The launch of a new townhouse development, 28 On St. James Estate in Somerset West gives an ideal opportunity for first-time buyers to invest in a brand-new townhouse, priced from just R1.795 million.
According to Dinis Martins, licensee for Seeff Somerset West, the new development offers a quiet location away from busy roads in the popular Somerset West Central area. It is within walking distance of the golf club, tennis and bowls club, dentists, doctors, medical specialists and other businesses, and also close to other amenities and schools.
28 On St. James Estate offers just 14 new homes with a choice of two or three bedrooms. The interiors are modern, and buyers can choose from a range of quality finishes such as tiles, laminated flooring and Caeser Stone tops. The sanitary ware and joinery are of the highest quality. Each home also has a small braai terrace and garden.
The civils has been completed and construction has commenced. Prices range from R1.795m for two bedrooms and from R2.35m for three bedrooms. There is no transfer duty payable, another advantage for first-time buyers.
Martins says that investing in a new development such as this, offers many advantages in addition to saving on transfer duty. The first, is that you are moving into a new home with not a thing to be done. Secondly, new developments, especially in a central location, tend to attract high demand for rentals, so it offers an ideal opportunity for investors.
These homes are also likely to offer good capital appreciation over the next few years. Mr Martins says that the development has received lots of interest because it is so reasonably priced. An astute investor buyer has the opportunity to lock in 2019 prices, but only has to take transfer in 2020.
Aside from being ideal starter homes, these homes are also great for buyers looking to downscale, he says. Within the first month of launch, there are already two homes under offer and a further two units reserved.
Somerset West is an excellent investment and attracts high demand for its country-setting and easy access to top facilities, Stellenbosch, Strand, Cape Town and the international airport. The beautiful mountain views, close proximity to the winelands, all add to the premium proposition that the village offers, he says.
Contact Seeff Somerset West on 021 851 4141 Pieter Van Romburgh (076 738 6149) and Dinis Martins (082 411 2883), visit www.seeff.com, web ref. 3227591.