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FS estate sells R43m in 3 days

09 Oct 2006
The Wesselheim Secure Lifestyle Estate launched recently in Bethlehem with R43m worth of sales in the three days following the launch. Almost 50% of the development's target has already been reached, and players believe this is confirmation of the growing demand for this style of living.

The multi-million-rand development overlooking Loch Athlone forms the latest link in the Pinnacle Point chain that has seen the group transact more than R1bn in sales in the past two years and bring to the market investment properties in Mossel Bay, Clarens, Port Elizabeth, Romansbaai and Pietermaritzburg.

Being developed on farmland previously under Highveld grass and eucalyptus groves, the 45ha Wesselheim estate includes 222 free-standing stands and five medium-density townhouse developments. Land sales range from R250 000, on ground gently undulating down to Loch Athlone from a flat hilltop area dominating the central portion of the site.

Wesselheim is aimed mainly at current homeowners wanting to relocate and local farmers requiring the security of estate living near town. Pinnacle Point Holdings' CEO Ashley Stone anticipates the properties will be buyers' primary homes, meeting the growing demand for secure estate living in Bethlehem. The guardhouse will be manned around the clock for maximum security and the secure lifestyle estate includes a clubhouse with two tennis courts, squash courts, bowling greens and a fitness centre. The surrounds provide cycling and jogging tracks interspersed with exercise areas, while Loch Athlone provides opportunities for speed-boating, yachting, water-skiing and fishing. Ownership includes membership of the nearby Clarens Golf and Trout Estate.

Construction of bulk services is to begin early next year, and will take a year to complete. Buyers have two years after transfer to start construction and another year in which to finish.

Pinnacle Point Holdings' portfolio includes the flagship Pinnacle Point Beach and Golf Resort at Mossel Bay-based, Clarens Golf and Trout Estate, the Romansbaai Beach and Fynbos Estate, the Wedgewood Village Retirement Golf and Country Estate (PE) and the Elephant Hill's Residential Estate (PMB).

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