A rendering of the groundbreaking Park Central development in Rosebank. Redefine Properties is offering pre-qualified investors the opportunity to secure their purchase at current prices and pay the deposit monthly while construction of the development, due for completion in November 2018, takes place.
Property developers have identified a growing need by up-and-coming executives to buy residential properties close to city centres without having the required 10% deposit.
Responding to this need, Redefine Properties has come up with an innovative funding solution to enable property to become more accessible to this section of the market, in particular, the luxury high-rise residential apartment block Park Central, which will soon commence construction in Rosebank.
“These are high-earning young individuals who have the income or surplus income in hand to save, but who have not yet had the opportunity to raise the 10% deposit that is usually necessary to purchase a quality home in a prestigious area,” points out Dr Andrew Golding, chief executive of the Pam Golding Properties group, who are responsible for marketing the development.
“This group of aspiring young individuals find their inability to acquire a suitable property frustrating. They desire to own a residential property in business nodes such as Sandton, Rosebank or Menlyn in Pretoria, where they are near to work and transport nodes, and where entertainment and a vibrant nightlife are part and parcel of the area.”
Redefine is offering pre-qualified investors the opportunity to secure their purchase at current prices and pay the deposit monthly while construction of the development, due for completion in November 2018, takes place.
“Redefine is a well-established and highly reputable listed property fund, which is in the fortunate position of being able to offer this type of innovative funding options to the young pre-qualified investor who does not have a deposit readily available,” says Dr Golding.
Mike Ruttell, executive director at Redefine Properties says that, while a 10% deposit would normally be a threshold too high for this type of investor, the new funding package, offered for a limited period only,enables them to own a quality home that will represent an outstanding long-term investment.
Ruttell says that more established investors have also not been forgotten, as Redefine has developed a special package in which the bond condition is removed upon payment of a 25% deposit.Park Central is a multi-million rand, high-rise residential apartment block being developed on the corner of Baker Street and Keyes Avenue in Rosebank. Pam Golding Properties is marketing the Park Central luxury one- and two-bedroom Park Central apartments and three-bedroom penthouse units. The homes are being sold off-plan and are priced from R2 million for an entry-level apartment to R16 million for a luxury penthouse. A show unit can be viewed at the Pam Golding Properties sales office.
Peet Strauss, development manager at Pam Golding Properties, said the state-of-the-art residential high-rise is of the kind not previously seen in Johannesburg.
“It offers a chic urban-green lifestyle in the heart of one of the most dynamic and rapidly expanding growth nodes in Johannesburg. Redefine’s new residential development is setting a new yardstick for upmarket
accommodation within the greater Gauteng region.”
Innovative funding options make luxury apartments more accessible
According to Strauss, the Rosebank rental market is experiencing a shortage of quality accommodation. “A number of investors have noted this and have seen that the apartments offer an outstanding ‘buy-to-rent’ investment opportunity with sound rental returns as well as excellent prospects for capital growth over time.”
The building will form part of an integrated urban precinct, with a vision to include pedestrian links via the
parks to the Gautrain Station through to the Rosebank Mall to assist residents to achieve a highly integrated lifestyle. A great deal of attention has been paid to environmental factors with regards to the design of Park Central, as well as in the design of the individual units.
Discerning investors and tenants will not only appreciate the magnificent sky gardens, manicured parks and roof gardens, but will also enjoy easy access to a host of facilities. Among these is a pool and entertainment areas, a coffee shop, a convenience store, secure pedestrian precincts, sky-gardens scattered throughout the building as common green space, a children’s playroom, a braai area that includes a pizza oven, a luxury lounge, basement parking and an elegant entrance foyer along with a gym.
“Park Central has been designed with the environment, security and convenience in mind. The homes will offer a wholly distinctive Johannesburg living experience, and a unique investment opportunity,” concludes Strauss.