Investors have snapped up the more than 250 properties of the first phase of the Menlyn Maine residential development that were put to market off-plan late last year. According to Pam Golding Properties, some 80 percent of the properties have been purchased since the homes were put on sale in November last year.
Retha Schutte, Pam Golding Properties Regional Executive for the Pretoria region, says that investors have shown “unprecedented” levels of interest in this first phase of the iconic Menlyn Maine residential component, the Trilogy Collection. “The launch of the collection on 10 November 2016 was a great success, and we have continued to receive enquiries and expressions of interest in the collection from not only around the country but all over the world,” she adds.
“The popularity of the R10 billion Menlyn Maine precinct, which is a purpose-designed mixed-use space combining office, commercial, residential and entertainment spaces, demonstrates the great need the Pretoria region has for quality urban precincts offering fully integrated live, work and play lifestyle. As the mini city has rapidly evolved, residential property buyers have seen the numerous investment and lifestyle benefits on offer here.”
The construction of the first phase of the state-of- the-art apartment development will commence later this year and is due for completion in 2018. The residential component is being developed in two phases and will eventually consist of a total of some 500 apartments.
“With the majority of the apartments in the first phase having been sold, and construction due to commence later this year, investors have a last chance to obtain a property of their choice within the development,” notes Schutte.
According to Schutte, various categories of investors have purchased the properties of the Trilogy Collection, which are priced from R1 147 560 million up to R9 834 740 million. The collection offers a range of properties from highly affordable studio apartments, for which no transfer fees are required, to high-end penthouses. An apartment can be secured with a reservation fee of just R50 000.
“The result has been something of a feeding frenzy,” she adds. “Some buyers are parents who were seeking accommodation for their student children who are studying at one of the nearby educational institutions. Others have seen the apartments as an excellent investment opportunity and purchased a number of units with a view to letting them out and making a solid rental return.”
Schutte points out that the homes have also proved to be popular with professionals who work within the precinct, as well as executive commuters who are employed in other parts of the city, or who work in Pretoria for part of the year. “Most are local investors, although we have had buyers from as far afield as the Far East, as well as from other African countries.”
Henk Boogertman, architectural director of Menlyn Maine Investment Holdings and one of the brains behind the mini-city, says that further reasons for the popularity of the apartments include the fact that the residents will have access to an incomparable street café lifestyle, which will be both attractive and offer them the highest levels of convenience.
“We placed an emphasis on the entire development being both secure and highly walkable,” explains Boogerterman. “The residential buildings will be surrounded by offices, a boutique shopping centre, a Virgin Active Classic gym, hotels, the Sun International Time Square Casino complex, and numerous other facilities all within easy walking distance”.
“We are, in addition, developing cycling lanes throughout Menlyn Maine as well as numerous lock up facilities for bicycles. In fact everything will be at the fingertips of residents, so that they never have to use a car or travel beyond the precinct.”
“For commuters, we have also ensured easy access to public transport in the form of the new Bus Rapid Transit system, and the Gautrain bus system connecting to the Hatfield and Pretoria stations.”
In common with all of the other buildings in the mini city, the residential component will be required to achieve a minimum of a Four-Star Green Star rating by the Green Building Council of South Africa (GBCSA).
“The homes will have superb views of the Jacaranda City and overlook an attractive park, offering the resident a total lifestyle experience,” concludes Boogterman.