The Eden, conveniently located in Observatory, Cape Town is Horizon Capital’s brand new residential development. Situated on the corner of Trill and Eden Road, it provides everything needed for a connected lifestyle. Around the corner from Groote Schuur Hospital and UCT’s Medical Campus, The Eden boasts great accessibility to Cape Town city centre, the Southern Suburbs, V&A Waterfront, the airport and the University of Cape Town.
Horizon Capital Residential focuses on designing and developing high-quality residential buildings that meet the practical needs of future owners.
Comments John Witter, CEO of Horizon Capital, “The Eden was meticulously designed to draw in the light – the natural light taking full advantage of its north and north east orientation as well as the vibrant night life of the local neighbourhood.”
The development reflects the importance of conscious living, featuring considered materials, energy efficient features and communal leisure spaces that enable a more sustainable, more community- minded and more enriched sense of living.
“Excellent design was of utmost importance to us. We wanted to create a building that would be engaging and beautiful, while respecting the local context. Some of the features we incorporated to achieve this were generous terraces for each apartment; firstly to provide shading into the apartments and allowing owners a natural outlet from their internal apartment space, and secondly to give the building depth and character. The Eden contains the best elements of residential architecture, and will set a new benchmark in Observatory” commented David Sedgwick, managing director at Horizon Capital Residential.
The development is situated within an UDZ tax incentive area, making it the perfect financial investment for buy-to- let investors. The purchaser is allowed to write off 55% of the cost (i.e. VAT inclusive purchase price) of their investment over an 11-year period, with 20% of the deductible amount written off in year 1, and the balance spread evenly over the following 10 year period.
The major benefit to investors is that the large capital deduction is not automatically ‘ring-fenced’ and generally creates a substantial tax loss situation for the investor. This tax loss is allowed to be off-set against other taxable income including a salary or other trade income. This can result in a very attractive situation where the investor initially receives PAYE/tax back upon filing their tax return. This is very useful to fund any negative cash flow requirement during the first few years of a buy-to- let property.
The 8-storey building, of 73 apartments, consists of 2-bedroom, 1-bedroom and studio apartments starting from R1,46 million. Each apartment is assigned secure parking and there are also additional motorbike bays and a bicycle storage facility.
Generous terraces provide a seamless indoor-to- outdoor lifestyle, which is complemented by the communal facilities such as the fitness centre, laundry room, and sky deck with pool and braai facility.
“Quality, convenience and security is what purchasers expect in modern apartment living, and that’s why we insisted on floor-to- ceiling glass and aluminium sliding doors, two lifts to service the 73 apartments (1:36 lift-to- apartment ratio), a generator and 24 hour security with a concierge service.”
The Eden is set to break ground in August 2016 with completion December 2017.