Somerset Country Estate, within the boundaries of Heritage Park in Somerset West, is all-but sold out, with just nine of the 206 units left for sale, says Shiraaz Hassan, commercial director for Asrin Property Developers.
These are plot and plan packages where buyers can choose from eleven varied designs and can customise the homes on offer to suit their needs. The prices range from R1,4 to R1,65 million, including VAT and transfer duty, for homes from 140m² to 195m² in size, he said, with the most popular design being a three bedroom, two bathroom home with a double garage and approximately 165m² of built area.
The average prices at Somerset Country Estate at present are just under R1,6 million for a three bedroom two bathroom home, with plot sizes from 450m² to 500m². The homes here have above average specifications and generous proportions in comparison with their counterparts in the southern suburbs of Cape Town and Stellenbosch, said Hassan. In Stellenbosch CBD, R1,6 million would buy a two bedroom apartment, with approximately 80m².
“This development has proven very popular with emerging families, with ages of people buying in here between 30 and 40 years old, but there have been a few investors buying to rent. The average rental for a home in Somerset Country Estate is around R10 000 per month at present, with the highest rental reported being R12 500, and this market is growing steadily,” said Hassan.
“What has helped sell here too, is buyers being able to see a built environment and finished product. We expect full completion of all construction at Somerset Country Estate towards the end of 2015.”
Levies have remained reasonable, at around R880 per month, which covers such extras as the “double security” of the estate (with manned entrances and CCTV coverage) and the generous private landscaped areas with running and bicycle trails.
“What most of the residents here say attracted them to Somerset Country Estate is the fact that they can allow their children to play outdoors and ride their bikes without having to watch them because of the safe environment that has been created. Somerset Country Estate is two minutes from major retail centres, and very close to the Medi-Clinic, private schools and the major highways to business centres such as Durbanville, Stellenbosch and an easy commute to Cape Town and the airport,” said Hassan.