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Sell Out In Sight For Cape Units
Property24
24 January 2007
Further evidence that the so-called affordable accommodation market continues to attract investors and occupant buyers at a rate that is almost without precedent in Cape property development has been furnished by the CEO of a Cape development company.
John Schooling CEO of Stag Developments revealed this week, soon after the start of the construction/developers' year, that all except two of the 90 units in Stag's "Urban Spin" development off the Main Road in Diep River, which was launched less than six months ago, have now been sold.
The last two units, are priced at R880k each. They are two bedroomed, are both north-facing and have sunny balconies. Like other units in the development they have basement parking.
"On all our projects," he said, "a significant percentage of the buyers are long-standing investors, some of whom have bought into as many as five or six Stag projects. They recognise that any project with units priced as low as R650,000 will be able immediately to find tenants prepared to pay R3,000 or more per month."
The 2006 launch prices of developments like Urban Spin, said Schooling, will come to be seen as bargains because of escalating building prices. (Schooling estimates they rose 22% in 2006) and increasing land values are forcing up development prices fast.
"Urban Spin", said Schooling, is a "new generation" development, one in which the residents will have the use of a fully equipped gymnasium, "Almost obligatory these days if you are looking for a chic image," a laundry, a swimming pool and an Internet café.
Occupation will be given from July/August of this year. Sales to date at "Urban Spin" were in the first two phases of the development. The third and final phase, said Schooling, entails the conversion of the historic Rathfelder Inn into five two bedroomed apartments. These will be fully furnished for letting on a short term basis.
Original article published at www.property24.com.
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