|CAPE TOWN (July 10) - Asrin Property Developers have signed an agreement with the Cape Town City Council to develop 451 residential units on a 13,5ha site less than one kilometre from the beach at Melkbosstrand. |
The project, Melkbosch Village, will have a total sell out value in the region of R500 million. It will be sited close to the Atlantic Beach Golf Estate on the corners of Melkbosstrand and the West Coast road.
The three-phase development will consist of 202 apartments and 149 freestanding residential units and incorporate a 2 000 sqm retail component. Prices range from R599 000 to R1 055 000. The 55 sqm to 76 sqm apartments will be of two-bedroom configuration while the freestanding homes will have three bedrooms from 90 sqm to 150 sqm selling from R799 500. Many of the houses will have garages.
Asrin’s Sales and Marketing Director, Shiraz Onia, says the development will be of modern style with Tuscan features such as quoined corners and plaster bands
The project will probably run for three years. Phase one, which will have both apartments and freestanding homes will come on stream in early 2008, probably about March.
Like certain other developments on City Council land, the project includes some units (in this case 100) set aside specifically for disadvantaged local residents, many of whom have been on the Council’s housing list for years. Many worked formerly on farms in this area which are no longer operating. Their houses will have the same appearance as those in the rest of the scheme and will qualify for a government subsidy but this, says Onia, will cover only one-third the total cost. The developers will contribute R10 million to the social housing component.
Asrin have appointed the Rawson Properties Melkbosstrand office as sole marketing agents. Onia reports more than 300 interested potential purchasers.