The exterior of The Regency, which is being developed in Menlyn, Pretoria, by Key Spirit Developments. It is due for completion in 2016.
“High-rise urban living, where every convenience is close to hand, is becoming increasingly popular in the Tshwane region. This is evidenced by the rapid off-plan sale of apartments at The Regency, a groundbreaking upmarket apartment development in Menlyn.”
This is according to Retha Schutte, Pam Golding Properties’ regional executive, Pretoria. She says that of 227 Regency apartments that were placed on sale earlier this year, just 40 now remain on the market.
“This is the very first luxury high-rise to be developed in the Menlyn area and the excitement it has generated has been impressive, and an indication of the great need for this type of upmarket residential space in Pretoria,” adds Schutte.
“The executive mayor of the City of Tshwane Metropolitan Municipality, Mr Kgosientso David Ramokgopa, has himself secured one of the units. Those who want to get hold of one of these popular upmarket apartments will have to do so soon, as we do not expect the remaining units to be available on the market much longer.”
Schutte says that the developers of the new luxury apartments, Key Spirit Developments, saw a need for a new high-rise living concept in the rapidly growing mixed-use Menlyn area and they have been proved entirely correct.
“Convenient, vibrant and cosmopolitan city living, such as that offered within the Menlyn area, is becoming attractive to more and more discerning Tshwane residents,” explains Schutte. “The people of Gauteng no
longer want to spend hours travelling in traffic, preferring to live within centres that are close to excellent
educational institutions, their places of work, entertainment and shopping.”
The developers are now ready to commence construction on The Regency, which is designed by award- winning architectural firm Archactive International. The upmarket apartment development is due for completion in 2016. The remaining properties, which are being marketed by Pam Golding Properties, are available from between R1.05 million and R2.4 million.
“Pam Golding Properties has not been surprised by the outstanding response from investors to The Regency,” she adds. “The units offer a secure, urban lifestyle with every convenience and facility at residents’ fingertips. The exclusive apartments offer a wide range of luxury property options and represent outstanding value for money.”
Schutte says Menlyn is rapidly developing into a vibrant mixed economy that is attracting financial institutions, law firms and a range of other professional service providers, as well as retailers and hoteliers.
This has served to greatly stimulate demand for quality accommodation within this growth node.
“Although the South African economy is somewhat lacklustre at present, we are at present seeing a healthy boom in a number of mixed-used growth nodes in the Tshwane municipal region. Investors are demonstrating ongoing confidence in areas such as Menlyn where they are developing a rich blend of residential, office and commercial spaces.”
The Regency apartments, each of which have their own balconies, have so far appealed to a wide range of investors including, in equal measure, those interested in purchasing for the purposes of letting, as well as professionals, corporates, families, diplomats, and local and international companies looking to accommodate their employees and executives.
“We have also been gratified at the large number of retirees who have shown an interest in the apartments. They say they appreciate the excellent concierge and other luxury services that will be on offer as well as the attractive environs and the fact that The Regency is so centrally situated.”
“The many embassies and trade missions in the region, assist to stimulate the rental market in Pretoria, as these institutions are always seeking quality accommodation for their personnel. The apartments are consequently being snapped up by investors who have seen the opportunities inherent in the development, which will offer excellent rental returns, as well as solid capital appreciation,” adds Schutte.
“We have had quite a few individuals who are new to the buy-to-let market, as well as more experienced investors, buying these homes.”
She says the investment product that has been offered by the developer is encouraging buy-to-let investors to acquire the sectional title units. This product is a fully furnished and equipped one- or two-bed apartment with a 7% guaranteed rental for two years, with two dividend payments throughout the year. In addition, there will be no levy payments whatsoever for the period and the repair and maintenance will be the responsibility of the developer.
The Regency is situated in Ashlea Gardens, with easy access to highways, as well as corporate office developments and first-class shopping and entertainment at Menlyn Mall. While the high-rise is located within the Menlyn growth node, it overlooks the serene Wolve Spruit, and residents will be able to enjoy pleasant walks close to nature.
The emphasis, says Schutte, is on luxury and expediency. In addition to the 24-hour concierge services, the development will also have restaurants, a pool and pool deck and secure basement parking. A range of quality fittings and finishes are available to choose from, and a complete fibre-optic solution will be provided to ensure outstanding connectivity for residents. Appliances and centralised air-conditioning are included in the price.
A centralised water heating system will reduce electricity costs by approximately one quarter as well as sustain essential systems within the building in the event of power outages. According to Schutte, security at The Regency will be nothing short of state of the art.
The Regency was brought to market by Pam Golding Properties at an official launch event on 18 February. The event was attended by ambassadors and high commissioners representing several governments, dignitaries, developers, investors and other high-profile individuals from the property industry.
“The Regency will offer residents an unequalled stylish and modern urban environment with lock-up-and-go convenience. There is little doubt that this new development, which leads the way in residential design within the area, has a bright future,” concludes Schutte.