The brand new Chapman’s Bay Estate is now home to its first residents.
This is according to Mike Greeff, CEO of Greeff Properties, Christie’s International Real Estate, who says the development continues to garner interest from would-be buyers. He says actual sales figures show healthy selling price growth, and current sales revenue amounts to over R261 million.
Since launching in mid-2014, the unique mountainside development has sold 89 units. This represents 73% of the available stock sold. Greeff says they are a full year ahead of their envisaged sales projections, which is indicative of the strong demand and the unique nature of this product.
According to Greeff, demand for secure estate living is such that those who bought property in Chapman’s Bay Estate at the initial launch, have already seen an increase in capital value that far outstrips current stock market investments, which beats average selling price increases in properties in the Southern Peninsula and Southern Suburbs.
He says the townhouses have shown the highest growth, garnering an impressive 39% on the selling prices. The price tag on courtyard homes has risen by 33%, while the avenue home prices have grown by 22%. Greeff says they are starting to see the first resales already.
“Demand is further piqued by the fact that the availability of any land vaguely resembling the Chapman’s Bay Estate site, which is also earmarked for residential use, is limited. Furthermore, the number of developments located on sites offering natural and increasingly rare beauty is also likely to diminish in the coming years.”
Greeff says Chapman’s Bay Estate is so rare a location, they are highly unlikely to see anything quite like it again.
Located on the mountainside, along Ou Kaapse Weg, with abundant indigenous flora and fauna, the site offers exceptional mountain and ocean views.
Coming home from work to Chapman’s Bay Estate is like taking a holiday in a nature reserve, says Sharon Marle, one of the estate’s first homeowners to take up residence. She says it’s idyllic and peaceful, and at night, they hear the frogs from the wetlands. She says it’s also convenient in terms of location.
Chapman’s Bay Estate is located at the base of Ou Kaapse Weg, a short distance from Long Beach Mall. Beaches, equestrian trails and the markets of Noordhoek are all easily accessible as is the business hub of Westlake and Reddam House School, just over Ou Kaapse Weg on the northern side of the mountains.
Greeff says the impressive sales revenues along with the current ongoing construction show tremendous confidence in the developers, Percipient Property Solutions and Kaikoura Capital.
Magnus McDowall, from Flagstone Property Development, says they will continue to complete and hand over the townhouses over the next few weeks.
Mark Tame, from Percipient Property Solutions adds that the first of the freestanding houses are already out of the ground and due for completion over the next quarter. He says construction of homes in phases 3 to 5 will also be commencing within this quarter.
“The civil infrastructure on site, which includes roads, will be completed during August 2016, allowing access to the entire site. Based on the success of sales in phase 6, we have already released a number of units in phase 7, which is the final phase. Phase 7, which comprises 12 avenue units, has exceptional views thanks to its position at the top of the estate.”
Currently for sale at Chapman’s Peak are stands from R1.51 million, townhouses from R3.495 million, courtyard homes from R4.35 million, terrace homes from R4.895 million and avenue homes from R5.195 million. There is no transfer duty.
The single-level terrace units are a more recent addition to the suite of available accommodation at Chapman’s Bay Estate, and comprise three or four bedrooms with living space ranging from 283 square metres to 304 square metres.