148 apartments in the Urban SALT development in Salt River Cape Town, has just been released to the open market.
“The land has been on the market for many years and we are proud to be associated with the developer who made this unique development a reality for many seeking easy access to Cape Town CBD, the Southern Suburbs, Universities, colleges and other amenities. The Old Biscuit Mill is within walking distance from the development.
Access to transport is a key element and this one of the unique features of this development, says Meyer de Waal, director of MDW INC Attorneys, who secured the sole mandate to market and sell the units.
10 RENT2BUY UNITS AVAILABLE
Unique to this development is ten units that are available to purchase through the Rent2buy concept, which is the first time that such an offering has been put forward in a single new development, says De Waal.
“In the two days since we launched to our own internal database, more than double Rent2buy applications were received, compared those buyers who requires a mortgage loan to purchase a unit.
This shows the need for innovative and alternative finance structures in the market,” says de Waal.
Rent2Buy has changed the property market for many buyers, as this gives them the chance to get their foot in the door to buy a property at current property prices, but in effect only pay for it two years later. This helps aspiring buyers as they can rent the property for 24 months and thereafter pay the “old purchase price” take transfer of the unit.
During the Rent2buy lease period their purchase price is frozen for two years and a nominal price increase of only R9 000 extra is paid two years later.
“Urban Salt is an exciting new development in vibey, trendy Salt River, which is sure to be in high demand,” says de Waal. “We had a pre-launch to a large corporate entity late in 2019 and again to a selected database in February 2020 and have had an overwhelming response. To date, already 38 units have been taken up.”
Units in the Urban Salt development are either 33m2 or 40,6m2 and range in price from R799 000 to R999 000, including VAT and legal and bond registration fees. All have two bedrooms and one bathroom, and an open plan kitchen and living area.
Urban Salt is centrally located for easy access to Cape Town CBD, the southern suburbs, schools, universities, and countless attractions and amenities the Mother City has to offer, as well as being on the MyCiti bus route and within walking distance of the Salt River train station (which, it is said, will soon be revamped).
Security in this development will be good, with entrance to the building via biometric access control and a secure perimeter with electric fencing and CCTV coverage. There will be a security guard coverage 24 hours a day, seven days a week.
What makes this an excellent investment opportunity is that the Salt River and Woodstock areas are producing significant rental returns on similar apartments, and comparative apartments are currently selling at higher prices than these at Urban Salt. In addition, there are Urban Development Zone (UDZ) tax benefits for those who buy in here.
The City of Cape Town UDZ tax incentive is an administered tax incentive from the South African Revenue Service (SARS) that encourages residential and commercial development in specified areas in Cape Town, like the Salt River Area. It offers the property owners a deduction against taxable income over a period of 11 years and could serve as a postponement of tax payable until such time that the unit is sold.
For further information on the development, go to urbansalt.co.za, and free online home loan prequalification service is available through salt.mybondfitness.co.za. To apply for Rent2Buy, go to salt-r2b.mybondfitness.co.za.
To watch the Urban Salt Rent2buy Video – click here
Alternatively, contact the MDW Inc. representatives:
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)