A furnished studio apartment in the Crystal Towers development where sales have topped R125million since December.
It’s official, the residential property has finally turned with sales at Century City up a staggering 150% for the year to the end of June.
Allen Usher, managing director of Property World, the official on-site agency for the developer, Rabie Property Group, says 104 homes worth R206million were sold at Century City in the past financial year compared to 46 homes worth R83million the previous year.
“There is no doubt the market is picking up – 65% of the sales were accomplished in the second half of the financial year – and in the past month a further R25million in sales have taken place with an additional R10m pending.”
Usher says Century City is showing a turnaround earlier than many other sectors of the market as it had won several awards for individual developments, and the old adage of location being the most important criteria to consider when buying property still applies.
“Century City is no longer pioneering and is now firmly established as a leading suburb as borne out by an independent survey undertaken by Finweek and market research group, Ask Africa that rated it as South Africa’s best middle income area to live in. You can’t overestimate the value of convenience in the hustle and bustle that we live in and that is exactly what Century City has to offer.”
He says sales for the past financial year were boosted in part by the launch of the Crystal Towers development, which lifted the residential bar at Century City. Apartments in the luxury development, which also includes a five star hotel and restaurants, are selling for between R1,7million for studios and R14 million for four-bedroom penthouses.
In the first six months of this year Crystal Towers accounted for R106m of the sales, including two penthouses with price tags of R8,5million each. In July a further R20million worth of units in the development had been sold.
A large number of homes were also sold in Rabie’s Waterstone development, which this year won the residential category of the South African Property Owners’ Association’s awards for innovative excellence in property development. Waterstone is the fourth Century City development to win the prestigious award in five years.
Usher says Century City offers a wide spectrum of homes ranging from entry level apartments to multi-million rand freestanding homes and the five-star Crystal Towers residences, with seven show houses and apartments available for viewing.
He says the Rabie Property Group also recently launched a new niche development, Little Moorings, where buyers could purchase units off plan.
Call Allen Usher on 021 5550105.
