Nedbank Kills R1.6 Billion Property Development

Thanks to reader TA for the link. This may be in Sandton but it's indicative of what's going to happen to developments that have not yet started, or even those that have. And also I would guess so much for the top end of the market being strong.

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.