Major South African property developers traditionally recognised as having an astute capacity to read the market are becoming increasingly active.
In Umhlanga Village, PGP is marketing the Beacon Rock development already under construction. This mixed-use project offers 68 apartments and the development includes a retail component at ground level and four floors of office space.
This is according to Elwyn Schenk, Pam Golding Properties (PGP) area principal in Umhlanga and Umdloti.
Schenk says conventional wisdom relative to cycles in the real estate market suggests the start of a property market recovery is characterised by factors which include low values, a decline in foreclosures, some easing in credit availability, low turnovers, a shortage of stock and a pent-up demographic demand.
He says residential property, especially in the areas of the ‘golden triangle’ of the Western Cape, North Durban/Umhlanga and Johannesburg display all these characteristics.
In La Lucia, Umhlanga and Umdloti, property prices are in most cases well below their new equivalents. Banks are finding value more readily and credit is easing, albeit at a gradual pace.
Schenk says over the longer term, changes in demographics and consumer buying power will be major drivers of the property market.
“It is a combination of these factors which is fuelling the demand for property in areas such as Umhlanga and Umdloti following several years of muted developer activity and rapid growth in the Ridgeside/Gateway area of Umhlanga.”
In Ridgeside on Umhlanga Ridge, more than 220 000 square metres bulk commercial property has already been transferred, with large corporates such as Investec, BDO (Accountants & Auditors) and Vodacom recently joining many others on the Ridge.
This is expected to capitalise on KwaZulu-Natal’s growing economy and expanding trade connections, which are opening up a number of attractive investment opportunities
In Umhlanga Village, PGP is marketing the Beacon Rock development already under construction.
This mixed-use project offers 68 apartments and the development includes a retail component at ground level and four floors of office space.
Another new residential development in the Gateway node The Elements expected to have green features will be launched in early 2012.
In Cape Town’s upmarket De Waterkant, a new 17-storey mixed-use development, The Mirage is currently under construction. Apartments at The Mirage, measure between 50 to 280 square metres and priced from R1.7 million to R10 million.
Would-be buyers can expect to pay from under R1 million with penthouses priced between R3 million and R4 million.
The units in The Elements will appeal to the live, work, play culture and also be ideal for buy-to-let investments, he says.
This development will also have light retail and office space.
Schenk says there are pockets of renewed growth in property for many, the only trusted hard asset - where oversold positions and demographic shifts have fuelled demand.
These areas include the east coast of the United States and London and the south-east part of the UK.
He believes the same dynamic coupled with additional local features is set to drive the Umhlanga and Umdloti property markets for the next decade and beyond.
In Cape Town’s upmarket De Waterkant, a new 17-storey mixed-use development, The Mirage is currently under construction.
The Mirage upon completion will boast a three-storey boutique hotel, 54 luxury apartments over five floors, nine duplexes and a floor of penthouses
More than 40 units have already been sold for a total of R190 million, says Jason Rohde, of Lew Geffen Sotheby’s International Realty.
Rohde says the development will also include two storeys of retail space for galleries, bookstores, cafés, gift shops and fashion outlets.
“It is clear that despite the financial concerns of the past few years, there remains an appetite among wealthy property buyers worldwide for exceptional homes in sought-after locations”
The Mirage has struck a chord among high net worth individuals, he says.
He says luxury apartment buyers in this development include German, Dutch and Angolan nationals as well as South Africans.
Units in the new phase of Nieuwe Steenberg are priced from R3.5 million plus VAT for 180 square metres and above and buyers will not be expected to pay transfer duty.
Apartments at The Mirage, measure between 50 to 280 square metres and are priced from R1.7 million to R10 million.
Developer Simon Waner of Waner Projects has announced that a new phase of the R200 million development in Nieuwe Steenberg will go ahead.
Units in the new phase are priced from R3.5 million plus VAT for 180 square metres and above and buyers will not be expected to pay transfer duty.
Nieuwe Steenberg is among the very finest real estate the Constantia winelands has to offer and the prices are unbeatable, says Mike Greeff, chief executive officer of Greeff Properties.
In Stellenbosch, buyers who love the idea of shopping, eating and playing within close proximity of their own homes will be glad to know that Andringa Walk offers all the above.
Andringa Walk will consist of 119 apartments, including bachelor, one, two and three bedroom units and a few duplexes.
PGP says apartments are priced from R1.4 million to R3.35 million inclusive of VAT.
The site will include two floors of retail space, including a Woolworths, Food Lovers’ Market and Virgin Active Gym.
Occupation is anticipated from October 2012.
A new development in Sea Point, bordering both Fresnaye and Bantry Bay is said to be a good investment and lifestyle opportunity for people wishing to take advantage of current low property prices.
In Stellenbosch, buyers who love the idea of shopping, eating and playing within close proximity of their own homes will be glad to know that Andringa Walk offers all the above.
According to Sarah Smith of the Dogon Group The Orchards will appeal equally to those seeking a carefree luxury lifestyle as it will to non-Capetonians looking for an investment opportunity in one of the country’s most sought-after areas.
It will comprise a combination of apartments, townhouses and penthouses, together with a variety of upmarket communal features, all within a walled setting that offers high-tech security.
Apartments are priced from R2.5 million and investors who buy off-plan at current prices, and put down their deposit, will enjoy a wider choice of apartments, lay-outs and finishes and benefit from any upside in the property market when the development is completed in mid-2013.
Upon completion the complex will consist of 75 units ranging from one bedroom apartments to duplex townhouses and luxury penthouses that will enjoy sea views.
Smith says The Orchards ticks all of the boxes in terms of current trends regarding property developments, and at current prices, it offers real value.
Mooikloof Equestrian Estate in Gauteng’s Pretoria East is said to be a destination of choice among discerning homebuyers who want to give their young families a carefree childhood.
It's also a horse lover's paradise, says Liesl van der Walt of the RealNet Mooikloof estate agency.
According to Sarah Smith of the Dogon Group The Orchards will appeal equally to those seeking a carefree luxury lifestyle as it will to non-Capetonians looking for an investment opportunity in one of the country’s most sought-after areas.
Van der Walt says buyers in Mooikloof are typically in their late twenties to mid-forties.
The estate, situated between Atterbury and Garsfontein roads, offers 548 stands of a 1ha each.
Launched in the late 1980s, it is about 90 percent developed with a few undeveloped stands available at prices ranging between R2.5 million and R3.5 million.
Van der Walt notes that there is no limit on how long buyers can leave stands undeveloped, but that once construction starts, owners have 24 months to complete their homes.
Owners are also free to choose their own building styles but plans are vetted by the homeowners' association to ensure high standards.
This four-bedroom home in Mooikloof Equestrian Estate is for sale through RealNet for R6.25 million
The estate has a wide variety of built properties also on offer including a three bedroom family home priced at R3.6 million while a luxury mansion is selling for R19.8 million. – Denise Mhlanga
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