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Abacus Divisions sells stands worth R25 million in Irene

Posted On Tuesday, 19 February 2013 00:33 Published by eProp@News
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Abacus Divisions reports that, after a slow start to the year, it sold seven stands – worth R25 million – in the Irene area.

This is according to Org Geldenhuys, managing director of Abacus Divisions, who said the Irene area is booming, with some "significant development plans" on the cards.

"What is interesting is that these buyers are not speculators. The bulk of the buyers are owner/occupiers – and this points to growing business confidence in the property market."

Commenting further, Geldenhuys said there a number of developments taking place in the greater Irene area, which "might be spurring" interest from property investors. "Arguably the biggest and most positive impact of all will be the long-awaited upgrade to the Nellmapius bridge over the R21 highway. Irene Land Corporation, the main developer in the area, will be upgrading the existing bridge over the R21 by adding two additional lanes to the bridge. This will alleviate the traffic pressures and long waiting times on the on and off ramps to the R21 highway.

"Besides other infrastructure-focused developments, there is also a planned expansion to the popular Irene Village Mall. The mall," said Geldenhuys, "will be extended by approximately 24 000 square metres of retail space."

He said his company will also start marketing what is arguably the first boutique office park in the Irene area. To be named Quattro Fontane – and adjacent to the Irene Village Mall - the new office park offers only 20 stands, a number of which have been already been sold.

"We will be officially launching Quattro Fontane during March," said Geldenhuys.

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