Award winning property developer and entrepreneur, Dr Sisa Ngebulana, has been appointed the patron of the Youth In Property Association (YIPA), a ground breaking organisation that is focused on speeding up long overdue transformation of South Africa’s vital property sector.
Launched in 2016 with the specific goal of transforming the property industry by increasing the active participation of young people through its education, employment and entrepreneurship initiatives, YIPA’s latest appointment provides an invaluable role model for aspirant property developers and entrepreneurs, said chairperson of YIPA, Monedi Lefakane.
“I and the board are truly honoured that Dr Sisa Ngebulana has accepted our nomination to become YIPA’s inaugural patron. Dr Ngebulana is an esteemed and celebrated doyen in the property industry. Having built listed property fund, Rebosis and private development company, Billion Group, from the ground up, he is admired by many as a relentless Black entrepreneur with dogged determination,” Lefakane said.
He pointed out that Dr Ngebulana had impacted the lives of countless people both through the properties he has developed – Hemingway’s, BT Ngebs and Forest Hill Mall – and through the scholarships he has provided.
Dr Ngebulana will also become a key sponsor of YIPA alongside Liberty Two Degrees.
“Dr Ngebulana impacted my life personally by providing me with a partial scholarship for my BSc (Engineering) in Property Studies degree at UCT. He shines like a beam of hope for many Black youth who aspire to one day to own a property portfolio and leave behind a great legacy. We look forward to tapping into the wisdom and insights of Dr Ngebulana in order to drive forward the agenda of transformation and Black youth empowerment in the property industry in new and inventive ways, ” he added.
YIPA’s aims and objectives include bridging the gap between youth and the property sector and facilitating the participation of youth in the sector, creating equal opportunity and access for all youth in property, providing a platform and forum to respond to legislation and issues of transformation and uniting youth in property through creating an active network of young black professionals.
It also intends to spread knowledge to Black people and previously disadvantaged communities about degrees and other educational platforms in the property sector and provide scholarships and bursaries for previously disadvantaged individuals.
Dr Ngebulana says that he agreed to taking on the role of patron as he believes YIPA can play an important role in the property sector. “I believe in the vision and leadership of YIPA as this is the future of our country and nation.”
It has been widely reported that the property sector is one of the key economic players in South Africa that has failed to meet even the most conservative transformation targets.
According to the State of Transformation Report released by the Property Sector Charter Council (PSCC) in 2019 (the latest report of its kind), despite various legislative changes, transformation targets outlined in the likes of the Property Sector Code and the Amended Property Sector Code of 2017 had seen little progress within the first two years.
The report noted that, when it came to ownership, the sector was only half way (15%) to achieving its conservative 30% target. The PSCG also noted that just 6 000 of the 46 000 real estate agents in South Africa were black while less than 10% of real estate investment trusts were originated by Black South Africans.
“Transformation in the property sector is important because the sector and the economy should be all inclusive and truly reflect the demographics of our nation. It should not be exclusive as is currently the case. This condemns the majority to perpetual poverty which is a travesty of justice and human rights,” Dr Ngebulana stated.
Lefakane noted that, as a youth managed and driven organisation aimed at representing, protecting and advancing the interest of these members within the property industry in terms of ownership, management and social development, YIPA was actively growing a pool of skilled labour and entrepreneurs.
Following Dr Ngebulana’s appointment, a page has been created on the YIPA website which will enable young people to send him questions about property. These will be answered by the new patron of the organisation.
YIPA is a registered SARS Public Benefit Organisation with Section 18A status and has a Level 1 B-BBEE status.
Image: Pictured are Monedi Lefakane (Left), Sisa Ngebulana, Lupo Futshane (Right) of the Youth In Property Association.