select
|

Phase two under way at Val de Vie Estate

Of the 552 residential plots for sale in the 220ha phase one of Val de Vie Estate near Franschhoek, 545 have been sold and more than 400 homes are already completed.


Completed homes at Val de Vie Estate near Franschhoek.

Bordering the Berg River in the Paarl-Franschhoek Valley, the second phase comprising a further 330ha is well under way, including the sale of plots in the Gentleman’s Estates, River Reserves, Le Domaine and La Vue. Close to 40 percent of the plots released in phase two have been sold within a month, and final phases on the estate will incorporate a retirement village, further residential plots and additional stables.

When completed, close to 50 percent of the entire 550ha estate will remain green or open space, while maintaining a maximum density of about three homes to every 10 000m², says Dr Andrew Golding, chief executive of the Pam Golding Property group.

“Val de Vie was originally launched in 2006, with the first transfers taking place that same year. Property prices of vacant land on the estate have almost doubled since 2010, despite the economic recession, which severely affected the residential property market during 2008 and 2009. Notably, in 2012, a completed home in Polo Village was sold for a Cape Winelands record of R22 500/m².”

Golding says the most significant capital growth has been experienced over the last two years, with land prices increasing by 50 percent and house prices by 20 percent.

“In 2012 vacant stands were selling at an average of R1 500/m² compared with a current average in 2015 of R2 100/m². In 2012 the average price of a home was R12 000/m², which has escalated to R18 000/m² in 2015.

“Resale house prices of R4 million to R5.5m are not uncommon, as well as prices of R7 to R9m for re-sale homes fronting onto the river or lakes. The highest price paid for a home on the estate is R12m. In addition, recent buyers of vacant land are investing sizeable amounts in building luxurious homes catering for their every need. The rental market is also strong, with no stock available at present.”

At Val de Vie Estate the developers have sought to incorporate homes that cater for different buyer requirements, with an entry level of R1.8m for apartments in Polo Village and prices from R2.8m to R5m for homes in The Vines, with residential plots selling from R1.4m to R4m and more recently from R7.5m to R10.5m for exclusive smallholdings in Gentleman’s Estates and up to R12.5m for River Reserves.

Buyers on the estate comprise a mix of locals from Paarl and other Western Cape areas, but recent statistics reveal that about 75 percent of buyers are those moving from Gauteng and KwaZulu-Natal, as well as expatriates returning to South Africa from abroad.

Says Surina du Toit, Pam Golding Properties area manager in Paarl, Franschhoek and Wellington: “An important part of the success of the estate is its appeal for young family buyers, who are increasingly turning to secure residential estate living with easy access to good schooling. According to Lightstone statistics, just over half the recent buyers in Val de Vie are 36 to 49 years old and 23 percent 18 to 35. These two age brackets also represent a total of 69 percent of existing owners who have owned their properties for more than 12 months.

“With Bridge House private school in Franschhoek just 16km away and five primary and four high schools in the Paarl area within a radius of about 10km, and a wide range of leisure and sports activities – including a 25m heated indoor pool, squash courts and two gyms, as well as stables, polo fields and clubhouse, parks, vineyards, lakes and olive groves, game reserve, and a restaurant, Val de Vie has everything any family could ask for and more. A further important draw card for family buyers is the established Kinder Ark Farm pre-school. With Paarl on its doorstep, a provincial hospital, medi-clinic and extensive shopping facilities, including Paarl Mall, are readily accessible,” says du Toit.

Brought to market in June, only three of a total 13 Gentleman’s Estates properties are available to buy, priced between R10m and R10.5m for plots between 2.9ha and 3.13ha. One of the four River Reserves has been sold, with remaining plots from 2.56ha and 5.83ha in size priced between R8.995m and R10.5m. Construction of the roads and services will begin in September, with transfer planned for early 2016.

Says Du Toit: “Two of the Gentleman’s Estates were acquired by existing homeowners on the estate, one of whom owns race horses and will now have a property with a barn and stables, and the other buyer wanted a bigger property and a home with an indoor swimming pool and total privacy. Other buyers of the Gentleman’s Estates are planning to grow vegetables, nut trees and the like, and all plan on living permanently on the estate. The uptake for these properties has been exceptional, however it is an unusual offering with nothing comparable in a secure estate – you can’t buy a smallholding with this kind of security and lifestyle.”

At The Vines, launched in March, where 142 plot and plan homes will be set on 12 ha with views of the Paarl mountains and four lakes, 47 units have been sold. Buyers have a choice of modern homes designed by Stefan Antoni Stefan Antoni of ARRCC, ranging from single-storey 172 to 188m² homes to double-storeys of 248 to 264m² and double-storey, luxury homes of 290m².

Construction of roads and services are well under way, with the building of homes to commence in January 2016. Most homes are in the R3m to R5m price range and with the potential for attractive rental yields, a number of these have been acquired as buy-to-let investment properties.

At Polo Village, with only five units out of a total of 60 one and two bedroom apartments available for purchase at R2.85m, construction began on site in May. Buyers are a combination of end users and investors planning to capitalise on rental opportunities for polo players and other visitors attending events held at Val de Vie. Once all the units are sold, one lucky buyer will be the winner of a Ferrari.

Further sales of vacant erven are progressing in Le Domaine and La Vue in phase two of the estate, with only 12 of the total 33 stands available in La Domaine at prices ranging from R1.425m to R1.595m for 675 to 773m². In La Vue, 10 of the total of 33 stands have already been sold, priced from R1.75m to R4.3m for 891 to 2 058m².


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Jan 2018
      Many people only start thinking about home-ownership when they are ready to “settle down” or start a family, which is why first-time buyers these days are generally in their mid-30s, compared to those in the previous generation who were usually in their mid-20s.
    • 22 Jan 2018
      Moving away from the city to a country or coastal town and a slower-paced life is a frequent new-year resolution for South Africans, but thorough research should be done before you break free from the hustle and bustle, because making the wrong move could turn out to be a very expensive mistake, and even more stressful for you and your family than staying in the “big smoke”.
    • 22 Jan 2018
      Cape Town is home to many breathtaking and historic homes, but House Invermark designed in 1969 by South African architect Gilbert Colyn, with inspiration from two modernist icons: the Glass House by Phillip Johnson and Farnsworth House by Ludwig Mies van der Rohe is in a class of its own.
    • 22 Jan 2018
      2017 was a challenging year for the South African property market in general, despite small pockets of thriving activity in areas like the Western Cape. As we head into 2018, Tony Clarke, Managing Director of the Rawson Property Group, casts his eye forward to property trends and market influences that could make their impact felt in the New Year.
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK