At Asrin Property Developers’ Azure on the Bay construction site from left to right: Ali Mohamed (Project Manager), Shiraz Onia (Construction Director) and Ivan Howburg (Senior Foreman).
Construction at Asrin Property Developers’ Azure on the Bay development at Big Bay is well under way, and units are now 80% sold out, says commercial director for Asrin, Shiraaz Hassan.
Foundations of the basement and supporting columns are done, and the basement was completed at the end of May. Asrin’s construction director, Shiraz Onia, says that they are fully on schedule for completion and handover of the units by July next year.
“The market has responded very well to two factors, the first being the beginning of construction, and the second is the renewed confidence in the property market,” said Hassan.
“We put this down to the high demand for stock below R2 million, particularly in the Big Bay Waterfront node, where people have realised that this is possibly the last chance to get the unit they want while the prices are as good as they are. Banks, in addition, are realising the value here, with all four major banks willing to front mortgages without problems,” said Hassan.
Furthermore, he said, the level of commitment from buyers to date has been high, with some willing to put down from 50 to 70% in cash as a deposit on a unit. With many developments in the past, the majority of buyers might have reserved a unit with a 10% or less deposit and have been willing to walk away if the banks were not willing to finance the rest. The type of purchaser here now seems very informed and committed to his specific purchase before he decides to sign an offer to purchase.
The average sales prices of units at Azure on the Bay is R1,8 million, with units selling from R1,8 to R3,5 million.
The unsold units have now increased in price, which is justified by the increases in materials such ads steel and cement, and also that the prices here have not been risen since the initial launch three years ago, said Hassan. The banks have supported the new pricing on the 20% of units still to be sold.
Many aspects make this development appealing, he said, but the unique aspect of having a central communal courtyard in which to enjoy the outdoors year round and the double security are possibly the two selling features here.
“If one compares other beachfront areas that are popular,” said Hassan, “the value for money at Azure becomes truly evident. Camps Bay property is currently selling for approximately treble what Azure is selling for per m². We predict more and more foreign investors buying in here, which is already happening, and prices will eventually be driven up by the demand.”
