New Woodstock micro-living apartments allow first time buyers easy access to the property ladder

New Woodstock micro-living apartments allow first time buyers easy access to the property ladder

Artist’s impression of 1 On Albert, a new block of micro apartments in Woodstock.

The micro-living trend has arrived in South Africa and is making it possible for easy access to investing in property, according to Rob Stefanutto, group managing director of Dogon Group Properties, the sales agency for the new 1 On Albert development in Woodstock, Cape Town.

The micro apartments in the block will range in size from entry level 21 m2 studio apartments priced at R1.095 million, to 75 m2 two-bedroom units priced at up to R2.65m.

Stefanutto says these prices include transfer costs and monthly bond instalments will be in line with current rental figures for the area.

“Those earning a gross income of between R18 000 and R25 000 a month should qualify for finance through Nedbank, which has come on board as a partner to offer first time buyers finance that includes 100% bonds, reduced interest rates, discounted registration fees, no initiation fees for those earning less than R22 000 a month, and discounted attorney fees,” says Stefanutto.

Theko Mafulako, regional sales manager for home loans at Nedbank, says the provision of housing is a vital component of social transformation and empowerment efforts across South Africa.

“Nedbank understands the need to own a home and the barriers that first time buyers face. The deals being structured for 1 On Albert fit in very well with Nedbank’s mission of enabling home ownership in SA – and more importantly, for those buying their first homes,” says Mafulako.

Stefanutto says millennials are looking for location rather than size.

“They want to be close to the city centre, close enough to walk, bike, or rely on public transport. However, with cities becoming increasingly over-crowded there is a shortage of housing, and the cost of properties has sky rocketed to such a point that young people cannot afford to buy their first home and get onto the property ladder – forcing them to rent in perpetuity,” says Stefanutto.

“Recognising this, 1 On Albert – the first in a partnership between Dogon, AJ Developers, Power Construction and Gardner Property Solutions – has been designed to let consumers buy their first homes.”

GP Wentzel, one of the first time buyers at 1 On Albert, says he had been looking for a property for over a year and jumped at the opportunity to buy at 1 On Albert when the development was announced.

“The 1 On Albert is popular for its location in the upcoming suburb of Woodstock, the great concept, and above all the investment value for first time buyers. This was my chance to finally kick off a dream to own property in Cape Town,” says Wentzel.

Travis Munthree, another first time buyer at 1 On Albert says that with units in most newer developments in prime locations starting at exorbitant prices, many young professionals are concerned about being able to enter the property market in Cape Town.

“Young professionals often cannot meet the criteria to afford good property and are forced to pay high rentals in the CBD. The 1 On Albert development has offered an innovative approach to finance and property design. It is a great way to empower young individuals to start growing their wealth by substituting similar rental in high demand suburbs with bond repayments for their own home.”

Omphile Matsomela says he opted to buy at 1 On Albert because of the price and location.

“You seldom find reasonably priced property in a centrally located area in Cape Town, and as a young working adult this opportunity to invest in my first home was not to be missed.”

“The key to the value chain in real estate is to get on the property ladder as early as possible and 1 On Albert is providing the missing link to the property value chain,” says Stefanutto.

“Other benefits of these micro living units for cash strapped young buyers are the low monthly levies and rates – a cost which, in the case of many other developments, creates a barrier for budget conscious first time buyers.”

The 1 On Albert development was designed by award winning architects Louis Karol and the apartment interiors were designed by hotel room designer Grant Gillis of Delta Interiors. Finishes and fittings will include SMEG appliances, flat screen smart TVs and uncapped, unshaped 100Mb/s fibre internet.

Amenities will include communal recreational spaces, shops, a food court, a laundromat, and a heated swimming pool.

Construction of 1 On Albert will begin in February and 70% of the units have now been sold,” concludes Stefanutto.