COMPLETE sell out of all 27 land parcels at MvelaProp's 6.5ha Tyger Falls site has now been achieved, making this one of the fastest-off-the-ground mixed used developments yet at the Cape - the selling took just on one year in all.

MvelaProp director, Anton Chait, said: "When we bought the old quarry site and its 4ha lake in October 2001 certain of Cape Town's leading property experts hinted that we were making a serious mistake. Now the enthusiasm for the project has reached the point where we could sell a further 10 land parcels if we had them."

The land parcels sold have a total value of R75 million, said Chait, and they range in size from 700m2 to 6 500m2. The first tranch of transfers, with a value of R35m, was registered on April 16 and the remaining transfers should take place before July 31. Chait said there is a hive of construction activity on the site in an effort to get projects ready in time to meet the promised handovers to individual buyers.

Tyger Falls, he said, is now one of the busiest construction sites in Southern Africa - and this level of activity will continue for two years or more. Work on the largest site in the project, to be known as 't Waterkant, to have both apartments and a retail section, is due to start in September.

This mixed-use development will be worth R150m. Chait said MvelaProp had always known the area would take off. "Its position in relation to Cape Town, Bellville and the major freeways is near perfect," he said, "but the success of big developments of this kind depends very largely on the value they offer to the sub-developers.

"We were able to buy the site from Monex at a satisfactory price and, therefore, to price the land prices for the sub-developers very compet- itively, with the result that they too will be able to realise a profit without overcharging their individual buyers.

"The development has also benefited from its waterfront location which, it is now realised, is a major asset, from the strict architectural rulings on which we insisted right from the start and from the fact that this is one of the first mixed-use projects in the area making it possible for people to live, work, play, entertain and shop without leaving the estate.

"Excellent security measures, some of which are already in place, and better-than-average parking ratios are a further factor giving the project appeal to the developers. And when it was learned that we had employed Planning Partners to do a comprehensive landscape plan (with lush lawns, trees, indigenous shrubs and a bird sanctuary developers) that, too, fuelled enthusiasm for the project."

Chait said MvelaProp's role from here on will be to manage the completion of the infrastructure, administer the Tyger Falls Property Owners Association, and to ensure that the sub-developers adhere to the various controls and guidelines associated with the development.

"Our role as quality assurers will be increasingly important from here on - no one project must be allowed to let the development down." For further information please contact Anton Chait on 021 418 0305.