While some estate agents report a slowdown in property buying, others are experiencing a boom especially in new residential property developments.
The artist impression of Quayside at Century City in Cape Town. Properties are priced from R850 000 to R2.9 million.
Buyers are said to have bought 28 of the 63 apartments and townhouses in Quayside in Century City, Cape Town.
According to the Rabie Property Group, these were sold in the first two days of the development being launched with sales valued over R41.5 million.
Brian Usher of Property World says the response from buyers had been exceptional and exceeded all expectations.
He explains that this is the first large development to be launched at Century City this year and there was pent up demand from potential purchasers who have been waiting for a new release in the precinct.
With building costs the lowest they have been for years and interest rates at an all-time historical low, it was highly unlikely that apartments and townhouses of this quality would be brought to the market anywhere close to these prices again, he says.
The average selling price is under R16 000 per square metre and transfer will take place in mid 2013.
Quayside consists of 57 apartments and six double-storey townhouses within easy walking distance of Canal Walk Shopping Centre and Intaka Island nature reserve.
The focal point of the development is the internal canal, which surrounds the development on three sides to create a tranquil residential peninsula and provide shelter from prevailing winds.
Parking is provided for predominantly in a semi-basement, with ground level parking being limited to facilitate a pedestrian-friendly environment.
To own a unit at Quayside, expect to pay from R850 000 to R2.9 million including VAT.
Usher says Quayside had broad-based appeal with 60 percent of sales to date having been to owner occupiers with buyers ranging from newlyweds to retirees.
Cape Town’s new property development Signal Hill is set to attract buyers and investors who have always wanted to see the views of the City Bowl and the Cape Flats from Signal Hill’s vantage point.
Signal Hill is positioned right at the top of Longmarket Street. It has 15 houses, in seven different house styles (of two, three and five bedroom options) measuring between 184 to 278 square metres priced at between R4.5 million and R5.5 million.
According to Mark Upton of Signal Hill development, Signal Hill is not only attractive but also a proper working community where a sense of neighbourliness and connectedness prevails. “There’s also a feeling of happy city living – wealthy live next to poor and young and old live in unison and harmony.”
Upton explains that the community of Bo Kaap has endured and survived what took place in many other inner cities in South Africa and throughout the world during the ‘60s and ‘70s an urban degeneration due to suburban expansion.
Signal Hill is positioned right at the top of Longmarket Street. It has 15 houses, in seven different house styles (of two, three and five bedroom options) measuring between 184 to 278 square metres priced at between R4.5 million and R5.5 million.
Beach Walk, the Gary Vos Bloubergrand beachfront development is reportedly selling well with only five apartments left of the 11 units on offer.
Rawson Properties Blaauwberg franchise principal Mike Abrahamse predicts a full sell out of the remaining five apartments by end of December 2011.
The project will come on stream in February 2012.
Abrahamse explains that a two bedroom unit measures 55 square metres, bachelor pads 37 square metre and the one bedroom units 43 square metres.
“While they may appear compact in size, they are all designed to maximise their footprints with open plan living areas, well-lit holiday atmospheres enhanced by the bright beach-related colours chosen for the interiors,” says Abrahamse.
An artist impression of Beach Walk, the Gary Vos Bloubergrand beachfront development. Achievable rentals on the project in 2012 will be between R4 000 per month for one bedroom apartments and R5 000 for two bedroom apartments.
He explains that for those who wish to buy into Beach Walk as a holiday or retirement investment, the developer can for R23 000 equip a two bed bedroom unit (to sleep six people) and for R20 000 he can furnish a one bedroom apartment (to sleep four people).
Abrahamse says these units are likely to double their cash value within five to seven years.
Achievable rentals on the project in 2012 will be between R4 000 per month for one bedroom apartments and R5 000 for two bedroom apartments.
He says depending on the size of the unit offered, the developer is offering a rental placement guarantee for the first year for investors. – Denise Mhlanga
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