Asrin Property Developers commercial director this week announced that the second phase of the sectional title component at their Nuutgevonden development in Stellenbosch is almost sold out, with only four units for sale and they have now commenced with the construction of the third phase.
The third phase will have 33 sectional title apartments, with two bedrooms and one and half bathrooms in each and 60m² of floor area. The units will all have above average finishes such as granite countertops, fitted stoves and ovens, and laminated floors.
Shiraaz Hassan, commercial director for Asrin says they will be retaining this block as part of their rental portfolio due to the high demand for rental accommodation in Stellenbosch, especially amongst students. Units here rent out at an average of R5 000 per month.
The rental units are expected to be ready for occupation by the end of 2014 and a further 36 apartments should be launched by mid-2015, said Hassan.
This lower density Nuutgevonden scheme has been wholly successful, he said, in that the lifestyle has been sought out by many buyers, not just young families with small children, but also those downscaling. The average 65m² apartment here now sells for R750 000 including VAT and transfer costs, with capital appreciation of approximately 8% pa since its inception in 2011, he said.
“Surprisingly, we have come across residents at Nuutgevonden who commute to the southern suburbs and Cape Town to work and back, because they like the lifestyle that this development offers them. The aesthetics of this project give buyers here a place to be proud to invite visitors to enjoy the environment created,” said Hassan. “This is what Asrin strive to create, a spacious, top quality environment in which to live and raise a family in.”