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The Colosseum is due for completion in December 2006. The Colosseum is planned to have retail and restaurant space on the ground floor, three storeys of offices, topped off by two floors of plush hotel suites and penthouses.
The plan was to conduct a pre-launch of the Colosseum Luxury Suites at Johannesburg, Pretoria and Cape Town ahead of a launch in London and Dublin. However, during the pre-launch 42 of the 70 suites were snapped up, resulting in the planned overseas being cancelled.
Investors who purchased a suite or penthouse were entitled to spend four weeks holiday at the Colosseum Luxury Suites, or at one of 3600 RCI affiliated resorts in 94 Countries which made it an ideal investment for out-of-town investors.
The suites range in size from 40 square metres to 65 square metres and are available for purchase on a sectional title basis at between R950 000 and R1 565 000 while penthouse suites, which vary in size from 88 square metres to 174 square metres, are available for between R2 295 000 and R5 055 000. No transfer duty is payable.
The rental income is guaranteed for the first two years - expected to be 2007 & 2008 - at a minimum of 5% of the purchase price.
The Singer Group will pay all property levies for the first two years.
The Singer Group, which owns several travel companies, hotels and restaurants, has appointed Protea Hotels to operate the Colosseum Luxury Suites
External link: www.colosseum.co.za