Durban -
Champagne corks popped at the ICC last night as film-maker and property mogul Anand Singh and associates celebrated reaching R1 billion in sales for the fifth and final phase of luxury R3 billion uMhlanga development Pearl Sky.
Glasses were raised to what is believed to be the best day of property trading in the country’s history.
According to Piaris Moriarty, chief executive officer of DevMark Global, hundreds of buyers turned up to secure a slice of paradise at the event.
“Potential buyers queued from 10pm on Friday night to ensure they did not miss out,” he said.
“Throughout the marketing of Pearl Sky, we stressed it was the final opportunity for investors to be part of the development.”
On completion in 2018, Pearl Sky will have 422 five-star residences. Total sales yesterday, supported by reservation deposits, achieved the R1bn mark “comfortably,” said an elated Anand Singh, the director of the development.
Singh told the Sunday Tribune: “Astounding. That is the only word to describe the experience. I am always cautiously optimistic, so I had an idea we might reach this figure, but seeing is believing. It really has been a phenomenal experience.”
Singh said the sales demographics had been “very interesting” with the first flat sold to a bidder from Dubai.
“That is the epicentre of the world property market, so it was a strong indicator of how the rest of the day would go,” he said. “Of course it is a great buy when you take the exchange rate into account, because R2 million would translate to only £140 000, which wouldn’t buy you a garage in London.”
He said he was thrilled at the level of interest from neighbouring countries, with a number of sales to buyers from Zimbabwe, Botswana and elsewhere on the continent.
“Cape Town has long been regarded as the premier international leisure destination, but savvy buyers are starting to realise they can get superb value in Durban, as well as warm winters.”
Singh said prices realised at the new development would inevitably raise the value of surrounding properties significantly.
He said, listening to buyers, he was happy to hear “how strongly people believe in Durban’s future”.
Sunday Tribune