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District 6 to get new development

Property24

A newly spawned Cape Town property development will replace the Oriental Plaza, previously in Sir Lowry Road in the Eastern city precinct formerly occupied as the renowned District Six suburb.



With an expected completion the end of 2009, the pricing structure of the 406 units in the development seeks to make entry into the property market easy for first time buyers looking to experience or invest in inner city dwellings.

"We are seeing more and more people looking for housing within the R450k to R1,2m price bracket," says Louise Maranz from Vered Estates.

The affordability of the development will lend itself well to diverse potential occupants with students also likely to opt for the location due to its proximity to the Cape Peninsula University of Technology, forming a captive rental market for investment buyers. Additional opportunities exist for families who wish to enter the property market and invest in a piece of eastern city property at very affordable prices.

"Tenants can relive and captivate the historical value of the area whilst still enjoying the beautiful views of Table Mountain, whilst within walking distance from the city. A featured road in the former township will actually be running through the building where plaques of acknowledgement and remembrance will be placed," says Maranz.

Available units include studios, one bedroom and two bedroom apartments ranging from R499k to R1,189k in price, to be built around a central courtyard with 24-hour security, a dedicated concierge and a gym facility on the ground floor, and placement of a communal braai area, pool and terrace on the roof and the vibey retail space at the front of the development.

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