IT71 has launched Tutili Place, in the Cape Town southern suburb of Diep River, with the support of Ndifuna Ukwai, an activist organisation. Ndifuna Ukwazi, promotes land justice and access to well-located land and affordable housing. One of Cape Town’s challenges is to provide enough housing to Capetonians from all walks of life, in areas where they are able to avoid long and expensive commutes to jobs.
James Lewis, managing director for estate agency Seeff Properties’ southern suburbs division said Tutili Place is a mixed-use development with 71 apartments of which 83% (59) are inclusionary units. It will be highly innovative and will abide by modern global housing policies. It is being marketed by Seeff Southern Suburbs together with Linomatha Properties.
The development offers a choice of studio and one-bedroomed apartments, all with modern interiors and some with balconies. There are also parking bays for residents and visitors, in a secure complex. There is a range of on-site amenities such as a grocery store, restaurant, laundromat, Internet Café and Hair and Nail Salon. There is also a green garden space and drying yard.
Chad Belcher, an intern agent at Seeff said the suburb of Diep River is a small hidden gem bordered by Plumstead, Heathfield and The Vines. It offers superb proximity to the Diep River Station and amenities in the suburb as well as main road, access to schools and the beaches of False Bay.
Apartment living in the area is in great demand and aside from own-use buyers, Tutili Place is also a great choice for investors, he said. The Seeff Properties team that rental units could be rented out at between R6,000 and R7,500.
The development is selling off-plan and is bank-approved with mortgage loans available, said Belcher. Apartments can be bought from R694,000 for a studio unit and R830,000 for a one-bedroomed apartment.
This includes VAT and there is no transfer duty payable. Levies will be charged from R500 to just over R900 depending on the unit purchased.
Diep River has enjoyed impressive property value growth over the past few years, with data house Lightstone saying that almost a third of recent buyers are under 35-years of age with a further 48% under 49-years of age.