“With sales targets having been reached ahead of projected dates, progress at Chapman’s Bay Estate in Noordhoek has been heartening and significant,” says Mike Greeff, CEO of Greeff Christie’s International Real Estate, which has a sole mandate to market the estate.
“Originally launched in mid 2014, Chapman’s Bay Estate generated massive interest from day one,” says Greeff. “All seven phases have now been launched, due to sales success and ongoing demand” reports Greeff adding that, to date, 70% of the total available units have been sold which translates into generated sales revenue of R 272,450,540. “The market has spoken loud and clear in expressing confidence in this development, and the growing interest continues to garner more interest,” says Greeff.
According to Developer Mark Tame of Percipient Property Solutions, in conjunction with Kaikoura Capital, visible and marked on-site progress includes the completion of all civils.
The development currently boasts completed roads, sewerage and water systems, storm-water drainage, including retention ponds and electrical capability – street lights are the final element and these should be installed within the coming weeks. “24-Hour estate security, including boundary fence, guards and manned boom are in place and fully functional,” says Tame.
Building progress includes the completed sales and management office, within the gatehouse, a guardhouse and a booster pump house. A well point is being installed within the next month and this will be for use by the Home Owner’s Association.
Magnus McDowall of Flagstone Property Development, the investor-developer who acquired all 30 town house opportunities confirms that 24 Townhouses are complete and have been handed over to purchasers, while the remaining six are under construction and due to be finished early in 2017. One freestanding residential unit has been completed and an additional 25 free-standing residential units are currently under construction. Chapman’s Bay Estate is now home to the first of its residents, all of whom are occupying townhouses.
Ultimately, Chapman’s Bay Estate will be home to a total of 144 homes of varying design and size, however the sheer magnitude of the site and the generosity of space allowed between plots translates into a very low density development. There are only three homes per hectare allowing luxurious space and privacy within a select community of like-minded homeowners and residents.
“The residential complement grows weekly and those who have moved in are already enjoying the unique lifestyle offered by the estate and its natural surrounds which include beautiful wetlands with walkways and bridges in place. Additional walking trails are soon to be introduced around the estate, along with information boards detailing local flora and fauna,” says Tame.
“Interest in the estate is ongoing with plots and plot-and- plan packages being sold weekly,” says Greeff. He says targets are in place for a significant number of sales to be concluded by the end of 2016, and buyers can still take advantage of the fact that there is excellent value offered, not only due to the exceptional quality of the offering, but the absence of transfer duty.
“Investors have started renting out the units and are already enjoying a healthy return on their initial capital outlay,” adds Greeff. Chapman’s Bay Estate has attracted attention from around the country – both for its unique setting in a beautiful environment and the growing need for secure living.
“It’s a success story all round for this idyllic development, thanks to the winning combination of location, mountainside position, ocean and mountain views, the natural beauty and the tranquility offered by the immediate environment,” says Greeff.
Noordhoek itself has also experienced significant growth since the initial launch of Chapman’s Bay Estate with improved shopping amenities and a Virgin Active Gym. The proximity to beautiful beaches, hiking and equestrian trails, along with a growing and self-sufficient local community all add to the appeal of living in the vicinity, says Greeff, who adds that there are always community events, including craft and produce markets with delicious and wholesome food, live music venues and the fact that property values in Noordhoek are continuing to grow.
Properties at Chapmans Bay Estate are priced from R3, 475M for a townhouse, R4,75M for a Terrace home, R5,095M for a Courtyard home, R5,195M for a Wetlands home and R5,379M for an Avenue home.