Property Stokvel in South Africa buys land

Property_Stokvel

After only launching in May last year with a membership of 30 potential investors, the Rustenburg Property Investment Stokvel has grown to 90 members and has already purchased a 5.8ha piece of land worth R5m that is ready to be serviced.

The property stokvel is the brainchild of investment pundit Lebo Ratema, who brought most of her clients – people that she knew – under one roof to get their buy-in to start investing in property.

As an investor I have the information and the data. I then talked around most of my friends and people that I knew were interested to put our heads together and create wealth, explains Ratema.

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“Many of my clients had been declined by the banks. Some had made mistakes and had been taken advantage of because of their lack of knowledge and know-how to get into the property investment business.”

Ratema is ecstatic with the progress made as Rustenburg Property Investment Stokvel has grown from 30 to 90 members in less than a year.

Each member holds 100 shares sold to them.

Every member has a choice of three investment options. The first option is over three years, the second over four and the last over five years. If you opt to invest over a three-year period you contribute R5,500 monthly, over four years R4,125 and over five years R3,300.

“We have different voluntary contribution and payment plans to suit every member to be able to purchase shares.

“This is not a one-man initiative. I must emphasise that we have a 10-member-strong committee in charge of running the whole project. All of them have signing powers.”

Ratema said the land they are ready to develop is where they are based, in Rustenburg, but the whole project of servicing the land costs R19m, before the actual building of the housing units.

“The rezoning of the land will be completed within a year as we are now busy with proclamations and servicing the land.

“The development of infrastructure like roads, electricity and water must be factored in.”

Ratema and other stokvel members have been liaising with property experts and property management companies who will help manage the properties.

She said the stokvel is open to everyone who aspires to invest in property.

Ratema warned that the project was not a get-rich-quick scheme but a long-term investment. She said members would start getting dividends from their investment once the first house is sold and would share the profit, depending on the number of shares a member has bought.

“Once the last house has been sold and every member has been given their share dividend, we will dissolve the investment stokvel and start all over again.”

Author – Xolile Mtshazo

Original source – Sowetan World

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