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					                                                        REFURBISHMENT

COMMITMENT TO SPEND R30 MILLION ON OVERALL
REFURBISHMENT

      The concept of selling Protea Parktonian Sectional Title units arose out of
       a need to fund a major refurbishment, in order to upgrade the hotel to full
       international four star standards.

      The seller in conjunction with the Management Company is committed to
       invest R30 million of the proceeds from the sale of Sectional Title units
       into the refurbishment of the 300 suites and the hotel generally. R21
       million of this will be invested in refurbishment as defined in the sales
       agreements and R9 million will be invested by the Management Company
       in the refurbishment or replacement of movables, which it will make
       available without charge to the Unit buyers and the Income Pool. Cost
       planning will be applied to ensure that the total spent is as close as
       possible to R30 million.

      The items on which the R30 million will be spent are detailed in A) ,B), and
       C) below:

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A) SECTION REFURBISHMENT (Built or built-in items which are part of the Sectional Title
Unit Purchased):

BEDROOM

      Existing headboard refurbished
      New electronic wall mounted safe (fitted in cupboard)
      Existing wall mounted mirror refurbished
      Bedside telephone point
      Existing built-in cupboard, with refurbished sliding doors
      New pelmet and curtain tracks
      Fitted carpet (existing in good condition, or new)
      New split unit air conditioner fitted (wall mounted)

LIVING AREA / KITCHENETTE

      New built in kitchenette with small sink; and fridge cabinet
      New fixed office desk
      Desk telephone and internet connection point
      Existing wall mirror with coat rack refurbished
      Existing long wall mounted dressing mirror refurbished
      New pelmet and curtain tracks
      Fitted carpet (existing in good condition, or new)
      New split unit air conditioner fitted (wall mounted)

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BATHROOM

      Wall and floor tiling (existing in good condition, or new)
      Existing bulkhead above vanity removed
      Flush ceiling with downlighters (existing in good condition, or new)
      Existing bath
      Existing vanity slab and handbasin
      New screen below handbasin
      New close coupled WC
      New shower outlet, rose and taps, above existing bath
      Existing mirror with new frame.
      Tissue dispenser (existing in good condition, or new)
      Retractable washing line above bath (existing in good condition, or new)
      Two soap holders, two towel rails, toilet roll holder (existing in good
       condition, or new).



B) MOVABLES IN SECTION (These movables are owned by the Management Company and
will be made available by them without charge for the use of the purchaser and the Income
Pool.):

BEDROOM

      Double bed, or alternatively twin single beds (existing in good condition, or
       new)
      Two existing bedside tables refurbished
      Radio / alarm incorporated in 1 bedside table (existing in good condition,
       or new)
      Two new bedside lamps
      New dressing table
      New or refurbished dressing table stool
      Waste bin
      New luggage cradle
      One new print of painting above bed
      Curtaining, new or existing in good condition.

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LIVING AREA / KITCHENETTE
     Two office chairs, new or existing in good condition.
     Undercounter fridge (existing in good condition, or new)
     Kettle (existing in good condition, or new)
     Tray with crockery and glasses (existing in good condition, or new)
     Waste bin
     New desk lamp
     One existing corner table refurbished
     One existing coffee table refurbished
     One existing TV table refurbished
     Existing couch (convertible into single bed) refurbished
     Existing armchair refurbished
     Existing brass standard lamp (up-lighter)
     TV (leased)
     Two new prints of paintings
     Curtaining, new or existing in good condition.

BATHROOM

     New shower curtain with rail
     Waste bin

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C) REFURBISHMENT OF COMMON AREAS

     Upgrade of 4 passenger lifts and 1 goods lift at a total cost of approximately R2.8 million rand.
     Upgrade of stand by generator plant.
     Upgrade of 7 extract fans at top of hotel tower.
     Upgrade of ceilings and lighting in corridors and lift lobbies on 22 typical floors.
     Upgrade of artwork on 22 typical floors and in public areas.
     Upgrade of lighting in Meridians Bar.
     Repainting of hotel foyer, conference crush lobby and Orchards Restaurant.
     Upgrade lighting to hotel foyer, conference crush lobby and Orchards Restaurant.
     Recarpeting of corridors on 3 typical floors.
     New ground level hotel signage.

				
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posted:9/6/2011
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