June 2 2023
Devmark Property Group, a Cape-based development company has sold 80% of its new integrated housing project in Glenhaven, Belville. The group has just launched Block C at the development. The project gives investors the opportunity to the enter the residential market through buying properties priced at as low as R1,095m.
Located on the corner of Peter Barlow and Bester Roads in Glenhaven, measuring 7.2 ha, this integrated housing project offers affordable mixed-tenure housing opportunities, near public transport, the University of the Western Cape (UWC), the Cape Peninsula University of Technology (CPUT), schools and other economic opportunities.
Jean Ehlers, Director of Residential Development says Block C offers a contemporary design with a village feel, boasting large one and two bedroom apartments. With prices ranging from only R1,095m to R1,65m inclusive of bond and transfer costs, qualified buyers will be able to obtain 100% bond finance. Levies and rates for the first twelve months after occupation will also be covered.
Investing in this development offers many additional benefits, Ehlers says.
“Occupation is expected by April 2024, with the development offering projected rental income between R7 200 and R7 500 per month, and gross rental yields up to 7,89%. Blocks A and B were tenanted within two months due to the development’s popularity. A R10 000 reservation deposit is required, which is refundable should financing not be approved,” Ehlers says.
The Glen Block C will offer 64 one- and two-bedroomed apartments. Units will include tiles, modern sanitary finishes, built-in cupboards in bedrooms and kitchen, granite kitchen countertops, washing machine or dishwasher point in kitchen, and good site design with natural lighting.
Ground floor apartments will use semi-private gardens, and all units will have built-in braais, fibre, pre-paid water and electricity meters, security gates at front doors and ground floor sliding doors, with burglar bars to all opening windows. Each apartment comes with one parking bay and a five-year NHBRC warranty.
“The development brings significant benefits to the area by contributing to and enhancing the surrounding infrastructure. With ample open spaces between phases, electrified perimeter fencing, biometric access control and on-site security guards, there is high rental demand ” says Ehlers.
The Glen is conveniently located near major industries, the Bellville CBD, Sacks Circle, Tyger Valley, as well as schools, state hospitals, and public libraries. Moreover, it is 1.2km away from both UWC and CPUT’s Bellville Campus.
“We believe this is one of the key factors driving the exceptional success of the development. Units are selling fast. It’s a once in a lifetime opportunity for those wanting to buy to live or invest,” Ehlers says.