With the rand/dollar exchange rate the strongest it's been in over a year at levels last seen in August 2008 there is never a better time to be investing in offshore property than now, said Richard Epstein, project sales manager for Pam Golding Properties'' International Projects division, on Thursday.

"Astute South African investors are capitalising on this and we've seen sales in Eden Island, the exclusive marina development in the Seychelles, increase substantially off the back of the stronger rand, with levels hovering around R7.40 to the dollar," he said.

"In fact, as prices at Eden Island have not increased in over a year, from a South African buyer's perspective the same price property is obtainable at what is effectively a discount of 25-35 percent.

And as the Seychelles is part of the Southern African Development Community states there's no limit to the amount of funds you can take offshore when it comes to investing in a holiday home."

In response to the demand from the South African market, the developers have released a further phase of a total of 18 luxury apartments, which comprise mainly two bedroom apartments, which have proven the most desired products sought by the local market, with prices starting at $345 000.

"At the current exchange rate this is exceptional value for money, particularly when you consider that in October 2008, when the rand/dollar exchange rate was 11.57, the same apartment would have set you back R3.99-million, whereas now the same apartment will cost R2.55-million.

Those who purchase now take advantage of the favourable exchange rate as the apartments will only be delivered in 12 months' time — and who knows what the exchange rate will be then," added Epstein.

I-Net Bridge

The Competition Commission has referred its findings of price fixing against 28 bicycle wholesalers and retailers to the Tribunal for adjudication.

The firms face the allegation that they colluded to set the wholesale and retail prices of cycles and accessories. In addition, they are alleged to have excluded competitors from the market.

Wholesalers sent retailers a price list with the wholesale price and the recommended retail price on a regular basis. The recommended retail price includes a mark-up of 35 percent for bicycles and 50 percent for accessories. In turn, the ceiling on mark-ups also determined the profit/margin that retailers could make on cycles and accessories.

Bicycle retailers colluded to exclude competitors like internet retailers from the market. The stratagem employed was to ask the wholesaler to sell to independent retailers at a higher price. The Competition Commission believes this conduct is likely to harm competitors and consumers.

The Commission has asked the Tribunal to levy an administrative penalty of 10 percent on the annual turnover of each of the firms involved.

The firms facing these allegations include retailers Fritz Pienaar Cycles, Cycle Lab, Hotspot Cycles, Maverick Cycles, Dunkeld Cycles, Summit Cycles, Bester Cycles, Johnson Cycle Works, Salojee's Cycles, West Rand Cycles, Bowman Cycles, Winners Cycles.

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