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THEMBOKWEZI LIFESTYLE ESTATE TAKING SHAPE

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THEMBOKWEZI LIFESTYLE ESTATE TAKING SHAPE


Even prior to the official on site launch (23 November 2007) of Phase 1 of the residential component of Thembokwezi Lifestyle Estate in Khayelitsha, over 70 interested buyers have been pre-screened to purchase units in this major development where 568 sectional title one and two bedroom units are located in double and three-storey complexes in a secure estate.



The homes range in size from 32-49sqm and prices in phase one of the project are between R268 130 and R414 790 (excluding bond fees). This forms part of a R350 million mixed use development set on 10ha, being developed by Old Mutual Investment Group Property Investments in partnership with the Khayelitsha Development Forum.

"In addition, investors and corporate buyers who have expressed interest are simply waiting for the official launch in order to sign offers to purchase," says Johan Maree, Pam Golding Properties project manager.

"The residential development has met with great excitement, with over 65 percent of the interest being shown by residents of Khayelitsha and neighbouring townships, the bulk of whom are state employees such as teachers, nurses and policemen - those with families, as well as young professionals working for large corporates who want to live close to their families and friends. We also have interested buyers from the Eastern Cape, Transkei and as far afield as England - and even a couple presently living and working in the Netherlands who wish to return home in the next year to live in Khayelitsha.

"Six weeks before the official launch our on site office was fully operational with our agents imparting details of the residential opportunities at Thembokwezi to the community, advising them of the buying process and assisting interested buyers with financial advice. By helping them analyse individual income and expenditure, they were able to determine their accessibility to a home loan through a financial institution," says Maree.

He says progress is proceeding apace on site with eight show units - four per apartment block - now completed, as well as paving and landscaping. A security wall will be constructed around the entire estate, with controlled access points allowing for a secure environment, while still retaining the vibrant Khayelitsha atmosphere.

Commenting on the project Dr Andrew Golding, CE of the Pam Golding Property group, says this first security village to be created in a traditional township area will help meet a strong demand for housing in Khayelitsha, particularly among new middle class buyers, as it is geared to suit their needs - providing quality housing at the right price. "Most of important is the fact that Thembokwezi Residential Estate offers the lifestyle that they aspire to - located within a secure estate in the township and with the added benefits of a lifestyle centre with top retailers, restaurants, offices and the like," he says. The residential complexes are designed with paved and landscaped areas.

From a recent UCT Unilever Institute of Strategic Marketing research report it has been revealed that 43 percent of Black Diamonds living in the suburbs would prefer to live in the townships, where their roots and families - and also friends - are situated. From 2005 till 2007, this sector has grown from 2-2.6 million, now being worth R180 billion in the past year and constituting 28 percent of the South African consumer spend. And while 47 percent now live in the suburbs, they still spend much of their time and money in the townships. It also shows that 85 percent of this sector believes that one's home reflects one's position in society.

Present at the launch were Richard Dyantyi, MEC Local Government and Housing; Zamayedwa Sogayise, Khayelitsha Development Forum Chairperson; Theresa Botoman, Khayelitsha Ward Councillor; Ben Kodisang, MD of Old Mutual Investment Group Property Investments; Mrs Pam Golding, chairman of the Pam Golding Property group and Dr Andrew Golding, CE of the Pam Golding Property group. Other guests included business leaders, members of the local community and buyers in the new project.

Source



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Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.