While we find ourselves in the midst of unsettling times both economically and politically, there is still a sector of the property market that is continuing to show positive growth: the KZN North Coast corridor, says Carol Reynolds, Pam Golding Properties area manager for Durban Coastal.
“There are a number of factors driving this activity, most notably: secure living, convenient location, lifestyle, infrastructure and long-term investment potential”.
“We are noticing interest from both local buyers and Johannesburg commuters, whose main priority is a relaxed, beach lifestyle combined with security. As a result, security estates are becoming more popular than ever, and people are prepared to pay a premium for estate living. As a result we have seen a number of new developments being launched along this coastal belt in the past two years, to service the demands of the market.”
She says in recent years there has been a prolific amount of apartment style developments in the uMhlanga area, but now the trend is towards more spacious, freestanding homes with gardens in secure gated estates.
Perhaps the most noteworthy new development, at the top end of the spectrum, is the very exclusive Signature Sibaya residential estate. This estate is comprised of 45 sea-facing stands, most of which sold ahead of the launch in April this year (2016). Signature is perfectly located close to King Shaka International Airport and just north of vibrant uMhlanga. It speaks to buyer demand by offering unobstructed sea views within a secure, pet-friendly, gated estate. The architectural design code is understated and elegant and has placed KZN on the global map.
Says Reynolds: “Signature Sibaya has set a new benchmark for pricing in KZN, with land sales achieving between R4 million and R10.5 million for plots ranging in size between 1000sqm to 2000sqm. With a floor area ratio (FAR) of 50%, homes will be substantial in size and are estimated to fetch prices in the region of R20 million to R30 million once complete. This will arguably be the best address in KZN”.
Launch of Izinga Park phase 3
“Another exceptional development is Izinga Park phase 3, which is located at the north end of Herrwood Drive in the successful Izinga suburb. This development will be launching soon and will offer 16 exclusive, elevated sites all with sea-views. Sizes of plots will range from 1022sqm to 1500sqm with a 40% FAR and will be priced between R4.25 million and R6.9 million. The estate will offer recreational living in a serene, landscaped environment.”
“Finally, the eagerly anticipated residential component of the Ridgeside precinct is imminent. Again, developers are offering a combination of land only, or plot and plan options in a prime and very central location, with spectacular sea-views and integrated mixed-use elements. Residents will be able to enjoy convenience par excellence coupled with panoramic sea-views. More details and pricing will be released soon”.
“All of these opportunities fall within our prime coastal corridor and hence, we find ourselves in unusual times with a conservative lending climate on the one hand and a unique boom node along our coastline on the other.”