November 5, 2007
By Lucille Davie
ONE of Joburg's icons, Ponte, is being revamped and will be reborn as an upmarket, trendy place for the upper-middle class.
Ponte is being marketed like never before – as chic furnished flats, to be called Ponte City, with the slogan, "Live your life".
And the upper-middle class is rushing in. About 300 people attended the first showday, last Sunday, 28 October, and put their money on the table. "It was quite manic on Sunday," says Setshwano Rametse, the director of Space Marketing and Investments, the company marketing the sale. "We got just over 80 percent sell on the day."
In an effort to sell the first 311 flats that have just come on the market, potential owners are being offered one of six different styles of finish - glam rock; future slick; Moroccan delight; global fusion; Zen-like; and old money.
Elegance in blue and grey in the Old Money apartment
Ponte, built in 1975 as a huge hollow cylinder, has always been a furnished rental block, with 470 flats. Soaring to 173 metres, or 54 floors, with the best views in town, it's integral to Joburg's skyline, more so at night with its flashing Vodacom advertisement bouncing off the top floors.
It has had a chequered history. It opened as one of the city's most desirable places to live, but by the late 1980s it had become a haven for criminals and drug lords. Such was its reputation that in 1998 a proposal - soon rejected - that it be turned into a prison, was aired. From 2001 its act was cleaned up and a new security system chased out the criminals.
But what the building really needed was a huge dose of renovation.
The developers, Nour Addine Ayyoub and David Selvan, want to return Ponte to its former glory as an iconic building, says Rametse. And buyers are paying big money to be part of that former glory – the developers, who won't disclose what they paid for the building, are putting R100-million into the revamp and are selling the flats for R400 000 to R938 000, or R12 000 a square metre.
In comparison, flats in The Refinery, a factory building in Milpark converted into spacious, trendy dwellings, are selling for about R6 000 a square metre.
Lifestyle categories
Rametse was responsible for coming up with the different lifestyle categories and décor. And for finding the furniture - going straight to manufacturers and ordering in bulk. It's been fun, she says, and it shows. From slick red and orange sofas and chairs, granite table tops and plasma-screen TVs, to floral wing-backed chairs set against grey and white walls, the designs are set to maximise sales, which they appear to have done.
Although compact and designed for uncluttered living, the bachelor, one-, two- and three-bedroomed flats are stylish, with wood-floor finishes and fashionable lighting, enhanced by that magnificent view.
Floors 11 to 34 are being renovated at the moment, says Rametse, and will be available for occupation in July next year. The 32nd floor was on show this week, demonstrating all six styles.
Doing things differently
Rametse says they are being sold furnished - including fridge, stove, washing machine or dishwasher, because the developers are "keen to do things differently".
Ayyoub and Selvan have revamped two buildings in Braamfontein, the Liberty and Manhatton, and sold each flat with furnishings. Ponte has traditionally been a furnished rental block. And, says Rametse, the developers want to make it easier for young people to get into the property market by not having to worry about furnishing their first places.
"You'd be amazed how many people are keen on it. It makes the sale more marketable and exciting," she enthuses.
The bachelor flats, at 29 square metres, are going for R410 000. The one-bedroomed flats are 38 square metres and are going for R528 000. The two-bedroomed are 52 square metres and cost R728 000. The three-bedroomed cost R938 000, for which you get 68 square metres.
Potential buyers this week were in two groups: 60 percent were investors who planned to rent their properties, and 40 percent who would buy to live in Ponte. Buyers have five days to pay the deposit - and there is a long waiting list of potential buyers, Rametse says.
Total make-over
The flats will get a total make-over. Entirely new bathrooms and kitchens have been installed, with new wooden floors and light fittings. In some cases walls have been demolished to turn three-bedroomed flats into two-bedroomed units with two bathrooms. The sliding chrome windows have been retained.
One floor was initially developed by the original architect, Rodney Grosskopff, to house assorted shops. But it never worked because the space was sub-divided too finely in an effort to recoup more rent, he says. Now the idea will be ramped up to go with the building's more stylish image.
The developers have approached Woolworths and Spar to take up space. There will be a restaurant, a coffee shop, a DVD shop, spa and gym, and a large entrance piazza. A children's playground plus a climbing wall will add to the package.
Neat and slick kitchen, with granite island doubling as table and cooker
"It will be a destination," Rametse says.
Ponte is just 15 minutes from the airport, will have a Bus Rapid Transit stop almost on its doorstep, and is not far from the Killarney Mall shopping centre. And, of course, for those working in the CBD it's almost within walking distance. Theatres like the Market and the Civic are within five kilometres.
"I am extremely happy – Ponte needs to breathe again," Grosskopff says.
Tenants and other plans
What have the building's new owners done about that perennial development problem - the present tenants, who can't just be thrown out? They have negotiated with landlords in the area to accommodate the tenants at the rentals they've been paying. They have been given up to four months to move, and 12 floors are now vacant. By the end of November seven more floors will be vacant.
The good news for the developers is that the city is planning to pump some R171-million into neighbouring Hillbrow, Berea and Yeoville. This will be used to revamp pavements, storm water drains and lighting, and put street furniture in place.
And, just before owners move in, abseilers will throw long ropes down the inside, and move slowly down, cleaning windows and removing decades of garbage that has been tossed down the middle of the building.
But the developers' greatest challenge may be to sell the penthouses, illuminated every night by that busy Vodacom advertisement.
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