Stands reserved within 10 days of development launch
ALL 184 STANDS in the first phase of a new 53 hectare lifestyle estate development beneath Linksfield Ridge and adjacent to the Huddle Park precinct being developed by Investec Property were reserved within 10 days of the development’s launch earlier this month.
Called The Neighbourhood, stands in the estate vary in size from 460m² to 1 050m² were being sold at prices starting from R1.36 million up to R3.5m.
This means the first phase of the project will generate at least R250.24m from the sale of the stands alone.
This is not indicative of the profit from this phase, because it does not take into account any costs incurred by Investec Property, such as for the provision of services to the stands.
The valuation obtained by the Johannesburg Property Company for 52.7 hectares of Huddle Park was R40.052m. This valuation compared the site to a property adjacent to the Diepsloot squatter camp.
The two valuers who provided the valuation were in November found guilty of improper conduct by the SA Council for the Property Valuers Profession.
Phase two of The Neighbourhood, comprising 130 stands, is only expected to be launched towards the end of this year, but Investec Property has indicated that most of the stands in this phase have also already been reserved. The Neighbourhood will offer a combination of upmarket stand-alone houses, cluster-style living or luxury apartments that will be complemented by a new village square with a shopping walkway and plaza.
Site pegging for the project started at the beginning of this month and construction is scheduled to commence in August this year.
Nicolas Kyriacos, head of mixed use developments at Investec Property, said that location was everything and The Neighbourhood was an excellent family location.