In a South African property first, Somerset Lakes lifestyle estate located in Somerset West, Cape Town is offering free private schooling at Reddam House Somerset with each property purchased from the developer from October 2016.
According to Jan Minnie, spokesperson for Somerset Lakes, all properties purchased from the developer, Omwieco (Pty) Ltd, will include the price of one full year’s tuition for up to one child per family at Reddam House Somerset. “With the rising cost of education becoming a big concern for many South Africans, we know that this bold move will appeal to many parents who are also looking for the safety and convenience that lifestyle estate living provides.”
“The main reason for this offer is to make our dream of creating a family-orientated residential community, with schooling located right on the doorstep of the homes, a reality”, says Minnie.
“In June 2015, we commissioned an independent study by Urban Econ Development Economists into the demand and growth impact of including a school in a lifestyle development”, he adds. “The research revealed that lifestyle estates developed in conjunction with a school resulted in 10% to 15% higher property price growth when compared to residential areas with pre-existing private schools in the area. This trend was present throughout South Africa.”
In addition to this, research indicates that residential property in close proximity to elementary (junior primary) schools has an 18% higher price than those further away. Middle schools (senior primary) increase property prices by 16% and high schools, by 12%. The study also showed that properties in close proximity to good quality schools (irrespective of the school level) sold for 31% higher than properties located close to lower quality schools.
“Both sets of research prove the positive effect quality schools have on property prices. This is also why it was important for us to partner with the Reddam organisation, to ensure our buyers made a good investment decision,” says Minnie. The new Reddam House Somerset, which opened its doors in 2016, is offering the Independent Examiners Board (IEB) National Senior Certificate, which recorded a 98,3% pass rate in 2015.
He adds that towns located on the outskirts of Cape Town, like Somerset West, have become increasingly trendy over the last couple of years. “We have seen an increasing number of Gauteng residents move to the Southern Cape, a term known as ‘semigration’. Many young families are attracted to the unique lifestyle that the Cape offers, with its beautiful beaches, world-class restaurants and adventure sports, as well as the region’s top class private schooling.”
In light of semigration, an increasing number of property buyers are looking for recreational facilities that are offered by so-called ‘adventure estates’. Somerset Lakes, for example, affords residents the opportunity to experience an array of outdoor activities, including fishing, canoeing and sailing on the six hectare lake. “On most adventure estates these types of activities are accessible to all residents, from those occupying sectional title units through to those in free-standing family homes. The convenience of this ‘opulent lifestyle’ is thus extended to many first time property buyers that may otherwise have been unable to access these activities so readily.”
In the estate there are 59 new homes for immediate sale in “The Lakes” and “Kingfisher Terrace” phases, ranging from an entry level price of R2,16 million for sectional title garden cottages with three bedrooms, up to R5,7 million for a large four bedroom family home. All of these properties will come with the Reddam scholarship and the new owners can expect to take occupation at the end of 2017. The offer will work on a first-come-first-served basis and the sales centre at the estate has been geared up to process the housing purchases and scholarship system at the same time.
Since launching in Jan 2014, the 850 unit expansive 64-hectare estate, located only 20 minutes from Cape Town International Airport, and lying in close proximity to many of the region’s top golf courses, wine farms, beaches and shopping destinations, has already achieved hundreds of sales.
“All the homes located on the estate are forecast to show excellent capital growth due to the proximity to educational and recreational facilities. We are confident that our partnership with Reddam House will result in a positive investment case for Somerset Lakes property owners,” Minnie concludes.