Gated es­tates are a se­cure in­vest­ment

Suc­cess­ful sales shift Chap­man’s Bay Es­tate in No­ord­hoek into phase five

Weekend Argus (Saturday Edition) - - PROPERTY -

DE­MAND for prop­er­ties in se­cure gated es­tates is at an all­time high and grow­ing, says Mike Gre­eff, chief ex­ec­u­tive of Gre­eff Prop­er­ties, an af­fil­i­ate of Christie’s In­ter­na­tional Real Es­tate.

Gre­eff Prop­er­ties is mar­ket­ing Chap­man’s Bay Es­tate in No­ord­hoek, where sales are now un­der way for plots or plot and plan op­tions in phase five of a planned seven phases.

“We’ve sold 73 per­cent of the avail­able prop­er­ties in the first five phases, which amounts to more than R200 mil­lion in value,” says Gre­eff.

Ac­cord­ing to the de­vel­op­ers, Per­cip­i­ent Prop­erty So­lu­tions and Flag­stone Prop­erty De­vel­op­ment, con­struc­tion has started on 24 town houses and de­liv­ery is ex­pected from March. Con­struc­tion of the gate­house and road in phase one has been com­pleted, the en­tire prop­erty has been se­cured with elec­tric fenc­ing and the guard pa­trol is on site. Cam­eras and one con­trolled en­trance are part of the planned se­cu­rity mea­sures.”

Gre­eff be­lieves that the suc­cess of the es­tate is due to ex­ist­ing de­mand for this kind of prop­erty, as well as the short­age of stock in the south­ern penin­sula and through­out the south­ern sub­urbs.

“An­other key fac­tor is price. Prop­er­ties at Chap­man’s Bay Es­tate are sell­ing for up to R4.5m less than com­pa­ra­ble prop­er­ties in gated es­tates in sur­round­ing ar­eas of the south penin­sula and the south­ern sub­urbs,” says Gre­eff.

“The ab­sence of trans­fer duty amounts to a con­sid­er­able sav­ing, so would- be buy­ers should take ad­van­tage while stock is still avail­able di­rectly from the de­vel­op­ers.

He says in­ter­est in the es­tate has been wide­spread with sev­eral buy­ers from the south­ern sub­urbs – mainly fam­i­lies with chil­dren – and some from Gaut­eng, KwaZulu-Natal and the Free State.

“Buy­ers from other prov­inces have bought the three- and four-bed­room Court­yard and Av­enue homes. Most of the buy­ers are plan­ning to use Chap­man’s Bay Es­tate as their pri­mary res­i­dence, but some have bought homes in the es­tate as sec­ondary homes, and there have also been some in­vestors who are plan­ning to let the homes given strong de­mand for rental prop­er­ties in the area.”

Gre­eff says that the town houses di­rectly over­look­ing the wet­lands have at­tracted many first- time buy­ers, in­clud­ing younger pro­fes­sion­als and cou­ples with­out chil­dren. Chap­man’s Bay has also at­tracted in­ter­est from over­seas.

The Chap­man’s Bay Es­tate site was orig­i­nally farm­land neigh­bour­ing The Ta­ble Moun­tain Na­tional Park. The es­tate abounds in fyn­bos and in­dige­nous fauna, and in­cludes nat­u­rally oc­cur­ring wet­lands. The slope of the site al­lows for sweep­ing sea and moun­tain views.

“The lo­ca­tion is mag­nif­i­cent, and No­ord­hoek is a pop­u­lar hol­i­day and res­i­den­tial area with ac­cess to ameni­ties such as shop­ping malls, hos­pi­tals, schools, res­tau­rants, a new Vir­gin Ac­tive gym, hik­ing and eques­trian trails and beaches,” says Gre­eff. “For res­i­dents of the 144 homes, open space will be one of the defin­ing fac­tors since only three homes will be built to a hectare.”

“There will be no iden­ti­cal cookie- cut­ter houses,” says ar­chi­tect Stephen Len­nard.

Three-bed­room Court­yard homes are priced from R3.850m to R4.45m and Av­enue homes, with three or four- bed­room op­tions are priced from R4.77m to R6.650m, with no trans­fer duty payable.

Chap­man’s Bay Es­tate is on show, on site, ev­ery Sun­day from 2pm to 5pm or by ap­point­ment.

For more de­tails, visit www.chap­mans­ or call Mor­gan Mor­ris on 082 445 4293, Dale Gremels on 082 539 9393 or Bruce Durham on 082 380 1880.

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