|The gathering view that Cape property has lost some of its attractiveness to overseas buyers has been convincingly disproved by the Cape developers, Bellandia.|
For their latest project, Quayside, a development in De Waterkant near the V & A Waterfront south entrance, Bellandia launched simultaneously in London and in Cape Town. A live TV linkage enabled the group to accept offers from both launches at the same time.
"This was the first time we made use of this technology in our marketing," said Drew Danford, MD of Bellandia. "It has the considerable advantage of UK buyers knowing they are getting in on the act right from the start."
Much to Bellandia's delight, the response from the UK buyers was “fantastic”, said Danford.
Bellandia is due to start construction by the end of February 2006 and will give their first handovers by July 2007.
On the last two Bellandia project launches the UK purchases topped R50 million, bringing the total value of UK sales into Bellandia’s developments over the past four years to R250 million.
Following recent successes with overseas marketing, Bellandia is confident of increasing the amount of business sold internationally to 50 percent of its total sales.
UK buyers, Danford believes, are now well informed about Cape Town and have a shrewd insight into prices and areas where they would like to invest – as well as an appreciation of good design.
"The simple truth," said Danford, "as was confirmed by the latest ABSA survey, Cape Town property still offers excellent value for money when compared to other international alternatives. For a person buying in pounds we are still priced below 50% of similar quality properties in the UK."
The stability of SA politics and of the national economy (particularly the government's ability to control inflation and achieve reasonable growth rates) added Danford, has enhanced Cape property among to UK buyers.
"Overseas people now see their investment here as being secure," he said.
Quayside is a R135 million 14-storey follow-up to Bellandia's Dockside project on an adjacent site. It was sold out even efore construction started.