“The brand new Chapman’s Bay Estate is now home to its first residents,” reports Mike Greeff, CEO of Greeff Properties, Christie’s International Real Estate.
The development continues to garner interest from would-be purchasers, while actual sales figures show healthy selling price growth. “Current sales revenue amounts to over R261 million,” says Greeff. Since launching in mid 2014, Greeff Properties, which has a sole mandate to market the unique mountainside development, has sold 89 units. This represents 73% of the available stock sold. “We are actually a full year ahead of our envisaged sales projections, which is indicative of the strong demand and the unique nature of this product,” says Greeff.
“Demand for secure estate living is such that those who purchased property in Chapman’s Bay Estate at the initial launch have already seen an increase in capital value which far outstrips current stock market investments and indeed beats average selling price increases in properties in the Southern Peninsula and Southern Suburbs,” reports Greeff.
“The townhouses have shown the highest growth, garnering an impressive 39% on the selling prices. The price tag on Courtyard homes has risen by 33%, while the Avenue home prices have grown by 22%,” says Greeff. “We are starting to see the first resales already,” he adds.
“Demand is further piqued by the fact that the availability of any land vaguely resembling the Chapman’s Bay Estate site, which is also earmarked for residential use, is limited. Furthermore, the number of developments located on sites offering natural and increasingly rare beauty is also likely to diminish in the coming years,” explains Greeff. “Chapman’s Bay Estate is so rare a location, we are highly unlikely to see anything quite like it again,” adds Greeff.
Located on the mountainside, along Ou Kaapse Weg, with abundant indigenous flora and fauna, the site offers exceptional mountain and ocean views.
“Coming home from work to Chapman’s Bay Estate is like taking a holiday in a nature reserve,” says Sharon Marle, one of the estate’s first homeowners to take up residence. “It’s idyllic and peaceful, and at night, we hear the frogs from the wetlands. It’s also really convenient in terms of location – it’s wonderful.”
Chapman’s Bay Estate is located at the base of Ou Kaapse Weg, a short distance from Long Beach Mall. Beaches, equestrian trails and the markets of Noordhoek are all easily accessible as is the business hub of Westlake and Reddam House school, just over Ou Kaapse Weg on the northern side of the mountains.
“The impressive sales revenues along with the current ongoing construction show tremendous confidence in the developers, Percipient Property Solutions, and Kaikoura Capital,” says Greeff.
“We will continue to complete and hand over the town houses over the next few weeks,” says Magnus McDowall of Flagstone Property Development (the turnkey developers of the group housing site).
Mark Tame of Percipient Property Solutions adds that the first of the freestanding houses are already out of the ground and due for completion over the next quarter and that construction of homes in phases three to five will also be commencing within this quarter.
“The civil infrastructure on site, which includes roads, will be completed during August 2016 allowing access to the entire site,” says Tame.
“Based on the success of sales in phase six, we have already released a number of units in phase seven, which is the final phase,” reports Tame.
“Phase 7, which comprises 12 Avenue units boasts truly exceptional views thanks to its position at the very top of the estate,” says Greeff.
Currently for sale at Chapman’s Peak are: Plots from R1.51 million, Townhouses from R3.495 million, Courtyard homes from R4.35 million, Terrace homes from R4.895 million and Avenue homes from R5.195 million. There is no transfer duty.
The single-level Terrace units are a more recent addition to the suite of available accommodation at Chapman’s Bay Estate, and comprise three or four bedrooms with living space ranging from 283m 2 to 304m 2.