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PROPERTY: Sea Kay Seeks Cape Foothold


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CAPE TOWN continues to attract the low cost housing development companies with news that financially troubled Sea Kay is set to bolster its presence in the region.

CBN reported recently how Gauteng-based property development group Calgro M3 Holdings had recently secured two important footholds in the Cape by securing participation in a R1.3 billion integrated housing project in Belhar and the R554 million Scottsdene integrated housing development (currently underway).

Unlike Calgro, Sea Kay has an existing operation in Cape Town (Sea Kay Engineering Services Western Cape).

In fact Sea Kay’s Western Cape division was the one bright spot in the company’s truly horrible interim performance to end December 2011, when a R134 million loss was posted.

CEO Pieter van der Schyff reported that Sea Kay’s Western Cape subsidiary benefited from a restructuring process that allowed it to operate independently from the rest of the group. He said the subsidiary grew to acceptable levels reaching an interim profit level of R1.7 million.

With the Western Cape showing Sea Kay the way to recovery it’s not surprising the company announced the negotiations with a property developer regarding the acquisition of an upmarket retirement village development in Cape Town.

No further details were available at the time of writing, but - like Calgro - the proposed acquisition may well be the precursor to building a more formidable Cape presence.

Speaking of Calgro, the company seems to be speeding ahead. CEO Ben Malherbe – reporting on the company’s impressive year to end February 20102 results - noted the contribution by the Scottsdene project, although small, was a welcome surprise “as expectations were that a venture into a new province would take longer to contribute”.

He said Calgro’s venture into the Western Cape was not as trying as expected and operations came on line earlier than initially planned.

This was made possible by a strong administration system and logistics capability created during the group’s previous venture into the Free State Province.”

Malherbe said the installation of the infrastructure on the Scottsdene project was progressing well and the construction of units on the Elsies Rivier project neared completion towards the end of the financial year.

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