A co-ownership development now in Onrus

Follow the R43 Southeast of Cape Town and you’ll pass a beautiful spot called Onrus just before you get to Hermanus. Hermanus, of course is, well known for its whale spotting sites and holiday atmosphere. Onrus on the other hand is more of an unknown gem. The area only covers 9.49km2and is home to around 3,500 people.

It still has that village feeling that people have come to love about its bigger sibling down the road but, is not as developed and retains more of the feel of a secluded spot. It is here that Combined Developers decided to create an exclusive estate called Silverwood. There are a number of factors that make Silverwood special; all 21 properties are single title units though one can choose between free standing and semi-detached units.

What makes the estate one of a kind though is that homes may be purchased full title, or alternatively purchasers may opt for our co-ownership model. Renier Kriek from Combined Developers explains: “While the mechanics is much like time sharing or share block schemes, the underlying investment is much sounder. Instead of investing in a cloud of smoke, holidaymakers are registered as part owners of a specific home in the title deed. At a mere R150 000, co-owning a home at Silverwood is almost as easy as owning and operating a caravan.”

For a small investment, buyers can enjoy a holiday home for 4 weeks per year, without the day to day troubles of home ownership. Since a buyer’s right is registered in the title deed they can obtain a bond to buy it. And finance is available to qualifying purchasers for R2 500 per month over 120 months, subject to terms and conditions.

The best news is that obtaining one of these homes won’t break the bank with properties available from R1.5 million and a choice of finishes to suit a variety of tastes. For under R2 million buyers can own a brand new home constructed in a beautiful style, and be a mere 5 minute drive from Hermanus, 10 minutes from the Arabella Golf Course, Hotel and Spa all situated in the magnificent Overberg region. “We’re very excited about this new development. Hermanus, and increasingly Onrus, has long been a holiday favourite but, quite expensive, and the co-ownership model at Silverwood will make owning a property in the area far more attainable”, says Riaan van Zyl, Principal of Leapfrog Property Group’s Hermanus franchise.

“We have years of experience creating homes in the Western Cape. Onrus was a novel market in that we would be dealing with leisure property buyers. Our family has been vacationing in and around the area, and we have found Onrus to be a charming part of the Overberg Coast. It is close to the buzz and bustle of Hermanus but, with the indigenous milk wood forests and the best beach around, the whales, fishing, diving and all the rest, it is just the type of place to create a place for our loyal customer base to wind down”, says Kriek.

The homes are inspired by modern Cape Cod architecture, consisting of 3 bedrooms and two bathrooms and the option of an indoor braai-room. Both duplexes and freestanding units are available. “It is almost unheard of to be able to construct a home of such size and quality for the pricing listed here”, says van Zyl. “I think these properties indicate the beginning of a mind shift in terms of how holiday property developments will be financed and offer an excellent investment opportunity”.

Most of the current residential properties in the area are freehold (i.e. free standing) residences and only about 12% of homes are located in secure estates such as Silverwood. The area is fairly exclusive in that most owners fall within the LSM 10 category; a fact that is evidenced by the fact that the majority of its residents are over 50 and as such people with established careers and incomes. Lately younger buyers – those between the ages of 36 and 49 – have also started investing in the area which might bring some rejuvenation into a fairly aged community. Based on Silverwood’s financing model younger families will be able to purchase property in Onrus which will definitely strengthen the current trend.

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