Gated estates are a secure investment
Successful sales shift Chapman’s Bay Estate in Noordhoek into phase five
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.chapmansbay.co.za or call Morgan Morris on 082 445 4293, Dale Gremels on 082 539 9393 or Bruce Durham on 082 380 1880.