select
|

New micro-living apartments allow first time buyers easy access to the property ladder

The micro-living trend has arrived in South Africa and is making it possible for easy access to investing in property.

1 On Albert in Woodstock Cape Town is a block of micro apartments that, once completed, will range in size from entry level 21 square metre studio apartments, at a cost of R1,095 million, to 75 square metre two-bedroom units, at a cost of up to R2,650 million for the bigger apartments.



Rob Stefanutto, Group Managing Director of Dogon Group Properties, the sales agents for the development, explains that these prices, which are inclusive of transfer duty, equate to a monthly bond installment that is in line with, if not lower than, current rental figures for the area. 

Affordable, attainable bonds for first time buyers

“Those earning a gross income of between R18 000 and R25 000 per month should qualify for finance through Nedbank, who have come on board as partners to offer first time buyers innovative finance that includes 100% bonds, reduced interest rates, discounted registration fees, no initiation fees for those earning less than R22 000 per month, and discounted attorney fees.

Theko Mafulako, Regional Sales Manager for Home Loans at Nedbank, says that the provision of housing is a vital component of social transformation and empowerment efforts across South Africa.

“At Nedbank, we understand the need to own a home - and the barriers that first time buyers face. We thus welcomed the opportunity to partner with Dogon Group in the Western Cape in order to help buyers secure their first home in the 1 On Albert development.”

“The deals being structured for 1 On Albert fit in very well with Nedbank’s mission of enabling home ownership in South Africa - and more importantly, for those buying their first homes.”

According to Stefanutto, micro living units have been popular internationally for several years and we are now following this trend in Cape Town.

“Millennials are looking for location over square footage. They want to be close to the city centre, close enough to walk, bike, or rely on public transportation. However, with cities becoming increasingly over-crowded there is not only a shortage of housing, but also the cost of properties has sky rocketed to such a point that young people cannot afford to buy their first property and get onto the property ladder – forcing them to rent on an ongoing basis,” says Stefanutto.

Recognising this, 1 On Albert, which is the first offering in a collaborative partnership between Dogon, AJ Developers, Power Construction and Gardner Property Solutions, has been designed to let the consumer buy their first home.



GP Wentzel, one of the first time buyers to purchase a unit at 1 On Albert, says that he had been looking for a property for over a year and jumped at the opportunity to purchase at 1 On Albert when the development was announced.

“1 On Albert has all my friends in property buzzing with excitement due to the location in the upcoming suburb of Woodstock, the great concept, and above all the incredible investment value to the first time buyer. This was my chance to finally kick off a dream to own property in Cape Town.”

Travis Munthree, another first time buyer at 1 On Albert says that with most newer developments in prime locations starting at exorbitant prices, many young professionals are concerned about being able to enter the property market in Cape Town.

“Young professionals often cannot meet the criteria to afford good property and are forced to pay high rentals in the CBD. The 1 On Albert development has offered an innovative approach to finance, and property design. It is a great way to empower young individuals to start growing their wealth by substituting similar rental in high demand suburbs with bond re-payments for their own home. The developers of 1 On Albert should be commended for understanding the need of the Cape Town market and tailoring a product to meet it.”

Omphile Matsomela says that he opted to purchase at 1 On Albert because of the price and location offered. “It is seldom that one finds reasonably priced property in a centrally located area in Cape Town, and for myself as a young working adult this opportunity to invest in my first home was not to be missed!”

Minimal investment leakage, maximum profits

“The key to the value chain in real estate is to get on the property ladder as early as possible and 1 On Albert is providing the missing link to the property value chain,” says Stefanutto.

Stefanutto further explains that another benefit of these micro living units for cash strapped young buyers are the low monthly levies and rates – a cost which, in the case of many other developments, creates a barrier for budget conscious first time buyers.

A significant development for Cape Town’s young property buyers

“1 On Albert allows a whole new segment of customers to enter the property market through upmarket entry level units.”

All the apartments at 1 On Albert, which were designed by award winning architects Louis Karol and the interiors of the apartments designed by leading hotel room designer Grant Gillis of Delta Interiors, will feature top end SMEG appliances, flat screen smart TV’s and uncapped, unshaped 100megs per second fibre internet – to name but a few of the features. The development will also feature communal recreational spaces, shops, a food court, laundromat, heated swimming pool and more - all part of a new conceptual design in living known as integrated living solutions.

“Construction will begin on 1 On Albert in February 2018 and 70% of the units have now been sold,” concludes Stefanutto.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 24 May 2018
      Most real estate professionals agree that 2017 was one the toughest years to date; an eminently challenging 12 months that subdued even the strongest markets - including the country’s economic powerhouse of Sandton.
    • 24 May 2018
      These are uncertain and challenging times for the real estate industry, but the non-profit organisation Rebosa is fighting for their interests and finding pragmatic solutions to industry issues such as the urgent need to fast-track transformation says Richard Gray, Rebosa chairman.
    • 24 May 2018
      The decision to invest in property isn’t one that’s taken lightly, or dealt with flippantly. The same should ring true when deciding on an estate agent partner to handle the letting out of your property.
    • 23 May 2018
      Homeowners who are thinking of selling and “trading up” to a bigger or a better home had better be quick now if they want to get the best deal.
    • 23 May 2018
      The new Loftus Park development in Arcadia is really going to boost the demand for homes and rental accommodation close by and the neighbouring suburb of Sunnyside, says Gerhard Kotzé, MD of estate agency group RealNet Holdings.
    • 23 May 2018
      The importance of correctly pricing a property for sale is more imperative than ever. This is according to Debbie Justus-Ferns, divisional manager of Renprop Residential Sales, who says that despite this crucial selling fact being emphasised so often, in the current market, many sellers are still expecting unrealistic prices for their homes which is having a negative impact on the ultimate sale price.
    • 22 May 2018
      Extreme weather appears to be the new normal, evident by the volume of insurance-related disputes reaching the industry watchdog’s desk. To avoid a situation in which your insurer refuses to pay up, you should proactively ensure that your home is well-maintained and ready for whatever winter has in store.
    • 22 May 2018
      As the impact of technology on the real estate industry becomes more significant, it is clear that there is a need for an objective look at not only traditional real estate models but also online and other alternative low-commission real estate agencies, to examine what they offer and what their impact might be.
        
    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