Two more units re­leased as build­ing of The Ru­g­ley in Vre­de­hoek com­mences

Weekend Argus (Saturday Edition) - - PROPERTY -

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.

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