The East Rand’s affordable green housing market, where top quality free-standing properties can be snapped up for bargain prices, is becoming increasingly popular with savvy buyers. Now is the time for those wanting to take advantage of the lowest recorded interest rates in SA.
Tracking this trend has been South African property developer Urban 4site Property Group, which recently brought to market the fourth and final phase of its Carnival Green affordable green housing development near Carnival City Mall and Casino. The group says demand is so strong for its units from customers who want to get more bang for their buck that it expects to sell all of the 289 free-standing homes in this phase during the first half of next year.
“ To date, we’ve sold more than 50% and we are expecting that the development will sell out in the first half of 2022,” says Mothusi Letlaka, Managing Director of Urban 4site Property Group.
COST-SAVING AND FEATURES
The prices of these free-standing homes on offer range from R655,000 for two-bedrooms and one bathroom, to R965,000 for three bedrooms and two bathrooms. All the costs, including transfers, are in included in the price. Letlaka says that to qualify for a bond for a R965,000 property, the gross household income should be up to R16,950 per month.
What also really sets Carnival Green apart from a lot of other affordable housing developments is that it comes with some bells and whistles not ordinarily associated with affordable projects. This includes a strong “green” element to it with all the homes having solar geysers, as well as pre-paid electricity meters. These cost-saving features are proving a particularly attractive drawing card for the development, says Letlaka.
“A lot of thought went into planning this urban housing development. We’ve created a stunning residential development for the individuals and families that will call Carnival Green home. We’ve really thought about what our home owners would appreciate, and as such all our homes have a solar geyser. Not only does this make perfect sense in our sunny city, but it makes for an affordable option too. The prepaid electricity means home owners never pay for more than they use,” says Sias Scott, the group’s Executive Director.
Letlaka reiterates that the current record low interest rate environment makes now the best time for first time buyers, especially young families, to get into a good quality development at attractive prices.
WHY BUY INTO CARNIVAL GREEN
“These freestanding homes are full title. Modern living demands convenience and Carnival Green is closely located to local transport, churches and schools in the area. Plenty of shopping and dining options are just around the corner at Carnival City Mall and Casino, offering endless entertainment for the whole family. My message to potential home owners is buy now before it’s too late. Interest rates are expected to be hiked in the future making this the ideal time to secure the keys to your own home.”
He adds that the East Rand in particular is a “fast growing, vibrant and well established community” and that its affordable green housing market has “remained resilient despite the economic challenges faced by South Africa”.
“As a whole the East Rand provides great access, good educational facilities, good proximity to a variety of amenities, just to mention a few.”
He says the group’s research has indicated that “quality finishes and affordability” are key things buyers are looking for when it comes to finding the perfect home.
“Given the various inflationary effects on households at present, and given the subdued economy, the affordability of an offering in this sector is the key to success. This must, however, at the same time, be a quality offering as the purchase of a home is a long-term investment.”
For more information visit www.CarnivalGreen.co.za