As the CEO of EasyProperties, I want to start by expressing my appreciation for your support and commitment to EasyProperties. The year 2022 was a year marked by both challenges and successes. Despite the COVID-19 pandemic's financial impact, we saw how people and organisations can be resilient during tough times. In reflecting on the Purple Group's progress, we can proudly say that we have made strides in purpose, resilience, persistence, community, growth, investment, and partnership.
I am thrilled to report that we completed the acquisition of EasyProperties in 2022, which is now entirely owned by JSE-listed Purple Group Limited (PPE) to align with the group's common goal and objectives. This was a significant milestone for us, and we are excited about what the future holds.
In 2022, we added 68 units to our portfolio, spread across 10 properties worth R 99,107,254.00. This achieved an 83.33% success rate with our IPO raises, as 10 out of 12 properties reached their target. Our portfolio currently comprises over 300 units in 28 properties, with a total portfolio value of over R372 million. We are proud to have an incredible community of 80,000+ investors, with an average investment of R 1,300 on our platform. Our success is a testament to the hard work and dedication of our team, and we are grateful to our amazing investor community for their continued support.
Our previous quarter saw us deliver R 3.5 million in dividends, having successfully generated profits from 14 property assets. We are particularly proud of Four-On-O's outstanding results, with a net rental yield of 18% over the December and January period, far exceeding the initial investment case of 6.3%. We still have many properties that recorded an occupancy and collections rate of 100% in the quarter, thanks to the rental guarantees we brokered for our investors, such as 7 On The Middle, Ballito Groves, Ballito Hills, The Polofields, Kikuyu, and The Reid.
BlackBrick Sandton and Greenpark also had a 100% occupancy rate, while BlackBrick Cape Town's occupancy rate was 97.34%. The Bailey's collections increased from 92.30% to 97.32%, and the occupancy rate was 100% compared to 73.57%. The Blyde had a collection rate of 90%. While GreenReef Village faced challenges in the quarter, the occupancy rate was 76.45%. The Exchange Lofts recorded an 80.31% occupancy rate for the quarter, and Monroe's occupancy and daily average rate both increased.
Of course, the journey to success is not always a straight line, and we have faced challenges with some of our properties.
Saxon Square's construction was delayed due to an error made by the City of Johannesburg in the processing of appeals made by objectors against the rezoning. This resulted in the need for the appeals to be reconsidered by Council in accordance with the prescribed procedure for such appeals. For a detailed view of the letter please read it here: Saxon Square Letter to Purchasers.
We are thrilled to see the progress being made on One On Anne and The Fynbos, with One On Anne being 6 months away from completion and will soon be delivering guaranteed net rental returns to our investors for 24 months.The Fynbos is also on track, and we estimate that it will be completed by the end of 2024.
As we continue to navigate the complex real estate market, we want you to know that your investment is in good hands. We are committed to transparency and providing detailed information about each of your properties' performance. You can easily access property reports on our platform to keep track of how your investment is doing.
We are also excited to share that EasyProperties has been named a finalist for PROPERTY TECH COMPANY OF THE YEAR at the Global Business Tech Awards 2023. This recognition is a testament to our innovative approach to making property investment accessible to everyone. We couldn't have achieved this without you, our community, and our amazing team. We wish all the finalists the best of luck.
At EasyProperties, we are committed to building something special that is rewriting and fundamentally changing the investment fabric of property investment in South Africa. We plan on bringing more diversity and excitement to our platform and invite you to stay tuned for more updates.
Thank you for your continued support, commitment, and partnership in our journey to democratise investing.
Sincerely,
Rupert Finnemore
Have you seen the exciting properties currently listed?
To make investing through EasyProperties even more valuable and exciting, we continue to add more excellent properties onto the platform. We are super excited to show you these amazing properties, and we know you will fall in love with them just as much as we do because of the potential income they will provide.