Gautrain driving demand on the East Rand

Ferreira reports a marketed increase in sales turnover for the financial year March to October 2011 which at R143 million is 57.5 percent up on the same period last year.

“We are seeing a trend whereby established corporate executives are purchasing homes in the established suburbs of Glen Marais, Van Riebeeckpark and Aston Manor and commuting to work in Sandton or Pretoria via the Gautrain links. This trend has extended into all facets of business, with attorneys taking the Gautrain to commute to Sandton’s Advocate Chambers and local corporate executives using the link to do business in Sandton, Rosebank and Pretoria,” he says.

“Furthermore, the Gautrain has literally opened up the accessibility of the East Rand for families who are buying homes here, with their children using the Gautrain to commute to schools and the University of Pretoria.  Parents are no longer limited to shopping at the local malls and long drives to Sandton City, Rosebank Mall and Menlyn Mall (Pretoria) are a thing of the past due to the speed, comfort and security of the Gautrain system.”

Ferreira says PGP is also meeting a growing demand from younger business people, who purchase starter homes priced between R950 000 and R1.8 million in the areas of Boksburg, Benoni and Kempton Park. “Previously you would hear of people selling to move closer to work in the ‘north’, but now most of our sales across four offices are for those upgrading or downgrading within the East Rand, providing an important indicator of investor confidence in these stable areas.  Home buyers are moving closer to a lifestyle of convenience and I believe that is why we are seeing so many shopping centres being constructed within an eight kilometre radius of each other. Coupled with the Gautrain, East Rand residents are truly experiencing a positive change in lifestyle.”

He says there is also a marked upturn in home purchasers with increasing buying power moving into the area, and as their disposable income increases so too does their choice in homes. “To meet a growing demand we are selling affordable homes in the townships ranging from R260 000 for 51sqm on 100sqm of land to R560 000 for a three bedroom, one bathroom, 180sqm unit on 800sqm. We continue to conclude a large number of sales in the price range between R850 000 and R1.8 million for established homes, purchased by young families with a view to upgrading the interiors and restyling the home to their preference. From R2 million upwards buyers are generally those who own sizeable businesses and wish to live within easy reach. These include luxury homes in Rynfield, Lakefield and Farrarmere (Benoni), Glen Marais (Kempton Park), and Bartlett and Golden Crescent (Boksburg) which attract buyers up to approximately R13 million,” he says.

PGP also recently concluded the sale of two large buildings in Kempton Park. One of these was an office park well situated a stone’s throw from the Rhodesfield Gautrain Station and adjacent to the R21 close to OR Tambo International Airport, which was acquired by international investors for R8 million. The second was a large block of apartments situated in Kempton Park, sold to a local investor for R5.5 million. “Underpinning these sales is a growing trend towards the acquisition or construction of office buildings – another positive indicator of investor confidence in the East Rand from both a business and residential perspective,” says Ferreira.

“As a result of the renewed optimism in the market we are strategically positioning ourselves to open three new offices on the East Rand in 2012 to complement our brand new East Rand sales and head office on the predominantly business strip of Lakefield Avenue, Benoni.” He adds that show house attendance has improved, and is drawing serious buyers as opposed to browsers, while the number of enquiries off the PGP website has increased dramatically across all price ranges.

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