Liquidation forces huge property auction in South Africa
More than 600 properties are set to be sold at an extra-ordinary one day auction next month.
Philken Building Construction, recognised as a leading residential property developer in South Africa went into liquidation earlier this year,yet another worrying statistic of the global recession.
The October auction to be held by the Alliance Group will feature more than 610 homes.The company's CEO Rael Levitt believes the real estate market in South Africa has never seen such an event.
The properties to be auctioned on 30 October in Sandton includes a number of apartments, a selection of cluster units and more than 500 two and three bedroom sectional title units.