The rise of micro apartments in Cape Town

Flyt Property Investment, Cape-based property development and investment team in partnership with Steven Herring, chairman of Heriot REIT Ltd, has announced the launch of the re-developed, award-winning One Thibault.  Comprising 180 fully-serviced bespoke studios and apartments, these pre-approved units are available via Flyt’s Section 12J property investment fund, presenting a significant tax rebate and a guaranteed rental return to investors.

Conveniently located in the heart of the Mother City, One Thibault is city living re-imagined, providing new-age investors with modern amenities and facilities incorporating smart design aesthetics. The development offers a range of 19m²  to 60m² one- and two-bedroom apartments and studios featuring the latest in high-quality interior fittings and fixtures,  all with spectacular views.  A custom, fully-furnished option is also available. Additional features include a pool deck, on-site restaurant, co-working spaces (with high-speed wi-fi), a reception and concierge with 24-hour security, parking, storage space and access to laundry facilities. 

This hospitality offering qualifies as a 12J investment allowing investors to write off 100% of their investment amount.   Hospitality management company WINK Aparthotels will provide on-site administration of all the units giving investors a well-managed, hands-off investment with access to a host of other benefits over and above a guaranteed rental income of 6% for the first year.

Tax-efficient property investment

Flyt Property Investment have partnered with Anuva Investments to provide their investors with an advantageous tax-efficient structure that allows them to use their SARS tax refund towards their investment and then assists them in financing the rest.   One Thibault presents a remarkable investment opportunity at an excellent price point that also offers investors a significant tax break via the Flyt Select Fund. “Not only do you have the choice of purchasing a pre-approved unit priced from R895 000, but you can also qualify for a 100% tax deduction,” explains Zane de Decker, CEO of Flyt Property Investment.  

Investment into the Section 12J sector saw a major uptake leading up to the end of the tax season in February 2020 with the group reporting all their units across three developments being sold out.   De Decker urges investors to take advantage of Government’s generous incentive before the 30 June 2021 deadline. “Not only are you able to invest in property in a sought-after location for good value, but you can write off your tax investment amount against your tax liability for the 2021/2022 tax year,” he advises.

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