Cen­tury City sales pick­ing up strongly

Weekend Argus (Saturday Edition) - - PROPERTY -

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.

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