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Affordably priced homes are selling up a storm: lifestyle estates and new mixed-use developments offering security and amenities, are especially popular
WORDS: STAFF REPORTER – PHOTOS: SUPPLIED
Homes in more affordable price brackets are selling fast with a shortage of properties in the below R1,5m mark in some areas, estate agents and developers report. First time homebuyers and investors traditionally invest in affordably priced homes, which include freestanding, sectional title, lifestyle estates and mixed-use developments. According to Lightstone, Cape Town has seen the highest number of buyers investing in the R1,5m to R3m price band, compared to other metros with most activity in the R700,000 to R1m band. By the end of October last year, 189 freehold homes and 40 sectional title units had already been registered.
Elmarie Campbell, area principal, Pam Golding Properties Western Seaboard in Cape Town, says although they’re experiencing a shortage, there are still properties in the R1,5m bracket available in Sunningdale and Parklands. According to her, buyers can secure an 80m2, two-bedroom, one-bathroom property or a two- or three-bedroom apartments from R1,45m to R1,5m, whereas just below R3m will buy you a new home in the latest phase in Sunningdale, Big Bay, Blouberg Sands and Century City.
“Our first-time buyers want affordable freestanding homes – preferably priced below R2m – with three bedrooms, two bathrooms, a lock-up garage with direct access into the home, and a garden,” she says. “They also want to be close to a MyCiTi bus stop, government and private schools, gyms, shopping malls, churches and hospitals.”
According to Pam Golding Properties area principal in Plattekloof Pierre Nel, homes in the sub-R3m band in areas such as Panorama, Welgelegen, Monte Vista and Bothasig in Cape Town’s Northern Suburbs are sought after. First-time buyers with families want three to four bedrooms, ample living space, a double garage and a swimming pool. Many sellers are retiring and want to move to lock-up-and-go homes within these areas.
Wedgewood Sandton by Balwin Properties
At Lion Pride Lifestyle Estate near Fourways in Gauteng, a secure, freestanding, full title home costs between a modest R1,1m and R1,8m. Developed by the Cosmopolitan Projects and Central Developments Group, the homes are modern, functional, and stylish. This mega estate also offers residents 17ha of landscaped recreational green space and urban amenities. “We realised we can’t just build thousands of houses without excellent security, amenities and infrastructure such as schools, shopping centres, transport services, churches and recreational facilities,” says Alda Erasmus, head of communication, Cosmo Central Group. “Since our group’s core values are uplifting and improving the lives of people, we wanted to provide safety and comfort with access to all the modern conveniences. We don’t just build houses, we build communities.”
In Tshwane, Balwin Properties’ Mooikloof Eco Estate comprises upmarket apartments and a net-zero, six-star rated, Edge certified green lifestyle centre with a fully equipped gym, a communal swimming pool and restaurant, among others. The options range from one-bedroom, one-bathroom apartments at R799,900 to three bedroom, two bathroom homes from R1,69m with no bond and transfer costs payable.
A home interior at Lion Pride Lifestyle Estate near Fourways
Mixed-use in the city
Station House is a new 12-storey mixed-use development on Cape Town’s Atlantic Seaboard and will feature 230 luxury apartments, ranging from studios to one beds, two-beds and micro units with prices starting at R1,595m including VAT. The development will also offer 15 facilities within one address. A boutique hotel – an alternative property asset option – a signature Pick n Pay supermarket, a street-front deli, bar and restaurant, a lounge for private residents with braai areas, a private rooftop pool, a dedicated pet park, an outdoor kinetic gym, a yoga studio, and a business centre with meeting pods.
A sky bar, swimming pool and restaurant – all with views of the ocean, Lions Head and the city – are open to the public. Dogon Group Properties markets Station House, while Berman Brothers in partnership with D2E Properties are the developers. “We’re extremely excited about this project,” says Paul Berman, CEO, Berman Bros Group. “For many years, we’ve had plans and hopes for the site, but it took years to acquire and consolidate all the surrounding properties to make up the now considerable 3,000m2parcel of land on which the Station House development will stand.”
Balwin Properties’ Wedgewood Sandton, a lifestyle development offering studio, one- and two bedroom apartments, are selling fast. “We’re renowned for our quick rate of sales but this exceeds anything we’ve achieved to date. This is a massive positive for the country and the property market as a whole,” says Steve Brookes, CEO, Balwin Properties, South Africa’s largest residential developer. Apartments start from R850,000, including bond and transfer costs.
SOURCE: First Published on Everything Property