Cemeteries may be the next big thing in real estate
A private buyer pays R5m for 8.5ha, earmarked for a cemetery; expert says government cemeteries are not well-maintained, so burial is going private
While some investors purchase vacant land to develop houses or office spaces‚ on Thursday a private buyer bought land for almost R5m to home the remains of the dead.The 8.5ha of land‚ earmarked for a cemetery‚ is in Winterveld near Soshanguve‚ Pretoria. It is expected to cater for at least 12‚500 graves.The buyer and seller are remaining anonymous‚ for now. The area has been approved for zoning and site plans by the City of Tshwane and was auctioned at The High St Auction Company in Hyde Park on Thursday afternoon.According to lead auctioneer‚ Joff van Reenen‚ this auction was a first of its kind in SA. Bidding started at R3m‚ with the land selling for R4.8m.Could this be regarded a profitable sale? "Well‚ how do you place value on a cemetery?" Van Reenen chuckled. "But the sellers were very happy with the sale. We received more than 50 inquiries from as far as Durban and Cape Town, and people are saying this is a lucrative business and a good investment."It seems more and more Sout...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.