MOSES MOTSA SELLING DURBAN BEACH HOTEL

MBABANE – Eswatini property mogul Moses Motsa is disposing his three-star beach front hotel by public auction.

The hotel, located at OR Tambo Parade, South Beach, Durban, will go under the hammer on July 19, 2018 at 11am. The invitation of bids will be conducted by a South African auctioneering company; Reliance Auctions. Reliance Auctions is an entity which has positioned itself as the leader in the property auction industry since its inception in 2011 through offering an unrivalled sales platform emerging as a successful, reliable brand, has already posted an advert announcing the intended sale on their official website. Motsa confirmed that the advertised property was his. He disclosed that he had decided to sell the property to test the market. “If I get the price I am looking for in the market, I will let it go,” said Motsa, who preferred not to publicly state the reserve price.When quizzed as to what were his future plans should the sale go through, Motsa briefly said: “I am not certain about my next investment for now but it will definitely be property. Going forward, I will be investing more in malls.”

Transactions

Reliance Auctions Chief Executive Officer (CEO) David Soutter explained, in the company’s website, that they also followed in the footsteps of the leading world markets, where over 70 per cent of property transactions were sold on auction. He mentioned that auctions offer numerous benefits for both parties; for the seller, a quick three-week turnaround time with a set sale date, providing the peace of mind and assurance that the transaction will be concluded on that day. Soutter said auctions attracted pre- qualified buyers to the event, and the sale was not subject to finance, the purchaser is obliged to raise the finance prior to the auction. The seller gets to set a minimum reserve and should the winning bid fall short of this, he is not obliged to accept the offer. “With the finance in place, the buyer immediately enters into a sales contract on the fall of the hammer, and is bound to perform and adhere to the auction terms and conditions.

The transaction is clean, there are no suspensive conditions and the successful bid is accompanied by a substantial non-refundable deposit,” said Soutter. For the buyer, Soutter said there was no risk of over paying for a property as they determine the correct market value. “No time is wasted approaching a seller who often has an unrealistic price. By placing a property on auction the seller has made his intentions clear, is a real seller, and is not just testing the market,” added Soutter.

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