Dune Crest, International Housing Solutions and Asrin Property Developer’s affordable housing development in Muizenberg, where the show flat is complete and 108 apartments in phase one are nearing completion.
Construction at Dune Crest, International Housing Solutions and Asrin Property Developer’s affordable housing development in Muizenberg, began in November 2014, and is on track, with the show flat completed and ready for viewers, and 108 apartments in phase one nearing completion.
“The first 108 apartments are nearing their “practical completion” stage,” said commercial director of Asrin, Shiraaz Hassan, “with the final completion and handovers expected to begin from the end of August 2015.”
Of the 108 units, 70 have been sold, with full sell-out of phase one (a) expected by the end of 2015, said Hassan.
Once fully complete, phase one will comprise 294 units, and accommodation will be a mix of one and two bedroom apartments. Completion of the first phase is planned for the end of this year, said Hassan.
Apartments in this phase were launched at R399 900, inclusive of transfer costs, for a one bedroom unit to R575 990, inclusive of transfer costs, for a two bedroom apartment.
The units still available in phase one are two bedroom apartments priced at R589 000, which includes transfer costs. Purchasers within this segment would need to be (approximately) in the R18 500 joint income bracket in order to secure mortgage finance. The average monthly instalment on a purchase of this nature would cost the borrower approximately R5 400 per month, should they procure 100% finance, over a 20 year term. This creates an opportunity for the first time home buyer to purchase a home as opposed to renting, as their bond repayments on the above prices would be more or less the same as their rental each month.
“Our agents have reported strong demand residential rental property within the R6 000 per month price bracket and, as a result, many rental applicants waitlisted on their books are being converted into buyers,” said Hassan.
Asrin have planned all construction activity so as to limit the disturbance to those who move in while the remainder of phase one is being built, said Shiraz Onia, Asrin’s construction director, and those moving into the first completed apartments will already benefit from the full security of the boundary walls and controlled entrance and exit point. In addition, the swimming pool and other amenities within the complex will be completed in time for the first handovers scheduled for September 2015.
Great care has been taken to preserve the conservation wetland area within the estate, which is 2 450m² in all. This green area, said Hassan, has created a softer, more inviting look to the overall development and the full rehabilitation of the dune area with a comprehensive maintenance management plan has begun, in addition to the full landscaping of the development as a whole.
“Purchasers at Dune Crest will benefit from the green environment and the trendy finishes for homes in this price bracket,” said Hassan. “Residents here are sure to see steady l growth as well as continuous enjoyment of the lifestyle it offers. We hope to be involved with many more of the same type of projects in years to come.”