“Launched earlier this year, the trendy ‘The Rugley’ apartment block in Vredehoek sold out so fast that the developers have now decided to also release the last two units for sale”, says Bernice Musikanth, Seeff City Bowl agent.
The units each have two bedrooms and bathrooms, open-plan living areas and two secure parking bays. The finishes are top class and the apartments have either mountain or city views. Each is priced at R3.995m inclusive of VAT and, there is no transfer duty payable.
The Rugley has now broken ground and the building work is underway. Occupation is expected for mid-2017.
Musikanth says that new developments are currently selling like hotcakes in the City Bowl. The Cape Town Central Improvement District (CCID) recently reported that an estimated R2 billion-plus in development is underway and on the cards for the central city.
The City Bowl market shows no signs of slumping just yet and the agent says that sectional title property in particular is still selling quite quickly and for good prices.
In Vredehoek alone, some 42 sectional title units have sold this year at an average price of R2.553m and save for the odd sale, almost all of the sales were for the full asking price or within about 3.8% on average of the asking price.
The units are also still snapped up almost as fast as we can list them, spending on average just 37 days on the market.
The demand for sectional title property is across the board, from small studio units to two and three bedroomed apartments. Prices now range from around R2.1m for a two-bedroomed unit to as much as just under R3.9m for a new luxury apartment such as those on offer at The Rugley.
Vredehoek is now a prime location given the fabulous facilities and amenities in the immediate vicinity as well as the access to the CBD for work. The beaches and attractions of the Atlantic Seaboard are also almost on the doorstep.
Aside from residential buyers, Musikanth says that sectional title property is now very popular with investment buyers given the high demand for long and short term rentals in the city.
“These new apartments are also ideal for corporate buyers looking for an apartment in the city to accommodate visiting clients, guests and executives”.
“The Rugley comes with excellent security and secure parking, something that tends to be rather scarce in the City Bowl, continues the agent. It is in a quiet spot and located opposite a green park. Given that you have immediate access to the excellent lifestyle and amenities in the area including trendy restaurants and all of the facilities that the CBD has to offer, this is an opportunity not to be missed”.