the south african€¦ · the south african valuer october 2009, no.99 2 the south african 5...

NATIONAL EXECUTIVE OFFICE BEARERS 2008/2009PRESIDENT: Melanie Vallun

VICE PRESIDENT: Kit Carson

MANAGEMENT & FINANCE: Jerry Margolius

CONSTITUTION: Derrick Griffiths

LEGISLATION: Kit Carson

EDUCATION, BURSARIES, PRIZES:

Anton Swanepoel, Patrick Boonzaaier, Ken Jones

CONTINUED EDUCATION & TRAINING:

M Bakker

MARKETING & PUBLICATIONS: Janet Channing,

Mark Bakker

WEBSITE & DATABASE: Jenny Falck, Trevor

Richardson

PROFESSIONAL LIAISON: Janet Channing, Jerry

Margolius

VALUATION FOR RATING: Ben Espach

CONFERENCE & FUNCTION: Anton Swanepoel

STATUTORY COUNCIL LIAISON: Melanie Vallun

GENERAL SECRETARYMrs Celia van Staden

PO Box 28060, Malvern 4055

t: 086 100SAIV / 031 464 6932

f: 031 464 6933

e: [email protected]

www.saiv.org.za

BRANCHESSouthern

PO Box 18041, Wynberg 7824

t: 021 762 3313 f: 021 797 2235

Email: [email protected]

13 Piers Road, Wynberg 7800

Eastern Cape

PO Box 34758, Newton Park 6055

t: 041 396 1400 f: 086 683 7249


85 Cape Road, Mill Park

Port Elizabeth 6001

Central

PO Box 300, Bloemfontein 9300

t: 051 448 9431 f: 051 430 8815


22 Elizabeth Road, Bloemfontein 9300

Northern

PO Box 14331, Hatfield 0028

t: 012 342 9056 f: 012 342 7574


1019 Schoeman Street, Hatfield

Pretoria 0001

KwaZulu-Natal

PO Box 28060, Malvern 4055

t: 031 464 6932 f: 031 464 6933


13 TL Samuel Centre, 410 Main Road

THE SOUTH AFRICANINSTITUTE OF VALUERS

T R I B U T E T O M E L A N I E

The SAIV Centenary celebrations were a once in a lifetime event for any institution. Our president, Melanie Vallun, left nobody out when thanking those responsible for the seam-less, enjoyable experience for those who attended the vari-ous functions – all that is, bar one – Melanie herself.

We would therefore like to pay a tribute to Melanie here. Not only during the organisation of the centenary events, but for many years before that, and in particular during the past year of her presidency, she has worked tirelessly and with pas-sion to uphold the professionalism of the Institute and its members. She has focused on the passion and pride re-quired to deliver excellence in all spheres of the profession – education, the delivery of technically correct and ethical valuations and, in particular, the use of correct terminology. She has set the standard to take the Institute forward into the next 100 years, to uplift the valuers’ standing in the mod-ern South Africa. She moves with the times.

To quote Melanie: “Integrity in the valuation profession is key – without it we lose credibility. This is absolutely critical for the survival of our profession.”

The SAIV thanks Melanie for her dedication to the profession over many years, but espe-cially for her wholehearted contribution in this, the centenary year , and her assistance to all members of the centenary committee.

Melanie Vallun

“Sithanda ukuhalalisela iqembu le SAIV empumelelweni yalo ekuhlanganiseni um-cimbi oyingqophamlando, noyisikhumbuzo sokuqanjwa kohlelo (SAIV) olwenziwe yilenhlangano ngomhla ka 13 nangomhla ka 14 enyangeni ka Ncwaba 2009 eKAPA.Sithi Halala, Siyanibongela…….Umsebenzi usaba izandla!!!!!”Special thanks and congratulations to the SAIV Centenary Committee on their successful achievement in putting together the most eventful and an historic Celebrations and Confer-ence of the SAIV that was held on 13 and 14 August 2009 in Cape Town.Halala boys and girls!

Isaac Lehobye

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Graag wil ek jou en die Instituut bedank vir die geleentheid om julle gas te kon gewees het by die 100 jarige feesvieringe, ek waardeer dit opreg. Ek dink die seminaar en die ver-rigtinge het baie goed afgeloop en dat die Instituut trots kan wees op dit wat aangebied is. Ek is trots om 'n genoot van die Instituut te wees.

Ek dink die Instituut kan nog 'n honderd jaar bestaan. Daar is nog baie werk wat vir die professie gedoen moet word; nuwe uitdagings waarvoor die Instituut gerat moet wees. Ek is seker dat onder jou leiding en die van die uitvoerende bestuur en die onderskeie takbes-ture dat die Instituut die uitdagings suksesvol sal kan hanteer en die waarderingsberoep 'n uitverkore beroep sal maak.Groete, George Nel

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VA LU E ROCTOBER 2009, NO.99

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Property Finance.It’s through our experience in the field of Property Finance that Standard Bank has built the expertise to help you turn

your vision into a reality. www.standardbank.co.zaMoving Forward

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OCTOBER 2009, NO.99VA LU E R

SA Valuer Editorial Panel:

Lientjie Ackerman (Chair)

012 348 4593 / 082 371 0908

Jenny Falck (Southern Branch)

021 423 6400 / 083 270 4587

Kit Carson (Central Branch)

051 448 0749 / 082 821 1214

Mark Bakker (Eastern Cape Branch)

041 363 4422 / 083 227 3496

Janet Channing (KwaZulu-Natal

Branch)

033 343 3903 / 082 570 5834

Henré Hablutzel (Southern Branch)

021 762 3313 / 083 675 7008

Editor:

Patricia Leitich

[email protected]

Advertising and marketing:

Tony Korsten

[email protected]

Design:

Lilian Smit

[email protected]

Publisher:

Patricia Leitich BA LLB

[email protected]

Publishers:

Pangram Publishing (Pty) Ltd

PO Box 48219

Roosevelt Park 2129

tel: 011 442 2260 or 011 442 1869

fax: 011 442 1852

Printers and mailing house:Remata iNathi Communications

and Printers (Pty) Ltd

The editorial panel welcomes contri-

butions (by way of letters or articles)

that are appropriate and that ad-

dress an issue that is topical or of

strategic concern to the sector as

a whole. These should be submit-

ted to the editor at patricia@pan-

gram.co.za for possible publication.

Please, use the SA Valuer as your

platform to promote dialogue be-

tween SAIV members.

The information and data presented

in the SA Valuer are recorded in

good faith, using sources believed

to be reliable.

The views and opinions expressed

in the SA Valuer are not necessarily

those of the SAIV, notwithstanding

the fact the SA Valuer is the official

publication of the SAIV. Neither are

they representative of the opinions

of the publisher or the editor. Copy-

right applies to all material contained

in this issue and reproduction in

whatever form is not permitted

without the written authorisation of

the editor.

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A C O N C I S E H I S T O R Y O F T H E S O U T H A F R I C A N I N S T I T U T E O F VA L U E R S

Photographs courtesy of Greg Hack and Tilly Künz

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Dear Editor

L E T T E R S

Guests started arriving at 19:00 for a chat and 'welcome' champagne, before being seated at tables in the lavishly decorated dining hall. Frank Berkeley, Managing Execu-tive, Nedbank Corporate Property Finance, welcomed the guests on behalf of the main sponsor of the evening. A con-summate public speaker, Mr Berkeley expressed his regard for the work of the SAIV and stressed the importance of a body of valuers whose professionalism was beyond re-proach. He was gladdened to have had the opportunity of sponsoring this important milestone in the SAIV’s history and declared his confidence that the Institute would take the necessary steps to maintain its relevancy as a rallying and guiding force within the valuer’s profession.

A DVD was shown, illustrating snippets from the history of the South African Institute of Valuers, sketching the people, places and events which together moulded the Institute.

Melanie Vallun, SAIV President, then gave the official ad-dress:

The chain around my neck is literally and figuratively heavy. It represents 100 years of dedication to the SAIV. It has on it the name of every Past President.

Good evening, ladies and gentleman, fellow valuers. Wel-come to our gala dinner celebrating the centennial year of the South African Institute of Valuers. A special word of welcome to all our special guests, our past presidents, life members, honorary members, fellows, members and stu-dent members of the Institute. We are delighted to be able to share this evening with Mr Frank Berkeley, Managing Ex-ecutive of Nedbank Corporate Property Finance, our gener-ous sponsors.

In my opening address this morning I compared the SAIV and its objectives to a building with exceptional foundations or objectives that have stood the test of time for the past 100 years. I also stated that in order to keep our building strong and standing we might need to do some repair work, refurbishment and cosmetic maintenance – these works being necessary to prepare the SAIV for the next 100 years. The Institute has come a long way and, yes, there have been some tough times when it could have been easy simply to throw in the towel, but our past presidents, the national and branch executive members have pulled the Institute through and have ensured that we are here today and that we can carry on into the next 100 years.

T H E S A I V C E N T E N A R Y G A L A D I N N E R

The Gala Dinner on Thursday evening, 13 August, was the highlight of the two day Centenary Celebra-

tions. Held in the ballroom of the Cape Sun Hotel, more than 200 members and guests were treated to an

unforgettable evening of first class entertainment and cuisine. Special thanks must go to the Centenary

Committee for its creativity and energy in planning this very special occasion.

The proposed increase in tariffs for valuers, seems high consider-ing the current economic climate.

The three valuers in my office are intrigued by these increases, considering the recession and the fact that many valuers are un-dercutting one another when tendering in order to secure work, the increase seems ludicrous.

If anything, this increase will create bad press. Surely these fees should be advertised and discussed among valuers before going to the general public. At the very least, the SACPVP should have emailed all valuers to inform them of the proposed increase. Our recent SAIV Centenary Celebration would have provided an ideal forum for input from valuers regarding these tariffs.

While at the Centenary Conference I mentioned the proposed fees to a senior professional valuer who commented by email today: "Oh that we could charge those fees!"

I hope that in their wisdom the SAIV National Executive has ob-jected to these unrealistic tariff increases and that the SACPVP has listened. This may assist in reducing the current bad press that valuers are receiving from the Listed Property and Banking sectors. It would be of more benefit to valuers if the SACPVP were to negotiate realistic minimum fees with the various local, provincial and national governments as well as banks than arbi-trarily to increase recommended tariffs.

Kind regards

Debbie Wall-Smith ([email protected])

The Council has a mandate to publish Guideline Fees annually in terms of section 35 of the Property Valuers Profession Act, 2000. We have gone to five provinces between 2006 and 2007 and "Guideline Fees" was one of the topics discussed. The current fees were published in September 2005, four years ago! At the time, and even now, issues with these fees were whether they should be increased or kept constant, what percentage of valuers charge them as is and how many discount them? How seriously does the public and other professions take us if our fees remain constant for this long? On 16 March 2009, the Council met with all three voluntary asso-ciations and discussed these fees among other things. This topic is a standing topic for both the Council and for the SAIV. Rest assured valuers are not against them. Another point: whether or not a separate set of fees should be introduced for municipalities and banks was discussed as well. There was no consensus on this. Some argued that while metros like Cape Town and Johannesburg may afford, say, Rx for R1m (value of) property (ad valorem basis), Ventersdorp Municipality

may not be able to afford the same fee for R1m property. There will again be some heavy discount given by valuers, both those who want to secure the deals and out of sheer reality of afford-ability by poor municipalities. Lastly, the Competitions Commission wants to see these fees purely as guideline fees. They should not become enforceable. In as much as some valuers may not use them, some have been yelling for them since 2006. While the Council hoped to get con-sensus on the necessity and quantum(s) of these fees since 2006, these were not forthcoming. It had to satisfy its mandate as per section 35 of the PVP Act, otherwise the Council could be seen to be neglecting its duty. You are welcome to engage with me on this before these fees are finally gazetted some time in October. Yours faithfully

M C Seota (Registrar) [email protected]

Reply from the Registrar of the South African Council for the Property Valuers Profession

THE SOUTH AFRICAN




François Viruly

Tonight I would like to present those Past Presidents, who are able to be with us this evening, with a token of our ap-preciation - to say thank you to them for their unselfish con-tribution to the Institute. Will they please come forward as I call their names: Robin Marten, 1982 to 1983; Tom Wybenga, 1991 to 1993; John Waldeck, 1995 to 1997; Henré Hablutzel, 1997 to 1998; Jerry Margolius, 1998 to 2000; George Nel, 2002 to 2004; Saul du Toit, 2004 to 2006 and Ben Espach, 2006 to 2008.

I have also received various e-mails from Past Presidents who unfortunately were unable to be here tonight and I would like to read these messages to you.

Mike Hyatt 1979 to 1980 - Best wishes to the President - I trust that foundations are laid for another century of great service; Wim van Heerden, 1985 to 1987 - best wishes to you in your celebrations and the next century; Duncan Poynton 1989 to 1991 - I wish the Institute a memorable oc-casion and may it go from strength to strength over the next century; Niel De Klerk, 1993 to 1995 - my wish to you is to have a successful conference and celebration party as the first woman president; Phil da Sylva, 2000 to 2002 - I hope it is a great success; Hennie Uys Auditors - I wish you and the Institute a wonderful and successful function; Gerhard van Zyl, Previous Registrar of the SACPVP - May the Valu-ers Profession and the SAIV in particular go from strength to strength; and Courtney Redhill, 1971 to 1973 and 1976 to 1977.

What then does the future hold for the Institute? Over the past year, the national executive has been in heated debate over the future of the Institute. Among other topics, the big-gest bone of contention is the restructuring of the Institute. After lengthy consideration and much deliberation, it has been decided that a restructure of the Institute would be in the best interests of our profession and we are in the pro-cess of weighing up all the options. We are generally of the opinion that a change is necessary in order to conform to current South African requirements and to remain relevant as a professional body.

No final decisions have been taken, however, as all of the facts relating to the proposed restructure have not been collected. I must reiterate that we will not change purely for the sake of change but will make the necessary changes that we feel would be applicable to the successful continu-ation of our organisation into its second millennium.

Coming back to the analogy of the Institute as a building con-structed on sound foundations, there is no doubt that the fu-ture will hold interesting challenges for us as we tackle and counter the assault of time on the building that is the SAIV.

How do we avoid functional, economic and physical obso-lescence? Obviously we would have to move with the times in order to strengthen the building’s tenant base, maintain a robust building structure and apply sound building man-agement principles. Some aspects to be taken into consid-eration include possible additions to the building through expansion into Africa, thus increasing our membership, and giving the Institute building a possible facelift or revamp with a new public image that could include a new logo and web-site. Possible functional obsolescence of the building - the Institute’s main objective being education - is kept at bay with our seminars, workshops and occasional public infor-mation such as printed media, radio and TV programmes. During the remainder of my presidency I will strive to avoid functional, physical and economic obsolescence in order successfully to take the Institute into the next 100 years.

Lastly, I strongly believe that NOT TO CHANGE MIGHT BE TOO RISKY.

Ladies and gentleman, thank you for your attendance. Let us now celebrate our 100th birthday.

After the main course guests were entertained by the antics of Wolfgang Riebe and the dance floor was opened. The memorable evening ended at midnight.

Debbie Wall-Smith, Henré Hablutzel, Jerry Margolius, Jenny Falck, David Hoffman, Melanie Vallun and Lientjie Ackerman (all of the centenary committee)

Kit Carson, Jerry Margolius, Patrick Bonzaaier, Ben Espach, Anton Swanepoel, Melanie Vallun, Dirk Coetzee, Jenny Falck, Mark Bakker, Janet Channing, Trevor Richardson, Derrick Griffiths (NATEX)

Kit Carson, Lynne Brookshaw, Henré Hablutzel, Celia van Staaden and Mark Bakker (branch secretaries)

I would like to express to you my personal message of congratu-lations regarding the centenary celebration of the institute.

The successful implementation of an event like this takes many hours of planning and commitment, that we delegates sometimes take for granted. The conference was a resounding success and I congratulate you and the rest of the team for making this worth-while event possible.

I was supposed to be in Australia to visit my family, but due to circumstances the trip was delayed.

Fortunately, I was able to get a last minute reservation and I am really so grateful that I was able to participate in this event.

I was hoping to express my appreciation to the committee pub-licly prior to the closure of the conference, but the opportunity did not present itself.

On behalf of all delegates I wish to congratulate the committee as well as express our appreciation for a job outstandingly done.

With much appreciation and thanks,

Best regardsClive Massel

Dear Melanie

from page 1

THE SOUTH AFRICAN




P A S T P R E S I D E N T S

Melanie Vallun and Robin Marten Melanie Vallun and Henré Hablutzel Melanie Vallun and Jerry Margolius

Melanie Vallun and George Nel Melanie Vallun and Saul du Toit Melanie Vallun and Ben Espach

Richard Thomas, Adrian and Melanie Vallun and Frank BerkeleyLoyiso Skenjana and Sagren Subramanien (Nedbank Corpo-rate Property Finance)

Melanie Vallun and Robbie Roper Melanie Vallun and Tom Wybenga

Melanie Vallun with Southern branch life members - Henré Hablutzel, Robin Marten and Jerry Margolius

Jerry Margolius, Jenny and David Falck

David Croeser, Loyiso Skenjana (Nedbank Corporate Property Finance) and Felicity Croeser

Humphrey Mojo, Marc Prins, Wendy Snyders, Madre Engel and Dhivian Rajagopaul (all of OMIGPI)

Windsor and Nobunto Tamana

Chanbi and Ikraam Bray (regional manager, valuations Standard Bank)

Judy and Saul du Toit (past president), Pierre de Klerk, Thys Beukes and Melanie Vallun (president)

Neville and Sheray Janari (Nedbank Corporate Property Finance) with Llewelyn Louw (City of Cape Town)

Patrick Bonzaaier, Arlette Bonzaaier and Stanton Alberts

Melanie Vallun and Lientjie Ackerman David Hoffman and ?

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1 11 0 THE SOUTH AFRICAN


Robrecht and Hendrik Tryhou ?, Matsobane Seota and Kura Chohota

Patricia and Uli Leitich

? and Clive Massel

Phillip Bowman, Andre Crouse,Penny Lindstrom, Bernard Lindstrom and Mark Bakker

Christine and Anton Swanepoel

Derrick Griffith, ELize and Wolli Winkler

Ivan Edelson, Dave Summerton and Robert Edelson

Beverleigh Tarloff and Kit Carson

Robbie Roper and Partner

Wife and Gerhard Swart

Tom Wybenga and wife

Wife and Bernie Davies

Dada Erasmus Nel

? and Godfrey Sher

Brian van Rooyen and Dirk Coetzee John van der Spuy, ? and ? Hennie and Marijke Serfontein

? and Francois Wouberg

THE SOUTH AFRICAN




Michael Widman and Pieter Venter

? and Rivett-Carnac David and Jenny Falck Melanie and Adrian Vallun

The band

Janet Channing and Robbie RoperCherry and Colin Douglas

Wolfgang RiebeRobin Marten and ?

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THE SOUTH AFRICAN




François Viruly

“May we enjoy the next two days and cel-ebrate the existence of the SAIV with Edu-cation.

“I now declare these celebrations offi-cially open.”

Sagren Subramanien, Valuation Manager, Nedbank Corporate Property Finance, welcomed the delegates on behalf of Nedbank Corporate Property Finance. He pointed out that both the SAIV and Ned-bank look back on their own long – and at times convoluted – histories of organic development. As we have just heard, Ned-bank’s relationship with the Institute goes back to the first meeting of the Institute, which was held in Cape Town on 19 Au-gust 1909, and was presided over by the late Mr ER Syfret. Syfret Trust Limited was a well known brand in the financial arena and through the mergers with Nedcor In-vestment Bank, Good Hope Bank, BoE and Nedbank, the relationship with the Institute was strengthened.

In this centenary year, Nedbank would like to honour the Institute by pledging to sponsor it for the next 100 years, or as long as it exists. Nedbank is confident that this support will be there for the Institute. The bank has always considered valuers as vital professionals operating in the prop-erty sector; indeed, looking to the future, it took the initiative by forming the Nedbank Property Valuations Academy three years ago. At present the Academy has ten can-didates and they are fully employed by the bank with their valuation studies be-ing paid by the bank. Over the next two or three years, therefore, these candidates will emerge as fully qualified valuers. Ned-bank is also negotiating with the SACPVP for the registration of these students as professional associated valuers.

"We are proud and honoured to have this re-lationship with the SAIV. I have no doubt that the property industry has benefited from the astute guidance of the Institute.” Sagren wished the Institute “another hundred years of betterment of our profession”.

A hectic year under the belt…what now?Dennis Dykes, Nedbank Group Chief Economist, then spoke about The sub-prime crisis and its effect on the global economy. Dennis focused on the after-math of the crisis. What can we expect in the medium term internationally and what has happened in the local economy, after a ‘hectic’ year with really dramatic devel-opments in the financial markets and the real economy?

Dennis illustrated his talk with many graphs, to show that recent market developments around the world are fairly positive after the devastation of a few months ago, with a good comeback in equity markets (green shoots). Locally, there is a bounce back in most sectors, particularly on the industrial side. Commodity markets overall are look-ing promising with some consolidation.

In international financial markets the TED spread shot up a year ago because of lack of confidence; this is now normalising to some extent and the gap is closing to the levels of 2006. Global economic conditions are also stabilising and should improve. The purchasing managers’ index is show-ing significant improvements, especially in the UK. Industrial production in G7 coun-tries is still fairly negative. This is also the case for retail sales which are expected to resume the trend at lower levels. Capac-ity utilisation is low, having fallen for the first time in a few decades, so we are not likely to see much inflation globally, unlike in South Africa where large salary increase demands take place despite the recession. Substantial increases in the cost of electric-ity are also worrying in this regard.

Retail sales in the US have been decimat-ed but have started to flatten out slowly at least. Durable goods sales (motor vehicles) in the US have improved because of the ‘cash for clunkers’ scheme after a dramatic fall, and consumer confidence is also look-ing a little better – this is the case in the UK and Eurozone as well, but employment is still falling, although at a slower rate. House prices remain weak, but are starting to flat-

ten; the source of the problem, high debt, will take time to unwind. Much depends on whether consumer behaviour has changed permanently. Lastly, banks have lost vast amounts and credit markets will take some time to ‘normalise’.

The three hopes are China, the massive fis-cal and monetary stimulus, and the inven-tory cycle which will help short term stimu-lus and can add as much as 3% to GDP once a recovery starts. The June 2009 OECD growth forecasts seem plausible.

Some conclusions on the international en-vironment are:• massive stimulation, the inventory cycle and the stablilisation of the financial sector has stopped its precipitous fall;• credit markets are not back to normal, however, and may never quite resemble the pre-2008 period again (regulatory en-vironment will be much tougher, banking models may be forced to change and se-curitised markets will operate differently and be less leveraged);• household debt has to be sweated off;• there is a danger that the current stimu-lus will lose momentum at the same time as the inventory boost fades;• a sustained, strong recovery is therefore unlikely and the potential for further down-side is still strong.

South Africa was hit harder than expected. Although SA escaped the direct impact of the credit crunch, there was a remarkably quick transmission to SA of the slowdown in advanced economies. The severity of the slowdown in some sectors was unexpect-ed. This experience was duplicated in oth-er diversified emerging market economies. Unfortunately, pricing and wage behaviour is detached from the global and local re-alities. The economy has slowed rapidly in the past three quarters, manufacturing has

Sagren Subramanien

Dennis Dykes

The papers presented were of the highest quality and our thanks go to the various speakers for their thought provoking and entertaining presentations.

John van der Spuy of the Institute’s Southern Branch was the Master of Cer-emonies for the day and called on Melanie Vallun, president of the Institute, to perform the official opening of the Conference.

Melanie Vallun, President of the South Af-rican Institute of Valuers, welcomed all fel-low valuers, and especially past presidents, honorary members, life members and Fel-lows of the Institute. She emphasised that 100 years after the founding of the Institute on 19 August 1909, “we are not only celebrating the first 100 years of the Institute’s existence but recognise that the South African Institute of Valuers is embarking on the next 100 years.

How we achieve this and take this Institute into the next centenary is the question. If we look at the main objectives that were set so many years ago and compare them with the objectives of the Institute today, they are similar.

“Mr. Syfret and his fellow valuers laid the foundations for a strong building. Founda-tions that lasted a hundred years and that are still strong enough to keep our build-ing, the Institute, standing. These founda-tions form the same objectives with which we must take the Institute into the next 100 years. We might need to maintain our building, refurbish and do some cosmetic maintenance but we can only achieve this with strong, risk-free tenants...with you, the members of the Institute.

“Let us celebrate our 100th birthday over the next two days, focusing on education.”

Melanie thanked the members of the In-stitute for attending the conference to cel-ebrate this special event and the sponsors, Nedbank Corporate Property Finance, for their generous contribution to the SAIV.

“This contribution was not just monetary but also in the form of assistance with the arrangements and the use of the audito-rium, specifically Frank Berkeley, Richard Thomas, Sagren Subramanien, David Cro-eser, Jo-Anne Solomon and Loyiso Sken-jana. Without this contribution we would have had great difficulty in putting this oc-casion together.

“I also need to extend my and the Institute's appreciation to the members of the Cente-nary Committee who spent a lot of time ar-ranging this event: Jerry Margolius, Henré Hablutzel, Jenny Falck, David Hoffman, Debbie Wall-Smith and Lientjie Ackerman. Thank you so much for all your effort and hard work.

“The Institute has various categories of membership: mainly members and student members. The Institute also has members who do more for the valuers profession than what one would normally expect. For these members there is a special category, that of Fellow. These members are elevat-ed to Fellowship by the National Executive at its sole discretion, having been satisfied that the member has special qualifications, competence and experience justifying such category. I call on John van der Spuy to receive his certificate of Fellowship. Congratulations, John.

“Our membership also provides for the cat-egory of Life Member. A life member is a member who has performed exceptionally meritorious work for the Institute in further-ing its objectives and who has been ele-vated to Life Member by the National Ex-ecutive. I have the pleasure this morning of announcing that the Institute has approved the elevation of Jerry Margolius to the sta-tus of Life Member. I would like to thank Jerry for each and every minute he has de-voted to the Institute. Congratulations!

The Centenary Conference

N e a r l y 3 0 0 m e m b e r s a n d s t u d e n t m e m b e r s o f t h e S o u t h A f r i c a n I n s t i t u t e o f V a l u e r s m e t i n C a p e To w n o n 1 3 a n d 1 4 A u g u s t 2 0 0 9 t o c e l e b r a t e t h e f o u n d i n g o f t h e S A I n s t i t u t e o f V a l u e r s 1 0 0 y e a r s a g o . T h e c o n f e r e n c e w a s h e l d i n t h e l a r g e a u d i t o r i u m o f t h e N e d b a n k / B o E B u i l d i n g , V & A W a t e r f r o n t , p r o v i d e d f o r t h i s a u s p i c i o u s o c c a s i o n b y o u r s p o n s o r s , N e d b a n k . S i t u a t e d a t t h e h e a r t o f t h e V & A W a t e r f r o n t a t t h e h i s t o r i c C l o c k To w e r a n d t h e N e l s o n M a n d e l a G a t e w a y t o R o b b e n I s l a n d , t h e B o E B u i l d i n g r e p r e s e n t s a s t u n n i n g l a n d m a r k . T h e s i x s t o r e y b u i l d i n g h a s p a n o r a m i c v i e w s o f T a b l e M o u n t a i n , t h e c i t y c e n t r e a n d t h e b u s t l i n g W a t e r f r o n t .

John van der Spuy

THE SOUTH AFRICAN


stays, buying own holiday homes/ frac-tional/timeshare, swing to self-catering, foreigners trading down, supply increase (there is an oversupply of five star hotels – the pressure on rates causes a domino effect), strong domestic business mar-ket, strong conference market with more potential, an emerging domestic market, high-end domestic travelling internationally, rise of guest houses and B&Bs – especially for foreign markets, a major oversupply of high-end game lodges (some 60%), low rates other than five star (competition).

The discount rate used by valuers = op-portunity cost of capital = market required rate of return. Much depends on who the valuation is being done for (owner or pur-chaser). For a diversified owner use the risk free rate plus market risk premium; for a non-diversified owner the risk free rate plus (industry/country risk premium x beta). There is no established South African beta factor yet. Beta is the ratio of share price movement of the sector to the market. In-ternationally for hotel and gaming the beta factor is 0.53.

The discount rate uses the long bond rate. The South African risk free rate is 8.50% to 8.75%. The industry/country risk may still be investor specific (who is the valuation being done for?), difficult to measure and usually between 10% and 15%. Continu-ing value should consider the present value of cash flows in perpetuity (after forecast period) – in year 16 or 21, the cashflow/(discount rate minus inflation) and dis-counted to present value. Martin reminded his audience that accounting data is not to be relied upon. The important thing is ac-curacy of cash flow forecast; the discount rate is less important.

In ‘unbundling’ values, each situation is judged individually so that it can be com-pared with other similar situations. Martin summarised his presentation as follows:• Cashflows – not accounting data• Concentrate on business forecasts• Model scenarios on business forecasts• Time value of money• Assessment of risk• NPV of cashflows• Assess relative risk of different partici-pants to break-up value.

The “Black Diamonds”Next up: Kura Chihota, Executive Direc-tor, Khokhela Property Group, addressed

the valuers on Black Diamonds in the property market, myths and misgivings.

Kura started his career as the amanuen-sis of a property valuer, doing referencing for rating valuations, and he learnt much about the quality of a property. He dis-claimed the notion of ‘black diamonds’, pointing out that the term was the trade mark of the UCT/Unilever Institute of Strategic Marketing. Kura conceded that the concept is one with sensitivities and stressed that it is dangerous to perpetuate racial stereotypes.

Kura addressed four questions: Who are the black diamonds - the characteristics of the group? What does the group mean for the South African property market? What are the trends and implications of research? And what are the valuation con-siderations and opportunities?

According to the Unilever/UCT Institute of Strategic Research’s original 2004 find-ings, there are four categories of black di-amonds: the ‘established’, well educated middle class (36%), ‘young families’ who have emerged from the townships (27%), ‘start me ups’ or aspirants (19%) and ‘Mzanzi youth’ - mostly students (18%). Total black spend is R250 billion annually, just short of the aggregate white spend. Kura posed the rhetorical question wheth-er the ‘sexy’ catch phrase black diamonds referred to flawless diamonds or a collec-tion of cubic zirconium “gems”.

South African property statistics show a strong urban bias for the black diamonds, although in 2008 (according to a Light-stone survey) black diamonds owned only 2% of all residential properties in South Africa. The trends, however, indicate that an estimated 15 000 households are leav-ing the townships each month. They need

to access social amenities in the suburbs which leads to the question: What are the cities doing in response to this?

There is a low intra-township trade of 5%, compared with 10 to 15% in the suburbs of the cities. The supply is tight with a low circulation rate of property. Despite the re-cession, spend grew from R180 billion to R250 billion. About 58% of all debt owed by the black diamonds is mortgage debt. Does this suggest a tendency amongst black diamonds to be irresponsible?

The market will always respond where it sees a need and there is a great need to move up the housing continuum, especial-ly in the smaller towns. Here we can talk of ‘townisation’ rather than 'urbanisation'.

Cosmo City in Randburg is a planned mixed use development where black dia-monds have created a need for a specific value of property. Student developments have taken place near places of education in order to drive up university revenues.

Market participants’ estimates of the black buyers in the residential property market are: FNB (2008) 12%; Seeff (2007) 5-10%; Pam Golding 15% and Leapfrog (2008 Gauteng) 20%.

When we process available data and at-tempt to establish what is likely to emerge from this database, the following valuation considerations are important:• Will we have urban regeneration or gen-trification?• Will open land values come under pressure?• Will townships start looking like suburbs?• With growth in the middle class (including the black diamonds) growing by 15%, even in a recession, is this not the tiger of 2010?

In other words, can valuers track, envis-age and understand changes of land use, particularly in well located urban land. Un-doubtedly, there will be pressure to satisfy this market. Valuers have the opportunity to act as agents of change and to get the banks to understand this.

Kura ended with a plea to valuers to value what is, but to do so creatively; "to treat people as if they were what they ought to be and you help them to become what they are capable of being” (with acknowl-edgements to Goethe).

Kura Chihota

been hurt, with some sectors particularly badly affected. Car sales and retail sales are weak, with some vulnerability on non-durables. Debt servicing costs are coming off but credit conditions are still tough.

The real problem for consumers is income, or rather, unemployment. House prices have been under pressure, although lower interest rates are helping and affordability is better. Scope for interest rate cuts has be-come more limited, but some reduction is still expected. Other factors are not as sup-portive. The equity market has been simi-larly affected and the earlier dramatic rise in real terms has left some overhang, outpac-ing per capita income. Other asset prices are still relatively vulnerable and depend on the nature of the upswing. What are normal earnings? Investment in buildings is set to fall further and gross fixed capital forma-tion will grow more slowly this year and will contract in 2010. The Rand has been strong but is starting to show cracks and has broken ranks with its peers.

Dennis’s overall conclusions are that in the global environment there may be a short term bounce in activity as inventory run-down slows; structural damage will, how-ever, take a long time to repair; significant excess capacity implies deflation rather than inflation.

The South African economy has been more closely linked to the developed world than was originally thought. Manufacturing has been hit by a double whammy (loss of ex-ports and decreased local consumption); consumers are still in difficulty despite lower interest rates; employment trends are worrying. Fixed investment spend-ing will slow in 2009 and contract in 2010, though the World Cup 2010 and public sector spending on infrastructure could mitigate such slowdown.

The value of a sea viewDr Ian Kennedy of the School of Con-struction Economics and Manage-ment, University of the Witwatersrand, addressed the delegates on The value of a sea view and the value of a verti-cal view. This topic was largely covered in an earlier version of this paper (pre-sented at the 8th African Real Estate Conference, 2008), Modelling the value of a veld view: the separate benefits of view and rub-off value, in the October 2008 issue of The South African Valuer,

No 95. Dr Kennedy included a sea view for this presentation because of the venue of the conference.

Dr Kennedy, began his presentation with some interesting insights into Institutes. He mentioned that the South African In-stitute of Electrical Engineers, of which he is a member, celebrated its centenary on 5 June 2009 and pointed out how benefi-cial it was to have professional bodies that have endured the test of time and can be trusted. With one cracked pillar, the trust that has been generated over 100 years will collapse. Trust is composed of hones-ty, integrity and reliableness. These attri-butes are supported by a good measure of expertise and the wisdom of experience.

Dr Kennedy also had a hidden agenda – to recruit people for the universities to do re-search and advance the field of the valuer in property research, because questions need to be asked to enable us to make sound decisions. We contemplate the function of the property valuer who pro-fessionally has to establish a number for a property. The skilled collection of data, the intelligent, independent analysis of value is what has made the Institute and the pro-fessional property valuers such a valuable part of our South African society. Property valuation is an important business today.

Valuing hotels: Applying the correct business model The next presentation, Hotel valuations in the South African context was given by Martin Jansen van Vuuren, Direc-tor, Grant Thornton Strategic Solutions (Pty) Limited. Martin ran through valuation principles when applied to valuing hotels, the type of accommodation being valued and the type of business or potential busi-

ness being valued. Martin stressed the importance of thorough research when forecasting tourism, both leisure and busi-ness, and the impact of the different kinds of business models used in the industry (own and operate, lease, concession or PPP, management contract or combina-tions of these).

The most import aspect of hotel valuation is modelling of the business cashflows: revenues and revenue drivers; costs and cost drivers; whether a long, medium or short term cashflow is called for; occu-pancy and average rates. Key success factors are the location, brand, quality and marketing of the hotel. Martin advised valuers to be careful when applying oc-cupancy projections, bearing in mind the area, seasonality (foreign and domestic differ) and rate projections (what you see is not what you pay!). Average room rates are also affected by area, discounts, infla-tion, real growth and exchange rates.

Martin summarised the factors which im-pact on hotel performance after all the general impacts on tourism markets:• Market mix and market growth• Competition• Location and access• Brand and expertise of operator• Type - limited, select or full service• Exchange rates• Perceived standard and value for money• Actual standard• Economies of scale (group/chain, hotel size, etc)• Attractiveness (destination resort – lei-sure and conference)• Cost of inputs• Tax relief, subsidies, grants.

Current factors in South Africa which influ-ence hotels and which must be taken into account when valuing a hotel are: shorter

Dr Ian Kennedy

Martin Jansen van Vuuren

Martin Jansen van Vuuren

1 6 THE SOUTH AFRICAN


1 7

THE SOUTH AFRICAN




education and required competencies of appraisers; this came into effect at the beginning of 2008. We are not the only ones working hard at this!

Funding for the development of Unit StandardsOne of our major stumbling blocks in fi-nalising the registration categories has been the lack of education unit standards. The process and vast task teams started their work, only to have the agreed fund-ing from the construction Ceta withdrawn. The Council has recently managed to se-cure funding from another Seta source to re-convene the team and this process has just begun again.

The Unit Standards are critical to the es-tablishment of new registration categories. There can be no clear skills and competen-cy requirements at any level without these. There cannot be clear paths of articula-tion from one category to another without these. It must be said that the implications for current registration categories need to be finalised urgently, although it is unlikely that there will be any impact on current registration or categories.

But it will be important and necessary to enable a route for registered professional valuers and professional associated valu-ers to upgrade their national diploma qual-ification to an internationally recognised one, and they may choose to re-register at a higher education category level.

Where will the valuers come from?The postgraduate route does not bring a significant number of registered profes-sionals. The typical profile of these gradu-ates is those working in the property in-dustry, from a first degree in Architecture, Commerce or Business Science, who want and need to know more about the property asset class in general. This will bring a few well qualified registered valu-ation professionals into the market - from UCT, Pretoria or Freestate Universities.

The undergraduate route - these graduates will have a general property degree, and cur-rently only about 10% of graduates register as valuers - from UCT or Wits (when Wits complies with the accreditation conditions).

The Cape Peninsula University of Technol-ogy is intending to offer the National Di-ploma on a continuous basis and they are

currently also looking into offering the diplo-ma from their distance learning platform.

Attractions of the post and undergraduate degreesOne of the main attractions of these de-grees is the International Accreditation with the Royal Institution of Chartered Surveyors (RICS). We have just held exploratory talks between the RICS and the Council, to be-gin alignment with education standards, in training and candidature experience, the roles and responsibilities of mentors, ac-creditation of education programmes and tests of professional proficiency, ethics and competence. Both organisations would like to work towards reciprocity for registration with the Council and the RICS (direct entry).

This means that the RICS would partner with the Council to carry out the accredi-tation visits to education institutions and would assist with the development of internationally recognised tests of pro-fessional proficiency. This is very impor-tant. The current Council examination, in my personal opinion, requires complete review. There needs to be more profes-sional practice tested rather than the cur-rent testing of similar concepts to those covered in the National Diploma.

I believe that if we can achieve this close co-operation with reciprocity with the RICS, we will attract a far greater number of grad-uates of the general property degrees into the valuation profession, as it will become a matter of Council registration, which will lead to RICS registration. This will be most attractive to all those doing the undergrad-uate and post graduate degrees.

Some resistance to the idea of close co-operation between the Council and the RICS has been expressed, the concern being that the Council will be taken over or dominated by RICS requirements and that the RICS is unfamiliar with our South Afri-can situation and circumstances. But this has not been the case with the ASAQS-RICS co-operation. A reciprocity agree-ment currently exists between ASAQS and the RICS and it has worked well with mutual co-operation and understanding; and with the maintenance of standards acceptable to both organisations.

Valuers coming into our market from other countries - in the past where they have acceptable academic qualifications,

they have been asked to do the two law courses offered by UNISA or CAPUT. This has not proved to be a good solution to achieving the aim of contextualising their qualifications into the legal framework of the South African market. Two more rel-evant courses are currently being devel-oped to address this, the details are be-ing finalised. These would be offered on a distance learning basis.

Many changes are taking place in the market for the education of property valu-ers. These changes are for the better. The challenges to the members of the valuation profession will be• how they embrace these opportunities for improved education standards;• how they embrace the opportunities that this brings for CET;• how they embrace the proposed new reg-istration categories; and• how they embrace the opportunity of in-ternational professionalism for the South African valuer.

DAY TWOKit Carson took over as MC on the sec-ond day of the conference. He introduced the first speaker, Advocate Fanie Grobler, SC, who addressed Aspects of expro-priation and valuation law. He chose to broaden the subject, however, to include other issues related to valuation. There are two pieces of legislation which affect this topic: the Rates Act and the Mineral and Petroleum Resources Development Act. How should a valuer go about valu-ing mining land for rates purposes?

When determining the value of a permis-sion valuers should disregard certain is-sues: improvements underground and equipment and machinery. The question is how should a valuer deal with buildings and structures above ground, the mining

Ensuring professional valuers for the future The next presentation by Kathy Evans is given in its entirety because of its impor-tance for the future of the valuation profes-sion in South Africa.

Kathy is a registered professional quan-tity surveyor (not a registered valuer) and is currently the Programme Convenor for the Property Studies suite of degrees at the University of Cape Town. She teaches Property Finance, Property Investment and Property Valuations. She is a Profes-sional Member of the Association of South African Quantity Surveyors. She was ap-pointed to the South African Council for the Property Valuers Profession (SACPVP) as a public member, with the mandate to improve the quality of valuation education in South African. She found that the Coun-cil already had this high on its agenda and her role is an information and advisory role rather than a persuading one.

Kathy expressed her great respect for the SAIV, the interesting conferences it holds and its magazine which she considers to be by far the best of all the institute magazines.

Kathy provided answers to the following vital questions.• How is the education of professional valu-ers different from the education of other built environment professionals in South Africa?• What is changing?• What education for valuers will be in place and where will the property valuers of the future come from?

How are valuers different?Candidate valuers can register at the start of their education, need only register for one or two courses and need make no prog-ress; this situation has led to 'professional' candidate valuers! For this reason the reg-

ulations were changed: the time limit of be-ing a candidate valuer and the regulations relating to the work a candidate could do were tightened up. Other built environment professionals only register as candidates when they have completed their qualifica-tion and are mentored as candidates from a position of full time employment.

This requirement is anticipated with the new categories of registration. This will lead to an improvement in the mentor/can-didate relationship; the candidate will now be a useful employee.

The National Diploma is the minimum re-quirement for registration as a professional valuer, compared with a four year honours level degree required for the built environ-ment and other professions. This level of qualification for the other professions will lead to a lower category of registration, with opportunity to move upward to the full professional level. This is envisaged for valuers with the new registration catego-ries. This level of qualification is not recog-nised as sufficient education to practise as a professional valuer internationally.

But there have been changes taking place in our education institutions. When the SACPVP carried out accreditation visits two years ago, the National Diploma was offered by UNISA, having combined with Tech SA (conditional accreditation); University of Johannesburg, Cape Peninsula University of Technology (CAPUT) (only of-fering the SRPA, but it was their intention to offer the full National Diploma). Undergradu-ate degree programmes were offered by UCT (three plus one degrees) and Wits (four year degree), conditional accreditation – currently reviewing their submission for accreditation. Postgraduate degree programmes were of-fered by Pretoria University, Freestate Uni-versity, UCT and Wits (not accredited).

It is important to note that these degrees or national diplomas offer very different educa-tion and qualifications. The National Diplo-ma only qualifies you with a valuation quali-fication, whereas the undergraduate and postgraduate degrees produce graduates with a 'general' property education, with Valuations as only one of the career options that a graduate may choose.

But what is changing?The most significant change that has tak-en place is the UNISA decision no longer

to offer the National Diploma; also not to develop a new undergraduate property degree.They have found it difficult to at-tract academic staff and this seems to be the main reason for this withdrawal. They have staff currently seeing the National Diploma to its closure and are doing their best to have a reasonable level of aca-demic standard. The Council has made every effort to support the programme and maintain the accreditation status, in the long term interests of the students currently on the programme.

University of Johannesburg is phasing out the National Diploma, with the last intake this year. They have introduced an un-dergraduate degree which will be a three plus one, BComm Finance, with added property courses and BComm Honours Property Valuation and Management. The first intake for this will be in 2010. It is in-teresting to observe that they have chosen to move the property offerings to the Com-merce faculty, away from Engineering and the Built Environment faculty.

In South Africa the property degrees are either housed in Construction Economics departments and Engineering and Built Environment faculties or in Commerce fac-ulties. Internationally the trend is to house property degrees in Commerce or Gradu-ate Business schools.

The demands on valuers by clients are changingAt the recent Investment Property Da-tabank Conference in Cape Town, there was heated and extensive debate about valuations, valuation practice and valuers, and the valuers’ ability to respond to dif-ficult market conditions in the investment, performance measurement and finance realms. There were serious questions asked regarding client influence on valua-tions, valuers’ ability to motivate and justify their valuations and their ability quickly and accurately to respond to market changes.

Clearly, this is one of the most challenging of times to be a valuer.

Review of education curriculum require-mentsThe American Appraisal Institute has completely re-designed its basic curri-cula for both residential and general ap-praisers. These new requirements have significantly increased the amount of

Kathy Evans

Kit Carson

THE SOUTH AFRICAN




most real estate projects is practically un-available internationally. Five star hotels in Cape Town and Johannesburg have been harder hit than three star hotels. (Michael mentioned as an aside that South Africa as a whole and Cape Town, in particular, have a much bigger potential in terms of tour-ism than has been realised to date; there are only ten cities in the world which have Cape Town’s appeal.) Before there was any sign of the economic crisis in Europe, international hotels in Rome and Venice started to feel the downturn because the American and English investment bankers no longer came with their unlimited ex-pense accounts.

In North America and the UK the hotel industry has been hit hard, especially the five star hotels; the banks are in ‘hotel hell’. (The Four Seasons group recorded a 34% decline in revenue in the first six months of 2009 compared with the same period of 2008.) Two reasons for this are the high past exposure to investment bankers and members of the banking sector generally which has reduced the key drivers for ho-tel demand, and to a unique psychologi-cal element. This element presented itself through symbolic decisions made by the senior executives of the American car manufacturers when they conspicuously used regular airlines (rather than private jets) to congregate in Washington to ham-mer out deals with the US Administration; similarly, spending on five star hotels could not be justified in an economic crisis. This hit the hotel industry badly, especially busi-ness hotels with a leisure element in North America, such as Las Vegas.

The situation in Europe is similar, yet with differences in the various countries. In Rus-sia, with the lack of stock of quality hotels, the industry is still doing worse than six to

twelve months ago. Construction has also come to a standstill, often midway through a project, with empty shells seen in many places, such as Moscow and Dubai.

The bright spot in the global picture is Asia. China is booming, but China’s economy is not yet big enough to drag the rest of the world out of the recession. From a hotel point of view, India is the most promising market but lacks supply even though the tough regulations regarding international investment have been partly eased. India and China will be the most promising in the next 12 to 24 months.

The majority of investment in hotels in Af-rica over the past two or three years has been in North Africa, in areas bordering on the Mediterranean, from Morocco to Egypt, mostly fuelled by money from Dubai. This has now come to a stop, as it has in Mada-gascar and Mozambique.

In South Africa there is a hotel development boom prior to the 2010 Soccer World Cup but a slump in demand is expected in 2011 because visitors time their trips to include the World Cup itself, rather than in the years before and after. Hotel occupancy is always lower than expected during the champion-ship because FIFA blocks huge numbers of hotel inventory before releasing it to the market at the last moment; this is often not taken up. Hotels gamble on this, hoping to get last minute high price guests.

Michael then highlighted the current key is-sues in the industry and what valuers must take into account when valuing an hotel. The type of hotel is important – whether a city, business or resort hotel; look at the quality of the general manager – he is much more important in a resort hotel than in a city hotel (he is looked upon as the host, whereas in a city establishment he is the behind-the-scenes manager who makes things happen); relationship with clients and the business model is differ-ent and is differently affected by economic and business circumstances. Resort ho-tels in Europe hardly feel the current cri-sis, whereas conference hotels do, except where bookings were made three or four years in advance – but there are fewer bookings coming in now and this will im-pact on performance figures ahead.

Michael stressed the importance of spon-

sors for conferences and, in this case, Nedbank as the sponsor for the SAIV Cen-tenary Conference. A clear effect of the cri-sis is that far fewer conferences are held, sponsorship being one of the first items of expenditure that are cut back during an economic crisis.

Valuers must take special note of the op-erating contract when valuing an hotel. When financing, banks look closely at who is the operator and under which type of contract he operates. A management contract is the standard modus of contract in most parts of the world. Banks inspect the track record of the operator and what type of guarantee he gives – there is no fi-nancing without a guarantee in Europe at present, unless the operator becomes a co-investor and that is rare. There are turn-over leases with a certain guarantee or a fixed lease where the risk is not so heavy. Hotel groups are unwilling to take unlimited risk, so a cap clause limits total exposure. New developments are seen in the move to eliminate guarantees by operators and fixed leases are becoming more flexible.

The hotel brand itself is becoming more important because there is no longer the same level of brand awareness in the hotel business as in other elements. It is becom-ing essential to have a distinctive brand which you can market; it is difficult to cre-ate this awareness and signature identity.The key driver for the future of the hotel business is a revolution. For 50 years the uniform American brands have dominated the world market (such as Hilton, Mariott) because guests have demanded the ab-sence of unpleasant surprises. But many large hotels and hotel groups have lost their touch and a new factor has taken all hotels by surprise: people are now look-ing for well designed hotels, lifestyle ori-ented, sexy hotels – hotels with pleasant surprises. Design alone will not sell – style and ambience are important. The lesson is not about bricks or historic results, but about how attractive the hotel is in the market place. The demand for hotels has changed and people also want a fair price, especially in times of economic distress. Michael concluded his presentation with predictions and hints for valuers. Bank-ers call for certain guarantees from hotel operators before even thinking of financ-ing a hotel. There will be investment in the

Michael Widman

right or permission, and machinery and equipment?

A distinction must be made between the land and the mining right. Some improve-ments, plant and machinery are related to the right to mine the land and others relate to the land itself which would influence the valuation. All of these are immovable in nature. The former add value to the min-ing right rather than to the land and must therefore be disregarded when valuing for market value. A mining right is granted to a particular person (whether or not he is the owner of the land and includes certain subsidiary rights), not to the land and it cannot be transferred without the permis-sion of the minister. If there is a conflict of interests between the owner of the right and the owner of the land, the owner of the land must be notified.

The clincher comes when mining comes to an end because there is an obligation on the holder of the mining right to demolish improvements he may have made, demol-ish buildings and return the land to its orig-inal condition. There are exceptions in the case of heritage buildings and some build-ings which can be retained by the owner of the land with his agreement and that of the minister. Compensation could be paid for these. Those improvements which benefit the holder of the right and not the land have no interest for the land owner or for a willing buyer of the land itself.

The overriding consideration is the deter-mination of market value – would a willing buyer pay anything for what he finds on the land? The fact that the underground buildings related to a mining right are to be disregarded implies that the above ground buildings should be regarded/valued on the basis of normal market priniciples, not at their full value. A valuer should look at the specific circumstances of each case, eg if a dam built on the land is used by both the land owner and the mine, this could be taken into consideration. Look at the free market and the probability of potential use, after first disregarding all structures relating to the mine, equipment and machinery. If a township needs to be established for the structures to be of use, services will have to be put in and this is often not worth the cost. Such buildings or infrastructure cannot be given full value as they will only have value for the land owner

some time in the future – a benefit after the closure of the mine. A reversionary right value should therefore be done.

In most instances, almost everything must be disregarded.

What must be taken into consideration is the value of a permission (right to the minerals) to prospect or mine, given by the state to a particular person. Must the value of that permission be taken into ac-count? According to the Rates Act, such a mining right is not a rateable property, so it would be inequitable for the land owner to pay rates on improvements for which he has no use; the owner of the mine is not rateable. The Rates Act should determine an equitable basis for rating, so a mining right should not be rated. If the land owner is also the mine owner, this makes no dif-ference as the same principle applies. The notional willing buyer will not pay money for the improvements. It is clear that when you value mining land, the mining infra-structure and buildings must be disregard-ed in the hands of the owner as the mining licence does not add value to the land, but rather to the right itself. Only that which adds value to the property itself and not to the right should be considered. Rezoning would add value to the land (vests in the land) and not in the owner.

As far as equipment and machinery are concerned, the Rates Act requires the value of both to be disregarded, but not the income accrued from their use. Most improvements are plant and machinery which have no market value in the hands of the owner of the land.

Fanie then went on to discuss the Pointe Gourde principle, the question of com-pensation for expropriation and the deter-mination of market value, comparing the Supreme Court case of City of Cape Town v Helderberg Park Development (Pty) Lim-ited (2008) with the 1997 case of Rand-burg Town Council v Kersay Investments (Pty) Limited.

How hotels fare internationallyMichael Widman, Managing Partner, PKF Hotelexperts, Vienna (with 20 years’ expe-rience in the hotel industy), enlightened his audience with an informal and entertaining look at The future of hotel investments – How markets, brands, operators, con-tracts and finances change in the face of economic crisis. Michael took his audience round the globe to see where the hospitality industry stands, what the issues are that shape the industry today and what are the next steps for the years ahead. He explained that in 1927 PK Foster started a uniform system of ac-counts for the lodging industry which has become the standard for bookkeeping and departmental results in the hotel industry. Forecasts are done on this basis.

One thing that sets hotels apart from any other form of real estate is that everybody has an opinion on hotels, claims to be an expert on the industry and develops an emotional attachment – this is particularly true of real estate investors. The thinking here is not based on logic, detached sound business deliberations, but on emotional issues. Every real estate investor of note seems eventually to end up with an hotel investment and this can sometimes have amusing results. Michael pointed out that there are many parts to the hospitality in-dustry. When considering hotels (and this includes all types of temporary lodging), clearly you have to consider carefully the client base you wish to attract.

Considering the global picture, South Af-rica has indeed been adversely affected by the current economic crisis, but the mood is still noticeably different from that in Eu-rope (where, for example, a banker would be boo’d off the stage and where credit has come to a near standstill). Here there is progress, despite the crisis. Cities such as Moscow, Dubai and Las Vegas have been severely hit. Overall, financing for

Advocate Fanie Grobler

THE SOUTH AFRICAN




What we buy is based on the availability of finance and that has now dried up. Value should be sustainable over a period and the purchase price fluctuates round the valuation. Frank challenged the valuation industry to ‘get their minds round this and think about it'. This is of great importance because otherwise valuers will be criti-cised. Although the value of a property can change from decade to decade, we should not have wild cycles of changes of 20 to 30% from year to year. If this happens, the profession becomes obsolete because we can all just take a guess. The purpose of valuations is to give us a long term guide or an idea of the value over a long period, rather than what a property is worth right now. Valuers should not be 'fussed' about a change over a year or so.

The relevance of a valuation is for long term value and we must start thinking long term, rather than short term merely to sat-isfy clients. Banks try to look at the long term because yields for property change over the short term. In two or three years the value will be achieved again.

Ideally, the value should be the average of the monthly selling prices that you could sell that property for over a ten year period discounted back to today. Banks are large-ly to blame for the hysteria in the market internationally and have created a prob-lem – the whole sub-prime crisis with its nuclear bomb fallout based on derivatives that were in turn based on junk bonds. Banks flooded the market with money and then over-reacted and turned off the taps. This practice engendered a feast or fam-ine situation. Banks do try to control this but seemed to have thrown prudence to the wind in recent years in favour of pres-sure from analysts whose undue influence caused unrealistic expectations of earn-ings. Everything has become short term, yet property is a long term asset.

Valuations should not fluctuate greatly, es-pecially with regard to a particular type of property and a good property. We need to live with it for a long time and contend that there is a long term value and do a long term valuation and understand that the price will fluctuate around the value – that is the key from the banks’ point of view. Banks should grow their property market share in tough economic times, not in times of rising interest rates, in order to avoid large bad debts.

Bankers would find it useful if valuers could give more comment about the future of a property rather than say what the value of a particular property is. Valuations should point out risks to the property, eg a small shopping centre might be at risk because of a larger one being built nearby. This would be more useful to the user of the valuation than just to give the present valuation.

Do the users of valuations always know what they want? Asking for the market price is one thing, but a valuer should rather look at a ten year cycle and for the middle line to establish the value over the cycle (not in a peak, as happened in the UK). This is more difficult than to do a market valuation because it requires much thought and dis-cussion, and can be unpopular, especially at the peak of a market.

So the valuer will always be unpopular and must get used to that. The valuer should give his comment even if it is not request-ed. This adds to the process and enhances the profession. A valuer is required to be thick skinned, a visionary, an independent thinker and be prepared to accept much criticism because whatever happens he is likely to be wrong 80% of the time. As long as he is not wrong by a wide margin – that is what really matters.

Food for thought: in every profession we must constantly look at what we do, eg changes in banking brought about by Ba-sel 2. Frank asked valuers to challenge themselves not to perpetuate the same old practices because valuers could become obsolete, and that would be a tragedy.

Over to a futurist turned motivational speakerClem Sunter ended the conference by sketching The world and South Africa in the 2010s – the latest scenarios. Clem, well known scenario planner of long stand-ing and motivational speaker, told his audi-ence how he and Chantelle Ilbury had in 2001 put forward a way of looking at the future which put distance in the thinking from that of most American and European management gurus; the latter had con-centrated on the ‘hedgehog concept’.

Hedgehogs are those kinds of people who have one big idea, focus on it and reject all information which is inconsistent with that idea (Einstein, Proust, George W Bush). This approach had been taken over by

business in the last 40 years, ie to succeed in business you must have a vision and a mission statement and then align every-thing you do to those two elements.

This works as long as the future resembles the past because these ideas are based on fairly comfortable projections of the future. As soon as something happens as occurred over the past year or two, how-ever, hedgehogs are dangerous because they collectively lead their companies into disaster – their radar systems are shut down to all dangers in the environment (Lehman Brothers). They have nil capabil-ity for peripheral vision.

The ‘foxy’ approach, on the other hand, is the reason foxes survive – they check out the environment to see what is going on, change and assess opportunities and threats, and adapt their behaviour quickly to the changes taking place around them. In other words, the process of adaptation leads to survival – if you want to survive as a company, it is your ability to adapt quick-ly to changes taking place in the external environment. It is clear that some changes can never be captured in advance (‘known unknowns and unknown unknowns’); it is the speed of response which puts you ahead of your competitors.

The past two years have lent justification to this alternative approach – being a fox is suddenly becoming much more popular because of the level of uncertainty prevail-ing today, and companies are changing their strategies. The best way to get businesses to think imaginatively about the future is to challenge them on their purpose and ex-istence – how is the game changing and how does it improve or detract from the rel-evance of the company’s core business.

development of smaller hotels, which are simpler to manage, value, sell and operate. The era of huge multi-use, multi-million dollar investments is over. The focus is on designer lifestyle orientated hotels – the balance is difficult to attain as they must not be over 'cool', but must have a warm ambience - guests should not be made to feel like aliens.

There will be a significant boom for budget hotels. Potential investors in hotels are un-likely to get any returns from five star ho-tels, but rather from those in the lower cat-egories. The return on investment grows by 1% for each lower star category, the best being budget and mid-segment ho-tels. The average return on new hotels is 4½ to 4¾%. At present there are not many new hotels, rather conversions and rejuve-nations because these are cheaper than to build new if the structure is sound and the room units are big enough. (People are be-coming taller and rooms now have to ac-commodate beds which are 2m10 long!)

Valuers: thick skinned visionariesFrank Berkeley, Managing Executive, Nedbank Corporate Property Finance, addressed the valuers on Property Fi-nance in the Economic Cycle – this proved to be one of the most thought pro-voking and important presentations for the members of the Institute.

Frank started by saying that, although he has done much conference speaking, this was the most intimidating audience that he could speak to because they were all experts in their field.

He would talk about how a banker would look at property finance in the economic cycle and, most importantly for valuers, what the valuation profession should do to remain relevant – because it is under threat – through good and bad times. The difficulty is that property valuation is not an exact science; all valuers know and can apply the numbers, but what yields should they apply? How do you keep the valua-tion profession relevant?

Economic cycles are inevitable; an econ-omy cannot be controlled or fine tuned (as was proved in the social/communist systems where this was tried and failed – compare East and West Germany under the old regime). Even China now embrac-

es free enterprise successfully. Economic cycles occur because the economy is controlled by politicians. The problem is that nobody knows how long they – the politicians as well as cycles! - will last or how deep the troughs will be or how high the peaks. Nobody knows when a cycle will turn. Valuers and bankers have to look at the economy and property valua-tions through cycles and there is an 80% chance that they could still be wrong.

Cycles last from three to twenty years (the Great Depression). The cycle in which we now find ourselves had an unprecedent-edly rapid fall after an uninterrupted series of very good years. Property finance is re-lated to these economic cycles because bankers lend for either the short or long term; today this is generally ten years (this used to be twenty). Bankers, there-fore, take a ten year view and lend money against a property, or do short term devel-opment loans of two years, which often run to five years. Good bankers are under an obligation to ensure that if they lend money it will be repaid, so they ask for a valuation on the property. In this way they also have someone to blame if something goes wrong - they can blame the valuer, because he will be wrong 80% of the time! This is not fair as there are great valuers, but circumstances and issues continually alter risk and valuation profiles.

Banks today place far less store on a valu-ation – the key for them is the serviceability of the loan. In property finance, the trend is not to look at the valuation, but rather at whether the loan has been serviced and then it does not matter if the value goes up and down. When the loan stops being ser-viced then a bank must look at the value. The valuation, therefore, is a backstop.

Bankers need to give guidance to property valuers as to what they really require. It is unfair for bankers to expect a valuation to remain unchanged for the life of a loan and further into the future; this is not realistic as the world changes. The problem is that the various sectors in the property industry do not experience the same cycles – retail can be booming when industrial battles. Real estate is not one big, homogeneous market; instead, it consists of a number of sub-sec-tors, many micro-markets and differences in different areas, both local and national. Users of valuations need to be aware of this. We have been though the most amazing property cycle, an upturn of seven to eight years, the best ever experienced in South Africa and one which is not likely to be re-peated in a very long time.

Frank then went on to dispel some myths prevalent in property valuation. The first is that property can fluctuate materially through the various phases of a cycle – yields should not change. The question is why does this happen, eg in the UK? If value is halved in the space of one year or 18 months, then as a profession valuers have perpetuated a massive fraud. Where valuers go wrong, and it is the experience of the banking industry too, is that if a valuation is done, the valuer takes the in-come which he considers reasonable, de-rives the net income and applies the cap rate into perpetuity, in order to come to a figure of what the property will yield.

This is a good system – but what yield do we apply to it? Where we are going wrong is that we try to equate what we say is the value of the property to the selling price. Here lies the fundamental problem. We say that when someone wishes to sell his property he needs a value for it. The reality is that the property is a long term asset and has an underlying value – it is there for decades, whereas the value of a loaf of bread or a car ultimately reverts to zero. This does not happen with a property where the value continues.

The value that a valuer attributes to a property should be a value through a long term cycle - the price should fluctuate around the value. The value is not neces-sarily what someone will pay for the prop-erty - this is the purchase price. These are different concepts and this may be controversial.

Frank Berkeley

Clem Sunter

THE SOUTH AFRICAN




government decided that these institutions were elite and should be ‘dumbed down’.

An outward looking economy should be pur-sued that earns enough foreign exchange to pay for imports. The best way South Af-rica can earn more foreign exchange is to recognise that it is in a competitive game and play to the country’s strengths.

There are sectors where we can do this: South Africa is a resource rich nation (be-sides gold and diamonds we have man-ganese, chrome, iron ore, and coal as well as a successful agricultural industry). The wine industry is a particular pocket of excellence. We have huge tourism poten-tial, with a string of international sporting events, including the Soccer World Cup in 2010; indeed, tourism should be taken to a new level in South Africa. Africa is open-ing up for business and South Africa is the gateway for Africa. It is the largest econ-omy in Africa, with 30% of Africa’s GDP and less than 5% of its population. It has a banking and a professional infrastruc-ture that compares favourably with any-thing in the UK, Europe and the US. South Africa should use its expertise to help the rest of Africa and earn foreign exchange that way.

An inward looking economy creates jobs to bring the unemployment rate (of 23.5%) down; it is about small business and im-proving these prospects. An entrepre-neurial spark is needed (as was the case in China and before that, Germany and Japan, when the Second World War cre-

ated a level playing field, and small family businesses did well and formed the pow-erhouse in the ‘50s and ‘60s). In South Af-rica there are still two economies: the first world formal sector and the third world informal sector and there is no bridging between the two – they must be bridged to create a level playing field.

Probabilities at the moment: Clem gives a 70% probability to South Africa staying in the premier league, 30% probability to the second division and 0% to the failed state scenario. Because South Africa is having a much shallower U than Europe and the US, the economy and the banking system is in much better shape than theirs. Zimbabwe could be opening up for business and the timing of the Soccer World Cup is good as the country needs it as a gap filler now. South Africa must celebrate excellence and have a cultural shift in terms of these pockets, instead of tolerating mediocrity. Pockets of excellence must be recognised and built on and used as ways to challenge others to raise their game.

We must think like foxes and not like hedge-hogs and get rid of those who can’t be changed. Right now South Africa is point-ing in the right direction and companies should consider these pointers in their busi-ness. Clem took leave of his audience with a benediction: “May the fox be with you!”

All that was left was for Melanie Vallun to bring the conference to a close. She said:Ladies and gentlemen, we have come to the end of our two day centenary celebra-tions - two days filled with education.

But before we leave we must extend our gratitude towards a few people: firstly, Nedbank Corporate Property Finance for their wonderful sponsorship and to all our speakers. On behalf of the South African Institute of Valuers, I would like to thank you for giving your time to this memorable occasion and for sharing with the Institute and its members the celebrations that mark our centenary year - your contribution to the education of the valuers’ profession is greatly appreciated.

Thank you too to our Masters of Ceremony - John van der Spuy and Kit Carson - thank you for a job well executed over the past two days.

To the centenary committee: without you the past two days would not have been possible. Thank you so much.

Finally, to all members of the SAIV; thank you for attending our centenary celebra-tions and assuring their success.

To all valuers….Let us grab the next 100 years with both hands and embark on a journey to uplift our profession to the status it deserves in the property industry. Let’s do it with education.Thank you and drive safely.

DVDs of the full conference with Powerpoint presentations, are available from the Southern Branch Secretary by e-mailing

your name and postal address, together with proof of payment, to: [email protected] or fax to: 021 797 2235

The costs are as follows: Members who attended: R150.00 (special price)

Non-members who attended: R300.00 (special price)

Members who did not attend: R650.00

Non-members who did not attend: R1400.00

Payments to be made to: STANDARD BANK – A/C: S A INSTITUTE OF VALUERS – A/C No: 05 127 593 7

Reference: SAIV 100 DVD + your membership number

The world has been in a long boom sce-nario since 1982 (apart from two small downturns and a stock market crash). There were two reasons for this period of unparalleled prosperity: the infusion of new energy from the east (Japan, fol-lowed by the Asian tigers, then China and India), and the new technology of ‘micro electronics’ (Peter Schwarz). The world economy grew on average at 3½% per annum since 1982 and in recent years at over 5% per annum.

The hedgehogs thought that this boom would go on forever. US bankers lent money to sub-prime mortgage lenders be-cause they thought property values could do nothing else but move upwards. We all know now that here lay the basis of all the toxic debt around the world. This was also the case in commodities and the mining in-dustry – in the ‘super cycle’ the hedgehogs were tuned into a particular project in the future and bet all their money on it. Foxes started playing the alternative scenario.

Clem described the ‘hard times’ scenario in a 2005 publication which dealt with a clas-sic recession, when specific indicators (or flags) suggest that the economy is moving from one scenario to another. The chosen flag was the declining asset value in the US: American consumers were only spending more because they were able to borrow more, simply because they were worth more, not because they were earning more.

Ownership of residential units and equities by Americans makes up two thirds of the US economy which in turn is 25% of the global economy. If Americans stop spend-ing, the world goes into recession. In Janu-ary 2007 the property index started falling in the US and declined for six successive months, so the probability of a hard times scenario was 50% by June 2007; this in-creased to 80% in October 2007 when Wall Street started declining. By playing scenarios, it was clear that 2008 would probably be a horrid year, judging by the flags that were going up and down.

What are the scenarios now? We are in dif-ficult times for several years to come – a U shape recession and recovery scenario, because of the sheer problems in terms of the US debt which has risen over the past few months. There will be a very slow re-covery process.

Two other scenarios which are being touted: the V scenario - Bernanke, Obama, Brown, Darling – believe green shoots will lead to a recovery in 2011. Clem disagrees because the situation is different from the long boom; credit will not be easy to secure for years to come and there are real problems with the US adjusting to the competitiveness of the east. He maintains that over the next 20 years the east - China, India and the Asian tigers together – will be the economic equivalent of the west. This will require a huge adjust-ment process. The banking crisis masked the real problem of competitiveness in the American economy (General Motors v Jap-anese automotive manufacturers – because the Japanese simply made better cars and General Motors never changed its produc-tion line from gas guzzling monsters). Banks will be more heavily regulated, especially in-ternationally. New technology will drive the next boom - reduced carbon emissions in the light of global warming, and energy sav-ings and cloud computing will be the forces behind it.

The third and negative scenario resembles forked lightning – we will see a recovery and then another huge crash, a repeat of the ear-lier years of 2000, when the dotcom bubble burst. The bankers are again putting in more money and zeroing interest rates (as hap-pened then), leading to five years of recovery before the next crash.

The probabilities of the three scenarios: 60% for the U - we continue to experi-ence hard times because there are no positive flags yet to suggest a real positive message, no credible statistics to say the economy is turning round (eg more jobs); 30% for Obama’s V scenario if unemploy-ment turns around quicker in the US that probability will go up; 10% for the forked lightning scenario, as there are no really negative flags now, such as a national bankruptcy of note in one of the European members, even though economies in Ice-land and Ireland are overloaded with debt.

The three scenarios should be assessed on a continuous basis and the press checked each day for flags. The choice of flags is critical in determining which sce-nario each company should move to. The biggest flag of all now is whether the US national debt is actually going to decline, or not, and whether a sustainable recovery ensues, or not.

South Africa has been in the premier league scenario since 1994 – in 35th to 40th place in the top world economies. In 2007 it took a huge dive because talent was leav-ing the country, HIV and Aids shortened the lifespan of the average South African player; the infrastructure showed signs of disrepair, even before the Eskom rolling blackouts; many of our industries were uncompetitive compared with those in the east. The country fell another three places on the list. In May 2009 it stood at 48 out of 57 countries, having bounced back (af-ter 2007) because of the resilience of our banking system compared with those of Europe and America.

The scenarios for South Africa: either stay in the premier league and go back to the rightful position in the middle; be demoted into the second division where the bulk of the third world lies, which would be a di-saster for the ANC because tax revenues will be lower and there is already a shortfall in tax income of R60 billion as a result of the recession; access to capital is difficult in the second division and Eskom alone needs a R340 billion loan to build extra capacity for the electricity grid.

The worst scenario is that of a failed state where the world turns its back on you be-cause of the level of violence (no matter how off the mark they may be but interna-tional perceptions might put us in the same violence league as Somalia, Iraq, Afghani-stan) and FDI dries up. The fact that our recent election was a peaceful non-event does not neutralise negative international perceptions. Nonetheless, for the moment there is zero probability of the failed state scenario. Inclusive leadership is essential to get through the hard times and so far Presi-dent Zuma seems to be achieving this.

Certain flags could be dangerous – an ex-ample would be negative ideas about leg-islation on national health insurance. The problems which took South Africa down must be corrected. Pockets of excellence must be recognised, eg SARS' achieve-ments. Other government departments should be benchmarked against this and the SARS business model used elsewhere in government; the Red Cross Children’s Hospital in Rondebosch used as a model and certain good black schools with good principals copied to raise the whole level of the game. A negative flag would go up if

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Some conference delegates:

Conference venue: BoE Building

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NIEL DE KLERK AND STAFF

CONGRATULATE THE INSTITUTE ON AN

ACHIEVEMENT NEVEREQUALED BEFORE!

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Valuers fi nancial- and estate agents

For all your property valuation requirements

The earliest traceable public reference to the formation of an institute for valu-ers in South Africa is a news item which appeared in the Cape Times of Friday 25 June 1909 and in the Eastern Prov-ince Herald on Friday 1 July 1909.

The leading valuers are forming themselves into an association under the name of the Institute of Certified Valuers (in South Af-rica), the lines followed being similar to the Society of Accountants and the Institute of Architects. The objects of the Institute are as follows:1. To raise the status and define the qualifi-cations of those engaged in the profession of sworn appraisers and valuers.2. To provide facilities for the dissemina-tion of professional knowledge and the in-culcation of the principles of sound prac-tice, and generally to promote the best interests of the profession.3. To establish the science of valuing prop-erty, and to teach the same in both theory and practice.4. To increase the confidence of the com-munity in qualified valuers by admitting to the membership of the Institute such per-sons only as shall possess the necessary qualifications.

5. To secure for the members of the Insti-tute such definite professional standing as may assist them in the discharge of their duties.6. To take measures to promote necessary legislation for the betterment and advance-ment of the profession.7. To take such action as may be necessary to provide the following rights for qualified valuers: (a)That none but fully qualified and competent valuers may be appointed by municipalites and Divisional Councils as valuers of properties for rating purposes; (b) that valuations for all legal purposes such as probate, insolvency, assignment of estates, division of estates, transfer of property, ante-nuptial contracts, arbitra-tion sale of Government property, flotation of public companies, etc. may be recogn-ised as legal only when made by qualified appraisers.8. To take all measures necessary to es-tablish the status of the profession on such a sound foundation as that none but men holding the proper qualifications in sci-ence and practice may be recognized as public appraisers.9. To promote friendly intercourse between the members of the profession, to decide upon questions of professional usage and

etiquette, and to unite all the members of the profession in South Africa into one general body.10. To secure a uniform method for valu-ation work throughout South Africa by means of lectures, the reading of papers, the distribution of literature, and the teach-ing of the science of valuing property.

We, the several persons whose names, ad-dresses, and qualifications are subscribed, having read the forgoing and being in agreement therewith, are desirous of be-ing formed into an association for the pur-poses set forth above, and for the purpose of taking such other action as my subse-quently be found necessary to promote, safeguard and advance the interests of the profession, also the drafting of rules, regu-lations and bye-laws for the conduct and government of this association.

Among those who have so far expressed their intention of joining the Institute are: Messrs. H.Gibson, E.R. Syfret, C.C. Silber-bauer, G. Bradford, J.H. Klerck, Albert Glid-don, E.J. Sherwood, E.H. Waugh (Town Valuator of Johannesburg), J. Carver, Ben Hart, and A.W. Manchip.

A C O N C I S E H I S T O R Y O F T H E S O U T H A F R I C A N I N S T I T U T E O F VA L U E R S

Where it all began

John Carver

THE SOUTH AFRICAN




As this record progresses, it is interesting to note the degree to which the original ob-jects have been achieved. Over the years the Institute has constantly moved its goal posts by setting new or revised objects and this is a healthy ongoing process.John Carver was an Irishman born in Cork in 1868. He came to the Cape Colony in 1890 and practised mainly as a broker, es-tate agent and builder and later as a prop-erty valuer. He was admitted as a sworn appraiser to the Supreme Court in1905 and appointed Corporation Valuer by the Cape Town Council in 1907. In 1908 he published a book on the Science of Val-uation – the first of its kind published in South Africa. Such was the man who, in 1909, conceived the idea of forming an In-stitute of Valuers.

In 1992, another John, JH Hermann (who was President of the SAIV in 1966/7 and 1973/1974) researched and wrote the book The South African Institute of Valuers, The First Eighty Years.1909 – 1989 being the History of the Institute and, as a back-ground, the development of the valuation profession since 1652. We have used his book to tell the story of the history of the SAIV up to 1989.

The history of that Institute is essentially a tale of the development of the valuation profession in this country. It is also the story of the people who cared enough and still care to devote their valuable time and energy to the task of raising the standards by creating order, introducing education and discipline. Mid 1909 – the newspapers were full of the preliminaries to the birth of the Union of South Africa; at Paris, ‘Louis Bleriot in aeroplane flight, remained in the air for 37 minutes ‘ – the previous year, so the report noted, he had won the Aero Club’s medal for flying 100 yards, at Paris.

The disappearance of the Waratah (due to have arrived in Cape Town from Durban on 30 July) was the subject of endless specu-lation and rumours; a ‘gentleman’s tweed suit’ could be bought for two pounds ten shillings and a semi-military saddle (com-plete with fittings) was advertised at four pounds ten shillings. Sterling silver pocket watches were on offer for two guineas, 18ct gold rings from one pound fifteen and a first class single fare by Union Castle

steamer from Cape Town to England cost from twenty nine guineas – return fares at reduced rates.

That, then was the climate in which John Carver and his follow ‘Sworn’ Appraisers met in Cape Town to form the Institute.

Following upon the press announce-ments, the first formal meeting was ap-parently held at 119 St George’s St, Cape Town – the offices of E.R. Syfret and Co – on Thursday 19 August 1909 under the chairmanship of Edward Ridge Syfret. On 16 December 1909, Arthur Henry Reid F.R.I.B.A.took office as the first President of the newly formed South African Insti-tute of Valuers and Mr John Carver the first Honorary Secretary and Treasurer – note that the name, Institute of Certified Valu-ers, proposed in the press announcement was not adopted and thus the name ‘The South African Institute of Valuers’ came into being and has remained unchanged ever since.

Other interesting facts are the name – the South African Institute of Valuers – pre-dates Union and that the Institute is the second oldest in the Western (English speaking) world. The oldest being the Royal Institution of Chartered Surveyors (founded in 1868 as the Surveyor’s Institu-tion, incorporated by Royal Charter in 1881 and name changed to its present form in 1947). The Incorporated Society of Valuers and Auctioneers (United Kingdom) was in-corporated 1924, the American Institute of Real Estate Appraisers in 1932, the New Zealand Institute of Valuers in 1938 and the Appraisal Institute of Canada in 1938.

Sadly all the Institute’s minute books and other records from 1909 to early 1966 were lost. The Institute’s Official Year Book and Diary 1912 to 1913, however, is a mine of useful information and a very brief history was contained in the Institute Year Book and Journal to 31 March 1947, but there are large gaps.

The report presented at the Second An-nual General Meeting of members on 12 October 1911 has a familiar ring about it.

“This report…will call for the best energies of all concerned, not only to promote the professional status of Members, but to protect those important public interests which are, in every department of civic and

commercial life, affected by the valuation of movable and immovable property.” Our current lady president appeals to valuers of today to follow the same professional ideals. Each member was urged to have his diploma suitably framed and placed in a conspicuous position in his office.

PresidentsThe SAIV has been made up of remark-able personalities. From John Carver, as the founder, to the current President – the first ever lady to hold that position. The Past Presidents of the Institute include many names from the South African busi-ness world over the past 100 years. These are listed on page 33 of The South African Valuer, No. 98 of July 2009.

Little is known about the years up to 1941. Arthur Reid died in 1922 and his Vice-President must have automatically have become President. The only known holder of that office after 1912-13 (until the post-war era) was Mr Harry Gibson.

The 1947 Journal says that after Mr Reid’s death there followed a period when the Institute’s activities were suspended, as it had ‘drifted into inactivity after 1929’. It seems most likely that Mr Silberbauer was President after Mr Reid’s death until his own in 1944.

In 1941 Mr Henry Hermann (John Her-mann’s father) who had been one of the founders and first President of the Insti-tute of Estate Agents and Auctioneers of SA, suggested the revitalisation of the Institute of Valuers and out of this came the revival of the Institute after a long state of dormancy. Minutes of a meeting of the Council of the Institute of 21 April 1944 re-fer to the resuscitation of the Institute in July 1941 and the redraft of the Constitu-tion. In November 1943 the presidential address spoke of convening a conference of valuers to discuss and report upon a system of valuing immovable property in the Union, and principles upon which valu-ation should be made.

The 1947 Journal gives a list of matters in which the Institute executive had inter-vened in the interests of the general public.

BranchesThe 1912-13 Official Year Book mentions the Transvaal District Committee mem-

bers – the first evidence of early activity in this area. No new members were elected after 1925 until 1944 when the branch was formed. The loss of the Transvaal Branch Minutes means that there is no written re-cord of that branch’s activities up to 1966, but the gap was filled with the assistance of senior member, Courtney Ian Redhill and Gordon Stapylton-Adkins. Danie Brink perhaps did more than anyone else to resuscitate the Institute in the Transvaal. The third stalwart on whom the branch de-pended was Chris Smal. Besides his ser-vice to the Institute, he was President of the South African Council for Valuers since its inception.

The first Life member of the Institute was Rich-ard Spencer Kernick who was elected about 1956, shortly after the Constitute was changed to make provision for Life Members.

The OFS (now Central) members were first mentioned in the 1912-13 Year Book, but there are no surviving minute books prior to 1983. The first printed record of the branch we have is from 1950, although the Institute’s Constitution provided for one. In 1975 the Northern Cape (because of its distance from Cape Town) was placed un-der the jurisdiction of the OFS Branch in order to give better service to members.

The first entry in the minute book of the Na-tal Branch is 1944. It seems that this was the first meeting of Natal members and that the branch was only formed the fol-lowing year. This branch has always been an active one and has played a part in all matters relating to valuers and valuations.

The Institute had its head office in Cape Town since 1909, the Council met there and Council members from other areas (later branches) were usually represented by Cape alternatives. Consequently there had not been any need for a branch in the Cape during the Institute’s infancy up to the mid-1940s. With talk of moving the head office to Johannesburg, which hap-pened in 1947, a separate Cape Branch was created. A year later the Cape Branch’s AGM concluded with a unani-mous vote of appreciation and gratitude to Mr Henry Hermann for the valuable service rendered by him (and by Mr Eric Penny) in connection with the resuscita-tion and subsequent progress of the Insti-tute – both were made

Honorary MembersBy 1956 membership in the Eastern Prov-ince had grown sufficiently for a local area committee to be formed. East London fol-lowed suit in 1959. The Cape Branch has al-ways played a strong role in Institute affairs and this comes out clearly in the minutes.

In the early post war years, the Institute revolved around the branches which col-lected and retained subscriptions, paid a fixed per capita amount to the Council and then supported themselves financially. As membership grew and finances improved, the emphasis gradually moved towards the Council as the central collector of sub-scriptions and controller of finances.

Eligibility for membership has changed considerably over the years. At first there were simply members; in 1944 the class as-sociate members was created for younger persons; 1946 saw the re-introduction of honorary members, elected by reason of their being distinguished by their special achievements, attainments or services rendered, and fellows who were raised to the rank of fellowship by the council at its discretion. Life membership was first in-troduced in 1956 for any member who has performed exceptionally meritorious work for the Institute in furthering its objects. 1968 saw the introduction of non-practis-ing membership and in 1975 the category retired members came into being. In 1987 the first student members were admitted to the Institute.

When the Institute was founded, the origi-nal Constitution provided that the govern-ment of the Institute shall be vested in a Council, which by 1944 was elected at each general meeting. Branch nominees were added in 1946. From 1975 Vice-Presidents were in the line of succession for President. In 1983 the name of the Council was changed to National Execu-tive to avoid confusion with the statutory South African Council for Valuers (this confusion still happens, despite the differ-ent name). As a result of the registration of valuers, in terms of the Act, membership of the Institute increased dramatically and the composition of the National Executive was changed to allow for this.

The real day to day work of the Institute is carried at the grassroots level of the branch executives. Their monthly meet-

ings handle matters like admissions to membership, reports, work schools and seminars, complaints and disciplinary en-quiries as well as items for discussion by the National Executive.

No record of the Institute would be com-plete without mention of the people who have held the position of General Sec-retary. After John Carver, HA Jess, JS le Seuer and HS Clark held this position. William Warmback took up the office un-til 1961. The Institute has been most for-tunate in its choice of appointees, who have given loyal and dedicated personal service. Since 1988 the General Secretary has had a monitoring position in relation to each branch secretary.

EducationEducation has always been a primary object of the Institute, being rated in the first three objects in the original press an-nouncement of its foundation. After the first eighty years, there could be no doubt that the Institute had indeed gone a long way down the road towards achieving these objects – but the ultimate aim must still be attained – academic qualification for membership (and for registration as a valuer in terms of the Act) should be a uni-versity degree with property valuation as a major subject. There will continue to be a need for the National Diploma but it is to be hoped that it can be so structured as to become a stepping stone which enables those initially unable to gain entry to (or to afford) a university, to practise, perhaps as Associated Valuers and to be admitted to a form of membership of the Institute.

At a Natal Branch AGM in 1950 Mr SW Cridick said that he hoped that the status of a profession would in due coursse be conferred on members by Act of Parlia-ment. It would be almost 33 years before that wish was to be fulfilled (albeit not completely). In a paper delivered at a sum-posium in 1971 Mr Courtney Redhill (then Vice-President of the Institute) said: "Now it is all very commendable to have a set of most worthy and idealistic objects, but it is quite a different matter to be able to carry them out, and it is in the execution of these objects that the acid test lies." This is still the case 48 years later.

From the implementation of the Valuers Act in 1983, student numbers have grown

THE SOUTH AFRICAN


3 5

by leaps and bounds. There have been changes to the requirements for qualifica-tion as a valuer over the years. Ongoing professional education has been a feature of the Institute for a number of years and seminars, workshops and workschools are held regularly. These are assuming more and more importance. Around 1967/8, the Council authorised each branch to award one bursary annually to be paid from Insti-tute funds. Various prizes are also award-ed to students.

PublicationsThe first book on valuations published in South Africa was John Carver’s book of 1908, before the foundation of the Institute. The first known publication by the newly established Institute was its “Official Year Book and Diary 1912-13”. No further pub-lications were recorded until 1943 when a book containing the presidential address by Mr CC Silberbauer appeared. There were never regular annual publications but a bro-chure called The South African Institute of Valuers, containing basic Institute informa-tion was published for the Institute’s 40th anniversary. In 1974 there was talk of issu-ing an Annual Journal but this did not come to anything. In March 1977 Issue 1/77 of a Quarterly Bulletin, consisting of six pages was sent to all members of the SAIV.

The name Sine Inclinatione is the Institute’s motto – without bias – referring to the fact

that that is the manner in which members approach their valuation. The editor, Mr Mike Hyatt, stressed that the success of the bulletin could only be achieved through contributions made by council-lors and members, echoing Mr Redhill’s presidential address in the same year:

“Members will only get out of it what they put in.” In 1981 Mr A J Jonker took over the editorship. The first issue of the newly named The South African Valuer appeared in 1984 under the now familiar cover title, alongside the Institute’s crest and name. In 1990 Messrs Henré Hablutzel and John Hermann succeeded as joint editors. Pa-tricia Leitich of Pangram Publishing as-sumed the editorship in mid-2005.

The establishment of a library was autho-rised in 1913.

TariffAlthough not one of the objects of the In-stitute, the tariff was one of the matters which contributed most towards holding the post-1943 members together, and from 1953 onwards it occupied a large and sometimes major share of the Council’s meeting time. Up to the end of 1971 the only tariff of fees was laid down in terms of the various Administration of Estates Acts, Ordinances and Proclamations. The rigid attitude of the Masters of the Supreme Court to valuations, done by appraisers appointed in terms of the Act, prevented

the Institute from having its own tariff, since many of its members held appointments in terms of that Act. The In-stitute was nevertheless the only organised body repre-senting valuers and apprais-ers and the only collective voice which could make rep-resentations for increases in the meagre fees prescribed.

In 1971 the Council decided to institute its own scale of fees. The introduction of the National Diploma went a long way towards educating the public and influencing them to use the services of members of the Institute and this, together with the sepa-ration of tariffs and eventual separation of the terms ‘ap-praiser/appraisement’ from

‘valuer/valuation’ led to legislation and rapid growth in membership. A recom-mended tariff replaced the minimum tariff in 1988, either on an ad valorum basis or a time basis – this serves as a yardstick to both members and to the public.

The Institute, whose founders were all members of other professions, trades or callings, has always endeavoured to main-tain a friendly relationship with property related professions and their institutes or associations.

Coat of arms and chain of officeThe first written heraldic description of the coat of arms used by the Institute was registered in 1978. In 1974 a decision was taken to register the name and emblem. The basic symbol chosen was the balance, indicating that, as valuers, we must weigh various factors against one another. As our main concern is with immovable property, this is indicated by a tower from which the crossbeam emerges. The upper portion of the shield is based on the Cape Dutch gable denoting that the Institute is South African. The crest above the shield consists of an up-right sword because we conduct our valua-tion justly and without bias. The colours are green, black, yellow and grey.

At a council meeting in 1958 Mr D Brink pro-posed that the Institute should have a Presi-dential Chain of Office. The chain, which is still in use has a large circular medallion bear-ing the Institute emblem on the obverse, sus-pended on a navy blue ribbon which bears clasps each engraved with the name of a President and his – now her – year/s of of-fice. In 1985 the emblem was removed and replaced by a the new coat of arms.

As far as can be traced, the 40th Anniver-sary in 1949 was the first to be celebrated. The Annual Dinner was treated as a spe-cial occasion.

The words of John Hermann in 1989 still apply today: “It is to be hoped that…the Institute will emerge with a vital, modern, upmarket image, whilst retaining its identity, dignity, professionalism and, of course, its sense of purpose which is the basic reason for its existence – that is, maintaining a com-petent and ever increasing high standard in the valuation of immovable property.

Celia van Staden started working at the Institute in February 1981 as an assistant to the secretary, Bill Lamont, who ran the office for the Institute of Estate Agents and South African Institute of Valuers. In 1991 she was ap-pointed Secretary of the KwaZulu-Natal Branch, taking over from Jack Henwood when he retired. In 2001 she bacame General Secretary of the Institute. She has seen the Institute grow over the past 29 years, in membership, prominence and technology.

Back in 1981 Celia typed on a manual typewriter and made copies of the agenda and minutes on wax sheets which were run off on a Gestetner roneo machine. As Celia remembers:

"Many will remember these machines which were operated by hand and if you pulled the ink lever once too often too much ink was ejected and would ooze out of the side of the page …what a mess! When an electric typewriter was purchased this was amazing, and so the office changed to include comput-ers, fax machines and the internet."

Celia has grown with the Institute and has made friends of the members over the years. One of her hobbies is wood carving and for a whole year during her weekly classes she carved the coat of arms of the SAIV. Celia has donated this

carving to the Institute on its centenary. The carving is on 'Jelutong' (Dyera costulata) wood which is grown in Malaysia, Borneo and Sumatra.

Celia van Staden with her carving of the SAIV coat of arms

THE SOUTH AFRICAN




IVSC APPOINTED TO THE CONSULTATIVE ADVISORY GROUP OF THE IAASB

The Public Interest Oversight Board (PIOB) of the International Federation of Accountants (IFAC) has approved the appointment of the International Valua-tion Standards Council (IVSC) as a mem-ber organisation of the Consultative Ad-visory Group (CAG) of a key international global standard setter - the International Auditing and Assurance Standards Board (IAASB). Mr Frank Bollmann, member of the IVSC International Valuation Standards Board will represent the IVSC on the IAASB Consultative Advisory Group for a renew-able three year term. He attended his first meeting in Washington DC on 10 and 11 September 2009. Mr Bollmann said, “In recent years - not just since the start of the current crisis - ev-

ery financial statement requires extensive understanding of valuations on the part of the preparer and the auditor. This trend will continue for the foreseeable future as us-ers demand more and more transparency and up-to-date information. It is crucial for the standard setters for accounting, audit-ing and valuation work closely to maintain a common basis and to ensure relevance as well as reliability of financial information. I therefore gladly welcome the opportunity to participate in and contribute, on behalf of the IVSC, to the work of the IAASB CAG.” As a member of the CAG, the IVSC will join more than 25 other member organisa-tions who share a common interest in the development of high quality international standards on quality control, audits, re-views and other assurance engagements designed to serve the public interest.

The IAASB is responsible for setting stan-dards for auditing, review, other assurance, quality control and related services, and facilitating the convergence of national and international standards. Over 100 countries are using or are in the process of adopting or incorporating International Standards on Auditing (ISAs) issued by the IAASB, into their national auditing stan-dards or using them as a basis for prepar-ing national auditing standards. The Euro-pean Commission is currently consulting on whether the ISAs should be adopted in the EU for the statutory audits of EU pri-vate entities. The CAG is an integral and important part of the IAASB’s formal pro-cess of consultation.

The International Valuation Standards Council’s Expert Group on Financial In-struments has announced its initial work programme following its inaugural meet-ing in July. The work of the Group seeks to address the lack of standardisation and transparency in the valuation process. The Group will provide input into the proj-ect to rewrite the International Valuation Standards to ensure that these adequately address concerns that have arisen over the valuation of financial assets and li-

abilities, particularly in the aftermath of the global financial crisis.

The Group has also identified the need for guidance on resolving some of the specific valuation issues that have arisen in the finan-cial markets. A discussion paper is to be produced which will examine the suitability of different valuation methods for various situations. A project is also to commence on the identification and measurement of liquidity premiums, which is proving a con-troversial area of practice at present.

Finally the Group is to review the impact of recent reports by the IASB [1] and the FASB [2] to determine whether to recom-mend that the IVSC needs to develop fur-ther valuation guidance in this area.

[1] IASB Expert Advisory Panel ‘Measuring and disclosing the fair value of financial instruments in markets that are no longer active’ October 2008 [2] FSP FAS 157-4 ‘Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly’ March 2009

ADMISSION EXAMINATION FOR PROFESSIONAL VALUERS

5272/8 STRöH, J5334/5 VAN DER MERWE, J D5069/4 TITUS, N4286/4 ALDRIDGE, S A3901/3 RICHARDSON, T B4252/1 DE BEER, A2802/4 GEYSER, M F R6196/8 LA GRANGE, E L6516/8 ORCHARD, D J R4305/4 SERFONTEIN, H A (JNR)6026/0 STARKE, L-A5371/4 ZULU, W

ADMISSION EXAMINATION FOR PROFESSIONAL ASSOCIATED VALUERS

4934/6 CORNELIUS, J M D5001/8 LANGE, M F6740/9 LOMBARD, L J4981/2 MKHIZE, E P6720/5 OOSTHUIZEN, D W

6739/9 SALOOJEE, N5239/1 VAN HEERDEN, P6162/5 REMBOLD, R H5000/5 ROOS, E5262/1 BOWEN-DAVIES, P W6642/6 CANNING, J6372/0 KLOPPER, J6846/6 KNIGHT, C6937/1 SMITH, A S6378/8 GOUVEIA, R S5026/7 HERHOLDT, J A4326/1 MADZINGE, Z L6923/2 MOSTERT, A5266/3 SEOTA, M C (Pse note still register as candidate valuer)

6032/5 STANLEY, M P6709/8 VAN HEERDEN, J D6360/7 GROBBELAAR, J5137/7 GROENEWALD, A5273/1 STADLER, M6451/2 PIENAAR, J S5948/8 MARX, H J5199/4 BEZUIDENHOUT, S A C5872/2 PITSO, M5916/1 TAYLOR, R

The SAIV warmly congratulates the following registered persons who passed admission examinations held in March 2009

The academy programme consists of six modules and is run over ten months. It is designed to give learners an overview of the property industry through a mix of lectures, group work, read-ing, individual assignments, external visits and a final exam and group presentation. In order to maintain the necessary academic rigour, the Academy is run in partnership with Wits Enterprise, with Professor Francois Viruly and Graeme Jay as the appointed programme directors. The programme is also supported by SA-POA, the representative body of commercial and industrial prop-erty in South Africa.

The inaugural phase of the Academy was launched in Gauteng in February 2008 and the Inaugural Class, along with the Class of 2008 for Gauteng were awarded their Wits Certificates in Prop-erty Finance Practice. The full programme was officially launched

in KZN, the Cape and Gauteng in August 2008 and the Class of 2009 commenced in February in all three regions.

The academy is currently only available to Nedbank Corporate Property Finance employees, and the rollout plan is to have 175 graduates by the end of 2009, with 75 learners graduating per year thereafter. The Academy is a Category B offering and helps Nedbank Corporate Property Finance to exceed its DTI targets for Learnerships. Frank Berkeley, managing executive of Ned-bank Corporate Property Finance, said: “We elected to create the Property Academy in response to the limited availability of specialist skilled individuals in the property industry. Offering in-house training of this calibre supports Nedbank’s values of equip-ping staff with the necessary tools to thrive in our high perfor-mance culture, which in turn benefits the industry.”

Nedbank Corporate Property Finance Property Academy graduation ceremony

IVSC EXPERT GROUP ON FINANCIAL INSTRUMENTS ANNOUNCES KEY AREAS OF FOCUS

I V S C N E W S

T h e f i r s t i n t a k e o f s t u d e n t s o f t h e N e d b a n k C o r p o r a t e P r o p e r t y F i n a n c e P r o p e r t y A c a d e m y g r a d u a t e d a t a c e r e m o n y i n S a n d t o n a t t h e e n d o f J u l y . T h e a c a d e m y w a s c r e a t e d t o d e v e l o p q u a l i f i e d p r o p e r t y p r o f e s s i o n a l s a n d t o b o l s t e r t h e l i m i t e d p o o l o f t a l e n t i n t h e i n d u s t r y .

The international network of KPMG mem-ber firms announced on 6 October that it will provide financial support to the Inter-national Valuation Standards Council in its drive to improve valuation standards in today’s globalised market.

The chairman of the IVSC Board of Trust-ees, Michel Prada, welcomed the financial commitment by KPMG, saying: “The cur-rent global financial and economic crisis has added urgency to the work of the

IVSC – developing standards and guid-ance to support quality performance by the global valuation profession. The sup-port by KPMG is tangible evidence of a growing consensus of the role the IVSC will play in restoring confidence in the world’s financial markets.”

KPMG joins other leading companies and organisations that are investing in global standards for valuation by providing sponsorship to the IVSC. These include:

American Appraisal Associates, Inc, The Appraisal Foundation, Appraisal Institute, Appraisal Institute of Canada, Canadian Institute of Chartered Business Valuators, China Appraisal Society, Duff & Phelps, LLC, Ernst & Young, LLP, Houlihan Lokey Howard and Zukin, Inc, Royal Institution of Chartered Surveyors. The City of London Corporation has given financial support to the establish-ment of IVSC headquarters in London.

KPMG ANNOUNCES SUPPORT FOR INTERNATIONAL VALUATION STANDARDS COUNCIL

THE SOUTH AFRICAN




NORTHERN

382

18

0

1

401

0

1

1

68

0

0

676477260737

SOUTHERN

181

16

0

3

200

0

5

0

34

0

124224287329

KWAZULU-

NATAL

129

7

0

0

136

3

0

38

0

2144180109289

EASTERN

59

1

0

0

60

0

0

15

7

1

016762399

CENTRAL

28

4

0

0

32

0

0

5

7

005372764

SA TOTAL

780

46

0

4

830

0

9

1

160

0

4

918310135061519

MEMBERS

Members

Fellows

Non-res members

Life members (active)

Active members totalResident affiliate

Retired Fellows

Life/Fellow members (retired)

Retired members

Non-res retired members

Non-practising members

Honorary membersInactive members totalMembers totalStudent membersInstitute Total

WELCOME TO NEWMEMBERS:

NEW STUDENT MEMBERS

NON-RES

18

180

7

725

25

SA TOTAL

780

46

18

4

8480

9

1

160

7

4

919010385061544

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EAST

ERN

CA

PE

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22 Elizabeth Street, Bloemfontein, 9301P O Box 300, Bloemfontein 9300Tel: 051 448 9431 Fax: 051 430 8815Email: [email protected] V Fullaway, FIVSA, Professional Associated Valuer, Appraiser, Email: [email protected] Schalk van der Vyver, Candidate Valuer, Student MemberNeil Fullaway, Candidate Valuer, Student Member

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SA INSTITUTE OF VALUERS MEMBERSHIP STATISTICS AS AT 30 SEPTEMBER 2009

Valuers, Estate Agents and Appraisers of Commercial Industrial, Residential, Plant and EquipmentP O Box 224, Germiston, 1400Tel: 011 873 4903 Fax: 011 872 1608 Cell: 082 460 2248Email: [email protected] R Shapcott, MIVSA, MIEASA, Professional Valuer, Appraiser

BRAMMER ROSS & SHAPCOTT

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Leadenhall House, 61 Oxford Road, Saxonwold, 2196, JohannesburgPO Box 1496, Parklands 2121 Tel: +27 11 274 2300 Fax: +27 11 486 0001 Web: www.dtz.com/za E-mail: [email protected] Baker FRICS MIVSA Professional Associated Valuer

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National and International Real Estate Valuers; Commercial, Industrial, Retail Property Managers, Brokers and Development Managers.JHI Place, 2 Norwich Close, Sandton, JohannesburgPrivate Bag X45, Benmore 2010, South Africa

Tel: +27 11 911 8000 0861 JHI JHI Fax: +27 11 911 8146 Web: www.jhi.co.zaBrian van Vuuren Tel: 011 911 8139 Email: [email protected]

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Email:[email protected] Web: www.midcity.co.zaD.J. de Villiers, Managing Director. BCommHons (Acc) STR/CTA S.I.E.A, MSc Bldg Management (Real Estate) (Pta), Professional Associated Valuer G.M. du Plessis, MComm Marketing (Pta) Nat Dip in Real Estate, Professional Associated ValuerE Swanepoel, BSc, Candidate Valuer

25 years

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ONYX

Barry Richardson, Professional Associated Valuer, Tel: 082 373 5180, Email: [email protected] van Loggerenberg, Professional Associated Valuer, Tel: 082 550 7173, Email: [email protected] Botha, Professional Associated Valuer, Tel: 082 468 3018, Email: [email protected] Sigubudu, Candidate Valuer, Tel: 076 984 5080, Email: [email protected] office: Alma Dewar-Richardson, Tel: 011 792 1514, Email: [email protected]

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Email: [email protected] Offices Pretoria: Tel 012 369 9132, Fax 012 348 7684 Brits: Tel 012 381 2081/2118, Fax 012 252 1389 Bedfordview: Tel: 011 455 0800, Fax: 011 455 0801 Polokwane: Tel 015 295 6963, Fax 015 295 6963 Web: www.ddpvaluers.co.za

Werner SarvariProfessional Valuer (3065)Member of SAIV, IAAO, IPTICell: 079 516 5405

Tel: 011 244 8449, Fax: 086 545 1563Email: [email protected], Web: www.lightstone.co.za Block G, Wedgewood Office Park, 3 Muswell Road South, Bryanston, 2191; P O Box 71931 Bryanston, 2021.Property valuations, value reviews, quality assurance & audits. Online hosting and management of valuation rolls. Desktop tools to support valuation workflow processes.

THE SOUTH AFRICAN




GAUT

ENG

GAUTENG

THE PROPERTY PARTNERSHIPChartered Valuation Surveyors, Valuers of Land and Buildings, Plant and Machinery

57 Buckingham Avenue, Craighall Park, 2196P O Box 1529 Parklands 2121Tel: 011 880 5424 Fax: 011 880 5428Email: [email protected] Web: www.tpp.co.zaRichard M Chapman, FRICS, ACI Arb, MIVSA, MIEASA, Professional Valuer Robin H Roper, BCom, FRICS, MIVSA, MIEASA, Professional Valuer Sean B Harvey, ND Mech.Eng. TechRICS Plant and Machinery Valuer, Consultant Darryl Riley, BCom, N.Dip(Real Est), Professional Valuer

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The members of Opti Property Consultants are:Me MS Magau, NDPV, MIV(SA), Professional Associated ValuerMr SS Magau, NDPV, MIV(SA), Professional Associated ValuerMr HN Hartman, NDPV & Dip APP, FIV(SA), Professional ValuerAssisted by:Me JC du Plessis, NDPV, MIV(SA), Professional ValuerMr FP Grobbelaar, NDPV, Professional ValuerMr SF van Huyssteen, Candidate ValuerMr SJ van Huyssteen, Candidate Valuer

Tel: 011 976 2838 Fax: 086 692 5262 E-mail: [email protected]

OPTI PROPERTY CONSULTANTS

VALQUESTProperty Valuers785B Panbult Street, Faerie Glen P.O. Box 37753, 0043 Tel: 012 991 5822 Fax: 012 991 5821Email:[email protected] Web: www.val-co.co.za

Riaan Visser, MIVSA, Professional Associated Valuer, NDPV Anton Swanepoel, MIVSA, Professional Associated Valuer, NDPV Walter Kolver, MIVSA, Professional Associated Valuer, NDPV Hendrik Marx, Candidate Valuer Lionel Musson, Candidate Valuer

VAL-CO

RATES WATCHUnit 5, Bartlett Lake Office Park, Leith & Trichardt Road BoksburgS 26 10’09.0” E 28 15’14.1” Tel: (+27) 011 - 918 0544/918 0237 E-mail: [email protected]

P.O. Box 15550 Impala Park 1472 Fax: (+27) 086 504 7720 Web: www.rateswatch.co.zaClive Massel, CEO; Kokkie Herman, Director, Rates; Ben Espach, Director, ValuationsRates Watch is a company dedicated to monitoring and watching municipal valuations and property rates on behalf of its subscribersRates Watch will only lodge an objection if on a balance of probabili-ties there is a reasonable chance of success.

Adrian Vallun, MIVSA, Professional Valuer, NDPVLeon Stander, Candidate Valuer Marius Groenewald, MIVSA, Professional Associated Valuer, BSc Construction Management, MSc Real Estate

VALQUESTProperty Valuers550 Chopin Street, Constantia Park, PretoriaP O Box 32836, Glenstantia 0010Tel: 012 998 6111 Fax: 012 998 6722Email: [email protected]

DDP VALUERS KW

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Countrywide valuations of property for allpurposes. Offices in Gauteng, Cape and Kwa Zulu-Natal. “We value our land.” “Si linganisa intengo yomhlaba.”Tel: 033 330 6990; 033 234 4321

Fax: 033 330 3158; 033 234 4751 Cell: 082 895 8880; 082 781 3875Email: [email protected]; [email protected]: www.millsfitchet.comA R Stephenson, BAgric Mgt, AFM (UK), LLB (Natal), FIVSA, T R L Bate, MSc, BSc Land Econ (UK), MRICS, MIVSA S B G de Klerk, MSc, BSc Bldg, Pr.CPM, MCIOB, NDPV, MIVSAS Aldridge, NDPV, CEA, MIVSA

MILLS FITCHET

Property Valuers, Economists, Investment and Development ConsultantsThe Manor House, West Wing, 14 Nuttall Gardens, Morningside 4001P O Box 50367, Musgrave Road 4062Tel: 031 303 4930 Fax: 031 303 4934 Email: [email protected] Bradshaw, BSc, CIOB, Bom (Real Est), MIVSA, Professional Valuer Maria Clementi, BCom

BRADSHAW AND ASSOCIATES

V A L U E R SDDP

Experts in value.

Valuations Nationwide Nedbank Centre, Suite 1001, 10th floor, 303 Smith Street, Durban Tel: 031 304 5003 Fax: 031 305 5425

Email: [email protected] Offices Durban: Tel: 031 304 5003, Fax: 031 304 5003 Pietermaritzburg: Tel 033 342 6683/4, Fax 033 345 3827 Empangeni: Tel 035 772 3492, Fax 035 792 1051 Newcastle: Tel 03431 24685/6, Fax 03431 27888 Shelly Beach: Tel 039 682 3862, Fax 039 682 6131 Web: www.ddpvaluers.co.za

JOHAN ENSLIN VALUERSLid van die SA Instituut van Waardeerers Member of the SA Institute of Valuers Reg no. ENS001 Profesnl. Waardeerder/Valuer (2483)Taksateur/Appraiser, Prokureurs/Attorneys, Transportbesorgers/Convey-ancersPosbus / P O Box 97 Bela-Bela 0480, 15 Stofberg Str. Warmbaths 0480, Docex 6 WarmbathsTel: 014 736 2679 / 3297 / 5923 Fax: 014 736 2650Cell: 082 507 8054 Email: [email protected]

Valuers, Appraisers and Property ConsultantsC/o de Clerq & Wes Street, Ermelo 2351P O Box 2472, Ermelo 2350

VALUERS AFRIKA (PTY) LTD

Tel: 017 811 2212 Fax: 086 676 4502Email: [email protected] Winckler, Professional Valuer, Appraiser (FSAIV)Chris Scholtz, Candidate ValuerIan Müller, Candidate ValuerMadoda Ndlangamandla, Candidate Valuer

DFP PROPERTY VALUERS

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Valuers and Appraisers, 111 York Street, George, P O Box 707 George 6530, Tel: 044 874 7404 Fax: 044 873 5846Cell: 083 628 2856 Email: [email protected] W Roodt, ACIS, AIBS, FICB (SA), MIVSA, Professional Valuer, Appraiser; T Fourie, Candidate Valuer; N Peycke, Candidate Valuer M Roodt BCompt (Hons) CA(SA), Candidate Valuer

ANTON ROODT ASSOCIATES

APPRAISAL CORPORATIONProfessional Valuers and Appraisers with offices in Cape Town, George and the Eastern Cape. Member of SAPOA , Room 303 Nedbank Building, 101 York Street, George, 6530Tel: 044 874 1902 Fax: 044 874 2831Email: [email protected]

Property Valuations, Unit 8, Mountain View Office Park, 28 Bella Rosa Street, Rosendal, Bellville, 7530, P O Box 5339, Tygervalley, 7536Tel: 021 914 9062 Fax: 021 914 2184 Web: www.adval.co.zaJ F (Johan) Cilliers, BTechPV, NDPV, FIVSA, Professional Valuer, Appraiser: A Cilliers, BTechPV, NDPV, MIVSA, Professional Associated Valuer, Appraiser

ADVAL VALUATION CENTRE

M J Steinmann, NDPV, NDCS, MIVSA, Professional Valuer, Appraiser, J F Du Toit, NDPV, NDPD&M, FIVSA, Professional Valuer, Appraiser, Ms L F Julies, Candidate Valuer

LIM

POPOSituated in Emalahleni but covering all of Mpumalanga.

Witbank and Middleburg based, we cover all aspects of property valuation from residential to development and institutional to shopping centres, farms and plots.Office, 23 Corridor Crescent, Emalahleni, MpumalangaTel: 013 653 6330 Fax: 086 603 5402 Cell: 082 893 0471Email: [email protected] Web: www.dfpv.co.zaDave Furness, Professional Associated ValuerHaydn Edwards, Candidate Valuer Neil Jones, Candidate Valuer

TETRAGON VALUERS (PTY) LTDProfessional ValuersP O Box 2654, Evander 2280 Tel: 017 632 1552 Fax: 086 514 5981Email: [email protected], Witbank, Secunda

S Nkosi, Candidate ValuerJ J Steyn, Professional Valuer, NDPV, MIVSAJ Reyneke, Professional Associated Valuer, NDPV, MIVSA OJ Potgieter, Professional Associated Valuer, NDPV, MIVSA Web: www.tetragon.co.za

DDP VALUERS

V A L U E R SDDP

Experts in value.

Valuations Nationwide ABSA Building, 2nd floor, C/o Human & Kruger Street, Krugersdorp

Tel: 011 953 6121 Fax: 011 665 2715 Email: [email protected] Offices Krugersdorp: Tel: 011 953 6121, Fax: 011 665 2715 Potchefstroom: Tel 018 294 8629, Fax 018 297 6821 Klerksdorp: Tel 018 468 5460, Fax 018 468 5266 Rustenburg: Tel 014 594 2636, Fax 014 592 4390 Mafikeng: Tel 018 294 8629, Fax 018 287 6821 Web: www.ddpvaluers.co.za

DDP VALUERS

V A L U E R SDDP

Experts in value.

Valuations Nationwide 30 Church street, Polokwane, 0699 Tel: 015 295 6963 Fax: 086 645 3942 Email: [email protected]

Office Polokwane: Tel: 015 295 6963, Fax: 086 645 3942 Web: www.ddpvaluers.co.za

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STEER PROPERTY SERVICES t/a STEER & CO

Also Valuers of Plant and Machinery, P O Box 1879, Cape Town 8000Tel: 021 426 1026 Fax: 021 426 1183 Web: www.steer.co.zaEmail: [email protected] Email: [email protected] M Hofmeyr, MIVSA, Professional Valuer, Appraiser John P van der Spuy, MIVSA, NDPV, Professional Valuer, Appraiser

Valuers of Commercial, Industrial and Residential property.

Countrywide Valuations of Property for all purposes. Specialising also in Agricultural/ Forestry Property. Offices in Johannesburg and Pietermaritzburg, 20th Floor, 1 Thibault Square, Cape Town 8001, P O Box 4442, Cape Town 8000Tel: 021 418 5998/6133/6079, Fax: 021 418 6282, [email protected] A Gibbons, AEI (Zim), FIVSA, Professional ValuerM R B Gibbons, NDPV, CIEA MIV(SA), Professional ValuerKyle Keefer, Candidate Valuer

MILLS FITCHET MAGNUS PENNY

Property Valuers / Appraisers / Sectional Title Consultants / Arbitrator / Mediator and UmpireP O Box 400, Green Point, Cape Town 8051Tel: 021 434 4707 / 0861 825 848 (VALUIT) Cel: 082 425 8793Fax Mail: 0866 840 240 Email: [email protected] Web: www.appraise.co.za

JERRY MARGOLIUS & ASSOCIATES

APPRAISAL CORPORATIONProfessional Valuers and Appraisers with offices in Cape Town and Southern CapeMember of SAPOA 35 Kloof Street, Cape Town, 8001P O Box 4157, Cape Town, 8000Tel: 021 423 6400 Fax: 021 423 6410Email: [email protected] F Du Toit, NDPV, NDPD&M, FIVSA

Professional Valuer, Appraiser; Ms J L Falck, BCom (Hon), MIVSA, Professional Valuer, Appraiser; Ms J M Coetzee, NDRE, NDCMA, MIVSA, Professional Associated Valuer; Ms L Esterhuizen, B.Econ (Hon), MIVSA, Professional Associated Valuer; S E Jacobs, Candi-date Valuer; Ms H L Donald, Professional Associated Valuer; W F Green, Candidate Valuer

JHINational and International Real Estate Valuers; Commercial, Industrial, Retail Property Managers, Brokers and Development Managers.26th Floor, Metropolitan Life Centre7 Coen Steytler Avenue, Foreshore, Cape TownPO Box 4406, Cape Town 8000

Brian van Vuuren, Tel: 011 911 8139 Email: [email protected]

Property Valuers and AppraisersMutualpark, Jan Smuts Drive5th Floor, Pinelands 7405,

Cape Town, South AfricaTel: 021 530 4500 (switchboard); +27 21 530 5950 (direct)Fax: +27 21 530 0817 Email: [email protected] Web: www.omigpi.com <http://www.omigpi.com> Trevor King, BSc, DipSurv, MRICS MIVSA, Professional Valuer and Chartered Valuer Surveyor. Services Cell: +27 083 644 7737

OLD MUTUAL PROPERTY GROUP (PTY) LTD

RODE & ASSOCIATES CCProperty economists, valuers and town planners. Valuations nationwide of all property types.11 De Villiers Street, Bellville 7530PO Box 1566, Bellville 7535

Tel: 021 946 2480 Fax 021 946 1238 Email: [email protected] Rode, BA, MBA, Professional Valuer, FIVSA, CEO: Rode & Associates CC, Karen Scott, BCom Hons, BCom Hons, Professional Valuer, MIVSA, Monique Vernooy, BTech, NDREE, Professional Valuer, MIVSA, Garth Johnson, BCom Hons, NDREE, Professional Associ-ated Valuer, MIVSA, Madeniah Jappie, BSc Hons, Candidate Valuer, Tobias Retief, B.A, NDREE, Professional Valuer, MIVSA, Janelle van Harte, Candidate Valuer

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DDP VALUERS

V A L U E R SDDP

Experts in value.

KEVIN WYNNE VALUERSValuers, Appraisers, Arbitrators and MediatorsSuite 1A, Third Avenue, Paarl 7646Tel: 021 872 4712 Fax: 021 872 4712Cell: 083 261 0438 Email: [email protected]

Kevin Wynne, MIVSA, CIEA, CRS (SA), Professional Valuer, Appraiser: Theo Matthew Spangenberg Candidate Valuer

Valuations Nationwide 93 Bree Street, Jan de Waalhuis, Cape Town, 8001 Tel: 021 423 8036 Fax: 021 423 6732

Email: [email protected] Office Cape Town: Tel: 021 423 8036, Fax: 021 423 6732 George: Tel 044 873 0535, Fax 044 874 6182 Oudtshoorn: Tel 044 272 6732, Fax 044 272 0942 Web: www.ddpvaluers.co.za

• Free assessment & consultation• No obligations!• 40 years experience• Impeccable reputation• Personal one-on-one attention

• Cash out quick - Call us now!

AucorSA’s Valuation Specialists.For service that’sright on the money.

We solve your financial problems!

The industry authority for:

Sales & purchaseFinancial statementsLiquidations / sequestrationsDispute resolutionRental analysisInvestment anaylsisFeasibilitiesI.F.R.S

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