In the one-week period of the President's Cup golf tournament alone, 28 stands and one golf villa were sold by one estate agent, at a total value of R41,3m. The tremendous worldwide exposure during this prime sporting event is expected to draw further visitors and potential buyers to the area, writes Michelle Swart

ONE of the most popular developments in the Mossel Bay area is the Pinnacle Point Beach and Golf Club, where, in just 14 months, 605 properties comprising 120 golf lodges and 453 stands and 32 beach and golf villas, have been sold.

In addition, a bulk sale of 92 prime situated stands has just been concluded in a transaction with a leading Johannesburg developer. These stands, which have some of the best views at Pinnacle Point, are now becoming available to individual investors, with the option of purchasing plot and plan.

Says Andy Collett of Pam Golding International's special projects division, which has a sole mandate together with the developer to market the residential properties: "The response to the Pinnacle Point development has been phenomenal and a worthy endorsement of what golf course architect Peter Matkovich describes as the most dramatic golf course site I've ever encountered anywhere in the world'."

All the golf lodges are sold out, while 64 golf villas are available, of which 25 are reserved for purchasers. Twenty-four freehold erven on Pinnacle Point itself are currently unreleased, which may be sold by the developer at a later stage. However, the 92 stands, sold plot and plan, that are about to be released, boast sea views and are currently priced from R741000 to R1,055m.

Just recently, 95 golf villas were released, and these are being sold fully furnished with top of the range finishes which include granite kitchen counters and flat screen televisions. Prices range from R1,881m for 12m² two-bedroom villas, while the 162m² three-bedroom homes are priced at R2,28m. Luxury four-bedroom penthouses of 278m² are priced at R4,5m.

Property owners gain automatic membership of the golf club as well as a 10-year membership, for a single member, at various other golf courses on the Garden Route.

In addition, 31 three- and four- bedroom unfurnished beach villas, idyllically situated right on the beachfront, were recently released and 11 of these have already been sold. Prices start at R4,8m, with the most recent sale being for a beach villa priced at R6,042m.

In response to the strong demand the remaining prime located, cliff-side erven (excluding the 24 on Pinnacle Point itself) have also been released, with prices ranging from R1,2m. Transactions for a R2,28m and a R2m stand have just been concluded with two individual Irish investors.

Although most of the South African investors are from Gauteng, there are a large number of Cape-based buyers. While many are purchasing purely for investment purposes, investment features strongly on the list of priorities among those who are buying for personal use.

There are numerous key attractions at this unique development. The incredibly scenic coastal location is spectacular, the stands are extremely spacious, the amenities and facilities are extensive, and it is only 20 minutes from George Airport, a 55 minute flight from Cape Town or just over three hours by car from Cape Town. This makes it highly accessible not just for holidays but for weekend getaways, and ideal for upcountry buyers.

Set on 420ha, only 20% of the site is being developed, while the remaining 80% includes a nature reserve with milkwood thickets and over 264 varieties of fynbos. Construction has commenced on the lodge site and all approvals are in place. It is however expected to take a further six weeks for all other paperwork to be completed for approvals on the golf course and residential section of the development before that commences.

Adjoining the estate is the Garden Route Casino and 40-room hotel and wellness centre, construction of which is now complete.

In addition to golf there will be various sports facilities, including tennis and squash, plus hiking trails.

The golf lodges are expected to be completed in the latter part of this year, and the first earthworks have already begun.

Feb 27 2004 07:19:47:000AM Business Day 1st Edition