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E860 000 FOR HOUSE AT NGWANE PARK

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MBABANE – A property located in Manzini which could easily be turned into a guest house or used as a residential apartment is going under the hammer for E860 000.


The spacious house located on portion one lot number 573 at Ngwane Park Township will be auctioned at the old Regional Administrator’s offices starting from 2:30pm on Friday.


The property, which sits on a plot measuring 1 002 square metres, will be auctioned pursuant to a writ of attachment in the matter between Eswatini Building Society and Nelton Mandla Mondlane. The property comprises of three bedrooms, lounge, dining room, kitchen, sanitary rooms, passage and verandas.
On the conditions of sale, it had been mentioned that the purchaser would be expected to pay a deposit of 10 per cent in cash upon the fall of the hammer by the auctioneer. The balance against transfer ought to be secured by a bank or Building Society guarantee; to be approved by the plaintiff’s attorneys and is supposed to be furnished within 21 days after the date of sale.


immediately


“In the event of the purchaser being unable to pay the 10 per cent deposit immediately, the deputy sheriff shall be entitled to forthwith cancel sale and put the property on auction. If transfer of the property is not registered within three months after the sale, the purchaser shall be liable for payment of interest to the plaintiff at the rate of nine per cent per annum on the amount of the award,” read the condition of sale in part.


If interested in trying to pick up a bargain property at auction, there is a lot to learn. Auctions can be a riskier way to purchase a property than buying a property through a real estate agent, so it’s important to be extremely well-educated about the process and about the properties you are interested in bidding on.
Also, just because a property is for sale at auction doesn’t mean that you will be able to get it at a good price (or that the home is a good deal at any price - it could be a money pit!).


But for the savvy, intelligent and motivated individuals, property auctions are worth exploring as a way to pick up an investment property on the cheap.
For bidders who may be considering the sale, it should be mentioned that Manzini continues to show good indicators of attracting more property development projects. It has been previously said there were nearly 150 building plan applications between April and September.


Of these 139, 21 were commercial valued at over E57.3 million, 93 were residential with a value of over E57.1 million, and 12 were for institutional valued at E7.4 million and 32 others worth over E4.6 million (not for human inhabitation).


An analysis of the building plan application, therefore suggested that there was still a fair demand for residential buildings in Manzini.

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