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New benchmark set by fully sold out OceanDune - Sibaya as sales top the R900 million mark

A new benchmark has been set for property sales north of Umhlanga. OceanDune-Sibaya has officially “sold out” in record time since launching to the public a mere four months ago.  


Rendering of the South Block's exterior
 
Residential sales to date total over R900 million and with the further R100 million Retail segment in the pipeline, the estimated investment will be in the region of R1 bn.
 
The Retail element will comprise a large food wholesaler, bottle store and upmarket restaurant.
 
“We aim to break ground as planned around July 2016, says Charles Thompson of OceanDune Developments.
 
“We are extremely excited about OceanDune Sibaya as it offers investors a unique opportunity to benefit from the projected capital appreciation that comes from investing in Sibaya’s first off-plan development.  It is ideal for savvy buyers who are looking to balance capital growth with investment yield.  They not only benefit from an off-plan purchase, they also have the flexibility to rent it out at a rate that will exceed the interest gained on stagnant money sitting in the bank” he said.


 
Privacy and sea frontage are two key elements in this development. The tiered apartment blocks, situated at the southernmost tip of the node, feature unobstructed ocean and coastline views, safeguarded in perpetuity by the surrounding indigenous Hawaan Forest Reserve.
 
Investors had a selection of 260 one to four-bedroom apartments and penthouses to choose from.
 
“Prices ranged from R995 000 up to R17.5 million and sales to date have exceeded all expectations.   First to sell were the end units priced between R7 million and R14 million.
 
Of the four Penthouses, three were sold to local Durban buyers for between R9.5 million and R17.5 million – the largest being 630m²” said Thompson
 
OceanDune Sibaya, situated between uMdloti and uMhlanga, is underwritten by Tongaat Hulett Developments and consists of luxury seafront apartment blocks located within the new Sibaya Precinct.


  
Tongaat Hulett Marketing Director, Trenley Tilbrook, said the style and feel of the development is completely in sync with their vision for the Sibaya Precinct.
 
“This development will follow environmentally-conscious development principles by integrating urban development with our natural environment”, he said.
 


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