Tri-Star Construction and Profica broke ground at Rosebank development Saxon Square on June 20. “We’re excited that the vision we had for this unique development is becoming a reality,” says Tri-Star Construction chairman, Malose Kekana.
WORDS: COMPLIED BY MARK PETTIPHER – IMAGES: SUPPLIED
Saxon Square is managed by Tri-Star Construction, while construction solutions company Profica is both project and development manager. The development offers phase one of 138 luxury studios and one- and two-bedroom apartments in the sought-after suburb at very accessible price points.
“We reached our pre-sales targets in record time, even needing to revisit the plans to make more of the popular one-bedroom units available,” says Kekana. “Many of our buyers are property investors, particularly those in financial and property circles, who have identified Saxon Square as a good opportunity. Once we start construction and people see the development coming to life we expect more first-time and buy-to-live buyers taking an interest in the property.”
A comprehensive rental management solution delivered by Flyt Property Investment and managed on-site by Wink Aparthotels has further enhanced the appeal of Saxon Square as a truly hassle-free property investment. “Having just one phase is another clear advantage for both investors and prospective tenants,” says Profica CEO Tim White. “Saxon Square buyers will be able to settle in or start letting out quickly, without being on a partial construction site while other phases are completed.”
EASYPROPERTIES LISTS SAXON SQUARE
EasyProperties which gives investors the opportunity to buy shares in quality multi-unit property investment opportunities, secured a number of units in Saxon Square for its investment portfolio which it launched on 13 June 2022. Investors who would like to invest in Rosebank, one of Johannesburg’s fastest-growing and most desirable neighbourhoods, can now own a portion of this exclusive property. The listing for the portfolio closed on 14 July. “Over 927 investors have taken the opportunity to invest in Saxon Square, says EasyProperties CEO Rupert Finnemore. “With projected net rental yields of 8.6% and an IRR of 10.7% this investment offers a combination of capital growth and yield.”
Finnemore says that, whilst a lack of access to quality property investment opportunities and funding remains a significant deterrent to property investing, IPOs like Saxon Square truly democratise access to property investment. “The average investment size we’re seeing is R1,000, with the largest investment so far at a little over R85,000. The majority of investors (42%) are in their twenties, with 30% in their thirties. We even have 22 investors under the age of 15, learning about property investment at a young age.”
The team at EasyProperties considers various factors when selecting a property to list. These include the price and quality of the property, access to amenities, the desirability and security of the location, the potential for capital growth, as well as rentability and rental demand. “The amount of market research carried out by the Saxon Square team into the viability of this property development was incredibly comprehensive,” says Finnemore. “We are constantly on the lookout for excellent investment opportunities and were attracted to the Saxon Square opportunity for a number of reasons, not least of which are the awesome lifestyle amenities, the excellent location, the entry price point and the stylish design.”
Finnemore highlights that over the past 9 years, residential sectional title homeowners in Rosebank have experienced average capital growth in excess of 12% per year. “Rosebank embraces the excitement of the fast-paced city life, while preserving the attraction of a peaceful suburb. Rosebank is now seen as a business hub, with over 200,000m2 of commercial property developed and occupied in the last four years. It offers all the required amenities for individuals in the area, such as the convenience of major retailers, modern hotels, restaurants, office space, art galleries and direct access to the Gautrain. The Rosebank residential property market has seen the benefit of this increased demand for the suburb and we expect that Rosebank will continue to be in high demand.”
Located close to the Rosebank Gautrain on Oxford Road, Saxon Square offers a unique blend of modern details, upmarket suburbia and everyday city access. In addition to the sophisticated unit designs featuring high-end finishes and floor-to-ceiling windows, the development’s amenities include a 24-hour concierge, biometric access control, a resident’s café, a pool, a large rooftop garden as well as a garden courtyard, a yoga lawn, an outdoor cinema and a co-working lounge. Saxon Square’s features and prime location will no doubt attract an array of investors and visitors, which we expect will translate into solid capital growth as well as high demand for rentals.