Security development in Wellington
2007-04-04
WELLINGTON is now in the property buyers’s radar screen, with the country lifestyle the major driver.
In one of the sought-after developments, Versailles Village Life of 62 units, 60% of the development is already sold.
Versailles farm was established in 1688 by Huguenot Pierre Cronier. It gained a reputation for fine wines and brandies.
A section of this historic farm was set aside by current owner Roger Jorgenson to house a gated, single-title secure village of 62 units.
According to Monté Jordaan, MD of Multi-Projects, the investment property marketing company promoting the development, Versailles Village Life offers good value, being approximately R500 per square metre cheaper than other developments in the area.
Jordaan outlines cost factors in the development process: “The cost of building is escalating at a rate of 1,5% to 1,75% per month. This is going to filter through to property prices in 2008.
“Development ground is in short supply - and most of the time is overpriced. It takes months to downscale ground owners to acceptable levels that the market can absorb.
“This drags the development process out, and adds up to eight additional months onto the development process, that further increases the cost of the final product.
“The shortage of skills in the construction industry is also a cost driving factor. Taking all of this into account, and the possibility of a drop in interest rates in 2008, property prices will increase at an accelerated rate.
“This has also been confirmed by FNB expert John Loos - that price increases will escalate to 18% per year by 2010.
“There is a lot of new blood in the market - one out of four properties registered at the Deeds Offices have been bought by people that have never owned property before.”
Jordaan advises: “The trick of the trade is to buy now, and only start paying when the cycle has changed for the better, in 2008.”
At Versailles Village Life there are five different types of homes to choose from, available either in “Wellington” or Georgian style.
Total built areas (including covered patios, garage and balcony) range from 127 square metres to 190 square metres. Homes have two or three bedrooms with main bedroom en suite and an additional bathroom.
Prices start at R1 047 000 for a two bedroom unit, bond costs, transfer and attorney’s fees included.
Appliances included in each unit are stainless steel finish microwave, fridge/freezer, oven and hob and coffee machine as well as a 42 inch plasma screen TV.
Services installation will start early in April and will last approximately months, followed by building for around seven months, with occupation in April 2008.
Contact Neil van der Westhuizen of Multi-Projects on 076-638-9471 or info@multiprojects.com or visit the website www.multiprojects.com/versaillesvillage.
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