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Hi

I need some help in what a decent upgrade is with a budget of R7000

I need only a PSU, M/B, CPU, RAM and if there is money left a GPU.

For PSU: i was looking at a 750w coolermaster.

M/B : the Gigabyte in the mag that got a gold award is almost R3000, so what M/B is better value.

RAM: about 8GB should be fine.

CPU: i5 2500K or is there a better option?

GPU: is this Gigabyte GeForce Graphics Card GTX 550 Ti a good choice?

Thanks in advance.

CPU you will go for i5 3450. No point in going sandy bridge unless your overclocking. The CPU costs about R2000-2300.
8GB ram will be fine. Aprox R500-800.
Motherboard you can get something for far less than the gigabyte. The MSI Z77A GD43 is the cheapest board going for around R1200.
The 750W Coolermaster costs around R1200
You could go for a 560ti with prices varing between R2000-3000.

Suggestions:

PSU: Cooler Master RS700-PCAAE3 700W (~R900), Corsair GS700 700W (~R1,200)
CPU: Intel i5 2500K (~R2,350)
MB: Asus P8Z68-M Pro (~R1,950), Gigabyte Z68XP-UD3 (~R2,150)
RAM: Corsair CMZ8GX3M2A1600C9 Vengeance 8GB (2 x 4GB) DDR3-1600 (~R700)
GFX: GeForce GTX 560 (~R2,000), Radeon HD 6790 (~R1,900)

Cant argue with that. Just I would not bother with Sandy bridge or the old 6 series chipset, 7 series is here and you can get a Z77 for less than those two Z68 broads anyway. i5 2500k is still a very good bet but if overclocking is not your thing then rather get ivy bridge. That MSI Z77 appears to be fantastic value for money, buy it I say.