Fractional Ownership successful in South Africa

Source: St Lucia Southern Africa Accommodation

Fractional ownership - the new buzz word in property - has made a successful and fast-growing entry into the South Africa market, following the recent worldwide trend. Fractional ownership allows investors to become part-owners of a vacation home and enjoy between 3 and 12 weeks of home ownership privileges per year at a luxury resort, at a fraction of the cost of whole ownership.

"Although the term fractional ownership is relatively new, the concept of sharing a vacation home with family or friends has been common practise in South Africa for many years" say Brian Singer, CEO of the Singer Group. "Fractional ownership schemes formalise the relationship between all the part-owners of a property and regularise the usage rights and other benefits attached to ownership".

Private Residence Clubs are the "Rolls Royce" of Fractional Ownership properties and afford a luxurious lifestyle to those who enjoy and expect top level service within a premier property. Grandiosity, luxury and opulence are the key to Private Residence Clubs.

"If you want to own an impressive second home complete with personalised services, Private Residence Club membership is worth considering. If you are looking for a holiday destination located in an expensive resort area but can’t quite justify the expense, this type of real estate arrangement may appeal to you,” says Singer. "Not only will you be matching your investment with you usage of your second home, you will be buying into a lifestyle of hassle free property ownership"

Most Private Residence Clubs offer extensive amenities. These may include an extravagant clubhouse and spa, a personal butler service plus five or six-star hotel services, the kind you couldn’t expect to have in a wholly-owned vacation home, high-end apartment or timeshare. Together with these benefits, being able to sell or bequeath your share in a private residence club, adds great value and security to your investment.

A flagship property, the Colosseum, is due to be completed shortly in Century City, Cape Town, and buyers have been snapping them up. With its ‘Private Residence Club’, the Colosseum is a prime example of the type of product that falls under the top end fractional ownership banner.

Singer adds, “The Private Residence Club exudes a whole lifestyle of opulence that has attracted many buyers from overseas as well as from South Africa. For a relatively low outlay, our members will be able to benefit from a lifetime of holidays at the Colosseum, or at a selection of exclusive resorts around the world. Members will be able to enjoy the luxury of an in-house one-to-one butler service, as well as all the services one would expect from a fine hotel, such as doormen, porters, concierge, reception, housekeeping, room service, etc. Most importantly, the property is fully managed and maintained.”