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