Asrin Property Developers have started construction on their 83 sectional title unit Azure on the Bay development, at the exclusive Big Bay Waterfront.
Azure is located just 50m from Eden on the Bay, off Otto du Plessis Drive, which has direct access to the exclusive Eden on the Bay restaurant, retail centre and iconic beach promenade.
Asrin expect handover of units to begin by July 2016, says Shiraaz Hassan, commercial director at Asrin.
Apartments at Azure range from one bedroom one bathroom apartments with 50,3m² priced from R850 000 to two bedroom apartments priced from R995 000 with 65m² and three bedroom apartments with 95m² priced from R1 720 000.
Finishes in the apartments include porcelain tiles in the living and dining areas, kitchens and bathrooms, carpeted or wooden floors in the bedrooms (from the developer’s selection), fully fitted bedroom and kitchen cupboards with granite countertops, and stainless steel door handles and bathroom fittings. Ovens, hobs and extractors will also be fitted in the kitchens.
“What is unique about Azure is that it will be the first development within this Waterfront node to offer a swimming pool courtyard area and which has an exclusive access controlled security point,” said Hassan. “This places Azure in a very favourable position, compared to the developments abutting Azure.”
The sales team have been averaging two to three sales per month at prices around R1,5 million here, and have secured R72 million worth of presales to date.
“This is possibly the best value for money on the Big Bay Waterfront right now,” he said. “If you were to buy the equivalent in quality and size on the Blaauwberg beachfront, you would probably pay between R20 000 to R25 000 per m² whereas at Azure the prices start at 16 890 per m². This is possibly what many were paying in this area four years ago.”
Parking in many beachfront developments in Cape Town is at a premium, and Asrin have countered this problem by creating basement parking, with up to two bays per apartment.
“Buyers at Azure on the Bay to date have largely been owner occupants wanting to invest in a holiday apartment or retirees wanting to downscale, and they have been astute in buying in a well located development within an exclusive Waterfront node, one of the few that has direct access to the popular Big Bay beach and the vast array of Eden On the Bay “Live, work, play lifestyle”. What is offered here covers what most residents ask for,” said Hassan.
Emarie Campbell, principal of Pam Golding Properties Big Bay, has confirmed that apartments within this price range have become scarce and demand for product is increasing steadily. A huge influx of visitors is expected over the summer period, which history has shown is their busiest time of year, said Hassan. Campbell is optimistic that the Azure Development could be fully subscribed by the first quarter of 2015.