Chintsa golf estate finally approved

With the final go-ahead now having been given for the Chintsa River Golf Estate near East London by the Department of Agriculture and Great Kei municipality approval imminent, 50 percent of stands in the first phase have already been sold, and the remaining 52 stands in this phase are now selling from R372 000. The stands range in size from 700 sqm.

Hanlie Bassingthwaighte, area principal for Pam Golding Properties, says the Chintsa development will include a 600-home housing complex, 160-room exclusive hotel and 18-hole championship golf course and golfing academy, as well as numerous other sports and entertainment facilities and office park and retail centre.

"The impact it will have is to provide a boost to the economy in the entire East London area as well as further boosting the already increased value of property in that area, and also add enormous impetus to the image that Chintsa is the new place to be," says Bassingthwaighte.

The Chintsa River Golfing Estate is situated on nearly 500 hectares of land with two kilometres of river frontage and views over the ocean and unspoilt Chintsa beach, and is bordered by the Inkewenkwezi Game Reserve, which has most of Africa's big game. The estate is the vision of international property developer David Eastall, who says work on site in regard to infrastructure will commence on site on 1 May this year (2006), with house construction starting in September.

Says Bassingthwaighte: "This development has appeal for a broad cross-section of local and national buyers, because of the wide range of recreational facilities offered. The stands, most of which have exceptional views, are well priced for a development of this calibre, and the homes are designed to be open plan with large, flowing living spaces, terraces, en suite bathrooms for every bedroom and quality marble and granite finishes throughout.

"These properties are coming onto the market at a very affordable price, providing a tremendous investment opportunity for buyers. In addition, investors are able to purchase a new fractional ownership product through the Resident's Club. Fractional ownership is a trend which is increasingly popular worldwide. For just R299 000 one can purchase a share in the company and the right to use a specific property for four weeks in the year, whether for one week at a time four times during the year, or two weeks at a time twice during the year, or four weeks once a year. These villas are furnished and fitted, cleaned and maintained. This is an excellent opportunity for those who don't want to commit to full ownership of a property and the accompanying responsibilities and maintenance etc. In addition, golf membership is included in the package as well as a golf cart for the villa," says Bassingthwaighte.

Commenting on the property market in general she says the areas east of the Quenera River and up to Chintsa are fast becoming the focal point of development in this part of the Eastern Cape, and rightly so. "During the past few years there has been very little substantial residential development in the East London area compared to other centres. The natural expansion of East London is towards the Gonubie, Quenera and Chintsa areas and this has been identified as such by the municipality and developers in general."

In a study conducted by Pam Golding Properties, it was ascertained that there are more than 4 500 homes in various stages of planning in the middle to upper income bracket in the area east of the Quenera River and up to Chintsa – of which 50 percent are expected to be completed within the next three years. In addition, there is a substantial block of integrated housing planned, aimed at the lower income groups. Coupled with the boom in residential development will be a significant increase in retail development. Large shopping centres are planned for Beacon Bay and the east coast and will supply the entertainment and leisure facilities that will be required by this growing metropolis.

Adds Bassingthwaighte: "Business is brisk in the vibrant metropolis of Buffalo City, with increased business investment and industrial development as well as having achieved sound growth in property values, resulting in greatly increased economic confidence in general. Demand for housing and commercial and industrial properties has surged, and is sustainable. We anticipate further sustainable and sound growth in residential property values of approximately 10-15 percent over the forthcoming year."

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