DURBAN - The launch of the Citizen Hyde Park, makes it the first micro apartment buildings in South Africa.
IP Global shows that the popularity of micro apartments has been driven by the affordability factor, lower running costs, and eco-friendly elements. They target mainly singles and young individuals and are typically situated in central nodes where public transport, employment and education is easily accessible.
“This trend is changing the way we live and creating a dynamic way of life for on-the-go individuals. We are proud to be leading this paradigm shift with Citizen Hyde Park. It’s about designing around resident’s day-to-day demands, creating homes that suit their immediate needs and accommodating their lifestyles through vibrant communal spaces,” said Farrel Osher, Citizen Hyde Park developer.
He added, “Hyde Park is a prime location that allows individuals to live within a leafy, suburban area, while still having access to the city where you can work and socialise. The micro apartment offering reduces carbon emissions by providing an array of amenities within one address. We wanted to create a space where you are within walking or cycling distance of desirable amenities. It’s your passport to the world and the epitome of convenience".
The concept of being less dependent on owning a car, rather than property is fast changing with micro apartments being strategically located in central areas. Residents can easily save upwards R4000 each month by rather using public transport close by and utilising the facilities within the building, as opposed to paying monthly car instalments, insurance, maintenance and petrol.
The millennial market and first-time buyers are leading this property demand; they are more inclined to change jobs, are in the beginning stages of chasing their careers, open to using public transport and are very social.
Cushman & Wakefield research shows that the micro living market is driven by single persons who make up 42 percent of households in Germany, and couples who make up a further 34 percent.
Micro apartment make for a huge opportunity for investors to capitalise on the demand and gear their units for short or long-term rentals.
“Micro apartments are financially savvy and have an array of benefits such as higher rental yields and capital appreciation,” said Osher.
Citizen Hyde Park offers studio, 1 and 2-bedroom apartments have full back-up power, onsite water storage, state-of-the-art security, furniture packages and fibre. Citizen Hyde Park residents will enjoy having a myriad of facilities within a few steps of their home.
“This lifestyle is like nothing Hyde Park has seen; it truly is revolutionary. On the 30th October, people from across South Africa will have access to this investment prospect from the comfort of their own space, as the launch is online,” concluded Osher.
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