Situated in Montana Gardens, the new development called Crimson Manor is a fully sectional title development that aims to take advantage of what Homenet property group calls "the next major property growth point in Pretoria".
Crimson Manor will be within close proximity to the Kollonade Shopping Centre, Pretoria CBD and the soon-to-be refurbished Wonderboom Airport.
Last month Property24 quoted Peter Smith, who heads-up the Homenet Prime office in Pretoria, who said "right now Pretoria North is ripe for fresh development. There are major opportunities in the area for investors, developers and home buyers from entry-level properties through to the top end of the spectrum".
Crimson Manor's price offerings tend closer to first-time buyers - the ground floor units cost R575k and first-floor units R565k - as properties catering for middle of the range buyers sit around the R1,1m mark, whilst top-end properties are selling for R1,5m and up. As a result, Crimson Manor's pricings are competitive by comparison, considering that all units within the development consist of two bedrooms.
The face-brick façade of the linked units conform to a minimalist design appearance which flows with the single plane pitch of the roof, sloping from the front to the back of the units. The entire estate is built around a central hub consisting of a clubhouse and a swimming pool.
As per usual, R10k and a signed contract ensure the successful ownership of a unit, which buyers can hold onto or investors can decide to resell, with the added benefits that no transfer fees or bond registration costs are necessary. According to Property Portfolio Investments Crimson Manor is already 35% sold out.
Property Portfolio Investments expect growth in the area to allow for a rental collection in Crimson Manor anywhere between R3k and R3,500. Investors who are able to place a down payment of R150k will, with the new interest rate (14,5%), be able to afford more than half of the repayments with the rental income alone. - James Monteiro
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