“Demand for sectional title apartments in key nodes throughout northern Johannesburg has continued to gain momentum in the first month of 2017”, says Chris Renecle, MD of Renprop.
“Investment buyers are looking for quality sectional title properties close to major business hubs and social nodes that offer a strong rental demand, while young up-and-coming executives are looking for places to live that are close to their place of work.”
Renecle notes this demand is predominantly being seen in the middle market for properties priced between R1 million and R3 million – a portion of the market that Renprop expects to continue on a similar growth trend as it has in recent years.
This level of demand has prompted Renprop to launch The View, a 106-apartment block in Michelle Street, Morningside. Boasting views over the Johannesburg County Club valley, this apartment block is spread over four stories and is within walking distance to the Sandton Shul. These apartments are also close to a number of shopping centres and medical facilities while also enjoying easy access to Johannesburg’s major road networks.
Created with investment buyers and young executives in mind, The View is well placed close to the cosmopolitan business and social hub of Sandton: the address of some 10 000 blue chip businesses and the Johannesburg Stock Exchange. In fact, the area has become renowned as one of the most significant business and financial districts in South Africa.
There is a mix of one-bedroom, two-bedroom and penthouse apartments at The View, which are competitively priced from R1.2million. Designed with the young executive in mind, communal facilities include a concierge service and the building will be fibre-ready. Additional features include basement parking and a clubhouse with a communal swimming pool. Each apartment will have access to basement parking and storage facilities, and ample parking will be available for visitors.
In conclusion Renecle points out that from an investment perspective the off-plan residential property market has experienced fairly consistent levels of demand in recent years, which has been underpinned by a strong rental demand.
“Currently the market is showing that the demand for well located investment properties is strong, and with a continual high level of demand for rental properties in the greater Sandton precinct, The View presents a sound investment option with good rental return and capital growth prospects.”