»
Feb 13, 2008:
PGP’s MD for the Western Cape metro region, Mick Joyce, says more than R1 billion rand is being spent on new developments in the Claremont CBD, including residential, hotel and commercial ventures, as well as a major transport overhaul which will see the busy Main Road converted into a pedestrian boulevard, while a bypass directs traffic flow closer to the railway line. “This will have an immense impact on central Claremont,” says Joyce, “turning a congested, messy area into a vibey pedestrian space with roadside cafes and upgraded shopping facilities. We are already seeing this trend taking hold with the recent upgrade of the Cavendish Connect centre. The demand to live within walking distance of this area will certainly increase astronomically. Residents will have the best of both worlds – a buzzing city lifestyle, in a suburban setting, close to major shopping, sporting and entertainment facilities, as well as excellent academic institutions, hotels and restaurants. And all this, just a 20 minute drive from the airport and the False Bay beaches.”
It’s not surprising, then, that some of the top-end apartments in the area, such as those at the mountain-facing Intaba complex, are selling for as much as R6.5 million. A two-bedroomed unit in the same complex recently sold for R2.5 million – equivalent to over R22 500 per square meter. And the demand for the trendy lifestyle offered by newer buildings has been consistent – although shifting from a largely investor market two years ago, to a largely buy-to-live market at present. Their offer of good security, ample parking, modern finishes and features such as on-site gyms and coffee shops, is proving immensely popular with young professionals and newly-married couples in particular. Prices in these buildings range from around R900 000 to R1.4 million for mid-level units, and significantly higher for the top-of-the-range penthouses.
One of the most successful new developments has been The Quadrant, currently under construction opposite Kingsbury Hospital. The first phase of the project, which sold out rapidly, is nearing completion, with occupation expected by late March 2008. Phase Two is now selling, with 125 units available. PGP’s Southern Suburbs Developments Director Bev Bloch says a show unit has recently been completed, and can be viewed by appointment. Transfer of the Phase One units is set to take place towards the end of the first quarter of 2008, while occupation of Phase Two is anticipated by late October this year. Prices start at R815 000, inclusive of VAT.
Meanwhile Claremont’s older apartment buildings remain in demand as well – particularly those situated in quieter surroundings away from the hustle and bustle of the Main Road area. These appeal to a wide variety of buyers from retirees to students and everyone in between. Entry level prices are as low as R475 000 in some buildings, depending on the size of the unit, the availability of parking, and the general condition and security of the building.
