Buyers snap up Waters Edge flats for a total value of R256.6m

BUYERS bought 106 of the 144 apartments in Waters Edge, Rabie Property Group’s latest residential development at Century City, for a total value of R256.6 million at its launch last week.

“This represents a 66.9 percent sell-out and is the highest value of sales we have achieved at a launch for many years,” says Brian Usher of Property World, the dedicated on- site sales agents for Rabie.

“And that is in spite of the fact that, due to its intricate design and its location, the average selling price of R32 000/m² is higher than most other residential developments undertaken at Century City to date. However, prices are significantly lower than comparative developments in the City Bowl and elsewhere.

“In addition, the fact that this is the last residential development, other than at the Oasis Luxury Retirement Resort, that will be undertaken at Century City for the foreseeable future and not until the Ratanga precinct is redeveloped is also strongly underpinning sales.”

Usher says Waters Edge, which is being built at a cost of R350m, will back onto Canal Walk Shopping Centre and will overlook the 16-hectare Intaka Island wetlands reserve.

He says two of the three other most recent residential developments at Century City had sold out within an hour at their respective launches, but these developments were smaller.

“Matrix comprised just 51 apartments totalling R100m and Mayfair, 130 units totalling just over R200m, with the entire first phase being sold at the VIP launch and the balance over the launch weekend,” says Usher.

Designed by Munnik Visser Architects, Waters Edge will consist of 41 one- bedroom apartments, 71 two- bedroom apartments and 32 three-bedroom apartments including two penthouses priced from R1.775m to R5.75m. All apartments will have balconies, be either north or north-east facing and will offer access to high- speed internet connectivity.

The eight- storey building will stand on a plinth that elevates the height of the structure by two floors and allows for pedestrian movement and extensive landscaping of the ground-level plaza. Units vary in size from 62m² to 205m², including balconies.

Construction of Waters Edge is expected to start in April with completion scheduled for late- 2017. Visit www. watersedge. cc or call Usher on 082 571 7024.

STUNNING: An artist’s impression of Waters Edge at Century City, where 106 of the 144 apartments have already been sold.