Business mogul Sello Moloko splashes out on swanky pad

2015-10-05 14:21
Businessman Sello Moloko’s new home, next to deputy president Cyril Ramaphosa’s R30 million stretch of land.

Businessman Sello Moloko’s new home, next to deputy president Cyril Ramaphosa’s R30 million stretch of land.

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Deputy President Cyril Ramaphosa’s new neighbour in a posh Cape Town suburb at the foot of Lion’s Head is none other than his old work associate, business mogul Sello Moloko. 

Deeds documents show that Moloko and his wife, Keneilwe, paid R18.25 million for a four-bedroom villa in Fresnaye – complete with a pool overlooking the Atlantic seaboard – next door to the R30 million swathe of land where Ramaphosa’s newest residence is being built. 

But City Press understands that Moloko’s investment in the property is set to increase, with extensive renovations planned for his newly purchased home. 

Estate agents described Moloko’s new luxury pad, bought two months ago, as having “large and splendid rooms with entertainment areas that lead effortlessly on to a terrace with a private pool” and with “mesmerising views from a wraparound balcony”. 

The home provides parking for three cars inside the property, and two in the street outside. 

Moloko, whose first monthly pay cheque as a teacher was R180, is a big jazz lover and will now have his own spot to stay in during the Cape Town International Jazz Festival, which he rarely misses. 

Moloko, who did not respond to requests for comment from City Press sent on Friday and Saturday, has held directorships at 28 companies in the mining, property and security sectors. He is the chairman of Alexander Forbes – whose empowerment shareholder, Shanduka Group, belonged to Ramaphosa until last year. The dashing business tycoon also chairs the investment committee for the Nelson Mandela Foundation. 

Seeff real estate agent for the Atlantic seaboard Lance Cohen described Fresnaye, with its palm tree-lined avenues, as a “blue chip suburb” and one of the most valuable property investment areas in the country. 

Lightstone Property sales data show that 65 transactions worth R743 million were concluded in Fresnaye from October 2014 to September this year – which means a whopping average of R11 4 million per sale. 

Cohen said: “It is a fairly low turnover area as homeowners tend to hold on to their properties. In fact, more than half of properties have been in the same hands for more than 11 years. 

“Fresnaye ticks all the boxes for family buyers. As one of the few true north-facing suburbs on the Atlantic seaboard, residents enjoy all-day sun, late summer evenings and stunning sunsets. It is close to Blue Flag beaches, and excellent facilities and amenities, including top schools.” 

Other Fresnaye residents include swimwear model Candice van der Merwe, who is being investigated by the SA Revenue Service after an Arab admirer allegedly gave her a R110 million mansion in the posh neighbourhood. 

Meanwhile, at the deputy president’s construction site this week, workers finished excavating the steep mountain land and were digging foundations for columns that would support Ramaphosa’s four-storey mansion. 

City Press also viewed an artist’s impression of the planned villa, which shows it will be built of large concrete bricks, and have an entertainment hall dominated by a wooden staircase and a large fireplace. It will also have a deck with an infinity pool, and four spare bedrooms with floor-to-ceiling windows overlooking the sea. 

A source close to the construction project said the property – believed to be Ramaphosa’s retirement home – will take another two years to complete. 

Ramaphosa’s spokesperson, Ronnie Mamoepa, declined to comment on the house, saying it was “a private matter and not in the public domain”. Earlier this year said the two adjacent Fresnaye plots – purchased in 2010 for a combined R30 million by Ramaphosa’s Tshivhase Trust – were declared to Cabinet and Parliament.

Ramaphosa owns a sizeable property portfolio, which includes a game farm near Bela-Bela in Limpopo and a mansion in the up-market Johannesburg suburb of Hyde Park.

Read more on:    cyril ramaphosa  |  house

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