Afhco Holdings

Contact Details & Description

Physical Address:
14th Floor, Lister Medical Centre,195 Jeppe Street, Johannesburg
Postal Address:
PO Box 10568, Johannesburg 2000
Tel:
+27 (0)11 224 2400
Fax:
086 500 8993
Email:
Website:

Company Profile

The Afhco Group owns, develops and effectively manages inner-city residential, retail, commercial and light industrial property for rental purposes. It is today the leading Johannesburg inner-city property investment and management group, and is also one of the longest performing developers in the inner city. Wayne Plit started Afhco in 1996 and Renney Plit, his brother, joined him in 2001.Since then the group has remained very much a family business despite the addition, in 2006, of Old Mutual as a 50 percent shareholder in Afhco Holdings (Pty) Ltd. The group currently owns about 79 buildings, representing approximately 4500 rental apartments in the Johannesburg inner-city, providing homes to the affordable housing market and about 300,000 m² of retail, commercial and light industrial space. There are a further 4 000 units under development. The defined target market consists of households in the Johannesburg and Gauteng areas earning between R3 500 and R10 000 per month. The average income is R5 200 per month. Rentals generally range from R1 600 to R3 500 per month. Afhco’s apartments are in high demand from tenants seeking safe, modern, clean and well-managed homes. The Group formed a BEE company in 2004 named Rapiprop 101 (Pty) Ltd, in which it holds a 50 percent equity stake. The remaining 50% of equity is held by Khati Mokhobo – a director of Sun International.

Fast Facts

1. Develops Inner City Communities
2. Many social development initiatives aimed at improving the lives of people living in the Johannesburg Inner City
3. Below 0.5% bad debt and vacancies
4. Employed 52 staff members in 2004 which increased to 318 in 2009
5. Owned and managed 78 buildings in Johannesburg, surrounding areas and one in Durban

Company Information

STATISTICS/ DEMOGRAPHICS/ HISTORY
Year founded: 1996
Founding members: Wayne Jeffrey Plit
Employees: 318
Branches: Four (Johannesburg)
Memberships: Property Owners Management
Association (POMA ), Johannesburg Inner City Business
Coalition (JICBC )
Strategic partnerships: Old Mutual Life Assurance
Company; Kharnelo Trust, Amdec, International Housing
Solutions, Kamelo Trust, Brozin Family