New Brackenfell development will bring apartments to the market from R 1,145,000
Fulfilling a prediction that he made 12 months ago that Alexander Swart would remain in new development marketing and sales of new projects when they broke away from a national estate agency group and went independent, Rowan Alexander, Director of Alexander Swart Property, announced this week that, working for the developers Brick n Board, Alexander Swart Property will on 13th June launch a Brackenfell residential development “ideally suited to today’s market and the needs not only of a large sector of Brackenfell’s would-be home owners but also the growing band of investors wanting quick, above average returns on their outlays”.
Divan Botha and Jaco Rabie of Brick n Board commented that the timing of the launch is, in their view, “ideal” because, having done their market research very thoroughly, they are convinced that “what today’s buyer wants is exactly what we are providing, i.e. truly affordable, lock- up- and- go apartments within reasonable commuting distance of Cape Town’s CBD, Bellville, Tyger Waterfront, Century City, Durbanville, Stellenbosch and Paarl”.
The project, to be known as Fountain Views, is, said Alexander, sited on one of the very few remaining tracts of land within the Brackenfell built area which have already been given their sewerage and other services infrastructure. (Work on the extension of the sewerage infrastructure was stopped around 2016, thereby almost bringing to an end the rapid expansion of residential developments in this fast transforming area.)
Fountain Views will, said Alexander, consist of 61 two bedroom apartments in two and three storey blocks facing east, west and north. All the apartments will have 60 m2 of floor area and all those above ground level will have their own covered balconies, large enough for al fresco dining. The ground floor apartments will be linked to ‘exclusive use’ gardens separated from each other by 1,2 m high brick walls.
“The provision of these gardens, to the ground floor apartments is in my view a major bonus point in Fountain Views’ favour,” said Alexander. “They will enhance the lifestyle not only of those able to use them but of all residents in the block.”
Altogether 42 apartments (including all ground floor apartments) will have their own garages and a parking bay, while the remainder will have at two parking bays. The security of the apartments will be enhanced by the development being enclosed by a 1.8m high wall, topped by electrified fencing in which there will be only one entrance point, which will be manned round the clock.
Alexander added that “maintaining the excellent reputation that they established for themselves over the years in Brackenfell, where they have, with Alexander Swart Property’s help, launched over 500 properties since 2010, Brick ‘n Board have mandated their designers Johan van Zyl Architects to ensure that quality finishing and fittings are specified throughout. All the living and communal areas, kitchens and bathrooms will be tiled and the bedroom floors will be covered with carpets. Kitchens will have melamine cupboards with impact resistant edging and granite countertops. All apartments will, too, have telephone and TV points and the entire complex will be DSTV ready. Electricity supply to every apartment will be provided through pre-paid meters.
“However, the most remarkable feature of this project,” said Alexander, “is, without any doubt, its pricing. Recognising that in today’s tight economic conditions prices have to be reined in, Brick ‘n Board have found ways of making these apartments available from R1,314,000 (for a ground floor apartment) and from R1,145,000 for other apartments.
“Buyers putting down a R25,000 deposit will be able to secure an apartment and will only start repaying their bond early 2020 when the handovers are scheduled to take place.”
Stressing how well suited Fountain Views is to buy-to-let investors, Alexander said that in today’s market any one of these apartments could be relied on to produce a R8,000 monthly rental, which by 2020 could easily have escalated to R9,000. This means, he said, that from day one returns will be in the order of 9,43% and with capital appreciation over one year this figure could come to close to 20%.
“Those with 100% bonds will have to pay as little as R3,000 per month and within four to five years may find that their bond payments are fully covered by the rent. If, on the other hand, investors can produce a 25% deposit at the outset, their rents should cover their bond repayments from the outset. I think it is fair to say that no more viable development has been launched at Brackenfell in the last two years —it should be sold out by October or November this year.”
13 Jun 2018
Author Independent Author