Cape Town’s latest property group takes off

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Adding to this positive drive is Flyt Property Investment, Cape Town’s newest property development brand which was announced on 2 September 2019.

The brand originates out of an alliance between Proventus Property’s Zane De Decker and private equity investors who have valued and supported his work in the past. Speaking in Cape Town this week, De Decker confirmed their strategy of finding only meaningful opportunities that challenge the status quo. De Decker, who has made a name for himself as somewhat of a pace-setter, emphasises: “It’s important for us to achieve returns in every sense. Not only do we want to achieve attractive financial yields, but it is also essential that we uplift local businesses, improve the built environment and facilitate positive progress in the areas we work in.”

The Flyt partnership is focused on the Cape Town area, spanning residential, hospitality, industrial and commercial projects, and already have a number of successful developments notched on their belts. Their newest development, Eaton Square, situated in Diep River, consists of 66 sectional title apartments. The ‘brownfield’ development (previous development that is not currently in use) is proof of their alternative co-living model that incorporates a fully-managed ‘plug and play’ concept targeted at the younger generation. Due to launch in early 2020, Wink Apartments, a Foreshore development consisting of 30 residential units and 130sqm of retail space, will include an allotted portion of rooms available to the Airbnb-type hospitality rental market.

Pipeline developments and projects include a property in Rosebank and a mixed-use development in Buitengracht Street, Cape Town. The group has indicated that they will soon be launching a Section12J property fund aimed at interested investors.

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WHAT IS SECTION 12

Section 12J of the Income Tax Act – the most efficient tax saving tool, provided by SARS and government that allows you to hold on to your tax cash while investing it wisely.

The section specifically aims to help the growth of small and medium sized businesses by increasing their access to equity finance. To attract investors into this typically under-funded sector, which is imperative for driving economic growth, SARS has written Section 12J into the Tax Act, which offers taxpayers a 100% tax deduction in the year of investment if they invest in SMMEs by way of subscription of shares in a Section 12J Venture Capital Company.

Flyt’s Section 12J compliant property developments give investors the full 12J tax deduction, allowing them to put this saving/refund towards their property purchase. This means that SARS will effectively fund up to 45% of the purchase price of the property.

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