Keen to make student housing more affordable, accessible and safe, Eastern Cape-born Sinazo Ncindi started a property development company almost three years ago. She now owns several accommodation properties and aims to expand nationwide — and beyond.
The founder of Noni Property Development said she wanted to solve the country’s student housing shortage, and though the business had officially started operating in 2022, the idea had long been there as she was curious about real estate.
My grandfather was a landlord, so with that background I had a knack for housing and property. My personal experience as a university student when struggling to find dignified accommodation was also a contributing factor to starting the business
— Sinazo Ncindi, founder of Noni Property Development
“My grandfather was a landlord, so with that background I had a knack for housing and property. My personal experience as a university student when struggling to find dignified accommodation was also a contributing factor to starting the business,” she said.
Noni Property Development manages properties on behalf of landlords, and also builds properties to sell. It has properties in the Eastern Cape and Free State, mainly focusing on student housing, as well as commercial properties such as office parks.
Each of the student accommodation properties can house up to 15 students, with various letting options — from studio apartments to communes, the students can choose which suits them best .
Ncindi said that while she had a background in finance, she had no experience in running a business. To gain the necessary skills to manage “a properly functioning business”, she worked for other property owners, helping manage their estates.
By 2022, Ncindi believed she had acquired enough experience to start her own business. She also found a mentor to help her, but despite such guidance had encountered several challenges . “One of [them] was competing in a sector that was already so big,” she said.
“I asked myself multiple times if I had bitten off more than I could chew. Because this is such a big industry that I was wondering how it would work out when I had no experience in the field. It was overwhelming.”
Another problem was funding. After using her savings and a government subsidy to buy her first property, it became difficult to scale up without a cash injection. Despite making enough to keep the one property running, it was challenging to invest in a second. “I ended up getting funding from other places — angel investors and help from family,” said Ncindi.
Today, the five student accommodation properties are NSFAS accredited, taking in students who are funded by the financial aid scheme. Ncindi, who employes three permanent and four part-time workers , also manages three other properties for other landlords.
After joining an incubation programme run by Black Umbrellas in 2023, Ncindi won a top entrepreneur award at the end of last year . She was among those entrepreneurs who showed the most improvement in their businesses.
Before enrolling in the programme, her monthly turnover was R12,500. After 12 months, this had surged more than 33%. “I gained a lot of insight from the programme and it really helped a lot. I was able to train my staff as well as ensure things operated smoothly, especially when it comes to tax compliance. I also had a coach that held my hand through the journey, assisting me with everything I needed.”
Looking to the future, Ncindi said she was committed to driving innovation, fostering growth and expanding the reach and impact of Noni Property Developments.
The long-term plan for the business is to expand its footprint across the country, as it now operates in two provinces. Ncindi said she wanted to venture into other sectors of the property market. “Once we manage to enter other parts of the market, the business can grow to offer solutions outside student housing. I also want to make sure we end up operating in different countries across the continent. My goal is Africa.”
To make this a reality, she said she was approaching strategic partners in other countries to find solutions to housing challenges on the continent.
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