Weekend Argus (Saturday Edition)
New luxury boutique-style development for Vredehoek
The Rugley launched to meet demand for trendy units offering lock-up-and-go lifestyle
VREDEHOEK in the Cape Town City Bowl is fast becoming the trendiest neighbourhood for urban living, according to Bernice Musikanth, sectional title agent of Seeff City Bowl who has operated in the area for the past 19 years.
“Rather than just being associated with high-rise apartments where the lifestyle can be somewhat homogeneous, Vredehoek offers a mix of hip urban city pads – small and big houses ideal for trendy urbanites along with exclusive developments that offers so much more than traditional apartment living.
“Much of this has been an evolution of what was once an older area with somewhat uninspiring homes and flats. Today, the suburb ranks among the most sought-after in the City Bowl, with a wide range of eateries and other facilities.
The central location between-mountain-and-sea is a big draw card, and you can still find some affordable property options here,” says Musikanth.
With the development taking place in Vredehoek, there has been enormous growth in the demand for property and with that the increase in prices.
Sectional title property prices for example now reach R5 million and Musikanth expect this to increase further. Freehold property has already topped the R10m mark based on a home sold by Seeff last year.
Compact living seems to be the biggest trend and this means strong demand for sectional title units especially and short supply, says Musikanth. Aside from the trendy lifestyle, this type of property also tends to comes with security features, which are prized by sellers and investors.
Musikanth expects the latest new development to attract significant interest.
The boutique- style, The Rugley with just 10 apartments including two penthouses, is in Rugley Road opposite a park and with plenty of greenery around in the neighbourhood. The units have views of Table Mountain and the city.
“The development offers fabulous views and secure underground parking.
“It is being sold off-plan, with prices starting at R3.45m including VAT and no transfer duty is payable.
“Occupation is expected by the end of the year.
“The interior finishes and fittings include timber flooring, porcelain tiles, air-conditioning in the bedrooms, trendy kitchens and bathrooms and open living areas.”
One penthouse is a 153m unit with three bedrooms, a terrace, three parking bays and views throughout.
The second 89m penthouse has two bedrooms and two parking bays.
One of the remaining eight units has 190m of floor space, three bedrooms, a large terrace and three parking bays. The remaining seven units range in size from 90m to 97m2, each with two bedrooms and two parking bays.
Although owner occupiers are likely to be particularly keen, the agent says that the units are ideal buy-to-let investments given the enormous demand for short and longterm rentals in the City Bowl. Rental rates are expected to range from about R18 000 to R20 000 a month for a luxury unit.
“Sectional title property sales accounted for over 60 percent of the 73-odd properties sold in Vredehoek last year. The average price is now around R3m, a phenomenal 50 percent or R1m more than the 2014 average price of around R2m,” says the agent.
“Where sectional title property only reached a top price of R3.3m in 2014, last year there were several sales in the R3m to R5m range as top end prices keep climbing in line with the demand for trendy urban pads in the area,” says Musikanth.
“It is a young neighbourhood and some 70 percent of recent buyers are below 45.
“These are people looking for a convenient lock-up-andleave lifestyle, yet still sur- rounded by plenty of greenery and the lovely mountain-side setting and views.
“Vredehoek delivers on all of these.
“Property values have grown significantly over the last five years. Lightstone shows that the average for sectional title property is up by about 70 percent and freehold property by almost 50 percent. The overall highest price for the suburb is now R10.1m (sold by Seeff last year) and sectional title property has reached about R5m.”