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E4M MADONSA MANSION SELLING FOR E2.6M

26/04/2018 07:31:00 BY KWANELE DHLADHLA

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MBABANE – Property development punters have been presented with a chance to buy a house valued at over E4 million for almost half the price.

The ‘state of the art’ modern house with fully furnished rooms and paved yard, will go under the hammer for a reserve price of E2.6 million. This is despite that it has been valued between E4 and E5 million by independent valuers who spoke to the Business Desk on condition of anonymity.

The property, located at the upmarket township of Madonsa at Extension Number 13 lot 1339, sitting on a plot measuring 1 000 square metres, will be sold tomorrow, starting from 10:30am.
“This is really a bargain buy when taking into consideration the location, total valuation and opportunity to realise the investment return within a reasonably short period of time,” the valuer hinted.

The sale, to be conducted at the old Regional Administrator’s offices in Manzini, is pursuant to a writ of execution in the matter between First National Bank (FNB- applicant) and Homebase Investments (Pty) Ltd (first defendant), Silombo Investments (Pty) Ltd (second defendant) Clint Mark Bailey (third defendant) and Marcia Bailey (fourth defendant).

On the conditions of sale, it had been mentioned that the purchaser would be expected to make a deposit of 10 per cent in cash upon the fall of the hammer by the auctioneer. The balance against transfer to be secured by a bank guarantee, and be approved by the plaintiff’s attorneys, should be furnished within 21 days.

“In the event of the purchaser being unable to pay the 10 per cent deposit immediately, the deputy sheriff shall be entitled to forthwith cancel the sale and put the property on auction.

“If transfer of the property is not registered within three months after the sale, the purchaser shall be liable for payment of interest to the plaintiff at the rate of nine per cent per annum on the amount of the award,” read the conditions of sale in part. It should be noted that during the past year, statistics reflected that Manzini showed good indicators of attracting more property development projects, which were valued at nearly E250 million, with commercial property applications at nearly E60 million.