Complete sell out of all 27 land parcels at MvelaProp's 6,5 ha Tyger Falls
site has now been achieved, making this one of the fastest-off-the-ground
mixed used developments ever seen at the Cape - the selling took just on one
year in all.
"What we have witnessed here," said Anton Chait, a Director of MvelaProp,
"has been a complete swing from scepticism to unbridled enthusiasm. When we
bought the old quarry site and its 4 ha 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 R35 million, was registered on 16th April and the remaining
transfers should take place before 31st July.Chait said that 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 R150 million.
Chait said that 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 at a satisfactory price and, therefore, to price the
land prices for the sub-developers very competitively, 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) that, too, fuelled enthusiasm for
the project."
Publisher: Cape Business News
Source: Cape Business News
Complete sell out of all 27 land parcels at MvelaProp's 6,5 ha Tyger Falls site has now been achieved, making this one of the fastest-off-the-ground mixed used developments ever seen at the Cape - the selling took just on one year in all.
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