Stands re­served within 10 days of de­vel­op­ment launch

The Star Early Edition - - COMPANIES - Roy Cokayne

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.

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