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IRA
IRA
IRA - Infrasors Holdings Limited - Pienaarspoort Township Establishment
Infrasors Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2007/002405/06)
Share Code: IRA & ISIN: ZAE000101507
("Infrasors" or "the Company")
PIENAARSPOORT TOWNSHIP ESTABLISHMENT
Infrasors, through its wholly owned subsidiary Delf Sand (Pty) Ltd ("Delf"),
is the owner , of Portion 55 of the farm Pienaarspoort 339 JR("P.55")
measuring in extent some 501 hectares ("the property").
Delf has historically mined alluvial silica on the property and has explored
and established the mining area for the proposed Pienaarspoort Silica
crushing operation in the north eastern portion of the property.
Alluvial silica mining operations on the southern eastern portion of the
property ceased in October 2009. Consequently, the Infrasors board has
commissioned a town planning feasibility study by Hunter Theron Inc (Town and
Regional Planners) with a view to establishing a township on the property.
The purpose of the study was to evaluate the property to ascertain if it is
practically feasible to ultimately proceed with the required steps to
establish a township with the aim to proceed further if the feasibility study
indicates that a township development framework plan would be warranted.
The township establishment process consists of three consecutive phases;
these being;
Phase I - Assessment phase;
Phase II - Preparation of the township development framework plan;
Phase III Township establishment process.
Phase I has been completed and the consolidated findings of the town
planners, together with the sub consultants (land surveyors, conveyancers,
geologists, electrical engineer, civil engineer, traffic engineer and
environmentalist) have been submitted to Infrasors and are summarised below.
Summary of the development potential of P.55
P.55 consists of some 501 hectares of which 152 hectares has development
potential. The potential of the site according to the Phase I feasibility
study is as follows:
Development Area
- Developable area: 152 ha
- Roads 20%: +/-30 ha
- Remainder: 122 ha
Development Split
- 85% Residential: 103 ha
- 15% Alternative uses: 19 ha
Residential Split
- Freehold: 70% = 72 ha
- Medium density: 15% = 15,5 ha
- High density: 15% = 15,5 ha
Residential Potential
- Freehold Erven: 2 520 erven
- Medium density: 775 units
- High density: 1 240 units
Total Potential: 4 535 UNITS ERVEN
Alternative uses / Potential
- Business / Commercial / Offices / Industrial
- 15% (19ha)
- FAR @ 0.6
Total development potential thus 114 000 m2 developable floor area.
General
The aforesaid is a theoretical calculation and should be regarded as such.
Final calculations can only be made once a detailed layout plan has been
compiled.
Various aspects can influence the potential of the study and therefore
further detailed studies are required in this regard to accurately determine
the potential of the site."
Pursuant to the Phase I assessment phase "Township Establishment Feasibility
Study", Infrasors appointed an independent valuator to provide a market
valuation on the property, based on a "willing informed seller and willing
informed buyer" market value methodology.
As a result of the above study and independent valuation Infrasors has
elected to instruct the town and regional planners Hunter Theron Inc to
proceed with the second phase, namely the preparation of a Development
Framework Plan for the study area.
In the event that the Development Framework Plan proves to be feasible
Infrasors will instruct the Town Planners to proceed to Phase III.
In the event that a township establishment is approved by the relevant
regulatory and other authorities, Infrasors does not intend to carry out the
property development in house, but will seek an appropriate partner(s) or
purchaser(s) to implement the property development projects.
K. Colley
Company Secretary
By order of the Board
Infrasors
Rivonia
29 April 2010
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 29/04/2010 16:34:01 Produced by the JSE SENS Department.
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