Off-plan residential sales a positive sign for property market

The market for residential property developments has felt the impact of prevailing economic conditions even more than most other sectors, with the appetite for off-plan sales all but drying up over the past few years.  

However, Pam Golding Properties (PGP) is seeing the first signs of renewed interest in this sector, with a series of unexpected off-plan sales at a new apartment building by acclaimed developers Berman Brothers Group, in Green Point, Cape Town.  PGP has sold over 20 percent of the units in “The Odyssey” in the past month (October 2012), despite the fact that construction is still only at second-storey level.

PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says the number of off-plan sales may be low, but is an encouraging sign of market recovery. “It was never the developer’s intention to sell these apartments off-plan,” he says. “The aim was always to allow the high quality of the building and its finishes to speak for itself once completed, and we anticipated that it would sell out quickly at that point. The fact that the apartments are selling when the building has not even reached the third floor, is a sign not only of the appeal of the product and prime location, but also of renewed confidence in the market.”

The Odyssey is located on Main Road, Green Point, directly opposite the Green Point Urban Park.  The 59 apartments are priced from R995 000 to R5.775 million, inclusive of VAT, and include studio apartments as well as one, two and three bedroom units. Once completed, the building will include a rooftop pool deck and entertainment terrace, as well as hi-tech security including a 24 hour concierge.

Moraitis says buyers to date have included mainly local residents intending to live in the building, as well as a few investors.  “There is huge appeal in this lifestyle,” he says, “particularly for the up-and-coming younger generation.  Not only can they enjoy the security of a lock-up-and-go pad close to the city, but they can work, play, eat out, exercise and socialise all within just a few blocks of home.  The one-bedroomed units in particular are proving popular with young professionals, and we have already sold six of these units.”

With construction currently underway on the building, occupation is anticipated by September 2013.

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