Areas and Places

Rabie’s Avenida snapped up by investors over launch weekend

Avenida, Rabie Property Group
An artist's impression of Rabie's Avenida development, with construction to begin in early 2017.

Buyers snapped up 41 of the 60 apartments totaling R47,2m in phase one of Avenida, Rabie Property Group’s latest development in Burgundy Estate, Cape Town over the launch weekend.

Brian Usher, Sales Director of Property World, the exclusive agents for Rabie’s new developments in the precinct, said the market response to this new secure estate had exceeded all expectations with sales accounting for 68% of units available and 67% of the total value.

“There is no doubt this is due to the exceptional value these apartments offer with prices starting at R850 000 for one bedroom units and two beds from R990 000 including VAT and parking.”

Usher said the good news for those unable to make the launch weekend was that there were still plenty of great opportunities available for would-be purchasers.

“All the one bedroom units in the first phase have gone but there is still a good choice of two bedroom one bathroom and two bedroom two bathroom units available.”

Usher said all two bedroom units came with parking for two vehicles – either one parking bay and a garage or two parking bays.

“I don’t think this has ever been done before in Burgundy where many of the earlier developments offer only one bay per apartment.”

He said in spite of the high parking ratio and very generous number of visitor parking bays being provided, the developers had ensured there would still be plenty of wide open green space with a number of pocket parks and lush landscaping, as well as a host of other communal facilities including a swimming pool and clubhouse, braai facilities and a children’s play area being provided.

“This has become a hallmark of Rabie’s developments since they joined forces with Nedbank to complete the development of Burgundy Estate two years ago. They have really lifted the bar for the precinct as they did at Century City and we are already seeing the benefits flowing through and the increased popularity from both investors, owner occupiers and tenants alike.”

Usher said there had been a wide mix of purchasers – from first time home buyers being assisted by parents, to young families and elderly buyers.

”And with about an equal mix of investors and those who intend living at Avenida themselves.”

Most of the units in Avenida are north facing and all will boast Fibre to The Home providing residents with high speed internet connectivity which according to Usher is proving to be an essential requirement these days.

Designed by award winning architects, Boogertman & Partners Apartments, the apartments are being built in a cluster of three storey blocks which will be orientated to maximize garden and mountain views and to provide pockets of private open space.

Avenida will be fully walled with access control and electric fencing along Tygerberg Valley Road while a stone clad entrance will provide an impressive sense of arrival.

Apartments will vary in size from 48 square metres to 73 square metres, excluding balconies, while all top storey apartments will have private built in braai facilities.

Avenida is the fourth development to be undertaken at Burgundy Estate by Rabie and construction is due to commence in February next year.