R1bn Tyger Falls development a class act.

Posted On Monday, 10 March 2003 10:01 Published by
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MVELAPROP has announced the sale of the last land parcel at Tyger Falls, the new waterfront development in the Tyger Valley precinct.
MVELAPROP has announced the sale of the last land parcel at Tyger Falls, the new waterfront development in the Tyger Valley precinct. This last sale brings the total number of land parcels sold at Tyger Falls to 27 and the total of the 10.6ha now signed for to R85 million. The infrastructure on this project will be valued at over R1 billion. In another significant development, Asrin Property Developers has now moved on to their waterfront site and their contractors, Murray and Roberts (Cape), has begun work on a R27m contract for the seven-storey Falcon Crest residential and retail complex. Ishmail Essa, CEO of Asrin, said the building will consist of 67 apartments and 750m2 of retail shops. The apartments at the launch were priced from R430 000 to R1.4m, the highest prices being for five penthouse loft apartments on the top of the building. These have large rooftop patios and balustrades and panoramic views across to Table Mountain. The standard apartment floor sizes vary from 66m2 to 177m2. All the units in Falcon Crest were sold out within six weeks but as some buyers did not qualify for bonds, Asrin, realising that the value of their units has appreciated significantly - by some 30% - are holding on to the units of those who did not receive bonds and will resell them as the project nears completion. Anyone who would like to be put on a waiting list for these units should telephone Manie Floris on 021 696 0213. Handover of the apartments is scheduled for December and January, but the occupation date for the retail section on the ground floor will be in November. Here, said Essa, Asrin have been "inundated" in inquiries but they are not signing any leases until they feel they have the ideal tenant mix. "We are looking for soft retailers, the preference being for restaurants and coffee shops which will be able to make the most of the waterfront site. We will encourage them to spill out onto the patio at the lake's edge," said Essa. Parking on site will be hassle-free and considerably easier than in many northern suburbs retail and apartment areas because the building will have bays for 135 vehicles in its sub-basement and almost as many bays in the adjacent open parking areas. Essa said Asrin has a policy of striving to provide rather more than the average buyer would expect. Finishes will be upmarket and will include granite kitchen tops and quality carpets, tiles and lights. Windows will have powder-coated aluminium frames and underfloor heating will be standard in the bathrooms. A big drawcard, said Essa, is the building's DStv connectivity. The originating bond company on the project is Safin, which has handled most of the end-user bonds. The dhk Architects design is, Essa believes, among the best in the northern suburbs. It will be modern and cubist with pleasing oblong and square facade patterns. The facade colours will be a combination of red facebrick and Marmoran ochre long-life resin bonded plaster. Tyger Falls will be fully enclosed in electrified fencing and will have guarded entrance and exit points. Entry to Falcon Crest will be controlled by electronic means. For further information contact Manie Floris on 021 696 0213.
Publisher: Weekend Argus
Source: GRAHAM NORRIS

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