Investors speak of that once-in-a-lifetime investment opportunity. The one that yields exceptional returns coupled with unparalleled security – in short the Holy Grail of investment. Right now, that’s the phrase being used to describe the building that is inching its way up the Sandton skyline. The Leonardo is the Legacy Group and Nedbank Ltd’s latest mixed-use development, and it’s not only breathing new life into the famous skyline, but generating enormous buzz among investors in the financial capital of Africa.
The Leonardo is nestled in the heart of the vibrant and rapidly expanding precinct of Sandton, and can be found at 75 Maude Street. It is within walking distance of the Gautrain and all major businesses, and is also adjacent to the Johannesburg Stock Exchange (JSE). From this prime location, which represents the best of a frankly unequalled South African lifestyle.
“The Leonardo epitomises the ideal of a mixed-use development – a means to live-work-play in the lap of luxury, with every creature comfort and convenience at your fingertips a simple lift ride away,” says Gijs Foden, director of sales. “For residents this means a secure, luxurious living space, full concierge service, a crèche, a rooftop garden restaurant, coffee shop, heated pool, gyms and manicured gardens, and possibly even a commute to work that involves taking the lift a few floors down. For businesses it means much of the above, plus premium office space, and  an in house business and conference centre.”
The Leondardo will comprise commercial, sectional title office space; 230 one-, two- three- and four-bedroom apartments; eight penthouses; and the pièce-de-la resistance, The Leonardo Suite – a 2,880 square metre, three-floor penthouse with a 360-degree view, whose asking price of R250-million will make it the most expensive sectional title property ever sold in South Africa.
“The apartment component of the building starts from the 16th floor up, to ensure stunning views for every owner. Demand is high, and as we begin selling the higher floors, I expect the capital values of the properties will skyrocket, as was our experience with The Michelangelo Towers and the DAVINCI. I have no doubt that investors will view the The Leonardo in the same light as these highly successful properties, namely a dollar safe investment that protects their rands in a world class development.”
The Leonardo will offer investors and owners all the creature comforts of a five-star hotel. With a hassle free rental-pool option, owners moreover maximise their investments through a new rental structure.
“The Leonardo has everything going for it; not least of which is its development at the hands of Legacy – one of the continent’s most experienced and highly regarded developers in the luxury lifestyle, office, apartment, property and hotels industries. There’s a very good reason investors are so hyped up about this development, it truly is one  you don’t want to miss out on. But really you can’t make a call from simply hearing about it and I appeal to potential investors to come and take a look for themselves,” concludes Foden.
Investors can acquire additional information from Gijs Foden on +27 76 860 0260 email: gfoden@legacygroup.co.za; <a href="http://www.legacyliving.co.za" target="_blank" rel="noopener">www.legacyliving.co.za</a>.

Legacy Reaches For The Sky With “The Leonardo” Mixed-Use Development

<h4>Entersekt</h4>
Entersekt is a global pioneer in transaction authentication for financial institutions. The system combines electronic certificate technology with encrypted cloud messaging and the convenience of mobile phones to give banks, and their customers, full protection from cyber criminals looking to steal users login details and passwords. Entersekts clients, who include Investec, Absa, Old Mutual, Nedbank and Capitec, have allegedly reported an elimination of online banking fraud since implementing the system. Over 12 million customers are protected by Entersekt’s security software which has authenticated more than 250 million transactions since being launched in 2010. The start-up has so far raised around $10 million and has been implemented in Swiss financial institutions with plans to expand to Nigeria, Britain, Netherlands and the United States.
<h4>iono.fm</h4>
Described as PVR for radio, iono.fm is an audio-on-demand platform that publishes content from radio stations, podcasts and audiobooks. Listeners create their unique playlists and download content for later use. The revenue model centers on short audio adverts and all the content is currently free but going forward they may charge for exclusive content and added functionality. Where traditional radio stations can only monetize their content once as it is streamed live, iono.fm can monetize the content multiple times with different advertisers as the audio is stored online for repeat use. The platform currently generates over a million page views and 800,000 downloads per month. In the second quarter this year, iono.fm saw a 400% increase in downloads. The company has been self-funded since 2008 but is now engaging with venture capital investment to expand operations to the rest of Africa, India, and South America.
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<h4>wiGroup</h4>
wiGroup is a specialized point-of-sale integration platform that enables retailers of any size to tap into the mobile money market. Retailers that plug-in to the wiPlatform are able to accept any kind of current or future mobile payment, loyalty, reward or couponing application that exists on the platform. MTN Mobile Money, FlickPay and M-Pesa are some of the apps that have been integrated into the system which services over 50,000 till lanes across South Africa and has processed close to $250 million in mobile transactions. wiGroup’s clients include Pick n Pay, Shoprite, Vodacom and KFC, and the revenue model is based on transaction fees and monthly licensing subscriptions for apps that run on the platform. The company has a presence in Namibia and Mauritius, with plans to expand into Nigeria, Zambia and Britain in the near future.
CapeRay
CapeRay develops and manufactures advanced breast cancer screening equipment combining X-ray and ultrasound technology to enhance a clinician’s ability to detect cancer in women &#8211; especially those with dense breast tissue where conventional methods often miss a cancerous lesion. The technology is the first of its kind globally. The start-up spun away from the University of Cape Town around four years ago and has so far raised $2.26 million in funding pre-revenue. Clinical trials have been completed and an offering memorandum is now in front of 15 major multinational companies with CapeRay looking to raise an additional $10 million to begin rolling out the product in the United States, Europe and South Africa.
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<h4>iKubu</h4>
iKubu specializes in developing computer vision and commercial radar systems. The small team of engineers have a deep understanding of embedded software solutions and electronic hardware with a strong focus on algorithm development. The start-up developed a 3D scanning system for automated baggage check-in that has been implemented in major airports, including Heathrow, Sydney and Singapore. The company has, up until now, been bootstrapped by the founders who are engaging with international investors to expand operations.
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<h4>Nomanini</h4>
Nomanini develops and manufactures rugged mobile point-of-sale terminals to sell products such as airtime and electricity in emerging markets. The technology enables vendors in the informal sector to efficiently distribute prepaid vouchers and facilitate micro cash payments with plans in the works to enable additional transactions such as mobile money and insurance premium collections. Nomanini has partnerships in Kenya, Nigeria, Zambia, Namibia, Guinea and Mozambique with active terminals processing over a million transactions in September with the company expecting to process a million payments per month by December. Nomanini has so far raised more than $2.3 million in funding and is engaging with venture capital players in foreign markets for further expansion.
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<h4>8bit</h4>
8bit is a content recommendation platform that connects online publishers to a larger network of content producers driving traffic to members’ websites by showcasing their most popular content on other sites in the network. 8bit’s system automatically detects a site’s top content based on time, click rate and social media engagement and shares impressions across the network of publishers. It is currently in a closed invite only beta stage with South Africa’s leading independent publishers and has begun trialling with the country’s largest media houses. 8bit will officially launch at the upcoming Web Summit conference in Dublin in November after being named as one of Africa’s top 10 start-ups. In the upcoming months the company will be launching its paid promotions platform where publishers and advertisers can promote sponsored content not only on 8bit’s network but on traditional advertising exchanges. Since being founded earlier this year 8bit has raised around $135,000 in seed funding with plans to expand into Kenya, Nigeria and Denmark. 8bit processes over 20 million recommendations per month and in many instances, directs more traffic to publishers on its network than Google, Facebook and Twitter.
<h4>OrderCloud</h4>
OrderCloud integrates all the sales channels of a business, whether telephone, web or mobile, into a single online dashboard for simple and effective order management. The system automatically locates the closest outlet to the customer and links it with the necessary delivery services to process the order. Whether customers pay with credit, cash or mobile money, all your funds are instantly aggregated into a single account which distributes the lump sum to all the relevant parties in the supply chain. OrderCloud is being integrated into large franchises in South Africa though the start-up cannot say who at this point as the information is classified. The company is busy putting together a prominent board of directors and has so far raised $226,000 with plans to raise an additional $900,000 from local and international investors.
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<h4>WhereIsMyTransport</h4>
This month, WhereIsMyTransport will be launching Africa’s first official multi-modal transport application for Cape Town. Commuters using the app are able to seamlessly plot their journey from point to point linking various modes of public transport such as Golden Arrow buses and Metrorail trains with minibus taxis to come online in the near future. The application generates valuable data regarding commuter traffic and congestion enabling cities to more efficiently develop their transport networks. The start-up, still in its infancy, is engaged in talks with investors in three foreign markets to develop similar applications for major metros. The long-term vision of the company will be to open up its application programming interface to allow other developers to build apps using their technology.
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<h4>Ekaya</h4>
Ekaya has created an online marketplace where you can list, find and rent property from your phone or on the web. Landlords can vet and rate tenants, collect rent and freely advertise their property on the platform. Tenants applying for property pay an administrative fee of less than $10 for all necessary criminal and credit record checks, whereas property agents usually charge around $100. Also, instead of paying a fat deposit upfront, Ekaya offers an insurance scheme where tenants pay a smaller monthly fee that can be used to cover damages. Ekaya makes money by taking a small commission of the rent and is looking to expand its insurance, micro-loan and deposit components with added loyalty and reward features. Ekaya recently raised $126,000 in angel funding and has over 1,000 estate listings in Cape Town since the beta version went live about two weeks ago with the platform aiming to launch in Durban and Johannesburg in the next few months.

Ten Technology  Start-Ups To Watch

Foreign-owned banks in Zimbabwe are prepared to brave the current wave of uncertainty emanating from the country’s controversial indigenization policy which could lead to “significant changes” in the shareholding structure of the banks as they are also under pressure to raise $100 million in statutory capital.
“The new capitalization requirements and compliance with indigenization will likely result in major changes in the structure of the banking sector as players try to comply with those two requirements,” says Willard Zireva, the chairman of MBCA Bank, the Zimbabwean unit of Nedbank.
The indigenization policy, which was promulgated in 2008, requires that foreign-owned companies cede 51% of their shares into the hands of black Zimbabwean groups. President Robert Mugabe and his Zanu-PF party are apparently pushing for the policy ahead of elections expected in July this year, while Prime Minister Morgan Tsvangirai and his MDC party will try to reverse the policy, saying it is not investor-friendly.
The government has, however, not swiftly moved in on the banks as Reserve Bank of Zimbabwe governor, Dr Gideon Gono, insists that forcing the banks to cede 51% shares will destabilize the already fragile banking sector. More than three locally-owned banks have already collapsed in the past year after succumbing to operational constraints, low liquidity levels and low capital bases.
It is the larger, foreign-owned banks—Barclays, Standard Chartered and the Zimbabwe units of Standard Bank and Nedbank—that have brought stability to the banking sector. Only about three local banks are considered stable and these include CBZ, FBC and ZB banks. Zimbabwe has 22 banks, most of them commercial.
“The smaller, locally-owned banks are less stable than the larger, more established foreign banks. We have… 22 banks functioning in an economy which is much too small for that number of banks,” says Zimbabwean economist John Robertson.
While economists and investment fund managers have warned that the indigenization policy and the placid nature of Zimbabwe’s regulatory framework may push investors out of the country, foreign banks are prepared to brave the current chill in Zimbabwe’s operating environment.
Dennis Mambure, the spokesperson at Barclays Zimbabwe, which has been left out of a deal that saw Barclays Africa operations merge with South Africa’s Absa Bank, says the bank is keen to comply with Zimbabwe’s policies. He insists that the bank had made submissions to the government and that negotiations are ongoing.
“Barclays operates within the confines of the legal and regulatory framework of the country. At no time has the bank disregarded any regulatory directive or obligation. Barclays Bank has made all submissions required by the laws on indigenization to the relevant authorities. Engagement with authorities on these submissions is on-going and Barclays is not at liberty to disclose the content of those confidential discussions,” says Mambure.
Interestingly, Mugabe has called for lower indigenization compliance thresholds for the foreign banks. He said in a televised interview, ahead of his 89th birthday celebrations, that the 51% threshold was not rigid, adding that the banking sector could be considered for lower thresholds, further complicating the placid nature of the regulatory environment in Zimbabwe.
This has been interpreted as a victory for the banks who had earlier argued against the 51% compliance thresholds. But youth development, indigenization and empowerment minister, Saviour Kasukuwere, appears to have the final say as to what thresholds the banks will have to comply with. He told FORBES AFRICA in an interview this month that the banks have to show willingness to comply.
“The minister can use his powers to consider variations. The banks have to come forward and submit their plans and we can even consider different timeframes for compliance,” he says.
Gono called for flexibility in implementation of the empowerment policy in the banking sector. “You need to be flexible when you come to the banking sector… because you cannot indigenize technology. You cannot apply the same rules that you are applying everywhere to the banking sector. I am going to defend that position,” he told a breakfast meeting of industrialists
Despite the earlier softening in the government’s stance regarding indigenization compliance for foreign banks in Zimbabwe, Kasukuwere in March wrote to the foreign banks asking them to be fully compliant with the contentious policy by the end of June.
The new directive by Kasukuwere stokes up the fight between him, the central bank governor and finance minister, Tendai Biti. Gono says that he will defend Mugabe’s reasoning in calling for compliance variations below the mandatory 51%.
However, the Zimbabwean unit of Standard Chartered has welcomed Mugabe’s statement, saying the bank is committed to its employees and clients in Zimbabwe, hence the bank’s willingness to comply with the indigenization policy.
“We remain committed to the long-term interests of our staff and customers in Zimbabwe, and to continuing to facilitate the development and growth of the economy. We welcome President Robert Mugabe’s comments. Standard Chartered has taken the conscious decision to continue to maintain our long-standing commitment to doing business in Zimbabwe,” says the bank’s spokesperson, Lillian Hapanyengwi.
Economists say that Zimbabwe’s regulatory framework is uncertain as regulations change without notice while there are always variations in how the laws are implemented. The Bankers Association of Zimbabwe say the banks are engaging the government on their own while the association’s president, George Guvamatanga, the head of Barclays in Zimbabwe, says he is still weighing the implications of Mugabe’s statement.

Tag: Nedbank

FORBES AFRICA SOCIAL MEDIA

Legacy Reaches For The Sky With “The Leonardo” Mixed-Use Development

Ten Technology Start-Ups To Watch

BRAVING THE INDIGENIZATION CHILL