6WBvfW2FR&7V7FfR'WW" vRrVFW'7FB6V&ǒFBFPF2W7B6VFR6WFVǒ&V7FfPBF776FRfWrbFRFv7G&V7B&W'G6W26RVVG2bFPvbf6ƗG&V6W6RbBFW2BB6GW&WBF&R&V6Rf"gWGW&RF67FW"WVǒFRfW7F'2"'WW'2W7B6VPFRvb6W'6R2W76VF'BbFV fW7F"6V"VFW'7FFrbFV &W76&ƗG6VGFW&2&FFbvbFR6W'f6Rv&fFR7W'BFW7FFRBvbvVVBFV2@FRFWfVVBb&VFF6W'6Pf"&&BV&W'2FVFVЧFVFW'7FB&FFRWrBFFЦBBFW"f6ƗFW2FB֖vB&RF6VvW2&Vrf6VB'FV"v`'BbFR6vRGW&Rf6ƗFW2VVBvVVB7FfbFVffV7B&WG&7V7FfR7FFFG&W70F26R77VRrFRFVRbFF66PvW'6'WfW'VvW &W'G( 2fW7FVBfVRvWFW"FWF2&6vV7W&RFBFRv`&RvfW'2"B7F'6V&ǒ6w26W'6R26V7W&Vǒ6&VBBFR6&PFBvW&RFR&VF62B6&VgVǒbFRFWfVVBrvFFR&G2tR3p