06 Sep 2013
Home buyers looking for secure living at affordable prices can now own homes from as little as R315 000 for a two bedroom unit measuring 46 square metres.
Considered the best value buy in Gauteng, the development will be launched on site on 7 and 8 September and would-be buyers will be able view the completed houses and speak to mortgage originators, conveyancers and estate agents about the home buying process and access to finance.
According to Holly Mthethwa, chief operations officer at Kairos Holdings, Hlala Kamnandi Developers and Renico Construction have teamed up to turn the erstwhile Hlangwane Village, an existing 400 home estate, into Sharon Park Lifestyle Estate.
Construction began on 15 July and so far, 14 houses within the show village are complete.
Mthethwa says the development will consist of 1 300 homes when fully complete over the next three years.
For those would-be buyers who choose not to buy the show houses, there is an option to choose from seven different floor plans and eight different exterior home styles as well as the stands within the estate where they could build.
Asked who the development is targeting, she says buyers come from as far as Johannesburg thanks to the value proposition and quality of the product.
Other buyers are individuals working in manufacturing companies within the Springs and Nigel areas as well as from the Dunnotar Military Base.
Perhaps more important is that this development is aimed at homeownership, so there are no rentals, says Mthethwa.
“Due to the quality product and lifestyle estate offering, we’re finding significant demand and individuals willing to travel far just to be able to take advantage of the offering,” she says.
Home prices and finance
Mthethwa says two and three bedroom homes, some with garages measuring between 44 and 81 square metres are selling from R325 000 to R445 000 with all bond and transfer costs included in the price.
These homes have features such as carpets in the bedrooms, tiling throughout, a stove, washing machine point, built-in cupboards in the main bedroom, grass, serviced fence and estate living.
On home loan finance, she says they prequalify all buyers and if they find they are not in a position to buy as individuals, they educate these individuals around joint purchasing as well as putting them in touch with bond originators who can help them through the rehabilitation process if their credit score is low.
“Our sales conversions percentage sits at roughly 60 percent, which is great for the affordable housing space and much higher than we’ve seen in our previous other affordable developments.
“We are seeing the banks give 100 percent loans within this space, more and more, and within this development, with FNB and Standard Bank still remaining the biggest players,” notes Mthethwa.
Asked what makes Sharon Park Lifestyle Estate different from other affordable developments, she says the uniqueness surrounding this estate resides with the fact that while it’s an affordable housing estate, buyers are provided with the choices, quality and security one would find in an estate in Sandton.
There is no differentiation between the level of quality this developer is giving simply because the estate is deemed ‘affordable’, points out Mthethwa.
She notes that the estate was previously featured on Carte Blanche and the sentiments of the existing community were extremely negative.
However, all this has changed, perceptions have shifted as seen in the number of interested buyers coming through and the reality that if they are granted home loan finance, they will be able to finally own property at affordable prices and experience secure lifestyle living. – Denise Mhlanga
Denise MhlangaProperty journalist at property24.com
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