DURBAN - The Woods Waterfall has set a ground-breaking sales record of 50 properties sold in only 50 days, and to date Phase 1 is now 82 percent sold.
A large part of the success of this sectional title development is its market-sensitive price point which is proving robust despite the current economic climate.
Launched at R 649 000, The Woods offers 1, 2 and 3-bedroom apartments and townhouses.
David Rowles, Developer of The Woods explains, “There has been huge interest in The Woods and although other Sectional Title developments have previously been launched in and around the area, I don’t think they can beat our current sales record. We have struck a delicate yet attractive balance between price point, holistic product offering and variety of home type. Also, being centrally placed is a big drawcard for many of our buyers, especially those with children and families.”
The Woods has attracted a wide range of buyers and the 2-bed, 2-bath properties look like the sweet spot, especially for investors looking to earn a rental income and also for families wanting to invest and see growth.
According to Rowles, the 2-bedroom, 2-bathroom homes are in high demand, and have accounted for almost 60 percent of all sales so far.
As the demand for sectional title homes within secure, gated environments grows, so too will the development of price-sensitive developments like The Woods, something which Rowles is excited about.
"With sales of sectional title homes 48 percent higher than other property types nationally, competition between developments is set to grow, but this is a good thing because it means we are giving more South Africans the chance to become property owners and invest into something solid. Competition is also good because it spurs development which is needed to feed the growing demand for property in gated estates. What we are seeing before our eyes is the evolution of a symbiosis- demand will fuel development, and greater product choice will further fuel demand," said Rowles.
With only R5000 deposit required, The Woods makes for a compelling choice and eases the burden of commitment so many would-be buyers face when weighing up their property investment options.
The first phase of The Woods is worth R186 million and the value of the second phase is R130 million.
Construction of the development is expected to start this year September and is expected to be completed by December 2021.
"We have thought out of the box so to speak, and have included other ways, other than capital appreciation, tsave homeowners money. We have designed The Woods to include green elements like Smart Meters in each unit, low-flow taps in the sinks in your home, dual flush cisterns and ambient day-night lighting in common areas. Ultimately this translates into lower monthly costs and more money in your pocket," concluded Rowles.