Homebuyers return to market as confidence picks up for Cape Town property developments
Renewed buyer confidence has led Garden Cities to boost its Cape Town property development programme. The company has increased the building pace at Sunningdale on the West Coast and at Pinehurst on the border of Durbanville, by more than 20%. Sales in these two major suburbs have remained brisk following encouraging figures in the first quarter of 2021.
The initial impact of Covid-19 and the national lockdown knocked property sales, particularly in the homes sector. However, subsequent cuts in interest rates and a better understanding of the pandemic saw the market regain a large measure of positive sentiment.
Meeting market demand for compact, beautiful houses
Included in the new development node in Sunningdale, is the 180-apartment and town house estate Saint Square, on Wood Drive. This B-BBEE partnership project is with long-standing associates, Camalus Developments. It will be the first of several secure estates of this kind, planned for new phases of Sunningdale. It’s in line with a market demand for more compact, beautiful houses for sale providing accessibly priced, secure, easy-living homes. Already, almost 76 of the first homes being built there are sold.
In a signal collaborative success, Garden Cities began its journey in late 2017 with Rallim Preparatory School in Sunningdale. The focus was squarely on creating a learning environment that would lead the way and stand as an example of excellence. In 2019, the school opened to a learner complement of 265, in the beautifully designed buildings on Deerhurst Drive. And for the entire year, the school grew with ever increasing expectations of achieving its ambitious goals.
What happened then, could have resulted in a very different outcome from what has been achieved against enormous odds. In the worst of times, Rallim has increased its pupil numbers from 489 in year two, to 644 as the school started its 2021 academic year.
Foremost property developers in Cape Town
It’s a remarkable achievement. The collaboration endorses Garden Cities’ instinct for choosing its partners in all fields of endeavour, as the foremost property developers in Cape Town. “We know, that given a level playing field, Rallim will undoubtedly reach all its goals in the coming years. If it has managed to thrive in the time of Covid, then it must be unstoppable,” says Group CEO of Garden Cities, John Matthews.
“The past year has also proved challenging for our company in many other ways. Not least of these is the effect on our core business, in the housing market and retail trading in our malls. But, as we stand, the market has rallied. In the spaces around the school in Sunningdale, and in our northern suburb Pinehurst, demand for homes has resulted in our being able to increase production of new houses. We have also expanded our infrastructure development.”
Further advances have been made with the completion of the internationally-recognised music academy. Other gains are major self-storage facility, and a service station in the new hub around the Table Bay Mall on Berkshire Boulevard.