First high-rise for young suburb
A new development in Sunninghill, Gauteng, is set to change this vibrant suburb’s skyline. Lea Jacobs reports
ORIGINALLY known as Rockymead Farm, the area of Sunninghill in Gauteng has blossomed into a thriving residential and commercial centre.
Generally home to the younger set, the suburb houses large numbers of up-and-coming young professionals.
The area is also home to a number of San artefacts which have been preserved in Rockymead Heritage Park. Over the past two years, the Sunninghill Community Gardener’s Initiative and local residents have joined forces and cleared the park of exotic flora and have placed walkways allowing visitors to catch a glimpse of where the San once lived.
The area is home to a large number of sectional title developments and Lightstone data indicates that 61.89% of all properties fall into this category. The news that Manhattan, Sunninghill’s first apartment development, is to be built has been welcomed.
Interestingly, prices for property in Sunninghill did not drop during the economic downturn and prices for sectional title properties continue to grow steadily. The average price paid for a unit in the suburb today hovers around the R880,000 mark. Over 60% of recent buyers are aged between 18 and 35.
Following on from the success of its Rivonia residential apartment development, The Link, Renprop Residential has launched the 180-unit development.
Russel Peach, residential sales manager at Renprop Residential, says that 90% of The Link has been sold and the last of the 340 units will be finished in December. “There has been a strong uptick in sales market in the shortest time, owing to the demand for wellpriced homes and value for money in certain segments.
“Well located sectional title developments in this region of northern Johannesburg are highly sought after and often provide investors who buy off plan with good returns in terms of rental yield and capital appreciation. As such, we are anticipating a high level of interest at the launch of Manhattan,” Peach says.