File picture: James White File picture: James White
Johannesburg - Steyn City Lifestyle Resort has achieved sales of more than R1.5 billion for sectional title apartments, clusters, freehold homes and stands in the massive multibillion-rand since its launch in March last year.
The resort is being developed on an 800 hectare site, of which half will remain parkland, north of Fourways in Johannesburg.
Read: Steyn City resort to be largest in Africa
Tammy Menton, a director of Steyn City, said homes had already appreciated significantly in value, with properties now selling for 20 percent to 30 percent more than they did at launch date a year ago.
Menton said this meant Steyn City’s properties were more expensive than homes in other gated communities, but stressed that prices were driven by demand. There are a variety of residential options, with one-, two- and three-bedroom apartments priced at launch last year from R1.65 million up to R3.9m.
Menton said yesterday that one-bedroom apartments were now selling for R1.9m, the two-bedroom apartments for R2.7m and the three-bedroom apartments for R3.8m. She said the cluster homes, which were mainly 350 square metre four-bedroom units that were priced at launch at between R6.2m and R8.4m, had all been sold.
She said the phase one freehold stands along the golf course or with river frontage that ranged in size from 800m² to 1 300m² and were for sale at launch for R2.2m were also all sold. But Menton said phase two freehold stands around the golf course were launched a few weeks ago and ranged in price from R3.6m to R12m.
Menton said only one of the 4 000m² fairway and river frontage stands priced at launch at between R12m and R16m had not yet been sold and was available for R14.7m.
Guiseppe Plumari, the chief executive of Steyn City Properties, the developers of the estate, said the investment by the developers of more than R6.5bn in infrastructure in the estate was one of the factors driving Steyn City’s appeal.
“People aren’t lured here with a promise of something that is yet to be seen.
“We have already built our world class facilities, from the equestrian centre to tennis courts, children’s play nodes and skate park, our award winning clubhouse and Nicklaus design 18-hole championship golf course, and well appointed restaurants and deli,” he said.
Corporates seeking comfortable, secure homes for their international staff on assignment in South Africa have also been attracted to the estate, with motor manufacturer Chrysler purchasing a number of units to house their European staffers.
Premium
Some tenants are willing to pay premium rentals. For instance, realtor Mark Williams of Steyn City Properties in July last year secured a lease of R130 000 a month for a five-bedroomed house located in the resort.
About 105 new two- and three-bedroom apartments are scheduled for release in the middle of this year. They are in the design phase and located near the William Nicol Gatehouse and the city centre that is also under construction.
The city centre will feature a selection of restaurants, retail and commercial outlets plus 700 apartments and 2 000 parking bays. It is scheduled to open in 2018.
An office park will also be launched this year on a 14ha site. It will provide 55 675m² of office space in 10 three-storey, A-grade buildings with basement and outside parking.
Steyn City Properties said when the resort was launched last year it was six times the size of Sandton City and the largest development of its kind in Africa. It was the vision of Auto & General founder Douw Steyn and his partner, Plumari.
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