First-time buyers snapping up affordable units in Vanguard Residential Village
CONSTRUCTION on the first phase at Vanguard Residential Village started last month and and should be completed in April, says Shiraaz Hassan, commercial director for Asrin Property Developers.
The first phase of the Asrin and International Housing Solutions joint venture is a mix of freestanding homes and sec- tional title flats, and only 10 percent of the 135 units are still available to buy, says Hassan.
“We expect phase one to be completely sold out by the end of February,” he says.
“This project is still the only affordable lifestyle development available in this area. Pam Golding Properties is mar- keting the project and has a full-time show office on site.
“A large percentage of the buyers at Vanguard Village have been first-time home buyers, and owner occupiers make up a high percentage of buyers here, which we prefer. Experience shows that the more owners there are living in a scheme, the better the properties are maintained and the conduct rules adhered to. Owners tend to want to create the best living environment for themselves.”
Uni t s h e r e a r e p r i c e d from R423 895 for the 45m² twobedroomed apartments and R582 895 for the 60m² two-bedroomed houses.
“Full sell-out of most new developments like these tends to take slightly longer because many of the buyers experience difficulties in securing bonds.
“Although the demand for affordable housing is high, the banks are extremely cautious, and we find that many buyers who should be able to qualify for finance are unsuccessful in their bond applications.
“A concern is that with the credit amnesty coming into effect, most banks have become risk averse in granting finance to first-time owners, especially applicants who benefited from the amnesty. The banks are dealing with a lot of toxic debt dating back to 2009, and the credit amnesty would just add to their woes. However, we approach challenges like these with optimism. Every application will be driven by our team until we have satisfied ourselves that all efforts to procure the required end-user funding have been exhausted.”
Hassan says Asrin is not deterred by these factors and will work towards its goal of creating affordable housing opportunities in secure lifestyle developments, with no compromise on quality.
“Sticking to the formula that we have been successful with for a long time makes sense, even if it seems challenging in the current economic climate,” he says.
Contact Shiraaz Hassan on 021 713 3012 or email firstname.lastname@example.org.