Nedbank axes R1.6bn development
Some of SA’s richest business executives and families have been refunded between R3-million and R25-million for apartments they bought in one of Johannesburg’s priciest residential developments.
Billed as Sandton’s most sought- after address, apartments at La Residence in Sandton were priced at R40000/m² — off plan.
But banking group Nedbank yesterday confirmed that plans for the R1.6-billion project had been shelved.
Reynolds said this week that recent changes in the residential property market since the launch of the development, with prices falling, had required the financial institution rethink.