Frequently Asked Questions
- Company Structure and Compliance
- Current Projects
- Debenture Holders
- Directors and their Remuneration
- General Questions
Nova Property Group means: Nova PropGrow Group Holdings Limited (formerly known as Nova Property Group Holdings Limited) and its subsidiary and affiliated companies.
Nova PropGrow means: Nova PropGrow Group Holdings Limited.
Nova PropGrow Group means: Nova PropGrow Group Holdings Limited (formerly known as Nova Property Group Holdings Limited) and its subsidiary and affiliated companies
Nova Properties means: Nova Property Group
Frontier means: Frontier Accounting and Secretarial Services Proprietary Limited
CentroProp means: Centro Property Group Proprietary Limited
Nova Property Group is a Group of companies owning and controlling assets worth in excess of R2,5 billion through a group of subsidiary companies. These assets comprise a balanced mix of commercial properties, both retail and office, and mixed-use residential developments, throughout South Africa.
The holding company of the Nova Property Group is Nova PropGrow.
Established in 2011, through the assimilation of a number of smaller, independently-owned companies, the Nova Property Group, commonly referred to as Nova Properties, became and remains independent and is a well-managed group of companies, that renders comprehensive property management and development, accounting, tax and company secretarial services to a self-owned property portfolio.
Nova Properties owns 24 property owning subsidiaries.
One of the subsidiaries is Geo Sphere Developments (Pty) Ltd, which in turn owns 4 property owning subsidiaries.
Nova Properties further owns Enzi Construction (Pty) Ltd, its own in-house construction company.
Frontier is an in-house accounting, finance, tax, company secretarial and stakeholder administration and communication services provider company, contracted by Nova Properties. It is 100% owned by Nova Properties and as such enables significant cost savings.
Nova Properties is audited by Nexia SAB&T, a majority black-owned accounting, audit and consulting services firm that has been operating since 1994. Nexia SAB&T was appointed by the group in mid-2017.
Nova Properties is audited annually, and the most recent audit was completed for February 2019.
The Nova Properties was considering moving into a Stock Exchange Listed environment, during the last quarter of 2017.
BDO indicated, at the time, that it had insufficient registered partners to facilitate a Listing or to audit Nova Properties as a further Listed group within BDO’s portfolio.
As a result of the aforesaid, BDO resigned as auditors of the Nova Properties.
Nova Properties’ last Annual General Meeting was held on 29 May 2019.
As per the Directors page on the website.
There are seven Directors, three executive and four non-executive.
Yes. The Directors’ remuneration is in line with industry standards.
No. Nova Properties had proposed a listing to its stakeholders at the end of 2017.
There was a strong reluctance/unwillingness of historical investors to venture into the listed environment.
To create a more favorable investor climate, including the capitalising of debt, and to create liquidity within a highly regulated environment.
A change in gearing would make Nova Properties’ offering more attractive for new/external investors. Listing would create recognisable opportunities for growth that are subject to both Stock Exchange and public scrutiny.
Yes. Nova Properties is actively pursuing investment funding for the project. Litigation against the developer, Capicol, is ongoing. This litigation has had a hampering effect on the ability to raise funding for The Villa development completion.
Development and construction of the Zambezi Mall main structure is complete, save for certain surrounding road infrastructure upgrades. Some tenants are already trading, and Nova Properties is actively sourcing further tenants. Nova Properties is however holding its position on tenanting until litigation against the developer, Capicol, reaches conclusion. This litigation has had a hampering effect on the ability to raise funding for the Zambezi Mall development completion and optimal tenanting.
Nova Properties’ residential projects are in various stages of development, and will continue depending on market demand and the securing of appropriate funding.
When properties are sold, the titles are transferred to the new owners. After a property sale, Nova Properties has no further relationship with the property and its responsibility for the property ceases. In most instances, funds realised from property sales are re-invested into Nova Properties to enable the best possible long-term returns.
Rental income is currently re-deployed into Nova Properties in order to maintain, sustain and add value to the Group, in pursuance of its long-term goals.
Following the approval and sanctioning of Schemes of Arrangement during January 2012, all the property-owning companies historically (prior to 2011) promoted by sharemax Investments (Pty) Ltd, were transferred to and became part of Nova Properties.
Nova Properties was specifically created, in terms of the Schemes, for the above purpose.
In terms of the Schemes, all investors in the historical property-owning companies became debenture holders in the newly created Nova Property Group Investments Proprietary Limited, unless debenture holders chose to exchange their debentures for shares in Nova PropGrow Group Holdings Limited.
Debenture rights form part of an estate and ought to be included in the holder’s will. The appointed executor may request Frontier to assist to transfer the debenture rights to beneficiaries at a fee of R250 per transfer. Frontier does not provide any advice in regard to marketing, sales and/or transfers of debenture rights.
The appointed executor should contact Frontier to facilitate changes to beneficiary details.
Debenture rights are transferable and can be traded in the open market between willing buyers and sellers. Frontier will act as the transferring service provider for the transfer of debenture rights. Frontier does not provide any advice in regard to marketing, sales and/or transfers of debenture rights.
Yes. The first payment was made in 2013, and Nova Properties has made payments regularly since then.
Not necessarily. Nova Properties’ Board decides whether funds realised from property sales are to be re-invested or paid out.
As often as possible, as and when relevant information sharing is required.
Nova Properties communicates via email and SMS. Communiques are placed on the Nova website.
A Call Centre is available to assist with any queries and an email help line can be found on this website.
There is no relationship whatsoever.
Sharemax Investments discontinued its business affairs during the 3rd quarter of 2010.
Nova Properties does not conduct any business similar to that conducted by Sharemax Investments.
The redemption of the debentures and the timing thereof are influenced by factors which have been communicated to debenture holders in previous communiques from the Nova board.
The fall-out from the weak political and economic climate, poor growth and credit downgrades continue with the inevitable result that the property sector is now also taking strain. Whereas it was a sellers’ market until early 2016, there was a progressive shift in the latter years which manifested in lower demand, rising stock levels combined with a decline in buyer confidence, flat price growth and deals taking longer to conclude.