A strategic hotspot for property investors, the Sibaya precinct, ideally positioned between uMhlanga and eMdloti and a three-minute drive from King Shaka International Airport on the KwaZulu-Natal North Coast, continues to experience high demand, with the first ultra-luxurious home now completed in the prime located Signature Sibaya development.
With over R300 million in sales to date, with 41 out of 45 of the original developer sites sold and several resales with good returns, a further 10 homes are currently under construction in this premium lifestyle estate, says Carol Reynolds, Pam Golding Properties area principal for Durban Coastal.
“As 90% of the new owners have taken transfer, we anticipate accelerated activity in this development in the coming year, with spectacular homes coming out of the ground for end-users who are investing a further R15 million to R20 million in building their dream residences.
“In general prices of vacant plots – which on launch in early 2016 ranged from R4.2 million with prime sites fetching R10.5 million – have since escalated by as much as 20-30%, which is exceptional compared to average house price inflation across the country. When brought to market this development set the benchmark for vacant land at R4 000- R5 000 per square metre, while we have just resold a 2 000sqm vacant plot for R12 million – the equivalent of R6 000 per square metre.
“Immediately after the initial lockdown we saw a pent-up demand and concluded a flurry of sales at Signature Sibaya. Given its prime location and beautiful views across the warm waters of the Indian Ocean, this estate has attracted a significant amount of interest from the buyer pool. With the completion of the gatehouse and landscaping, coupled with the fact that some of the homes are now under construction, buyers are able to appreciate the grandeur of this estate and are impressed by its state-of-the-art, contemporary architecture.”
Reynolds says purchasers are a 50: 50 mix of local and upcountry – Gauteng purchasers, a few of whom are building leisure homes, with the rest acquiring for primary residence.
Sibaya has the appeal of being a modern, well-maintained suburb with an excellent location including ease of access, security, convenience and a beach lifestyle, while provision has been made for a school and a private university.
A further residential development marketed by Pam Golding Properties is The Saxony Sibaya, comprising 100 luxury apartments in three terraced apartment buildings, each with upmarket penthouses, as well as a new commercial park, called Coastal Park. Says Reynolds: “The Saxony epitomes luxury apartment living with drive-up access and sweeping views. Top quality finishes and secure, yet stylish lock-up-and-go living have made this development popular with end-users as well as investors and leisure buyers. Prices start from R3.95 million for a two-bedroom unit and from R4.95 million for a three-bedroom apartment.
“Coastal Park comprises 6 137sqm of prime A-grade, sectional title office space – including balconies – in a variety of sizes from 150sqm to entire floors of 2 000sqm and flexible office design to cater for all business needs, as well as 175sqm of retail offerings for coffee shops and the like.”
The top floor comprises an open entertainment deck for all tenants to enjoy or alternatively host functions. With 24/7 manned security and automated access control, Coastal Park includes two high-speed lifts, open landscaped courtyards with seating, an automatic standby power generator and back-up water supply, energy efficient lighting, light motion sensors, economic water usage and low consumption, generous storerooms available for purchase. The office units are priced from just over R5 million, while the retail units are priced from approximately R1.618 million.
For further information contact Pam Golding Properties on 031 5615300 or email firstname.lastname@example.org.
Posted by The Know - Pam Golding Properties
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