MOST banks still won’t finance large-scale residential developments, notably golf estates — many of which went belly-up in the aftermath of the 2009/2010 housing crash.However, cash-flush developers are starting to re-enter the golf estate market by buying half-completed or distressed developments at deep discounts to peak prices.Gauteng-based Century Property Developments, which sat quietly on the sidelines during the 2006/2008 heydays, was the first to cash in on bargain buying opportunities in the golf estate market.The developer bought a number of struggling golf estates in 2012/2013, including the Ernie Els-designed Highland Gate Golf & Trout Estate in Dullstroom, Le Grand in George and The Hills in Pretoria.Earlier this month, the Cape Winelands golf estate Pearl Valley was acquired by a consortium of investors. They include the developer of neighbouring polo estate Val de Vie, Martin Venter, the chairman of hotel brand Mantis Collection, Adrian Gardiner, Melrose Arch develope...
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