Two more units released as building of The Rugley in Vredehoek commences
LAUNCHED this year, The Rugley apartment block in Vredehoek sold out so fast that the developers have now decided to also release the last two units for sale, says Bernice Musikanth, Seeff City Bowl agent.
The units each have two bedrooms and bathrooms, open-plan living areas and two secure parking bays. The apartments have either mountain or city views, and are priced at R3.995 million including VAT and no transfer duty is payable.
The Rugley has now broken ground and the building work is under way. Occupation is expected for the middle of next year.
Musikanth says that new developments are selling fast in the City Bowl, and the Cape Town Central Improvement District (CCID) reported that developments of more than R2 billion are planned for the central city.
The Ci t y Bowl market shows no signs of slumping just yet and Musikanth says that sectional-title property in particular is still selling quite quickly and at good prices.
“In Vredehoek alone, 42 sectional-title units were sold this year at an average price of R2.553m and almost all of the sales were at the full listing price or within about 3.8 percent of that. The units are also snapped up almost as fast as we can list them, spending on average just 37 days on the market.”
She says there is demand for sectional-title property across the board, from small studio units to two- and three- bedroom apartments. Prices now range from around R2.1m for two- bedroom units to just under R3.9m for a new luxury apartment such as those on offer at The Rugley.
Aside from residential buyers, Musikanth says that sectional- title property is very popular with investment buyers given the demand for longand short-term rentals in the city.