112 units sold at launch of city’s new Bur­gundy Es­tate project

Weekend Argus (Saturday Edition) - - PROPERTY -

A TO­TAL of 112 apart­ments and town houses worth R121 mil­lion were sold or re­served in the launch week of Za­rina in Bur­gundy Es­tate, Cape Town.

Be­ing de­vel­oped jointly by Ra­bie and Ned­bank, the R210m Za­rina de­vel­op­ment com­prises 165 one- and two- bed­room apart­ments and 16 town houses.

Only phase one was ini­tially avail­able for sale at the launch but due to de­mand from buy­ers the re­main­ing two phases were brought to the mar­ket in the first few days.

Brian Usher of Property World, the ded­i­cated sales agency for the de­vel­op­ment, said a to­tal of 90 apart­ments – rep­re­sent­ing 55 per­cent of the scheme – were sold at the launch and a fur­ther 17 have been re­served. In ad­di­tion, four three- bed­room town houses were sold for a to­tal value of R8.9m and a fifth was re­served.

He said buy­ers rep­re­sented a mix of in­vestors who have fol­lowed Ra­bie from de­vel­op­ment to de­vel­op­ment as well as a large num­ber of new buy­ers, many res­i­dent in the area.

“There has also been a mix of owner- oc­cu­piers and in­vestors with the for­mer re­spond­ing to the value for money that is on of­fer and the lat­ter to the very strong de­mand for rental ac­com­mo­da­tion in the sub­urb.”

One- and two- bed­room apart­ments, which will vary in size from 53m² in­clud­ing bal­conies to 88m² are priced from R740 000 to R1.235m with three­bed­room town houses sell­ing from R2.02m in­clud­ing VAT. All units are north-fac­ing or have views of Ta­ble Moun­tain and Ta­ble Bay.

Miguel Ro­drigues, de­vel­op­ment man­ager for Ra­bie, says th­ese prices equate to a cost of around R14 000/m² for a prod­uct that is be­ing de­liv­ered from early to mid 2017.

“This has been made possi- ble as Za­rina is much larger than other devel­op­ments in the area so it has in­tro­duced economies of scale and also due to our re­la­tion­ship with the con­trac­tor. This has also al­lowed us to pro­vide a range of communal fa­cil­i­ties in­clud­ing a swim­ming pool, a club­house, plenty of pri­vate open space in­clud­ing a play park and other play ar­eas making it an ideal home for young fam­i­lies.”

Am­ple park­ing is be­ing pro­vided on a ra­tio of 1.75 bays an apart­ment. Each apart­ment will have one al­lo­cated bay with the bal­ance of bays be­ing pooled for communal use and visi­tors, says Ro­drigues.

The en­tire de­vel­op­ment will have perime­ter fenc­ing with a gatehouse and 24-hour manned se­cu­rity. This is the sec­ond res­i­den­tial de­vel­op­ment to be un­der­taken by Ra­bie and Ned­bank at Bur­gundy Es­tate but the first to be of­fered for sale to the pub­lic.

The first project, Ver­mont, con­sist­ing of 190 one-, two- and three-bed­room apart­ments has been ac­quired in its en­tirety at cost of R200m by a pri­vate in­vestor for rental stock and the next de­vel­op­ment is al­ready in the plan­ning stage.

For de­tails, visit www.bur­gundyestate.capetown or call Brian Usher on 082 571 7024.

STUN­NING: An artist’s im­pres­sion of Za­rina at Bur­gundy Es­tate, where 112 apart­ments and town houses were sold at the launch.

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