SA’s economy may be battling along in 2022 but residential developments continue to spring up across the country’s major metropoles, especially Cape Town.
The developers behind The Wynne, located in Avondale, Parow, promise that it will contain the most-desired apartments for first time buyers in Cape Town’s northern suburbs.
The development will include 309 contemporary apartments spread across studio, one and two bedroom and loft apartments, priced from R585 000 to R789 000. There are numerous benefits for buyers including no transfer or bond costs and, 100% bonds are also available.
The development includes facilities such as an in house-laundromat, a gym, a rooftop field and firepits, among others. The Wynne is in a prime district of the northern suburbs and residents can quickly get onto the N1 and N7 highways to connect to other parts of the city.
The Wynne also offers investors a tax benefit. As it is part of the Urban Development Zone (UDZ), SARS offers a tax incentive for purchasers. Buyers can claim a tax deduction of 55% of the purchase price, against taxable income. The tax allowance is claimed over eleven years at a rate of 20% in the first year and 8% in the succeeding ten years.