Cape Town is following the trend seen in cities such as Berlin, London, New York, Barcelona and Paris and is set to see the development of the first state-of-the-art micro-living apartments in the city.
To be constructed at 1 Albert Road in Woodstock, these micro units will range in size from 21 square metre studio’s to 75 square metre two-bedroom units. All the apartments will feature top end SMEG appliances, flat screen smart TV’s and uncapped, unshaped 100megs per second fibre internet – to name but a few of the features.
Rob Stefanutto, Managing Director of Dogon Group Properties, explains that in addition to the 133 living units over seven floors, the 1 On Albert development will also feature communal recreational spaces, shops, a food court, laundromat, heated swimming pool and more: “All part of a new conceptual design in living known as integrated living solutions, which incorporates all the elements needed for inner city living without having to leave the building.”
The 1 On Albert building, which is centrally situated in the up-and-coming area of Woodstock on a MyCiti bus route and with an Uber point at its doorstep, has been designed by award winning architects Louis Karol and the interiors of the apartments designed by leading hotel room designer Grant Gillis of Delta Interiors.
First-time buyers able to enter the property market
“Micro living units have been popular internationally for several years and we are now following this trend in Cape Town. Millennials are looking for location over square footage. They want to be close to the city center, close enough to walk, bike, or rely on public transportation. However, with cities becoming increasingly over-crowded there is not only a shortage of housing but also the cost of properties has sky rocketed to such a point that young people cannot afford to buy their first property and get onto the property ladder – forcing them to rent on an ongoing basis,” says Stefanutto.
“Recognising this, 1 On Albert, which is the first offering in a collaborative partnership between Dogon, AJ Developers, Power Construction and Gardner Property Solutions, has been designed to let the consumer buy their first home, with Nedbank having come on board to offer flexible finance that includes reduced interest rates, discounted registration fees and flexible deposit options.”
“The key to the value chain in real estate is to get on the property ladder as early as possible and 1 On Albert is providing the missing link to the property value chain.”
The entry levels units at 1 On Albert are priced at R799 000 to R945 000 inclusive of transfer duty – this equates to a monthly bond instalment that is in line with, if not lower than, rental figures. Those earning between R18 000 and R25 000 per month should qualify for finance through Nedbank.
“At these asking prices, when buyers eventually sell to move up the property ladder they will in all likelihood not face any Capital Gains Tax if they have been living in the unit as their primary residence. This, coupled with no transfer duty and reduced bond registration costs, means that there is minimal investment leakage for buyers – further helping them to climb the property ladder,” advises Stefanutto.
Stefanutto further explains that another benefit of these micro living units are the low monthly levies and rates – a cost which, in the case of many other developments, creates a barrier for budget conscious first time buyers.
A significant development for Cape Town’s property industry
“It is necessary for the property development industry to produce an ever changing and adapted product that fulfils the needs of consumers and I feel that 1 On Albert is one of the most significant developments to hit the property market in the 20 years that I have been in the industry.”
“Dogon Group are very excited to be a part of this project which allows us to introduce a whole new segment of customers to the property market through entry level units which are still in keeping with the upmarket, top-end style of properties which Dogon is synonymous with.”
“Construction will begin on 1 On Albert in February 2018 and units have already started to sell in this exciting development which is seen as the gateway project for the emerging suburb of Woodstock – a suburb which has seen ongoing revival in recent years and offers direct access to the city centre,” concludes Stefanutto.