The East Rand’s affordable housing market, where top quality freestanding properties can be snapped up for bargain prices, is becoming increasingly poplar with savvy buyers.
Local property developer Urban 4site Property Group has been tracking this trend, recently introducing the fourth and final phase of its Carnival Green affordable housing development near Carnival City Mall and Casino.
The group says that there has been a strong demand for its units from buyers who want to get more ‘bang for their buck’.
“To date, we have sold more than 50% and we are expecting that the development will sell out during the first half of 2022”, says Mothusi Letlaka, Managing Director of Urban 4Site Property Group.
Prices start from R655 000 for two-bedrooms and one bathroom, to R965 000 for three-bedrooms and two bathrooms. All costs, including transfers, are included in the price.
“To qualify for a bond of R965 000, your gross household income should be up to R16 950 per month”, says Letlaka.
What sets Carnival Green apart from other affordable housing developments is that it comes with the ‘bells and whistles’ not ordinarily associated with affordable projects. These include a strong ‘green’ element with all the homes having solar geysers, as well as pre-paid electricity meters. “These cost-saving features are proving particularly attractive for the development”, says Letlaka.
“A lot of thought went into planning this urban housing development. We have created a stunning residential development for individuals and families that will call Carnival Green home. We have really thought about what our homeowners would appreciate, and as such, all our homes have a solar geyser. Not only does this make perfect sense in our sunny city, but it makes for an affordable option too. The prepaid electricity means homeowners never pay for more than they use”, explains Sias Scott, the group’s Executive Director.
“These freestanding homes are full title. Modern living demands convenience and Carnival Green is closely located to local transport, churches, and schools in the area. Plenty of shopping and dining options are just around the corner at Carnival City Mall and Casino, offering endless entertainment for the whole family”, reiterates Letlaka.
“My message to potential homeowners is buy now before it is too late. Interest rates are expected to be hiked in the future, making this the ideal time to secure the keys to your own home”.
He adds that the East Rand is a “fast-growing, vibrant, and well-established community” and that its affordable housing market has “remained resilient despite the economic challenges faced by South Africa”.
“The East Rand provides great access, good educational facilities, good proximity to a variety of amenities – just to mention a few”.
The group’s research has indicated that ‘quality finishes and affordability’ are key things that buyers look for when it comes to finding their perfect home.
“Given the various inflationary effects on households at present, and given the subdued economy, the affordability of an offering in this sector is the key to success. This must, however, at the same time, be a quality offering as the purchase of a home is a long-term investment”, he concludes.