The demand for good investment product continues unabated according to Dave Williams-Jones of FWJK who announced the sellout of its new R321 million residential development known as Coral Point in little over a month.
This 152 apartment development located in Tongaat Hulett Development’s new Sibaya Coastal Resort with panoramic sea views will be built by Grinaker LTA with construction to commence in January 2017.
Investec approved the development funding for the Coral Point project on the strength of the offering’s excellent value, the calibre of its investors and FWJK ’s track record, said Brendon Wray of Investec Private Bank. Investec also funded FWJK’s highly successful R338 million Obs Court residential development in Cape Town.
“Investors dived in at the opportunity of buying prime apartments at cost based on FWJK’s Co Development at Cost development methodology” said Williams-Jones and added that apartments were sold in stacks of two, three and four apartments giving investors the opportunity of playing developer and enjoying the opportunity of making huge returns that residential developers are currently making due to the pent up demand for good residential stock.