February 2018 – Newsletter

Dear Residents,

As you will all be aware Pecanwood has recently been through another difficult phase in its history and the primary concern during this transitional period was the need to put the PHOA on a firm footing in terms of its relationship with the one of the original developers – Country Heights.

The PHOA received the mandate from residents in 2016 to negotiate and secure a Lease Agreement with Country Heights, and by achieving this ensuring residents’ investments are safeguarded. A signed Lease Agreement was the only viable option evaluated on the basis of how effectively it would address the core need for the PHOA to be able to invest community funds into facilities over which there was security of tenure, and so the negotiations begun.

After many months of difficult negotiations, long internal meetings after hours and days spent travelling to Malaysia, the PHOA is delighted to announce that an agreement has today been finalised with Country Heights.

This agreement is balanced and equitable to both parties which will ensure that it lasts. It also provides the security of tenure that the PHOA requires as a safeguard to the monies spent in its improvement and management of the associated assets. Settlement agreements have also been reached with Country Heights creditors, thus eliminating any threat of legal action against them.

The PHOA is confident that this will be a watershed moment in Pecanwood’s history and enable all homeowners to once again enjoy the full benefits of the country club and its facilities, especially in the form of an upgraded Golf, Boat and Country Club which now forms the centrepiece of a lifestyle estate, and which is inextricably linked with the estate’s property values.

I would like to take the opportunity to sincerely thank all those who were involved in the negotiation process.

J H de V Botha
Chairman of the PHOA

P.O. Box 302 Broederstroom, 0240 R512 Provincial Road, North West Province, South Africa
012 244 8000 | reception@pecanwoodhoa.co.za | www.pecanwood.co.za