All 1 227 homes brought to the market at Royal Ascot, Milnerton, by the Investec Group and their project managers, Rabie Property Projects, have been sold - in just on 18 months.
Tony Heath of Investec Property Group said this week that the sales rate had exceeded every forecast. Royal Ascot has two main categories of housing: group housing and sectional title. In the group housing category 11 separate developments (541 homes) were launched by Swish, Greenfields, Asrin and Rabie/Investec at prices from R395 000 to R1 250 000. (The last price was at Cheltenham Ridge and indicates, said Mark Bezencon, Rabie's Development Manager, just how quickly values have appreciated.)
The last group of housing units at Royal Ascot will be built and transferred by early 2005. In the sectional title arena, Asrin, Dick Coetzee, Bellandia, Vision and Aquacor brought nine developments with 686 apartments to the market at prices as low as R295 000. Today less than 10 apartments remain to be sold.
"We are obviously pleased to have achieved approximately R800 million worth of sales in just on a year and a half - in about a third of the time that some commentators had predicted would be necessary," said Bezencon. "However, the real achievement here is to have created a precinct in which the architectural guidelines, urban planning and landscaping have appealed to so many people from young families to old.
"Features like the wetlands, the heavily planted traffic circles, the tree-lined boulevards and the public open spaces, which include two fynbos reserves, have attracted buyers from day one - as did the security arrangements." Coming on stream at Royal Ascot at the end of July is Investec's 10 000m2 "The Paddocks" shopping centre.
The project's success had persuaded Investec to sell the last remaining 8.2ha on the northern side of the existing project for further development. This will bring to the property market a further 450 residential opportunities, 200 of which will be marketed to "active adults" (over 50 years of age). Property prices are expected to start at R395 000 to R800 000.
This article was originally published on page 6 of The Cape Argus on July 10, 2004
Publisher: The Argus
Source: The Argus
1227 homes brought to market in Cape Town
Posted On Monday, 26 July 2004 02:00 Published by eProperty News
All 1 227 homes brought to the market at Royal Ascot, Milnerton, by the Investec Group and their project managers, Rabie Property Projects, have been sold - in just on 18 months.
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