Areas and Places

New sectional title development for growing Vredehoek property market

A stylish new sectional title development is planned for Vredehoek. Hot on the heels of The Bradwell, where eight out of nine units were sold by Greeff Christie’s International Real Estate, within the first seven weeks of launching, The Belair is developer, Mason’s latest boutique development offering.

Comprising nine luxury units, The Belair will offer residents contemporary design and luxurious finishes. Specifications include engineered wooden floors, Nobilia Line-N German imported kitchen cabinetry, Ceasarstone countertops and Miele hobs, ovens and extractors. Solar panels, air conditioning and heated towel rails will also be included.

“The views will be spectacular, thanks to the location on the lower slopes of Devil’s Peak,” says Ryan Greeff, director of Greeff City Bowl. “Residents will enjoy easy access to the city’s exceptional amenities and attractions, be able to dine at sought-after restaurants and cafes, shop at the V&A Waterfront and relax at world-renowned beaches, all a few minutes from their doorstep,” adds Greeff.

He says that Vredehoek is currently enjoying a healthy demand with many of the suburb’s older buildings receiving a facelift in recent years. “The suburb has received a boost with the restoring of several of the older blocks to their former glory,” says Greeff’s co director, Marthinus Botha, adding that Vredehoek is perfectly located for those wanting or needing to be close to the city without being right on top of the hustle and bustle.

“According to Propstats, the average selling price of sectional title apartments in the R3 million and above category has grown by 14% over the past twelve months when compared to the twelve-month period preceding that,” says Botha. He adds that high demand has also shortened the average time spent on the market from 33 days, (the average listing time between August 2014 and August 2015) to only 20 days – the average listing period recorded by Propstats for sectional title apartments in the Vredehoek area over past twelve months.

“The past twelve months have also seen an increase in serious buyers,” says Greeff. He explains that this is reflected in the narrowing of the differential between the average asking price and the average selling price of properties, which is down to only minus 2.2 percent from minus 5 percent, recorded in the 2014 to 2015 period. Botha says there is also a very high demand for rentals in Vredehoek, and luxury apartments in the vicinity have been known to achieve yields of between five and seven percent of the purchase price. “This makes the Belair a particularly notable investment opportunity,” adds Botha.

Units at the Belair are priced from R2, 650 million for a one-bedroom, one-bathroom with open-plan kitchen and living area, totaling 58m 2, with an allocated two parking bays. The top asking price is R8, 995 million for a three-bedroom, 
three-bathroom 173m 2 penthouse with three parking bays.