Century City residential development takes off

Posted On Friday, 06 September 2002 02:00 Published by
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RESIDENTIAL developers are flocking to Century City to meet the growing demand for housing in the area.

RESIDENTIAL developers are flocking to Century City to meet the growing demand for housing in the area.

Negotiations with developers for more than 1000 units in two new developments are close to being finalised, with two more deals for another 500 units under negotiation.

In the past four years homes worth more than R80m have been sold at Century View, a 750unit residential project on 18ha northwest of Ratanga Road.

Construction of the first new residential project at Century City, which will have more than 140 sectional title and freehold units on a canal-fronting site near Canal Walk, is scheduled to start soon, with a second larger project on the North Bank of Canal Walk expected to be launched before the end of the year.

The developers say demand for housing at Century City is being spurred by the R2,6bn commercial development.

Additional projects are in the pipeline.

More than R20m in sales at the upmarket Century View development have been racked up in the past four months alone. Century View projects include Cambridge Close, a 28-unit plot-and-plan development launched in December (only one unit remains unsold); Heritage Close, a 56-unit retirement village (four sectional title flats have not yet been sold); and the 70-unit Century Grange retirement village.

At Water's Edge, an upmarket residential node overlooking Century Lake, where home prices start at R700000, only four development opportunities remain. The top price realised to date in this development is R1,9m.

Five of the 10 Pelican Walk units neighbouring Water's Edge, priced from R549000 to R1,9m, were sold before the infrastructure had been completed.

Three of the 21 R85000 200m² stands in Century Grove, a new plot and plan development bordering Ratanga Road, have also been sold ahead of the land being serviced.

Meanwhile Bellandia, which bought land at Century View from Century City Ltd, has recorded strong sales at its Century On Lake residential development, with 66 of its 96 units in the first two phases sold 16 to Irish buyers. The project is to be showcased, with other Century City residential developments, at the Earls Court Overseas Housing Exhibition in London this month.

Sep 04 2002 12:00:00:000AM Business Day Reporter Business Day 1st Edition


Publisher: Business Day
Source: Business Day

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