Sandton, which is considered to be the financial epicentre of the country and a sought-after business address for many, will soon be bursting at the seams.
The 240 apartments at 101 On The Park will be spread over two towers of 15 stories each. There is a selection of one and two bedroom units available, starting from R1.5 million. A few exclusive, luxury penthouses that boast impressive views will also be available.There were roughly around 100 000 people commuting in and out of the greater Sandton area at the end of 2013. Now nearing the end of 2014, it is anticipated that in the next couple of years more than 10 000 additional people will be working in the area - and that is just in the new Discovery head office and Sasol buildings.
Recent reports indicate that close to 300 000 square metres of new commercial office space projects are either in the planning phase or under construction in the Sandton area.
Companies such as Ernst & Young and Alexander Forbes already have new offices in the area, while the Webber Wentzel, Sasol and Discovery buildings are under construction, and the Old Mutual building is about to commence.
There is a strong demand for residential property in the greater Sandton area and this substantial influx of people will, according to Chris Renecle, MD of Renprop, drastically increase the demand for residential units - both to own and rent.
In fact, Renecle believes that the rental demand for residential units in Sandton is likely to outstrip supply. “With close to 15 000 additional people expected to be working in the Sandton area over the next five years, more and more executives will be looking to take up residence within the precinct. It stands to reason that rental demand will increase substantially with this influx of executives.
“I anticipate that there will be a shortage of rental accommodation in the Sandton CBD in excess of 5 000 units in the next five years,” says Renecle.
One of the major reasons for the pent up demand in residential property in Sandton, aside from all the amenities the area offers, is that its infrastructure cannot cope with the increase in traffic.
“Sandton traffic has always been known for its potential to gridlock, especially during rush hour. And while the Gautrain station might alleviate some of the road congestion, with more people using these roads, the traffic situation will only worsen. Therefore, demand for residential units close to this thriving business hub is rapidly increasing as more and more executives choose to live closer to their place of work,” says Renecle.
One of the new residential developments in the area set to cater to the demand is 101 On The Park, which is set to launch late in October. Situated on the ‘Golden Mile’ along Katherine Street, this apartment development is within walking distance of the Gautrain station, as well as all the major corporate headquarters.
Russel Peach, Renprop Residential Projects sales manager, says the 240 apartments at 101 On The Park will be spread over two towers of 15 stories each. There is a selection of one and two bedroom units available, starting from R1.5 million. A few exclusive, luxury penthouses that boast impressive views will also be available.
“These apartments are exceptionally well-priced for the area. Property statistics reveal that the average selling price of a sectional title unit within Sandton is close to R2 million. In the last three months, about 30 sectional title apartments have changed hands in the Sandown area, more than half of which were sold between R1.5 million and R3 million. A further 22 percent sold for R3 million or more,” he says.
Designed for upmarket, executive living by GLH Architects, 101 On The Park will include facilities such as a bistro or coffee shop, wellness centre, concierge and conference facilities. Residents of these apartments will also benefit from the adequate basement parking.
101 On The Park was so named as it borders - and offers residents direct access to - Mushroom Farm Park, dubbed as Sandton’s green lung.
The park includes walking trails, a playground, rolling lawns and an outdoor gym. Mushroom Farm Park provides a lush green space in the heart of Sandton’s business district for people to socialise and enjoy recreational activities.
“There is no shortage of amenities in the area, from shops and restaurants to medical facilities and other lifestyle and entertainment offerings,” says Peach, who urges investors to secure their units at the launch function, as these units are expected to sell quickly.
To sign up for more information, visit the website and you will automatically be invited to the exclusive prelaunch.
