Burgundy sales top R1 billion

Burgundy sales top R1 billion

Artist’s impression of the entrance to Brookside, one of the complexes being developed at Burgundy Estate.

Rabie Property Group has sold residential property worth more than R1 billion in seven different schemes at Burgundy Estate since it joined forces with Nedbank Corporate and Investment Banking three years ago to complete the precinct.

These schemes comprise three sectional title apartment complexes which were sold to the public, two apartment schemes sold to a private investment company for rental stock and two developments of single residential homes.

Rabie director Miguel Rodrigues says more than 90% of the 900 units released so far in these developments have been sold.

Four of the developments – Vermont, Zarina, Vineyard and Springfield – have been sold out with only a handful of units remaining to be sold in Avenida. He says sales have also been going very strongly in the recently launched Hazelwood and Brookside developments.

Aerial view of Hazelwood, one of the recently launched complexes at Burgundy Estate.

Hazelwood will eventually comprise a total of 126 apartments and Brookside will consist of 58 freestanding homes.

Rodrigues says there is no doubt Burgundy Estate is now coming into its own.

“It is has become firmly established as a sought after residential destination for owner occupiers and tenants and the momentum is continuing to build.”

He says a number of factors are adding to its appeal.

“The developments we have brought on stream offer exceptional value for money and are larger than those previously undertaken in the precinct. This has provided an economy of scale to enable us to provide more green, private open spaces, landscaping and in many cases communal amenities such as play parks, swimming pools and clubhouses.’’

He says the provision of schools in the precinct as well as some other exciting initiatives within the estate and on neighbouring land abutting the N7 are all added attractions.

Rodrigues says they will be bringing an additional 2 000 or so residential opportunities on stream before the development is completed.

“This will be market driven but we envisage it will take anywhere between five and 10 years.”

He says Rabie is introducing a number of measures to reduce the use of potable water in current and future developments, including the use of non-potable water for flushing of toilets and the installation of water harvesting tanks.