The market for residential property developments has felt the impact of prevailing economic conditions more than other sectors, with the appetite for off-plan sales all but drying up over the past few years.
An artist’s impression of “The Odyssey”, the new apartment building which is under construction on Green Point’s Main Road. Prices for the remaining units range from R995 000 to R5.775 million, inclusive of VAT, through Pam Golding Properties.
However, Pam Golding Properties (PGP) is seeing the first signs of renewed interest in this sector, with a series of off-plan sales at a new apartment building by acclaimed developers Berman Brothers Group, in Green Point, Cape Town. PGP sold over 20 percent of the units in “The Odyssey” despite the fact that construction is only at second-storey level.
PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says the number of off-plan sales may be low, but is an encouraging sign of market recovery. “It was never the developer’s intention to sell these apartments off-plan,” he says.
Moraitis says the aim was to allow the high quality of the building and its finishes to speak for itself when completed, and they anticipated that it would sell out quickly. The fact that the apartments are selling when construction has only reached the second floor, is a sign of the appeal of the product, its prime location, and of renewed confidence in the market.
The Odyssey is located on Main Road, Green Point, directly opposite the Green Point Urban Park. The 59 apartments are priced from R995 000 to R5.775 million, inclusive of VAT, and include studio apartments as well as one, two and three bedroom units. Once completed, the building will have a rooftop pool deck and entertainment terrace, as well as hi-tech security including a 24-hour concierge.
Moraitis says buyers have included mainly local residents intending to live in the building, as well as a few investors. He adds that there is huge appeal in this lifestyle, particularly for the up-and-coming younger generation as not only can they enjoy the security of a lock-up-and-go pad close to the city, but they can work and socialise in the area. The one-bedroom units are proving popular with young professionals and they have already sold six units.
With construction currently underway on the building, occupation is anticipated by September 2013.