Dunecrest sectional title scheme in Muizenberg, a joint venture development between International Housing Solutions and Asrin Property Developers, where the first phase has just been completed and the first transfers to the new owners have begun.
The first phase at the popular Dunecrest sectional title scheme in Muizenberg, a joint venture development between International Housing Solutions and Asrin Property Developers, has just successfully been completed and the first transfers to the new owners have begun.
The first occupants have started moving in and handover of the remaining units that have been bought in the first phase took place in the last week of November, said Shiraaz Hassan, commercial director for Asrin.
Eighty percent of the 264 two bedroom apartments, which includes upmarket finishes such as granite tops and stainless steel ovens and hobs, have already been signed for, said Hassan. In addition, he says they have noticed a marked increase in the demand for apartments in the R604 200 price category, which includes transfer costs.
“Purchasers within this segment seem undeterred by the 25 basis point increase in lending rates and I believe that the product and price is a rare find within the southern suburbs,” said Hassan.
While there have been two price escalations applied to the original selling price since Dunecrest was launched last November, with units selling 10% more than they did when they were first launched, all four major banks and purchasers are upbeat and support the current market price, said Hassan.
Rental demand, too, has been excellent, he said, with one bedroom apartments in the first phase currently let out at approximately R4 500 per month and two bedroom units averaging approximately R6 000 per month.
The primary advantages of the location of this site as well as the lifestyle the development offers (which up until 18 months ago was scarce in this price bracket) has been the main driving factor behind the popularity of the scheme, he said, and this is possibly the first time so many extra lifestyle options have been offered at prices as low as these.
Within the scheme there is over 5 000m2 of landscaped, environmentally sensitive private open space, an on-site laundry, clubhouse, swimming pool, and a common area guardhouse with access control.
The conservation area has just been rehabilitated and will be maintained within the guidelines as prescribed by the environmental management plan implemented by Asrin.
Another plus, said Hassan, is that the levies are at a low level (around R650 per month) when taking into account all the amenities the scheme offers, as well as the security and space. Buyers will benefit over time as more new owners move in, contributing to the levy pool, thereby reducing the cost to each owner each month, said Hassan.
Construction on the second phase at Muizenberg should begin in the second half of January 2016, which will comprise 90 slightly larger apartments. This phase will be called Ocean Breeze, said Hassan.
The overall development has been integrated into the area well, and the fact that the average price of an “apartment” in this area is R800 000, should reassure buyers that their investment is sound and can only continue to grow at at steady pace, said Hassan.