PROPERTY: Steyn City Captures the Attention Of Investors Around the World
Recent Gauteng Business News
Sales of residential properties within Johannesburg’s Steyn City, a lifestyle resort, are approaching a total value of R1 billion since the first phase of the development was placed on the market in March 2015.
“We are delighted at the high degree of interest that the market has shown in this first residential phase of Steyn City,” notes Dr Andrew Golding, the chief executive of Pam Golding Properties. “While we anticipated a strong response from prospective buyers in this, the largest development of its kind ever undertaken in Africa, the significant levels of excitement these properties have generated among buyers has exceeded expectation.”
According to Pam Golding Properties, which is marketing the residential properties within Steyn City lifestyle resort in partnership with Steyn City Properties, the bulk of homes in the first phase have already been sold, with the highest purchase price being more than R15 million for a 4 400 sqm stand. More than 70 percent of the 229 freehold stands made available have already been purchased.
“Steyn City has generated interest from property seekers not only from within South Africa — predominantly local buyers in Gauteng — but also from around the world,” adds Dr Golding. “Enquiries have come from as far afield as Switzerland, Denmark, the United Kingdom, the United States and Ghana, as well as other African countries.”
He says the properties in Steyn City are appealing to professionals, executives, entrepreneurs and families from upper-middle income to high net-worth individuals. Some buyers are professionals who work and live between Johannesburg and Cape Town, while others are jetsetters from other countries who are seeking a base in Gauteng.
“The developers of Steyn City identified the need for a new residential concept such as this, and the positive response from the market confirms their prescience. Their out-of-the-box thinking and careful planning are now paying dividends,” notes Dr Golding.
“In recent years Pam Golding Properties has noted an ever increasing demand for homes in Gauteng which offer, what may perhaps be termed, a complete and seamless South African lifestyle, where residents live securely and have everything they could possibly need close to hand while enjoying Gauteng’s wonderful climate,” says Dr Golding.
The residents of Steyn City will be able to live the South African dream. The lifestyle resort offers an attractive, green environment; a village atmosphere with a sense of community; high-quality homes of diverse variety; world-class sporting and outdoor facilities, and a secure environment in which children can play freely.
“Upmarket commercial enterprises, offices, a hospital and healthcare facilities, schools and crèches will also all be situated on the approximately 2000-acre property, which is being planted with no fewer than one million indigenous trees,” notes Dr Golding.
“There will be sporting facilities such as an outdoor gym, skate park, 60 km mountain bike trail, a 15 km promenade and a world-class golf course, to name just a few. What is being offered at Steyn City extends way beyond residential property – it affords home buyers the opportunity to own an incredible, dream lifestyle that finds few, if any, equals in Gauteng.”
Dr Golding believes that one of the attractions of this development is the variety of different types of upmarket, quality homes that are being made available, which, he says, cater to a wide range of tastes and requirements. Residents can choose from different sized luxury apartments, quality townhouses, retirement homes or freehold cluster homes on smaller or larger stands, according to their individual preferences.
The huge lifestyle resort is expected to eventually comprise a number of apartment offerings and sectional title homes, cluster homes, and freehold homes, as well as a component comprising retirement village units. However, says Dr Golding, the development will be expanded to meet the needs of the market, with demand dictating the final breakdown of the different types of accommodation.
The Steyn City lifestyle resort is ideally situated in the Fourways area of Johannesburg where the local economy has grown rapidly in recent years, in conjunction with the property market. Jason Shaw, manager of the Pam Golding Properties Fourways and Midrand region, points out that there is relentless demand for sale and rental homes in nearby estates such as Dainfern Golf Estate, Fourways Gardens and Cedar Lakes, among others.
Steyn City has upgraded the regional road system, which has without doubt greatly improved traffic flow in the area. Of some R900 million invested in this project, a third was used to provide a six-lane dual carriageway from Mulbarton Road through to Erling Street, which is now being extended through to the N14. Construction on planned Cedar Road upgrades is imminent, and pedestrians and cyclists in the area are benefiting from the new sidewalks.
Lambert Bezuidenhout, developments manager of Pam Golding Properties Fourways and Midrand region, says that it is not only those who are seeking a primary home who have shown interest in the lifestyle resort. A number of investors have seen buy-to-let opportunities in the Steyn City properties. According to Bezuidenhout, there is strong demand from international corporates for rental properties in the golf estates of the Fourways area – a factor which stimulates the rentals market.
While many of the properties of the first phase of Steyn City have already been purchased some outstanding stands and homes are still available within the lifestyle resort and much more is still to come. Bezuidenhout says a number of exciting new cluster and apartment products are to be announced soon.
“Steyn City is meeting an important need for homes offering a top-quality lifestyle in Johannesburg. “It is a remarkable, highly innovative development and Pam Golding Properties is proud to be involved in marketing of these properties,” adds Dr Golding. “Steyn City is leading the way in South African mixed-use development,” he concludes.
Business News Sector Tags: Property|