A rendering of the exterior of The Regency, which is being developed by Key Spirit Developments.
The City of Tshwane has undergone immense growth in recent years, spurred on by growing investor confidence in the area, as well as by considerable investment in infrastructure projects by the local government, says Executive Mayor of the City of Tshwane Metropolitan Municipality, Mr Kgosientso David Ramokgopa.
Commenting on The Regency, a luxury residential high-rise that is being developed in Menlyn and marketed by Pam Golding Properties, the Mayor notes that the positive growth in the city and its local economy is serving to further enhance the city’s status as South Africa’s capital.
Mr Ramokgopa suggested that Tshwane’s swift development is also causing the boundaries of Pretoria and Johannesburg to become increasingly blurred. He predicts that the two regions will in time become one immense African ‘super-city’, and the continent’s undisputed powerhouse. “I am gratified that my local government has been able to assist in this process and I am pleased to see that our Special Development Framework of 2013 has been instrumental in injecting new dynamism into the local economy,” he added.
“One of Tshwane’s most rapidly developing nodes is unquestionably Menlyn. People speak of Menlyn as becoming Pretoria’s new Sandton. I believe that it is eventually going to be larger than Sandton. Menlyn has a highly vibrant mixed economy. Financial institutions, law firms and a range of other professional service providers, as well as retailers, hoteliers and residents, are flooding into Menlyn,” he adds.
“The creation of The Regency, the first luxury high rise to be developed in the area, shows that residential development investors see the enormous potential of Menlyn as a mixed-use space. This is exciting news for Menlyn, as well as the greater City of Tshwane. We are therefore delighted that Key Spirit Developments, which has been responsible for the development of a number of outstanding buildings in the Tshwane region, has taken the decision to create this quality urban lifestyle space for which there is a great need.”
The Regency, which was brought to market by Pam Golding Properties at an official launch event on 18 February, is being built in the Ashlea Gardens area close to Menlyn Maine and is due for completion in 2016. Pam Golding Properties is marketing 146 apartments priced from between R995 000 and R2.297 million off plan. The launch of the residential development was attended by ambassadors and high commissioners representing several governments, dignitaries, developers, investors and other high-profile individuals from the property industry.
“It is Pam Golding Properties’ considered view that the City of Tshwane Metropolitan Municipality’s immense efforts to promote development, as well as its substantial spend on infrastructure in recent years, have greatly assisted in stimulating growth in the Tshwane region as a whole, and in nodes such as Menlyn,” says Dr Andrew Golding, chief executive of the Pam Golding Property group. “We commend Mr Ramokgopa and his municipality for their immense efforts to build a first-class capital city.”
The proposed R2,6 billion bus rapid transit (BRT) system with two stations within the Menlyn area and three major road improvement projects, are just a couple of the examples of local government efforts to ensure the area’s future, according to Dr Golding.
Dr Golding said that The Regency, which is designed by award-winning architectural firm Archactive International, is a new residential concept for Menlyn; a luxury space offering residents vibrant urban living with every amenity and convenience right at their fingertips.
Retha Schutte, Pam Golding Properties’ regional executive Pretoria, says that she is pleased, but not surprised, at the high level of interest that has already been shown by investors in the apartments, a large number of which have already been secured.
“The exclusive apartments, each of which have their own balconies, offer a wide range of luxury property options and are a fine investment opportunity,” she points out. “They are centrally situated with easy access to offices, shopping, entertainment, as well as the M1 freeway and the Pretoria city centre for those who commute. Best of all perhaps, is the fact that they may be secured by any investor or homeseeker who qualifies with a deposit of just R10 000.”
According to Schutte, homeseekers from many walks of life have made enquiries about the apartments, including executives, professionals, the parents of students, as well as foreign missions and local and international companies looking to accommodate their staff.
“Buy-to-let investors have been particularly interested in the opportunities that The Regency offers, including some international investors from overseas and other countries in Africa. There is a strong demand for luxury short-term rental accommodation in Tshwane, which is fuelled by the large number of embassies and trade missions in the region. These institutions are often on the lookout for convenient, quality accommodation for their staff members. For many The Regency fits the bill,” she asserts.
“Buy-to-let investors have also had their interest piqued by an attractive investment product that is being offered by the developer,” says Schutte. “This is a fully furnished and equipped apartment with a 7% guaranteed rental for two years, with two dividend payments throughout the year. In addition, there will be no levy payments for the period and the repair and maintenance will be the responsibility of the developer.”
Those who secure the one- and two-bed apartments early will have a range of quality fittings, finishes and appliances to choose from. The building has been designed with the environment and the insecure South African power grid in mind, a solar system reducing electricity costs by some 30 percent and sustaining essential systems in the event of power outages.
Schutte says all of the residents of The Regency will have access to concierge services, restaurants, a pool and pool deck and secure basement parking. A complete fibre-optic solution will also be provided. Outstanding 24-hour security and sophisticated security systems will provide peace of mind for residents.
“The development points the way forward for residential accommodation for Menlyn, which by all accounts has a bright future as a residential property market. Pam Golding Properties is privileged to work with Key Spirit Developments to market the outstanding properties that are on offer,” concludes Dr Golding.