First time home buyers can enter the market from only R640 000 in an excellent location
Devmark Property Group’s integrated housing project in Glenhaven, Bellville South, is making excellent progress with the launch of The Glen. Located on an infill site measuring 7.2 ha on the corner of Peter Barlow and Bester Roads in Glenhaven, it is in close proximity to public transport, the University of the Western Cape (UWC), the Cape Peninsula University of Technology (CPUT), schools and various economic opportunities.
With prices for a one-bedroomed apartment starting from only R640 000 inclusive of bond and transfer costs, rates and taxes for the first twelve months after occupation will also be covered. The developers aim to address the ever-increasing shortage of affordable residential property developments.
According to Meyer de Waal, founder of My Bond Fitness and a director of MDW INC Attorneys, “The Glen has been designed to help qualifying first-time buyers onto the property ladder with the assistance of the FLISP (Financed Linked Individual Subsidy Programme) home-loan subsidy, provided by Government.” In short, the FLISP programme is a housing subsidy for qualifying first-time home buyers. De Waal continues: “A FLISP subsidy for a qualifying buyer at The Glen for a unit valued at R649 000, can reduce the price by R59 000 if you earn R15 500 per month. The price can be reduced by R31 000 for a unit that sells for R895 000 for a qualifying buyer who earns R21 400. The subsidy amount ranges between R27 960 and R121 626, depending on the joint household income of the applicant, with a maximum allowable monthly income of R22 000.”
De Waal adds that it is the perfect time to buy. “It’s currently cheaper to buy than to rent. Interest rates are at a 53 year all-time low. With rentals escalating every year, this is the best time to secure your own property and start paying off your home loan, instead of your landlord’s. The Glen affords first-time home buyers the opportunity to buy in Bellville, one of the oldest and most established areas in Cape Town.”
Prior to the development of this integrated housing project, only 10% of properties in Glenhaven were sectional title apartments or townhouses, despite the demand created by virtue of the tertiary education and work opportunities in close proximity. “Glenhaven also has very few properties available for rent. One can’t go wrong – it offers everything the first-time home buyer needs and promises to become a valuable asset over a few years,” De Waal explains.
Bruwer de Jager, National Sales Manager for Devmark Property Group, says there is a desperate need for affordable housing in Cape Town. “Together with Government, Devmark is responding to this challenge head on. Housing is one of our fundamental human rights due to our desire for safe, secure, liveable and affordable homes. Furthermore, housing plays a vital part in improving the social and economic welfare of society.”
De Jager states that Precinct 1, The Block, offering 253 units for rental in the GAP market, was completed at the end of 2018 and is fully occupied. The Anchorage with its 512 social housing units for rental, is also nearing completion with some tenants already moving in. “This development will establish new standards for social housing by delivering on quality and amenities and by doing so on scale. It’s ideal for young couples as well as families looking for affordable, secure, well located and cleverly designed accommodation,” he adds.
The Glen offers great value and is also an excellent option for investors. “The development holds enormous advantages for the area through contributions and improvement to the infrastructure in the immediate surrounds. There is a huge backlog of affordable housing stock, especially located near opportunities of education, employment, transport and amenities. Our projects are close to major industries, the Bellville CBD and Sacks Circle, Tyger Valley, as well as public amenities such as schools, state hospitals and public libraries. Furthermore, it’s only 1.2km from both UWC and the CPUT Bellville Campus. We believe this to be one of the reasons that the development is doing so well,” says De Jager.
The Glen will offer 63 one-bedroomed and two-bedroomed apartments, ranging between R640 000 and R895 000. Units will include quality finishes such as cavity walls, aluminium windows, floor tiles, built-in cupboards in kitchens and bedrooms, granite kitchen tops, and clever site design with natural light.
De Waal concludes: “Units are selling fast and 100% bond finance is available to qualified buyers. It’s a once in a lifetime opportunity. To establish if you a can qualify for a FLISP subsidy and to receive the Glen Buyer’s Pack, register here or do your own affordability check at https://devmark.mybondfitness.co.za. This is the time to invest and benefit from the highest capital growth and return on investment with below market value prices, with the nett yield starting at 9,55%.”
For further information, please visit www.theglenresidential.co.za
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)