Asrin Property Developers’ Nuutgevonden development in Stellenbosch has been a huge success, with 157 units built over the last three years and all the units now sold out.
Nuutgevonden's next phase is planned for release early next year, which will comprise 68 units in a mix of two bedroom, two bathroom walk-up apartments priced from R799 000 to R849 000, including VAT and transfer costs, and seven exclusive single residential homes with three bedrooms, two bathrooms and a garage each. These homes will be priced at R1.5 million. For more information, visit the website.This is according to Shiraaz Hassan, commercial director for Asrin, who says construction of their final block, which consists of 36 apartments, is underway and is due for completion in December 2015.
Asrin, however, will not be releasing this block for sale to the open market and will be retaining it as a rental investment due to the high demand for rental accommodation in Stellenbosch, he says.
The average selling price for a two bedroom, two bathroom apartment was R680 000 inclusive of VAT and transfer costs, and freestanding family homes sold for an average of R1.15 million, inclusive of VAT and transfer costs.
The housing mix at Nuutgevonden consists of single residential units and walk-up apartments, with the bulk of the single residential homes taken up by first-time home buyers.
Hassan says the fact that owner-occupiers are directly involved in the day-to-day management of the scheme will mean that upward escalation in property values is inevitable, because they are all involved in ensuring that the scheme is well managed.
Property values at the estate have increased exponentially, and an average three bedroom home could sell now for approximately R1 350 000, he says. The apartments are valued at prices from R750 000 to R800 000.
The next phase is planned for release early next year, which will comprise 68 units in a mix of two bedroom, two bathroom walk-up apartments priced from R799 000 to R849 000, including VAT and transfer costs, and seven exclusive single residential homes with three bedrooms, two bathrooms and a garage each. These homes will be priced at R1.5 million.
Nuutgevonden does not have the parking constraints that the rest of Stellenbosch is afflicted with, says Hassan. Here each sectional title unit has been allocated its own parking bay, with ample visitors’ parking within the complex.
The two bedroom apartments have been very popular with students attending university in Stellenbosch, while the freestanding homes have been bought by young families and 'downscalers', who appreciate the low density, secure environment as well as the outdoor lifestyle created by the communal green spaces and play areas, says Hassan.
Nuutgevonden also benefits from being just five minutes from Stellenbosch’s town centre, yet far enough to feel as if you're living in the country, he says.
For more information, visit the website.
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