World's rich eye properties in Winelands

THE Ruperts, Sexwales and Appelbaums are getting new neighbours as a growing number of the world's rich snap up properties in the Cape Winelands.

The area, which includes Stellenbosch, Paarl, Franschhoek, Somerset West, Tulbagh and Villiersdorp, has for years been the exclusive retreat of South Africa's big-money families.

But it is increasingly catching the eye of the overseas rich seeking an additional home or simply an investment property.

An international report by Candy & Candy, Savills World Research and Deutsche Asset & Wealth Management identifies the top 20 enclaves where the superrich are buying.

Although the Winelands did not make the list - topped by the French Riviera - the report highlights the region as an emerging attraction in Africa.

Indian businessman Analjit Singh recently splurged on three farms in Franschhoek and acquired shares in Riebeek Kasteel's Platter award-winning Mullineux Family Wines.

Nitin Thakur, a spokesman for Singh, said the properties would be developed for hospitality and wine tourism.

"Singh's visits to South Africa in the past few years led to him falling in love with the country and eventually to also realising the business potential of its wine industry. He believes that the country's wines are among the best in the world," said Thakur in an e-mail from India this week.

Some of South Africa's richest individuals, such as Tokyo Sexwale, Wendy Appelbaum, Gary Player and Johann Rupert, have always known this.

Paul Tostevin of Savills Residential Research said South African buyers still dominated in the Winelands.

"International buyers are still relatively small by number, but of those that are active, Europeans are the largest purchaser group - notably Northern Europeans, who use homes here as a retreat during northern hemisphere winters," he said.

He said the Winelands recorded its first Chinese investment recently, which may pave the way for future Chinese investment. Perfect China bought a stake in Paarl's Val de Vie in July.

Pam Golding Properties chief executive Andrew Golding cited the Candy & Candy report in his annual roundup last week.

"The Cape Winelands is emerging as a luxury second-home destination, thus joining the likes of the Côte d'Azur, Costa Esmerelda in Italy, Aspen in the US, Monaco, the Maldives, Palm Beach in the US and Venice in Italy," he said.

Among the agency's high-end Winelands sales in the past year was a R21-million farm in Villiersdorp and two guesthouses sold to foreign investors.

He said more than 45 countries were represented by the agency's international buyers.

Louise Varga, Pam Golding's director for the Boland and Overberg region, said buyers from Germany and the UK were common among those looking for a second home or seeking a wine-farming experience.

Seeff Winelands managing director Pierre Germishuys said 2441 sales worth R2.53-billion were recorded in the Winelands over the past year.

But he said the company had noticed a shift from the traditional UK or European buyers to more African and Eastern buyers. "Seeff, for example, recently sold to an Egyptian buyer as well as to a buyer from Dubai."

These buyers were paying across the price spectrum, particularly between the R2-million and R10-million mark, whereas demand for properties above R20-million was "soft", said Germishuys.

Seeff currently has Morton Manor in Somerset West, the home of British author HV Morton, on its books for R30-million, and La Providence wine farm in Franschhoek is listed at R32.5-million.