No. 789456
Valuation Report
27 Cecil Road, Constantia
27 Cecil Road, Cape Town, South Africa
Reference
VAL-2026-004
Valuation date
08 May 2026
Report date
12 May 2026
Basis of value
Market Value
Currency
ZAR
Status
approved
Client
L. Meyer
Lead valuer
A. Mokoena
Reviewer
K. Naidoo
Letter of transmittal
12 May 2026
L. Meyer
L. Meyer
27 Cecil Road
Dear L.,
Re: Valuation of 27 Cecil Road, Constantia
In accordance with your instruction dated 08 May 2026, we have inspected the above property and have prepared this valuation report stating our opinion of the market value as at 08 May 2026, for the purpose of secured lending — bond originator.
The valuation has been prepared in accordance with IVS 2025, SACPVP. The opinion of value is set out in the executive summary that follows, and is supported by the analysis, methodology and evidence detailed in the body of this report.
We trust the report meets your requirements. Please do not hesitate to contact the undersigned should you require further clarification.
Yours faithfully,
A. Mokoena
MRICS, Professional Valuer (SACPVP)
Acme Valuers Ltd
1. Executive summary
| Property | 27 Cecil Road, Constantia |
| Address | 27 Cecil Road, Constantia Upper, Cape Town, South Africa |
| Category | Residential |
| Tenure | freehold |
| Valuation date | 08 May 2026 |
| Basis of value | market value |
| Purpose | Secured lending — bond originator |
| Client | L. Meyer |
Indicated values by method
| Comparable | ZAR 22,779,400 |
Market Value
ZAR 22,800,000
Forced Sale Value
ZAR 19,380,000
2. Scope of work & terms of reference
This valuation has been prepared in accordance with the International Valuation Standards (IVS) 2025 and the RICS Valuation – Global Standards (Red Book) 2025, and complies with the SACPVP Code of Professional Conduct.
Conflicts of interest
The valuer confirms that no conflicts of interest exist in respect of this engagement.
3. Property description
| Property name | 27 Cecil Road, Constantia |
| Address | 27 Cecil Road, Constantia Upper, Cape Town, South Africa |
| Category | Residential |
| Tenure | freehold |
| Title deed number | T246810/2005 |
| Erf number | Erf 8421, Constantia |
| Year built | 1998 |
| Erf size | 1,820 m² |
| Building area | 742 m² |
| Bedrooms | 5 |
| Bathrooms | 4.5 |
| Garages | 3 |
| Parking bays | 4 |
| Condition | good |
| Features | Pool, Domestic quarters |
4. Locality & market commentary
The subject is located in Constantia Upper, Cape Town, South Africa.
Tenure & title commentary
Title deed T246810/2005; freehold; no encumbrances.
5. Methodology
The following valuation approaches were applied: the Comparable Sales / Market approach. The approaches are reconciled in section 9 to arrive at the opinion of value.
Comparable / market approach
Sales of properties similar to the subject are analysed for unit rates per m². Each comparable is adjusted for differences in location, size, time, condition, tenure, quality and any special factors to derive an adjusted rate that is comparable to the subject. Adjusted rates are weighted by the valuer's assessment of relevance to arrive at an indicated unit rate, applied to the subject's area.
Income capitalisation approach
The current rental income is analysed against market rents to determine sustainable gross income. Vacancy and operating expenses are deducted to arrive at net operating income, which is capitalised at a market-supported rate to indicate value.
DCF approach
Cash flows are projected over a defined hold period and discounted at a risk-adjusted discount rate. The terminal value at the end of the hold is derived from a market exit yield. The sum of the present values represents the indicated value.
Depreciated replacement cost (DRC / GRC)
The cost to replace the building improvements is calculated using current rates, less allowances for physical, functional and economic obsolescence, plus the underlying land value. Used as a cross-check and for insurance reinstatement valuations.
6. Comparables schedule
Pinned comparables analysed against the subject. Each comparable's adjusted unit rate reflects the valuer's deltas for location, size, time, condition, tenure, quality and other factors. The weighted-average adjusted rate informs the indicated value.
| # | Address | Date | Size (m²) | Price | Base rate | Adj % | Adj rate | Wt | Source | Verified |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 32 Eden Road, Constantia Constantia Upper, Cape Town | 12 March 2026 | 780 | ZAR 24,500,000 | ZAR 31,410/m² | +3.0% | ZAR 32,352/m² | 3 | Lightstone | Deeds verified |
| 2 | 44 Greylands Avenue Constantia, Cape Town | 08 February 2026 | 690 | ZAR 19,200,000 | ZAR 27,826/m² | +19.0% | ZAR 33,113/m² | 2 | Deeds Office (SA) | Deeds verified |
| Weighted-average adjusted rate | ZAR 32,657/m² | |||||||||
6.1 Adjustment rationale
- 32 Eden Road, Constantia. −2% size (slightly larger), +2% time, +3% condition. (Same suburb, very similar size and stand.)
- 44 Greylands Avenue. +3% location (subject is on Cecil Road), +6% size, +4% time, +4% condition, +2% quality. (Adjacent street; older transaction.)
9. Reconciliation & opinion of value
Comparable Sales approach is the sole approach, supported by recent transactions in Constantia Upper.
Primary method adopted: comparable.
Market Value
ZAR 22,800,000
10. Risk register
No material risks identified beyond standard valuation assumptions.
11. Assumptions
General assumptions
- Areas. Floor area as per municipal plans; not independently surveyed.
12. Limitations & confidentiality
The opinion of value reflects market conditions at the valuation date. The valuer has not undertaken structural, geotechnical or environmental investigations and assumes no responsibility for matters that would be disclosed by such investigations. Areas have been quoted as supplied by the client and have not been independently verified by survey.
This report is confidential to the addressee for the purpose stated. No responsibility is accepted to any third party who may rely on this report without our express written consent. The report may not be reproduced, quoted from or referred to in whole or in part without the prior written consent of Acme Valuers Ltd.
13. Certificate of value
The valuer has acted independently of the parties to the transaction and has no interest, direct or indirect, in the property valued. This valuation has been performed in accordance with International Valuation Standards (IVS) and the RICS Valuation – Global Standards (Red Book). The signatory firm is a member of SACPVP · RICS · REIV.
Lead valuer· signed 12 May 2026
A. Mokoena
MRICS, Professional Valuer (SACPVP)
Reg. No. PV-1234/4
Reviewing valuer
K. Naidoo
FRICS, Professional Associate Valuer
Reg. No. PV-0567/2
Certificate hash (SHA-256): 18812a2bb99c37139689c15b2c45aa54d519cf5473f918844d50430ce19be94f
14. Appendices
- Appendix A — Photographs of the subject property (3 on file)
- Appendix B — Title deed extract / proof of ownership
- Appendix C — Approved building plans (where available)
- Appendix D — Tenancy schedule / rent roll
- Appendix E — Letter of instruction & signed terms of engagement
- Appendix F — Comparable evidence working file (CSV / spreadsheet)
Appendix A — Photographs
