The Chepstow development in Green Point where prices range from R2,49 million to R4,99 million.

The sought after enclave in greater Green Point which includes Chepstow Road, Merriman Road, Springbok Road, Joubert Road and Ocean View Drive has become a residential and investors’ paradise, say Seeff Properties’ agents Silvia Ramsauer, Michael Bester and Liza Snijman.

They say buying directly from the developer of the trendy new apartment block at 32 Chepstow Road, for which Seeff Properties has a sole mandate, is a good way to get a foot in the door in this neighbourhood.

Bester says, even at the height of the 2009 recession, properties sold in the area delivered significant net growth.

“One in Merriman Road, which had been bought in 2007 was sold for 8,5 per cent more last year and another in Ocean View Drive was sold for eight per cent more than when it was bought in 2005. However, most remarkable of all, was the 60 per cent increase in price over five years (from 2004 to 2009) of a property recently sold by Seeff in Joubert Road.

“Based on the general property price growth in Upper Green Point, we expect the Chepstow Development to show the same trend in the future with capital appreciation of about 10 per cent,” says Bester.

Prices for units in the Chepstow development range from R2,490 million to R4,99 million including VAT.

Buyers can choose between four luxurious two bedroom apartments with balconies or terraces and two penthouses with rooftop terraces and panoramic views that take in the harbour, sea and mountain.

Snijman says buyers would probably be young professionals who favour the area or investors and businesspeople looking for lock up and go apartments and holiday homes. The agents are expecting a number of enquiries from Johannesburg and Pretoria, in particular.