19 Jul 2012
If you are an investor or buyer looking for an apartment, look no further than Cape Town’s new property developments priced from R579 900.
New homes consisting of 10 sectional title apartments called Sea Rays will be launched late this month with construction expected to commence in August and completion scheduled for March 2013.
Mike Abrahamse of Rawson Properties Blouberg explains that six of the units will be one bedrooms units and four will have two bedrooms.
Floor sizes will vary from 37 square metres for a bachelor pad to 50 square metres for one of the larger two bedroom units.
These are priced from R579 900 to R789 900 for a one bedroom unit and from R759 900 to R858 900 for a two bedroom unit.
He says Sea Rays is being developed by Blouberg Coastal Properties Trust and this is the developer’s eighth development in seven years in the Blouberg region.
Abrahamse points out that Sea Rays is an upmarket development with quality finishes and buyers can tailor size their apartments.
“Should the desired unit be either a little too small or a little too big, its size can be adjusted to the buyers’ taste.”
The units come with a set price per square metre and the prices will be adjusted accordingly, he says.
Five ground floor apartments will have private wind free gardens and first floor units will have Juliet balconies offering views of either garden or mountain views.
Each unit will have a parking bay and a limited number of garages will be available at R69 000 each.
Since buyers will take delivery directly from the developers, they will not pay VAT or transfer fees.
The only costs payable will be conveyancing fees, and if a bond is taken, bond registration fees will be applicable.
Abrahamse notes that buyers are likely to be upwardly mobile singles and young couples, upcountry people looking for a chic holiday home and shrewd long-term investors.
“Investing in this development makes very good sense because it is possible to get an 8 percent net return on your investment from a very early stage and capital appreciation at a similar level, compounded annually.”
Blouberg has in the last three years consistently bucked the national trend towards stagnation.
In five to seven years, he predicts these units will have doubled in value.
He says in most cases, it would be possible for buyers to secure a unit with a deposit of R15 000.
Buyers will be able to order a full furniture ‘pack’ priced at R20 000 for a one bedroom unit or R23 000 for a two bedroom unit.
It includes cutlery, crockery, bed linen and curtains and this service is most suitable for those buying-to-let.
Abrahamse says in the last six months they have seen a 20 percent upswing in sales and investor interest in the area is now as strong as it has ever been.
The recent FNB report reveals that the Western Cape residential property market has improved significantly.
It also notes that in the second quarter of 2012, buy-to-let rose to 14 percent of total buying from 4 percent in the third quarter of 2010.
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The development is an old double-storey house built in the 1940s transformed into four two-bedroom apartments and a three-bedroom penthouse, each with secure, off-street parking bays.
These units are priced from R1.65 million to R3.95 million, have sunny north-facing terraces that overlook the city and harbour, Signal Hill and Lion’s Head.
Horizon’s two bedroom apartments range in size from 65 square metres to 120 square metres, each with terraces measuring between 11 square metres to 25 square metres and the135 square metre penthouse has three bedrooms and two bathrooms and three large terraces of over 80 square metres with mountain and city panoramas.
Two of the apartments have private and landscaped gardens.
Horizon is developed by Signatura, new private label brand spearheaded by John Rabie, chairman of Rabie Properties.
Rabie believes the time is right to drive a property revival by reinventing older buildings in sought-after areas - especially in Cape Town where there is high consumer demand for homes, especially in the City Bowl and Atlantic Seaboard areas.
“The whole concept of Signatura is to identify suitable older properties and renew them for 21st century living,” says Rabie.
He notes that modern-day buyers want the convenience of living centrally but don’t have the time or the vision to renovate for themselves.
They want superior finishes, nice places to live in the right areas and want value for their money, he says.
Rabie notes that urban renewal and consolidation is a growing trend in all the world’s major cities, such as Sydney, London and New York City, where land is at a premium.
Vredehoek has long played second fiddle to the more ‘glamorous’ areas of Tamboerskloof and the Atlantic Seaboard.
“It’s an area which is perfect for reinvention because it’s full of well-built gems on sizable stands that are waiting to be transformed.”
He adds that they are planning two other Signatura developments within Vredehoek as well as in the City Bowl and on the Atlantic Seaboard. – Denise Mhlanga
Denise MhlangaProperty journalist at property24.com
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