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Troy Hart: There’s no doubt that 2009 was a challenging year where we had to review our business practices and think outside the box. Our management team early on set about developing and implementing initiatives, which were crucial in a depressed market in bringing the business together. We have been rewarded by exceeding our expectation in the 2010 first quarter with improvements of up to 30% year on-year across the board of our various business units. That’s 30% up in sales, leasing, golf rounds and turnover.

The Month: Why is that, do you think?

TH: Well, up until last year Pearl Valley was a bit of a closed shop. That model was not sustainable so we opened up and spent much of last year telling people who we are, what we’re doing and where we’re going. We’re now open for business, have consolidated our operations and developed several communications strategies which deliver value added products and services to our stakeholders. In the initial review of our sales and leasing programmes, we looked past the 5-star rated golf experience and built upon our “Golf Digest - best golf Estate for 2009” tag and addressed a lifestyle audit of our development. From the various feedback and community demographic studies we initiate each year, we see that we’re equally supported by families and non-golfers who prefer the lifestyle and security that the development provides. The investment decision by our home owners has also been rewarded by the increase and maintenance of their asset values in light of market perceptions. A positive indicator that the estate is moving forward is the 25 homes that have started construction from the last quarter of 2009 with another six moving through the approval process currently. The homes are by no means small with floor areas ranging from 450m2 to well over 1000m2.

TM: So rather than market as an exclusive Golf estate you’ve developed further branding in meeting the market as a Lifestyle Estate?

TH: Look, although the course is ranked in the top five in the country, it’s not necessarily always about golf. The master plan provides a course layout that creates an abundance of visual open space to attract the recreational enthusiast. In addition to the golfing programmes, the estate is driven by the complementary activities it offers and the infrastructure we have here is fantastic: the Bridge House Extension crèche, the Equestrian centre, the River Frontage, the Boma and sports fields, tennis courts, the gym, food available from 6am ‘til late at night, horse and jogging trails, sustainability initiatives - there’s almost no need to leave. With the support of the community we have developed initiatives that include a school holiday kids club, recycling and sustainability objectives and preferred programmes with our corporate affiliates including the One & Only and Game Reserves. The healthy, wealthy and wise brand is alive and well.

TM: So your whole sales and leasing strategy is based on getting people here to see the place – through holding events like SA Open and making golf more accessible?

TH: Price for golf has definitely been a sensitive area and with the international visitor rounds reducing year-on-year, we have needed to widen our golfing markets and retain loyalty of the domestic players which has seen an increase in the number of rounds. The benefits flow down to our sales and leasing through the increase in foot traffic. You can do great marketing but you can’t beat seeing the estate and the valley on a beautiful day. We have an active and open real estate firm, Pearl Valley Properties, which interlinks with other parts of the brand. Sales are often initiated from people who have previously played golf (whether though our corporate days or with current members) so our strategy has been to get more people through the door. I would also like to add that our 4000m2 clubhouse facility aided by our accommodation facilities has the capacity to meet the growing demand in line with our development programs.

TM: And your leasing department. Are they busy for the World Cup?

TH: We basically experience the same high and low season that is evident in the Cape with clients leasing their properties when they’re away so availability is seasonal. Winter is the low point but the World Cup ought to generate more business than usual. Although it was rumoured, there’s no team coming to stay at Pearl Valley and we’re not entirely unhappy about that. As well as being an expensive preparatory exercise, we didn’t want to lock down the estate for 80 people and drive the residents nuts as we’ve done for the last three years at the SA Open. We didn’t think it was worth it and we may not have got the team we wanted; besides most want to train at altitude. Security is such a big thing - to lock down the owners would not necessary benefit our stakeholders.

TM: So if you’re not hosting a team what’s the strategy?

TH: We had a lot of enquiries and we chased some large groups but none has materialised so, instead, we’ve tipped the marketing upside down looking not to the internationals but to the locals. With five weeks of school holidays,and the chance that we’ll have families from Gauteng and Natal here, we’ve made it more accessible for South Africans wanting to get out of the cities and come stay in the wine district. so we’re offering ‘stay and play’ packages to families for medium length stays during the World Cup.

TM: How ‘full’ is Pearl Valley Phase 1?

TH: Our capacity is for 500 houses in addition to the 90 golf lodges, of which we have about 300 either built or under construction and 60 golf lodges, respectively. There is another 18 hole development on the cards but we’re still working through the concepts on that one. Our focus has been on developing out Pearl Valley Phase 1 with a little over 100 plots and our signature series homes to complete the development. Gone are the days of ‘build it and they will come’. People are far more conscious of where they’re spending their money with security and estate infrastructure being the paramount criteria. Our plots are predominately positioned on the fairways with the master plan designed with no back loading of lots so owners have a maximum of two adjoining neighbours. That’s a key reason why 50% of Pearl Valley sellers continue to reinvest within the estate whether upgrading or downgrading due to changes in the household.

TM: So who’s your market?

TH: 30% of our residents are second home owners from Cape Town, yet more and more we are seeing residents selling their primary residences and moving here permanently. Our first quarter sales were fantastic year-on-year. Migration from Joburg and Pretoria is evident in some of the larger house sales and understandable given the Valley’s relaxed atmosphere and its position on the trail down from up north. We’ve also seen a 30% increase in internationals renting here for four to six months which is all positive stuff in a challenging environment. As onsite agents, Pearl Valley Properties, which encompasses our onsite sales and leasing usiness, is always building up good relationships and good people make good business. We also see the elderly as a potential market; we could offer better care here in the valley and we are currently developing a model for that too.

TM: But, generally, you’re happy with the way things are going?

TH: Very happy. We were provided with the necessary tools to adapt to the changing market, developed a collective business plan, got the right team on board have enjoyed success during a tough trading period.

TM: Thank you Troy and good luck.

For more information contact Pearl Valley on 021 8678000 or go to www.pearlvalley.co.za

Pearl Valley: 50% of sellers buy again in the estate

During the 2008 South African Open, 2007 US Masters Champion Trevor Immelman was full of praise saying, “the course is in incredible condition, it really is. That’s the way I expected the course to be, to a high standard, and they have always turned out a fantastic course, for the members day-in day-out. I really feel like these fairways; they are some of the best, if not the best, that I’ve ever played on”. In 2009, Pearl Valley was crowned “best Golf Estate” and “2nd best conditioned course” in South Africa by Golf Digest magazine.

Traversed by roads in only three places, with a state-of-the-art drainage system in place that allows play to continue just minutes after a severe down pour, the course is truly in a league of its own.To meet the ‘Golden Bear’s’ uncompromising standards of golf course design and aesthetic beauty, a combination of the deep, lush green on the fairways and greens, together with the brilliant white river sand lining the 81 bunkers was carefully planned to make Pearl Valley Golf Estates the most visually spectacular golf course in the country and arguably the world. The total length of the course off the championship tees is 6749 metres, whereas the members’ length ranges from 5878 from the blue club tees with senior/ladies championship tees at 5586.  The ladies course spans 4706 meters. Bunkers on Nicklaus’s signature courses are renowned for being shallow, long and relatively undaunting.Every hole is played against the spectacular backdrop of the mountains surrounding the estate and all are challenging due to the startegically set bunkers and fast greens. The prevailing winds throughout the area have also been taken into consideration with the course design; the winter being northwesterly and the summer wind from a southeasterly direction. All par 3s and par 5s play in different directions, ensuring that the same conditions are seldom experienced during a round.The 13^th hole, par 3, is the ‘Signature’ hole of the course and perhaps the most scenic. The water cuts from the right and a greenside bunker awaits the cautious tee shot. This hole tests both your ball striking and your nerve. Hole 4 is also challenging with no room for error as you need to cross the creek three times on route to the green. This par 5 is listed as one of the best par 5’s in South Africa, a real ‘risk and reward’ classic!

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Once you arrive, there’s a whole lot of living to be done and you can spend time with your family. You can enjoy:

· Horse-riding at the full-scale equestrian centre.
· The clubhouse, which hosts a variety of facilities and activities, including pool & slides, childrens’ play area and al fresco dining.
· The beautifully appointed boma, which regularly hosts pizza get-together evenings, during summer.
· Outdoor pleasures such as fly fishing, riverside recreation; and mountain biking.

In The Area
Residents in the area are spoilt for choice when it comes to top schools and universities:

· Bridgehouse in Franschhoek is one of the country’s most respected private schools.

· A short 30 minutes drive away, Stellenbosch is a hub for education, with top schools, the vibrant University of Stellenbosch and superior medical care and research centres.

· Only a ten minute drive away, Paarl is, home to some of the finest junior and senior schools in South Africa.
And the world-renowned University of Cape Town is approximately 45 minutes away