View from Chintsa River Golf Estate
|With the final go-ahead now having been given for the Chintsa River Golf Estate near East London by the Department of Agriculture and Great Kei municipality approval imminent, Pam Golding Properties (PGP) are now on site and report that 50 percent of stands in the first phase have already been sold. |
The remaining 52 stands in this phase ranging in size from 700sqm are now selling from R372 000.
Commenting on its progress this week, Hanlie Bassingthwaighte, area principal for PGP, says the Chintsa development will include a 600-home housing complex, a 160-room hotel and an 18-hole championship golf course.
Other features in the estate, which Bassingthwaighte says, will eventually be comparable with the best in the country, are an office park and retail centre.
The development, apart from boosting the economy in the entire East London area, is expected to increase values of local property.
The Chintsa River Golfing Estate is situated on nearly 500ha of land with two kilometres of river frontage and views over the ocean and Chintsa beach. It is bordered by the Inkewenkwezi Game Reserve.
The estate is the vision of international property developer David Eastall, who says infrastructural site work will start on May 1 and house construction in September.
Commenting on the local property market, Bassingthwaighte says, the areas east of the Quenera River and up to Chintsa is becoming the focal point of development in that part of the Eastern Cape.
“During the past few years there has been very little substantial residential development in the East London area compared to other centres. The natural expansion of East London is towards the Gonubie, Quenera and Chintsa areas and this has been identified as such by the municipality and developers in general."
In a study conducted by PGP, it was ascertained that more than 4 500 homes are in various stages of planning in the middle to upper income bracket in the area east of the Quenera River and up to Chintsa – of which 50 percent are expected to be completed within the next three years.
In addition, there is a substantial block of integrated housing planned, aimed at the lower income groups. Coupled with the boom in residential development will be a significant increase in retail development. Large shopping centres are planned for Beacon Bay and the east coast and will supply the entertainment and leisure facilities that will be required by this growing metropolis.
Adds Bassingthwaighte: "Business is brisk in the vibrant metropolis of Buffalo City, with increased business investment and industrial development following its growth in property values, resulting in greatly increased economic confidence in general. Demand for housing and commercial and industrial properties has surged, and is sustainable.” She anticipates further sustainable and sound growth in residential property values of approximately 10-15 percent over the forthcoming year."