Award-winning Pinnacle Point Beach and Golf Estate has experienced record property sales in the last year and a multi-million Rand development project currently underway is set to further enhance the lifestyle experience at the Garden Route estate. Under the management of the Homeowners Association (HOA) since the liquidation of the original developers, Pinnacle Point Resorts PTY (Ltd), in 2011, Pinnacle Point Beach and Golf Estate is not only on point financially but prospering!
Homeowners versus Developers
Public confusion about the financial well-being of Pinnacle Point arose when the Garden Route estate, Pinnacle Point Beach and Golf Estate, was incorrectly perceived to be one and the same as the original developer and separate entity, Pinnacle Point Resorts PTY (Ltd), which was declared insolvent in 2011. “Pinnacle Point Beach and Golf Estate has not faced liquidation and the financial affairs of the estate, under the management of the Homeowners Association (HOA), have never been better,” confirms Carl van der Linde, General Manager at Pinnacle Point Beach and Golf Estate.
Since inception, the Homeowners Association (HOA) has managed its own affairs on the estate and in September 2011, the HOA took over management of the estate’s facilities, including the golf course and clubhouse. In June 2014, ownership of these facilities was also transferred to the HOA.
The listed Pinnacle Point Group was declared insolvent by the Cape High Court in November 2011, with shareholders of the listed entity, and its subsidiary company and estate developer, Pinnacle Point Resorts, suffering financial losses. “The decision to liquidate the original developers (Pinnacle Point Resorts PTY (Ltd)) did not compromise individual property ownership at Pinnacle Point Beach and Golf Estate and by this time, the HOA was already managing the estate’s facilities,” explains van der Linde. At the time of the liquidation, 95% of properties on the estate belonged to private owners, with only 5% – representing 46 unsold erven – affected by the liquidation, the sale of which became the responsibility of the appointed liquidator.
The liquidators of Pinnacle Point Resorts declared December 2014 as the end of the development period. “By doing this, the liquidators officially withdrew from the estate and no longer held the developer voting rights on the board,” explains van der Linde. The homeowners are now able to nominate and vote for their own board members to wholly manage the affairs of their estate.
Property investment on the rise
Property sales at Pinnacle Point Beach and Golf Estate have been “incredible” in the last 20 months, according to one resident estate agent and van der Linde notes steady growth in the construction of new houses over the past three years. There are currently 16 homes under construction on the estate, with plans for another eight homes recently approved.
“There has been a dramatic upturn in enquiries and sales at Pinnacle Point Beach and Golf Estate, and in the 16 months since March 2014, Pam Golding Properties has sold a total of 56 properties comprising 29 stands, 10 lodges, eight homes and nine villas,” comments Keith Murray, Pam Golding Properties’ Area Principal in Mossel Bay. The vacant stands, which range from 450 to 1500sqm in size, fetched prices between R300 000 and R1.9 million, and houses from R3.2 million to R13 million.
In line with its slogan, ‘Live the Lifestyle,’ Pinnacle Point Beach and Golf Estate has embarked on a multi-million Rand development project in August 2015, headed by Arté Architects and Construction. Set to be completed by September 2016, the new developments include an extension to the clubhouse, a restaurant upgrade, the construction of a kiddies’ entertainment centre, wellness centre, golf cart barn, function venue, beauty salon, and heated indoor swimming pool.
Besides the championship golf course, which won the Compleat Golfer 5-star Golf Experience Award, the estate boasts a 100-hectare nature reserve and the Pinnacle Point Caves, a Provincial Heritage Site. The caves, which hold the earliest record of modern human behaviour in the world, have also been placed on the tentative list to be declared a UNESCO World Heritage Site.
Last year, Pinnacle Point Beach and Golf Estate won the 2014/2015 International Property Awards for Best Golf Development in Africa, a global symbol of property excellence. The estate was also highly commended in the residential category of this prestigious award.
“Set in a pristine location on the Garden Route, boasting world-class golfing facilities and surrounded by beach, fynbos and rich history, Pinnacle Point Beach and Golf Estate really does provide residents and holidaymakers with a unique lifestyle experience,” says van der Linde. “It is an investment opportunity not to be missed!”