First-time buy­ers snap­ping up af­ford­able units in Van­guard Res­i­den­tial Vil­lage

Weekend Argus (Saturday Edition) - - PROPERTY - SATUR­DAY

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 mar­ket­ing@as­

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.