|Pebble Bay in Gordon’s Bay, the latest security village offering by Multi-Projects, a Somerset West-based investment property marketing company, has sold out in less than a month. |
Prices for bachelor apartments started at R420 000, while the largest 64 sqm two bedroom units were from R700 000 to R791 600.
Says Monté Jordaan, MD of Multi-Projects: “We launched Pebble Bay on 27 March, and had an overwhelming response. We have sold 95% of the units and the balance is reserved. This is our fourth development in Gordon’s Bay, and we are finding that the demand for well priced investments continues to exceed supply.
Jordaan says that Multi-Projects are picking up good sales in all price categories. “Luxury beachfront market sales have in fact accelerated, and we had a very good season. Apartments of up to R6 million have sold on the Strand beachfront.” Jordaan’s company has marketed fourteen other developments in the Strand, including the gravity-defying 86-unit Ocean View with its purposely skew columns and Topaz, the highest residential block along this coastline (and one of the tallest in South Africa).
With property prices across the country continuing double-digit growth, Jordaan says that the Strand and Gordon's Bay are still very well priced. “We can see this reflected in the sales volumes. The Helderberg area is attracting buyers from all over South Africa. We are also seeing an increase in foreign interest, especially from Europe. The markets that are the most active are below the R1 million mark - where a large proportion of the buyers are under 35 - and above the R3 million level, where people are scaling down from large houses. Over 80% of the purchasers are South African, and there is also brisk demand from South Africans abroad who want to buy property ‘at home’.
“We believe that the property market is fundamentally solid - and we will be seeing an increase in property prices in 2008 as the effect of the steep increase in building costs filters through to the market.
Multi-Projects are planning to launch affordable developments in both Gordon’s Bay and Somerset West.