Century City sales picking up strongly
THE RESIDENTIAL property market has eventually turned the corner and more than 40 new development sales and over 60 resales have been notched up at Century City in the past six months, says Rob Downey, manager of Property World, the official on-site agency at Century City.
He says although the market is still far off its heydays of three years ago, consumer confidence is gradually returning with interest rates having settled and the banks having resumed mortgage lending.
“Although South African residential property has been depressed for the past two years it has escaped the bloodbath seen in the US and the UK, and now being experienced in Dubai.
“This is in no small way due to the fact that the SA residential market was not artificially inflated and the introduction of the National Credit Act prevented irresponsible lending,” says Downey.
He says new development sales at Century City in the past six months included six luxury free-standing homes on Waterstone Isles, a development of 53 water-fronting villas on a private island in the heart of Century City, with many of the homes overlooking Intaka Island, Century City’ s award-winning nature conservation area.
Phase one of Waterstone Isles is now sold out and five of the 29 homes in phase two were sold for a total of R17 million.
“In recent years Century City has become synonymous with apartments and homes for the middleincome market, and was voted the top middle-income residential area in the country in a survey undertaken by Finweek and market research company Ask Africa last year. Waterstone Isles, however, is being developed for the luxury market and has met with a very positive response,” Downey says.
Designed by Maas and Coetzee Architects, the single-and double- storey homes, are priced from R3.1m to R4.5m, although there are a few smaller townhouses priced at around R2.4m. Single-storey homes vary in size from 180m 2 to 219m2 and double storey home sizes range from 319m2 to 331m2.
Downey says Property World also sold 16 apartments in neighbouring Waterstone East and West in the past six months. Waterstone East consists of 125 apartments, of which 90 percent have been sold, and 53 of the 70 low-rise apartments at Waterstone West have been sold.
LOOKING GOOD: Waterside homes at Waterstone Isles in Century City are being snapped up.