BOUTIQUE DEVELOPMENT: Artist’s impression of The Richmond in Kenilworth.
The growing demand for residential property in the southern suburbs is increasingly spurring densification in the most sought-after areas like Kenilworth, where the number of sectional title registrations has steadily increased since 2010, and the latest new development was launched this month.
Sue Peto of Lew Geffen Sotheby’s International Realty, says: “The Richmond is a boutique development with 12 two-bedroom apartments in a prime location near Kenilworth Race Course, Wynberg Boys and Girls schools and main thoroughfares to the CBD and other commercial nodes.
“Finishes include porcelain tiles in the living areas, kitchens and bathrooms, carpeting in the bedrooms, built-in hobs and ovens and engineered stone kitchen counters.
“Buyers have two palette selections from which to choose – Classic Loft for a lighter, bright and airy interior of whites and creams and City Living with richer, more textured elements including grey hues to offset complementary pale tones.”
Secure parking will be available on the ground level of the building and intercoms in each apartment provide controlled access.
The Richmond is being developed by Trilogy Property Investments and marketed by Lew Geffen Sotheby’s International Realty and Upton Properties.
Mark Upton, CEO of Upton Properties, says the Richmond apartments are priced from R2.65 million including VAT and no transfer duty is payable.
The development is set to break ground during the second half of this year and is due for completion in August 2018.
Claude McKirby, southern suburbs co-principal for Lew Geffen Sotheby’s International Realty says according to Lightstone data, sectional title registrations in Kenilworth have shown a steady annual increase since the market began to recover in 2010, spiking from 86 in 2014 to a record of 218 in 2015. Last year 90 sectional title units were registered.
“Unlike freehold homes which have seen a slight price dip since 2015, apartments have continued to grow in value with the median sale price increasing by 30% between 2015 and 2016 from R1.314m to R1.715m, with a further increase of 12.2% to date, despite the current economy-suppressing political turmoil.”